Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 05, 2021 | Jun. 30, 2020 | |
Schedule of Capitalization, Equity [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
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 | 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 | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 497,900 | ||
Entity Common Stock, Shares Outstanding | 42,371,157 | ||
ICFR Auditor Attestation Flag | true | ||
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, $.10 par value | ||
Trading Symbol | UMH PRD | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Property and Equipment | ||
Land | $ 73,704 | $ 72,459 |
Site and Land Improvements | 656,721 | 618,041 |
Buildings and Improvements | 28,153 | 27,380 |
Rental Homes and Accessories | 349,905 | 297,401 |
Total Investment Property | 1,108,483 | 1,015,281 |
Equipment and Vehicles | 22,572 | 21,145 |
Total Investment Property and Equipment | 1,131,055 | 1,036,426 |
Accumulated Depreciation | (272,823) | (232,783) |
Net Investment Property and Equipment | 858,232 | 803,643 |
Other Assets | ||
Cash and Cash Equivalents | 15,336 | 12,902 |
Marketable Securities at Fair Value | 103,172 | 116,186 |
Inventory of Manufactured Homes | 25,450 | 31,967 |
Notes and Other Receivables, net | 46,414 | 37,995 |
Prepaid Expenses and Other Assets | 17,785 | 10,762 |
Land Development Costs | 20,825 | 11,998 |
Total Other Assets | 228,982 | 221,810 |
TOTAL ASSETS | 1,087,214 | 1,025,453 |
LIABILITIES: | ||
Mortgages Payable, net of unamortized debt issuance costs | 469,279 | 373,658 |
Other Liabilities: | ||
Accounts Payable | 4,390 | 4,572 |
Loans Payable, net of unamortized debt issuance costs | 87,009 | 83,686 |
Accrued Liabilities and Deposits | 17,295 | 10,575 |
Tenant Security Deposits | 7,433 | 6,623 |
Total Other Liabilities | 116,127 | 105,456 |
Total Liabilities | 585,406 | 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 December 31, 2020 and 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; 6,434 and 2,651 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 160,854 | 66,268 |
Common Stock - $0.10 par value per share,140,364 and 123,664 shares authorized; 41,919 and 41,130 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 4,192 | 4,113 |
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of December 31, 2020 and 2019 | 0 | 0 |
Additional Paid-In Capital | 115,026 | 162,542 |
Undistributed Income (Accumulated Deficit) | (25,364) | (25,364) |
Total Shareholders’ Equity | 501,808 | 546,339 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,087,214 | $ 1,025,453 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 140,364,000 | 123,664,000 |
Common Stock, Shares, Outstanding | 41,919,000 | 41,130,000 |
Excess Stock, Par Or Stated Value Per Share | $ 0.10 | |
Excess Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Excess Stock, Shares Outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stated Percentage Rate On Redeemable Preferred Stock | 8.00% | |
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | |
Preferred Stock, Shares Authorized | 4,000,000 | |
Preferred Stock, Shares Outstanding | 3,801,000 | |
Series C Preferred Stock [Member] | ||
Stated Percentage Rate On Redeemable Preferred Stock | 6.75% | 6.75% |
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Preferred Stock, Shares Authorized | 13,750,000 | 13,750,000 |
Preferred Stock, Shares Outstanding | 9,884,000 | 9,750,000 |
Series D Preferred Stock [Member] | ||
Stated Percentage Rate On Redeemable Preferred Stock | 6.375% | 6.375% |
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Preferred Stock, Shares Authorized | 9,300,000 | 6,000,000 |
Preferred Stock, Shares Outstanding | 6,434,000 | 2,651,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME: | |||
Rental and Related Income | $ 143,344 | $ 128,611 | $ 113,833 |
Sales of Manufactured Homes | 20,265 | 17,980 | 15,754 |
Total Income | 163,609 | 146,591 | 129,587 |
EXPENSES: | |||
Community Operating Expenses | 63,175 | 61,708 | 52,949 |
Cost of Sales of Manufactured Homes | 14,417 | 12,938 | 11,716 |
Selling Expenses | 4,941 | 5,079 | 3,774 |
General and Administrative Expenses | 11,056 | 10,046 | 10,880 |
Depreciation Expense | 41,707 | 36,811 | 31,691 |
Total Expenses | 135,296 | 126,582 | 111,010 |
OTHER INCOME (EXPENSE): | |||
Interest Income | 2,917 | 2,619 | 2,255 |
Dividend Income | 5,729 | 7,535 | 10,367 |
Gain on Sales of Marketable Securities, net | 0 | 0 | 20 |
Increase (Decrease) in Fair Value of Marketable Securities | (14,119) | 14,915 | (51,675) |
Other Income | 718 | 588 | 410 |
Interest Expense | (18,287) | (17,805) | (16,039) |
Total Other Income (Expense) | (23,042) | 7,852 | (54,662) |
Income (Loss) Before Loss on Sales of Investment Property and Equipment | 5,271 | 27,861 | (36,085) |
Loss on Sales of Investment Property and Equipment | (216) | (111) | (131) |
Net Income (Loss) | 5,055 | 27,750 | (36,216) |
Less: Preferred Dividends | (31,943) | (25,184) | (20,316) |
Less: Redemption of Preferred Stock | (2,871) | 0 | 0 |
Net Income (Loss) Attributable to Common Shareholders | $ (29,759) | $ 2,566 | $ (56,532) |
Basic Income (Loss) Per Share: | |||
Net Income (Loss) | $ 0.12 | $ 0.70 | $ (0.98) |
Less: Preferred Dividends | (0.77) | (0.63) | (0.55) |
Less: Redemption of Preferred Stock | (0.07) | 0 | 0 |
Net Income (Loss) Attributable to Common Shareholders | (0.72) | 0.07 | (1.53) |
Diluted Income (Loss) Per Share: | |||
Net Income (Loss) | 0.12 | 0.69 | (0.98) |
Less: Preferred Dividends | (0.77) | (0.63) | (0.55) |
Less: Redemption of Preferred Stock | (0.07) | 0 | 0 |
Net Income (Loss) Attributable to Common Shareholders | $ (0.72) | $ 0.06 | $ (1.53) |
Weighted Average Common Shares Outstanding: | |||
Basic | 41,395,000 | 39,909,000 | 36,871,000 |
Diluted | 41,395,000 | 40,203,000 | 36,871,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2017 | $ 3,549 | $ 95,030 | $ 143,750 | $ 0 | $ 168,035 | $ 11,520 | $ (668) | $ 421,216 |
Beginning balance, shares at Dec. 31, 2017 | 35,488,000 | |||||||
Unrealized Net Holding Gain on Securities Available for Sale, Net of Reclassification Adjustment (See Note 2) | $ 0 | 0 | 0 | 0 | 0 | (11,520) | 11,520 | 0 |
Common Stock Issued with the DRIP* | $ 265 | 0 | 0 | 0 | 34,849 | 0 | 0 | 35,114 |
Common Stock Issued with the DRIP, shares | 2,654,000 | |||||||
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 | 49,000 | |||||||
Common Stock Issued through Stock Options | $ 13 | 0 | 0 | 0 | 1,372 | 0 | 0 | 1,385 |
Common Stock Issued through Stock Options, shares | 129,000 | |||||||
Preferred Stock Issued through Underwritten Registered Public Offering, net | $ 0 | 0 | 0 | 50,000 | (1,753) | 0 | 0 | 48,247 |
Distributions | 0 | 0 | 0 | 0 | (46,661) | 0 | 0 | (46,661) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,613 | 0 | 0 | 1,613 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | (36,216) | (36,216) |
Ending balance, value at Dec. 31, 2018 | $ 3,832 | 95,030 | 143,750 | 50,000 | 157,450 | 0 | (25,364) | 424,698 |
Ending balance, shares at Dec. 31, 2018 | 38,320,000 | |||||||
Common Stock Issued with the DRIP* | $ 247 | 0 | 0 | 0 | 31,256 | 0 | 0 | 31,503 |
Common Stock Issued with the DRIP, shares | 2,468,000 | |||||||
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 | 122,000 | |||||||
Common Stock Issued through Stock Options | $ 24 | 0 | 0 | 0 | 2,579 | 0 | 0 | 2,603 |
Common Stock Issued through Stock Options, shares | 240,000 | |||||||
Preferred Stock Issued through Underwritten Registered Public Offering, net | $ 0 | 0 | 100,000 | 0 | (3,312) | 0 | 0 | 96,688 |
Distributions | 0 | 0 | 0 | 0 | (26,786) | 0 | (27,750) | (54,536) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,939 | 0 | 0 | 1,939 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 27,750 | 27,750 |
Repurchase of Common Stock | $ (2) | 0 | 0 | 0 | (235) | 0 | 0 | (237) |
Repurchase of Common Stock, shares | (20,000) | |||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 0 | 16,268 | (337) | 0 | 0 | 15,931 |
Ending balance, value at Dec. 31, 2019 | $ 4,113 | 95,030 | 243,750 | 66,268 | 162,542 | 0 | (25,364) | 546,339 |
Ending balance, shares at Dec. 31, 2019 | 41,130,000 | |||||||
Common Stock Issued with the DRIP* | $ 72 | 0 | 0 | 0 | 9,082 | 0 | 0 | 9,154 |
Common Stock Issued with the DRIP, shares | 720,000 | |||||||
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 | 46,000 | |||||||
Common Stock Issued through Stock Options | $ 6 | 0 | 0 | 0 | 653 | 0 | 0 | 659 |
Common Stock Issued through Stock Options, shares | 63,000 | |||||||
Distributions | $ 0 | 0 | 0 | 0 | (59,567) | 0 | (2,184) | (61,751) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,327 | 0 | 0 | 1,327 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 5,055 | 5,055 |
Repurchase of Common Stock | $ (17) | 0 | 0 | 0 | (1,813) | 0 | 0 | (1,830) |
Repurchase of Common Stock, shares | (174,000) | |||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 3,350 | 94,586 | (1,795) | 0 | 0 | 96,141 |
Repurchase of Preferred Stock | 0 | (13) | 0 | 0 | 1 | 0 | 0 | (12) |
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, share | 135,000 | |||||||
Redemption of Preferred Stock | $ 0 | (95,017) | 0 | 0 | 2,871 | (2,871) | (95,017) | |
Ending balance, value at Dec. 31, 2020 | $ 4,192 | $ 0 | $ 247,100 | $ 160,854 | $ 115,026 | $ 0 | $ (25,364) | $ 501,808 |
Ending balance, shares at Dec. 31, 2020 | 41,920,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss) | $ 5,055 | $ 27,750 | $ (36,216) |
Non-cash items included in Net Income (Loss): | |||
Depreciation | 41,707 | 36,811 | 31,691 |
Amortization of Financing Costs | 1,027 | 758 | 625 |
Stock Compensation Expense | 1,327 | 1,939 | 1,613 |
Provision for Uncollectible Notes and Other Receivables | 1,546 | 1,408 | 1,231 |
Gain on Sales of Marketable Securities, net | 0 | 0 | (20) |
(Increase) Decrease in Fair Value of Marketable Securities | 14,119 | (14,915) | 51,675 |
Loss on Sales of Investment Property and Equipment | 216 | 111 | 131 |
Changes in Operating Assets and Liabilities: | |||
Inventory of Manufactured Homes | 6,517 | (8,264) | (6,134) |
Notes and Other Receivables, net of notes acquired with acquisitions | (9,965) | (7,909) | (6,438) |
Prepaid Expenses and Other Assets | 140 | (3,817) | (457) |
Accounts Payable | (182) | 699 | 913 |
Accrued Liabilities and Deposits | 6,720 | 3,164 | 846 |
Tenant Security Deposits | 810 | 781 | 715 |
Net Cash Provided by Operating Activities | 69,037 | 38,516 | 40,175 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of Manufactured Home Communities, net of mortgages assumed | (7,790) | (38,799) | (55,880) |
Purchase of Investment Property and Equipment | (76,761) | (64,535) | (52,970) |
Proceeds from Sales of Investment Property and Equipment | 2,657 | 2,745 | 2,754 |
Additions to Land Development Costs | (20,771) | (20,086) | (13,221) |
Purchase of Marketable Securities | (1,105) | (1,800) | (18,555) |
Proceeds from Sales/ Redemption of Marketable Securities | 0 | 125 | 269 |
Net Cash Used in Investing Activities | (103,770) | (122,350) | (137,603) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Mortgages, net of mortgages assumed | 105,984 | 44,850 | 28,192 |
Net Proceeds (Payments) from Short Term Borrowings | 3,309 | (24,373) | 23,652 |
Principal Payments of Mortgages and Loans | (9,313) | (21,624) | (6,866) |
Financing Costs on Debt | (4,737) | (752) | (749) |
Proceeds from Issuance of Preferred Stock, net of offering costs | 0 | 96,688 | 48,247 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 96,141 | 15,931 | 0 |
Redemption of 8.0% Series B Preferred Stock | (95,017) | 0 | 0 |
Proceeds from At-The-Market Common Equity Program, net of offering costs | 1,743 | 0 | 0 |
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments | 6,003 | 23,796 | 30,038 |
Repurchase of Preferred Stock | (12) | 0 | 0 |
Repurchase of Common Stock | (1,830) | (237) | 0 |
Proceeds from Exercise of Stock Options | 659 | 2,603 | 1,385 |
Preferred Dividends Paid | (31,943) | (25,709) | (20,050) |
Common Dividends Paid, net of dividend reinvestments | (26,657) | (21,120) | (21,535) |
Net Cash Provided by Financing Activities | 44,330 | 90,053 | 82,314 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 9,597 | 6,219 | (15,114) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 18,996 | 12,777 | 27,891 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ 28,593 | $ 18,996 | $ 12,777 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |
Redemption of series preferred stock, percentage. | 8.00% |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
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% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources. 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 residential communities remain open and operational. The effects of the COVID-19 pandemic did not significantly impact the Company’s operating results for the year ended December 31, 2020. However, the future effects of the evolving impact of the COVID-19 pandemic are uncertain. Description of the Business As of December 31, 2020, the Company owned and operated 124 manufactured home communities containing approximately 23,400 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. Subsequent to year end, the Company purchased two additional communities totaling approximately 340 sites, one in Alabama and one in South Carolina. These manufactured home communities are listed by trade names as follows: MANUFACTURED HOME COMMUNITY LOCATION Allentown Memphis, Tennessee Arbor Estates Doylestown, Pennsylvania Auburn Estates Orrville, Ohio Birchwood Farms Birch Run, Michigan Boardwalk Elkhart, Indiana Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Camelot Village Anderson, Indiana Camelot Woods Altoona, Pennsylvania Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Village Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania Cinnamon Woods Conowingo, Maryland City View Lewistown, Pennsylvania Clinton Mobile Home Resort Tiffin, Ohio Collingwood Horseheads, New York Colonial Heights Wintersville, Ohio Countryside Estates Muncie, Indiana Countryside Estates Ravenna, Ohio Countryside Village Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania MANUFACTURED HOME COMMUNITY LOCATION Crestview Athens, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio 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 Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Friendly Village Perrysburg, Ohio Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania High View Acres Apollo, 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 Lake Erie Estates Fredonia, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Maple Manor Taylor, Pennsylvania Marysville Estates Marysville, Ohio Meadowood New Middletown, Ohio Meadows Nappanee, Indiana 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 Oakwood Lake Village Tunkhannock, Pennsylvania MANUFACTURED HOME COMMUNITY LOCATION 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 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 % wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. Investment Property and Equipment and Depreciation Property and equipment are carried at cost less accumulated depreciation. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that 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 utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2020, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, 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 2019 and 2020 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. 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. 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, 2020 and 2019, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $ 11.5 million to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities are recorded in Increase (Decrease) in Fair Value of Marketable Securities on our Consolidated Statements of Income (Loss). 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, 2020 and 2019, the reserves for uncollectible accounts, notes and other receivables were $ 1.6 million and $ 1.3 million, respectively. For the years ended December 31, 2020, 2019 and 2018 the provisions for uncollectible notes and other receivables were $ 1.5 million, $ 1.4 million and $ 1.2 million, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2020, 2019 and 2018 amounted to $ 1.2 million, $ 1.2 million and $ 1.4 million, respectively. In 2020, the Company adopted ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. 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 7.3 % and the average maturity is approximately 10 years. Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and 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 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, 2020 and 2019, accumulated amortization amounted to $ 6.2 million and $ 5.1 million, respectively. The Company estimates that aggregate amortization expense will be approximately $ 1.3 million for 2021, $ 1.2 million for 2022, $ 933,000 for 2023, $ 886,000 for 2024, $ 754,000 for 2025 and $ 2.4 million thereafter. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2020 and 2019, these agreements have expired and the Company no longer had 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 December 31, 2020, the right-of-use assets and corresponding lease liabilities of $ 3.8 million are included in Prepaid Expenses and Other Assets and Accrued Liabilities and Deposits on the Consolidated Balance Sheets. Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands): SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Dec. 31, 2020 2021 $ 433 2022 423 2023 391 2024 391 2025 391 Thereafter 19,495 Total Lease Payments $ 21,524 The weighted average remaining lease term for these leases is 162.6 years. The right of use assets and lease liabilities was calculated using an interest rate of 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 12/31/20 12/31/19 12/31/18 12/31/17 Cash and Cash Equivalents $ 15,336 $ 12,902 $ 7,433 $ 23,242 Restricted Cash 13,257 6,094 5,344 4,649 Cash, Cash Equivalents And Restricted Cash $ 28,593 $ 18,996 $ 12,777 $ 27,891 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 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 ( 41.4 million, 39.9 million and 36.9 million in 2020, 2019 and 2018, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2020 and 2018, employee stock options to purchase 3.3 million and 2.3 million, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. For the year ended December 31, 2019, common stock equivalents resulting from employee stock options to purchase 2.6 million shares of common stock amounted to 294,000 shares, which were included in the computation of Diluted Net Income (Loss) per Share. 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 $ 1.3 million, $ 1.9 million and $ 1.6 million have been recognized in 2020, 2019 and 2018, respectively. During 2020, compensation costs included a one-time charge of $127,000 for restricted stock and stock option grants awarded to two participants who were of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. During 2019 and 2018, compensation costs included a one-time charge of $ 179,000 , and $ 210,000 , respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2020. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2020, the tax years 2017 through and including 2020 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. Recently Adopted Accounting Pronouncements Adopted 2020 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 December 31, 2020 and 2019, the Company had notes receivable of $ 43.4 million and $ 35.7 million, net the fair value adjustment of $ 0.9 million and $ 0.7 million, respectively. Notes receivable are presented as a component of Notes and Other Receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. 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. |
INVESTMENT PROPERTY AND EQUIPME
INVESTMENT PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
INVESTMENT PROPERTY AND EQUIPMENT | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions in 2020 On July 24, 2020, the Company acquired Camelot Woods, located in Altoona, Pennsylvania, for approximately $ 3.3 million. This all-age community contains a total of 147 developed homesites that are situated on approximately 27 total acres. At the date of acquisition, the average occupancy for this community was approximately 56 %. On September 21, 2020, the Company acquired Lake Erie Estates, located in Fredonia, New York, for approximately $ 4.5 million. This community contains a total of 163 developed homesites that are situated on approximately 21 total acres. At the date of acquisition, the average occupancy for this community was approximately 71 %. In conjunction with this acquisition, the Company assumed a mortgage of approximately $ 2.7 million on this property (See Note 5). Acquisitions in 2019 On July 3, 2019, the Company acquired Friendly Village, located in Perrysburg, Ohio, for approximately $ 19.4 million. This all-age community contains a total of 824 developed homesites that are situated on approximately 101 total acres. At the date of acquisition, the average occupancy for this community was approximately 46 %. In conjunction with this acquisition, the Company assumed a mortgage of approximately $ 7.3 million on this property (See Note 5). On July 30, 2019, the Company acquired two communities, New Colony located in West Mifflin, Pennsylvania and 51 Estates, located in Elizabeth, Pennsylvania, for a total purchase price of approximately $ 11.7 million. These communities contain a total of 285 developed homesites that are situated on approximately 61 acres. At the date of acquisition, the average occupancy for these communities was approximately 76 %. On August 27, 2019, the Company acquired Northtowne Meadows, located in Erie, Michigan, for approximately $ 25.2 million. This community contains a total of 386 developed homesites that are situated on approximately 85 total acres. At the date of acquisition, the average occupancy for this community was approximately 88 %. In conjunction with this acquisition, the Company assumed a mortgage of approximately $ 12.1 million on this property (See Note 5). 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 $ 2.7 million for 2020, to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation for the assets acquired for the years ended December 31, 2020 and 2019, respectively (in thousands) SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED 2020 Acquisitions 2019 Acquisitions Assets Acquired: Land $ 906 $ 4,296 Depreciable Property 9,558 53,909 Notes Receivable and Other -0- 127 Total Assets Acquired $ 10,464 $ 58,332 Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2020 and 2019, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2020 and 2019, are as follows (in thousands) SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED 2020 2020 2019 2020 Acquisitions 2019 Acquisitions 2020 2020 2019 Total Income $ 373 $ 5,845 $ 2,308 Community NOI * $ 158 $ 3,126 $ 1,347 Net Income (Loss) $ (73 ) $ (609 ) $ (205 ) * Community NOI is defined as rental and related income less community operating expenses. See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions. Accumulated Depreciation The following is a summary of accumulated depreciation by major classes of assets (in thousands) SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS December 31, 2020 December 31, 2019 Site and Land Improvements $ 175,219 $ 152,456 Buildings and Improvements 8,860 7,720 Rental Homes and Accessories 71,112 56,808 Equipment and Vehicles 17,632 15,799 Total Accumulated Depreciation $ 272,823 $ 232,783 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
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 % of the outstanding shares of any of these securities, nor does it have controlling financial interest. The Company generally limits its investment in marketable securities to no more than approximately 15 % of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. The following is a listing of marketable securities at December 31, 2020 (in thousands) SUMMARY OF MARKETABLE SECURITIES Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2 $ 50 $ 2 CBL & Associates Properties, Inc. E 6.625 % 63 1,487 50 Cedar Realty Trust, Inc. B 7.250 % 10 219 206 Cedar Realty Trust, Inc. C 6.500 % 20 494 428 Colony Capital Inc. I 7.150 % 20 500 472 Investors Real Estate Trust C 6.625 % 20 500 520 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 404 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 206 Urstadt Biddle Properties, Inc. H 6.250 % 13 313 313 Total Preferred Stock 5,061 2,601 Common Stock: CBL & Associates Properties, Inc. 1,600 16,692 66 Diversified Healthcare Trust 171 2,920 704 Five Star Senior Living 12 45 80 Franklin Street Properties Corporation 220 2,219 961 Industrial Logistics Properties Trust 502 9,951 11,698 Kimco Realty Corporation 910 17,052 13,659 Monmouth Real Estate Investment Corporation (1) 2,655 25,031 45,982 Office Properties Income Trust 562 36,418 12,757 Pennsylvania Real Estate Investment Trust 222 2,316 222 Tanger Factory Outlet 180 4,229 1,793 Urstadt Biddle Properties, Inc. 100 2,049 1,413 Vereit, Inc. 282 12,059 10,657 Washington Prime Group 89 6,489 579 Total Common Stock 137,470 100,571 Total Marketable Securities $ 142,531 $ 103,172 (1) Related entity – See Note 8. The following is a listing of marketable securities at December 31, 2019 (in thousands) Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2 $ 50 $ 10 CBL & Associates Properties, Inc. E 6.625 % 63 1,487 294 Cedar Realty Trust, Inc. B 7.250 % 9 203 219 Cedar Realty Trust, Inc. C 6.500 % 20 494 464 Colony Capital Inc. I 7.150 % 20 500 483 Investors Real Estate Trust C 6.625 % 20 500 525 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 802 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 386 Urstadt Biddle Properties, Inc. H 6.250 % 13 313 333 Total Preferred Stock 5,045 3,516 Common Stock: CBL & Associates Properties, Inc. 1,600 16,692 1,680 Diversified Healthcare Trust 171 2,920 1,443 Franklin Street Properties Corporation 220 2,219 1,883 Industrial Logistics Properties Trust 502 9,951 11,261 Kimco Realty Corporation 910 17,052 18,846 Monmouth Real Estate Investment Corporation (1) 2,573 23,987 37,251 Office Properties Income Trust 562 36,418 18,047 Pennsylvania Real Estate Investment Trust 222 2,316 1,183 Tanger Factory Outlet 180 4,229 2,651 Urstadt Biddle Properties, Inc. 100 2,049 2,484 Vereit, Inc. 1,410 12,059 13,029 Washington Prime Group 800 6,489 2,912 Total Common Stock 136,381 112,670 Total Marketable Securities $ 141,426 $ 116,186 (1) Related entity – See Note 8. On January 1, 2018, the Company adopted ASU 2016-01, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $ 11.5 million to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities are recorded in Increase (Decrease) in Fair Value of Marketable Securities on our Consolidated Statements of Income (Loss). The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2020, 2019 and 2018, the securities portfolio had net unrealized holding losses of $ 39.4 million, $ 25.2 million and $ 40.2 million, respectively. The Company had margin loan balances of $ 17.6 million and $ 37.5 million at December 31, 2020 and 2019, respectively, which were collateralized by the Company’s securities portfolio. |
LOANS AND MORTGAGES PAYABLE
LOANS AND MORTGAGES PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
LOANS AND MORTGAGES PAYABLE | NOTE 5 – LOANS AND MORTGAGES PAYABLE Loans Payable The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2020 and 2019 was 0.75 % and 2.25 %, respectively. These margin loans are due on demand. At December 31, 2020 and 2019, the margin loans amounted to $ 17.6 million and $ 37.5 million, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times . The Company has revolving credit agreements totaling $ 28.5 million with 21 st st 4.15 % to prime with a minimum of 6 %. As of December 31, 2020 and 2019, the total amount outstanding on these lines was $ 13.1 million and $ 19.3 million, respectively, with a weighted average interest rate of 4.44 % and 5.87 %, respectively. In June 2020, the Company expanded its revolving line of credit with OceanFirst Bank (“OceanFirst Line”) from $ 15 million to $ 20 million. This line is secured by the Company’s eligible notes receivable. Interest was reduced from prime plus 25 basis points to prime with a floor of 3.25 %. The amendment also extended the maturity date from June 1, 2020 to June 1, 2022 , with a one year extension at the Bank’s option. As of December 31, 2020 and 2019, the amount outstanding on this revolving line of credit was $ 6 million and $ 10 million, respectively, and the interest rate was 3.25 % and 5.0 %, respectively. The Company has an agreement with 21 st 6.99 %, with an origination fee of 2 % on new units and 3 % on existing units. These loans will have a 10 -year term from the date of the borrowing. The Company repaid this loan on September 21, 2020. The amount outstanding on this loan was $ 322,000 as of December 31, 2019. 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 25 basis points with a floor of 3.5% . As of December 31, 2020, the amount outstanding on this revolving line of credit was $ 5 million and the interest rate was 3.5 %. The Company also has $ 658,000 in automotive loans with a weighted average interest rate of 4.22% Unsecured Line of Credit On November 29, 2018, UMH Properties, Inc. (“UMH” or 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 provides 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 extends 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%. Subsequent to year end, the capitalization rate was further reduced from 7.0% to 6.5% (see Note 15). Interest rates on borrowings are based on the Company’s overall leverage ratio and decreased from LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50% , at the Company’s option, to LIBOR plus 1.50% to 2.20% , or BMO’s prime lending rate plus 0.50% to 1.20% . Based on the Company’s current leverage ratio, borrowings under the Facility will bear interest at LIBOR plus 1.60% or at BMO’s prime lending rate plus 0.60% 1.65% As of December 31, 2020 and 2019, the amount outstanding under this Facility was $ 45 million and $ 15 million, respectively. 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 Dec. 31, 2020 Year Ended December 31, 2021 $ 31,121 2022 56,228 2023 4 2024 0 2025 0 Thereafter 0 Total Loans Payable 87,353 Unamortized Debt Issuance Costs (344 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 87,009 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 % to 6.5 %. The weighted average interest rate was 3.9 % and 4.2 % as of December 31, 2020 and 2019, respectively, including the effect of unamortized debt issuance costs. The weighted average interest rate as of December 31, 2020 was 3.8 %, compared to 4.1 % as of December 31, 2019, not including the effect of unamortized debt issuance costs. The weighted average loan maturity of the Mortgage Notes Payable was 6.0 years at both December 31, 2020 and 2019, respectively. The following is a summary of mortgages payable at December 31, 2020 and 2019 (in thousands) SUMMARY OF MORTGAGES PAYABLE At December 31, 2020 Balance at December 31, Property Due Date Interest Rate 2020 2019 Allentown 10/01/25 4.06 % $ 12,587 $ 12,865 Brookview Village 04/01/25 3.92 % 2,603 2,664 Candlewick Court 09/01/25 4.10 % 4,201 4,294 Catalina 08/19/25 4.20 % 4,853 5,095 Cedarcrest Village 04/01/25 3.71 % 11,238 11,510 Clinton Mobile Home Resort 10/01/25 4.06 % 3,303 3,376 Cranberry Village 04/01/25 3.92 % 7,139 7,305 D & R Village 03/01/25 3.85 % 7,191 7,362 Fairview Manor 11/01/26 3.85 % 15,076 15,399 Forest Park Village 09/01/25 4.10 % 7,833 8,006 Friendly Village 05/06/23 4.618 % 6,906 7,150 Hayden Heights 04/01/25 3.92 % 1,962 2,007 Highland Estates 06/01/27 4.12 % 15,744 16,054 Holiday Village 09/01/25 4.10 % 7,454 7,619 Holiday Village- IN 11/01/25 3.96 % 7,998 8,176 Holly Acres Estates 10/05/21 6.50 % 2,077 2,119 Kinnebrook Village 04/01/25 3.92 % 3,792 3,881 Lake Erie Estates 07/06/25 5.16 % 2,657 - 0 - Lake Sherman Village 09/01/25 4.10 % 5,180 5,294 Meadows of Perrysburg 10/06/23 5.413 % 2,888 2,946 Northtowne Meadows 09/06/26 4.45 % 11,818 12,049 Olmsted Falls 04/01/25 3.98 % 1,962 2,007 Oxford Village 07/01/29 3.41 % 15,301 15,604 Perrysburg Estates 09/06/25 4.98 % 1,558 1,587 Pikewood Manor 11/29/28 5.00 % 14,103 14,420 Shady Hills 04/01/25 3.92 % 4,677 4,786 Springfield Meadows 10/06/25 4.83 % 2,975 3,033 Suburban Estates 10/01/25 4.06 % 5,248 5,364 Sunny Acres 10/01/25 4.06 % 5,842 5,971 Trailmont 04/01/25 3.92 % 3,118 3,191 Twin Oaks 10/01/29 3.37 % 5,930 6,047 Valley Hills 06/01/26 4.32 % 3,220 3,285 Waterfalls 06/01/26 4.38 % 4,386 4,474 Weatherly Estates 04/01/25 3.92 % 7,607 7,785 Wellington Estates 01/01/23 6.35 % 2,263 2,316 Woods Edge 01/07/26 4.30 % 5,940 6,214 Worthington Arms 09/01/25 4.10 % 8,783 8,976 Various (2 properties) 02/01/27 4.56 % 13,335 13,583 Various (2 properties) 08/01/28 4.27 % 12,902 13,132 Various (2 properties) 07/01/29 3.41 % 22,368 22,810 Various (4 properties) 07/01/23 4.975 % 7,596 7,765 Various (5 properties) 01/01/22 4.25 % 12,694 13,061 Various (5 properties) 12/06/22 4.75 % 6,692 6,853 Various (6 properties) 08/01/27 4.18 % 12,581 12,829 Various (13 properties) 03/01/23 4.065 % 45,588 46,781 Various (28 properties) 09/01/30 2.62 % 105,221 - 0 - Total Mortgages Payable 476,390 377,045 Unamortized Debt Issuance Costs (7,111 ) (3,387 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 469,279 $ 373,658 At December 31, 2020 and 2019, mortgages were collateralized by real property with a carrying value of $ 932.5 million and $ 695.5 million, respectively, before accumulated depreciation and amortization. Interest costs amounting to $ 1.3 million, $ 1.5 million and $ 1.0 million were capitalized during 2020, 2019 and 2018, respectively, in connection with the Company’s expansion program. At December 31, 2020, the Company owned 124 communities of which 20 are unencumbered. Recent Transactions During the year ended December 31, 2020 On August 20, 2020, the Company completed the financing of 28 of its unencumbered communities, containing approximately 4,100 sites, through Wells Fargo Bank, N. A. for total proceeds of approximately $ 106 million. This Federal National Mortgage Association (“Fannie Mae”) credit facility has a 10-year maturity with a 30 -year amortization schedule. Interest is at a fixed rate of 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 . During the year ended December 31, 2019 On July 1, 2019, the Company obtained two Fannie Mae mortgages totaling $ 38.8 million through Wells Fargo Bank, N.A. (“Wells Fargo”) on Oxford Village, Southwind Village and Woodlawn Village. The interest rate on these mortgages are fixed at 3.41 %. These mortgages mature on July 1, 2029 , with principal repayments based on a 30 -year amortization schedule . Proceeds from these mortgages were used to repay the existing Oxford Village and Southwind Village mortgages of approximately $ 11.5 million, which had a weighted average interest rate of 5.94 %. On July 3, 2019, the Company assumed a mortgage loan with a balance of approximately $ 7.3 million, in conjunction with its acquisition of Friendly Village. The interest rate on this mortgage is fixed at 4.6175 %. This mortgage matures on May 6, 2023 . On August 27, 2019, the Company assumed a mortgage loan with a balance of approximately $ 12.1 million, in conjunction with its acquisition of Northtowne Meadows. The interest rate on this mortgage is fixed at 4.45 %. This mortgage matures on September 6, 2026 . On September 30, 2019, the Company obtained a $ 6.1 3.37 %. This mortgage matures on October 1, 2029 , with principal repayments based on a 30 -year amortization schedule . Proceeds from this mortgage were used to repay the existing Twin Oaks I & II mortgage of approximately $ 2.3 million, which had an interest rate of 5.75 %. The aggregate principal payments of all mortgages payable are scheduled as follows (in thousands) SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE 2020 Year Ended December 31, 2021 $ 25,668 2022 17,670 2023 71,169 2024 9,983 2025 139,105 Thereafter 212,795 Total $ 476,390 |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2020 | |
Compensation Related Costs [Abstract] | |
STOCK COMPENSATION PLAN | NOTE 6 – STOCK COMPENSATION PLAN On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3 million shares of common stock. The 2013 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. On June 14, 2018, the shareholders approved and ratified an amendment and restatement (and renaming) of the Company’s Amended and Restated 2013 Incentive Award Plan (formerly 2013 Stock Option and Stock Award Plan). The amendment and restatement made two substantive changes: (1) provide an additional 2 million common shares for future grant of option awards, restricted stock awards, or other stock-based awards; and (2) allow for the issuance of other stock-based awards. The Compensation Committee has the exclusive authority to administer and construe the 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 years from the date of grant. The option price may not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 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, 2020, forty one employees were granted options to purchase a total of 715,000 shares. During the year ended December 31, 2019, forty one employees were granted options to purchase a total of 644,000 shares. During the year ended December 31, 2018, forty employees were granted options to purchase a total of 605,000 shares. The fair value of these options for the years ended December 31, 2020, 2019 and 2018 was approximately $ 686,000 , $ 1.1 million and $ 1.2 million, respectively, based on assumptions noted below and is being amortized over the vesting period. The remaining unamortized stock option expense was $ 500,000 as of December 31, 2020, which will be expensed ratably through 2025. 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 2020 2019 2018 Dividend yield 5.33 % 5.13 % 4.79 % Expected volatility 24.57 % 24.04 % 25.78 % Risk-free interest rate 0.89 % 2.50 % 2.74 % Expected lives 10 10 10 Estimated forfeitures 0 0 0 During the year ended December 31, 2020, options to ten employees to purchase a total of 62,500 shares were exercised. During the year ended December 31, 2019, options to sixteen employees to purchase a total of 240,000 shares were exercised. During the year ended December 31, 2018, options to eight employees to purchase a total of 129,000 shares were exercised. During the year ended December 31, 2020, options to two employees to purchase a total of 23,000 shares were forfeited or expired. During the year ended December 31, 2019, options to one employee to purchase a total of 20,000 shares were forfeited. During the year ended December 31, 2018, options to one employee to purchase a total of 2,000 shares were forfeited. A summary of the status of the Company’s stock option plans as of December 31, 2020, 2019 and 2018 and changes during the years then ended are as follows (in thousands) SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS 2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 2,637 $ 12.05 2,253 $ 12.09 1,778 $ 11.60 Granted 715 9.84 644 13.67 605 13.26 Exercised (63 ) 10.55 (240 ) 10.84 (129 ) 10.78 Forfeited (11 ) 11.65 (20 ) 13.50 (1 ) 12.41 Expired (12 ) 11.29 0 0 0 0 Outstanding at end of year 3,266 12.03 2,637 12.05 2,253 12.09 Options exercisable at end of year 2,556 1,196 1,648 Weighted average fair value of options granted during the year $ 0.96 $ 1.72 $ 2.05 The following is a summary of stock options outstanding as of December 31, 2020 (in thousands) SUMMARY OF STOCK OPTIONS OUTSTANDING Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/26/13 7 148 10.08 06/26/21 06/11/14 7 142 9.85 06/11/22 06/24/15 8 240 9.82 06/24/23 04/05/16 12 297 9.77 04/05/24 01/19/17 2 60 14.25 01/19/27 04/04/17 31 504 15.04 04/04/27 04/02/18 31 470 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 36 570 13.90 04/02/29 01/17/20 1 10 * 16.37 01/17/30 03/25/20 39 685 * 9.70 03/25/30 05/20/20 2 15 * 11.80 05/20/30 3,266 * Unexercisable The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2020, 2019 and 2018 was $ 9.3 million, $ 8.3 million and $ 2.0 million, respectively, of which $ 5.7 million, $ 6.9 million and $ 2.0 million relate to options exercisable. The intrinsic value of options exercised in 2020, 2019 and 2018 was $ 283,000 , $ 914,000 and $ 510,000 , respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 9.9 , 9.1 and 7.9 years as of December 31, 2020, 2019 and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $ 396,000 , $ 1.2 million and $ 1.1 million, respectively. Restricted Stock On January 8, 2020, the Company awarded a total of 15,000 shares of restricted stock to three employees. On October 23, 2020, the Company awarded a total of 19,700 shares of restricted stock to two participants, pursuant to their employment agreements. On April 2, 2019, the Company awarded a total of 118,000 shares of restricted stock to two participants, pursuant to their employment agreements. On April 2, 2018, the Company awarded a total of 45,000 shares of restricted stock to two participants, pursuant to their employment agreements. During 2018, the Company also awarded 2,000 shares of restricted stock to our ten directors as additional directors’ fees. The grant date fair value of restricted stock grants awarded to participants was $ 512,000 , $ 1.6 million and $ 616,000 for the years ended December 31, 2020, 2019 and 2018, respectively. These grants primarily vest in equal installments over five years. As of December 31, 2020, there remained a total of $ 2.0 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.5 years. For the years ended December 31, 2020, 2019 and 2018, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $ 931,000 , $ 723,000 and $ 498,000 , respectively. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2020, 2019 and 2018, and changes during the year ended December 31, 2020, 2019 and 2018 are presented below (in thousands) SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS 2020 2019 2018 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 238 $ 13.33 161 $ 12.44 147 $ 11.98 Granted 35 14.75 118 11.12 47 13.11 Dividend Reinvested Shares 11 12.91 11 13.51 8 13.37 Vested (72 ) 12.87 (52 ) 5.69 (41 ) 11.76 Non-vested at end of year 212 $ 13.69 238 $ 13.33 161 $ 12.44 Other Stock-Based Awards Effective June 20, 2018, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During 2020, 11,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $ 16.13 per share. During 2019, 4,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $ 13.52 per share. During 2018, 2,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $ 15.13 per share. As of December 31, 2020, there were 458,000 shares available for grant as stock options, restricted stock or other stock-based awards under the 2013 Plan. |
401(k) PLAN
401(k) PLAN | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
401(k) PLAN | NOTE 7 – 401(k) PLAN All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2020, 2019 and 2018, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $ 1.1 million, $ 376,000 and $ 344,000 in 2020, 2019 and 2018, respectively. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND OTHER MATTERS | NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS Transactions with Monmouth Real Estate Investment Corporation There are four Directors of the Company who are also Directors and shareholders of MREIC. The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2020, the Company owned a total of 2.7 million shares of MREIC common stock, representing 2.7% of the total shares outstanding at December 31, 2020 (See Note 4). The Company shares one officer (Chairman of the Board) with MREIC. Employment Agreements and Compensation The Company has three-year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew. The agreements provide for base compensation aggregating approximating $ 1.4 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control. Other Matters Mr. Eugene W. Landy, the Founder and Chairman of the Board of Directors of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. On October 1, 2019, the Company entered into a new lease for its executive offices in Freehold, New Jersey which combines the existing corporate office space with additional adjacent office space. This new lease extends our existing lease through April 30, 2027 and requires monthly lease payments of $ 23,098 through April 30, 2022 and $ 23,302 from May 1, 2022 through April 30, 2027. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. Management believes that the aforesaid rents are no more than what the Company would pay for comparable space elsewhere. |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 9 – SHAREHOLDERS’ EQUITY Common Stock The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95 % of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $ 500 per payment nor more than $ 1,000 unless a request for waiver has been accepted by the Company. On January 15, 2020, the Company increased the monthly maximum for the purchase of shares for cash under its DRIP from $ 1,000 to $ 5,000 . Effective February 11, 2021, the Company reduced the monthly maximum from $ 5,000 to $ 1,000 . Amounts received in connection with the DRIP for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands) SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP 2020 2019 2018 Amounts Received $ 9,154 $ 31,503 $ 35,114 Less: Dividends Reinvested (3,151 ) (7,705 ) (5,076 ) Amounts Received, net $ 6,003 $ 23,798 $ 30,038 Number of Shares Issued 720 2,468 2,655 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 per share (“Common Stock”), by 20 million shares. On June 30, 2020, the Company entered into an Equity Distribution Agreement (“Common ATM Program”) with BMO Capital Markets Corp., B. Riley FBR, Inc. (“B Riley”), 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 million from time to time through the Distribution Agents. Sales of the shares of Common Stock under the Common ATM Program, if any, will be in “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 Common 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 Common Stock sold under the Common ATM Program are offered pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-238321), filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2020, and declared effective on June 1, 2020 (the “2020 Registration Statement”), and the prospectus dated June 1, 2020 included in the 2020 Registration Statement and the related prospectus supplement dated June 30, 2020. The Company began selling shares under the Common ATM Program on September 17, 2020 and through December 31, 2020, 135,000 shares of Common Stock were issued and sold at a weighted average price of $ 14.60 per share, generating gross proceeds of $ 2.0 million and net proceeds of $ 1.7 million, after offering expenses. Issuer Purchases of Equity Securities 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 2020, the Company repurchased approximately 174,000 shares of our 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. Preferred Stock 8.0% Series B Cumulative Redeemable Preferred Stock 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 October 20, 2020, the Company voluntarily redeemed all 3.8 million issued and outstanding shares of its 8.0% Series B Preferred Stock at a redemption price equal to the $ 25.00 per share liquidation preference plus accrued and unpaid dividends to, but not including, the October 20, 2020 redemption date in an amount of $ 0.2722 per share, for a total payment of $ 25.2722 per share, or $ 96.1 million. As a result of our redemption notice, the Company recognized a preferred share redemption charge of approximately $ 2.9 million related to the original issuance costs. 6.75% Series C Cumulative Redeemable Preferred Stock On July 26, 2017, the Company issued 5 million shares of its new 6.75% Series C Cumulative Redeemable Preferred Stock, Liquidation Preference $ 25.00 per share (“Series C Preferred Stock”) at an offering price of $ 25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 5 million shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $ 120.8 million. On August 2, 2017, the Company issued an additional 750,000 shares of Series C Preferred Stock pursuant to the underwriters’ exercise of their overallotment option and received additional net proceeds of approximately $ 18.2 million. Dividends on the Series C Preferred Stock shares are cumulative at an annual rate of $ 1.6875 per share and will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Series C Preferred Stock, par value $ 0.10 per share, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series C Preferred Stock is not redeemable prior to July 26, 2022. On and after July 26, 2022, the Series C Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $ 25.00 , plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series C Preferred Stock ranks on a parity with the Company’s Series B Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series C Preferred Stock were offered, each holder of the Series C Preferred Stock will have the right to convert all or part of the shares of the Series C Preferred Stock held into common stock of the Company, unless the Company elects to redeem the Series C Preferred Stock. Holders of the Series C Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for nine or more quarterly periods, whether or not consecutive, or with respect to certain specified events. In conjunction with the issuance of the Company’s Series C Preferred Stock, the Company filed with the Maryland SDAT, an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 30.8 million shares. As a result of this amendment, the Company’s total authorized shares were increased from 95.7 million shares (classified as 85 million shares of Common Stock, 3.7 million shares of Series A Preferred, 4 million shares of Series B Preferred and 3 million shares of excess stock) to 126.4 million shares (classified as 115.8 million shares of Common Stock, 3.7 million shares of Series A Preferred Stock, 4 million shares of Series B Preferred Stock and 3 million shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series C Preferred Stock and reclassifying 5.8 million shares of Common Stock as shares of Series C Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 110 million shares of Common Stock, 3.7 million shares of Series A Preferred, 4 million shares of Series B Preferred, 5.8 million shares of Series C Preferred Stock and 3 million shares of excess stock. Additionally, upon the redemption on August 31, 2017 of all 3.7 million outstanding shares of the Series A Preferred, the authorized shares of Series A Preferred automatically reverted to authorized Common Stock, which increased our authorized Common Stock to 113.7 million shares. On April 29, 2019, the Company issued and sold a total of 4 400,000 shares, of our Series C Preferred Stock at an offering price of $ 25.00 per share in an underwritten registered public offering. The additional shares of Series C Preferred Stock form a single series with, have the same terms as, and vote as a single class with, the 5.8 million previously outstanding shares of Series C Preferred Stock issued in July 2017 and rank on a parity with the Company’s outstanding Series B Preferred Stock and its outstanding 6.375 % Series D Cumulative Redeemable Preferred Stock. As of December 31, 2019, after giving effect to the offering, the Company had a total of 9.8 million shares of Series C Preferred Stock outstanding. The Company received net proceeds from the sale of the 4 million shares of Series C Preferred Stock of approximately $ 96.7 million, after deducting the underwriting discount and other estimated offering expenses, and used the proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis. In conjunction with the issuance of the Company’s Series C Preferred Stock, on April 26, 2019 the Company filed with the Maryland SDAT, an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 16 million shares. As a result of this amendment, the Company’s total authorized shares were increased from 126.4 million shares (classified as 111.4 million shares of Common Stock, 4 million shares of Series B Preferred Stock, 5.8 million shares of Series C Preferred Stock, 2.3 million shares of Series D Preferred Stock and 3 million shares of excess stock) to 142.4 million shares (classified as 127.4 million shares of Common Stock, 4 million shares of Series B Preferred Stock, 5.8 million shares of Series C Preferred Stock, 2.3 million shares of Series D Preferred Stock and 3 million shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 4 million shares of Common Stock as shares of Series C Preferred Stock. After this amendment, the Company’s authorized stock consisted of 123.4 million shares of Common Stock, 4 million shares of Series B Preferred Stock, 9.8 million shares of Series C Preferred Stock, 2.3 million shares of Series D Preferred Stock and 3 million shares of excess stock. 6.375% Series D Cumulative Redeemable Preferred Stock On January 22, 2018, the Company issued 2 million shares of its new 6.375% Series D Cumulative Redeemable Preferred Stock, Liquidation Preference $ 25.00 Per Share (“Series D Preferred Stock”) at an offering price of $ 25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 2 million shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $ 48.2 million and has used the net proceeds of the offering for general corporate purposes, which included the purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis. 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. On September 17, 2018, the Company paid $ 797,000 in dividends or $ 0.3984375 per share for the period from June 1, 2018 through August 31, 2018 to holders of record as of the close of business on August 15, 2018 of our Series D Preferred Stock. The Series D Preferred Stock, par value $ 0.10 25.00 , plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series D Preferred Stock shares rank on a parity with the Company’s Series B Preferred Stock shares and the Company’s Series C Preferred Stock shares with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, 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 million shares of Common Stock as shares of Series D Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 111.4 million shares of common stock, 4 million shares of Series B Preferred Stock, 5.8 million shares of Series C Preferred Stock, 2.3 million shares of Series D Preferred Stock and 3 million shares of excess stock. 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, 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 issued and 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 issued and 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 million shares of the Company’s Common Stock as shares of Series D Preferred. Following the filing of the Articles Supplementary, the authorized capital stock of the Company consists of 140.4 million shares of Common Stock, 4.0 million shares of Series B Preferred Stock, 13.8 million shares of Series C Preferred Stock, 9.3 million shares of Series D Preferred Stock and 3 million shares of excess stock, par value $ 0.10 per share. 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 December 31, 2020, 134,000 shares of Series C Preferred Stock were issued and sold at a weighted average price of $ 24.96 per share and 1.2 million shares of Series D Preferred Stock were issued and sold at a weighted average price of $ 24.80 per share, generating total gross proceeds of $ 33.7 million and total net proceeds of $ 33.0 million, after offering expenses. As of December 31, 2020, $ 66.1 million in shares of Series C Preferred Stock and/or Series D Preferred Stock remained eligible for sale under the New Preferred ATM Program. |
DISTRIBUTIONS
DISTRIBUTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Payment Of Distributions To Shareholders | |
DISTRIBUTIONS | NOTE 10 – DISTRIBUTIONS Common Stock The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2020, 2019 and 2018 (in thousands) SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS 2020 2019 2018 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 7,417 $ 0.18 $ 6,980 $ 0.18 $ 6,493 $ 0.18 June 30 7,417 0.18 7,159 0.18 6,601 0.18 September 30 7,454 0.18 7,322 0.18 6,693 0.18 December 31 7,520 0.18 7,364 0.18 6,824 0.18 $ 29,808 $ 0.72 $ 28,825 $ 0.72 $ 26,611 $ 0.72 These amounts do not include the discount on shares purchased through the Company’s DRIP. On January 13, 2021, the Company declared a 6 % increase in the cash dividend, raising it from $ 0.18 per share to $ 0.19 per share, to be paid on March 15, 2021 to shareholders of record as of the close of business on February 16, 2021 . Preferred Stock The following dividends were paid to holders of our Series B Preferred Stock during the years ended December 31, 2020, 2019 and 2018: 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 $ 1,900,600 $ 0.50 4/2/2020 5/15/2020 6/15/2020 1,900,335 0.50 7/1/2020 8/17/2020 9/15/2020 1,900,335 0.50 9/11/2020 9/11/2020 10/20/2020 1,034,541 0.2722 $ 6,735,811 $ 1.7722 1/15/2019 2/15/2019 3/15/2019 $ 1,900,600 $ 0.50 4/1/2019 5/15/2019 6/17/2019 1,900,600 0.50 7/1/2019 8/15/2019 9/16/2019 1,900,600 0.50 10/1/2019 11/15/2019 12/16/2019 1,900,600 0.50 $ 7,602,400 $ 2.00 1/15/2018 2/15/2018 3/15/2018 $ 1,900,600 $ 0.50 4/1/2018 5/15/2018 6/15/2018 1,900,600 0.50 7/1/2018 8/15/2018 9/17/2018 1,900,600 0.50 10/1/2018 11/15/2018 12/17/2018 1,900,600 0.50 $ 7,602,400 $ 2.00 The following dividends were paid to holders of our Series C Preferred Stock during the years ended December 31, 2020, 2019 and 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 4,113,281 $ 0.421875 4/2/2020 5/15/2020 6/15/2020 4,113,281 0.421875 7/1/2020 8/17/2020 9/15/2020 4,127,330 0.421875 10/1/2020 11/16/2020 12/15/2020 4,169,813 0.421875 $ 16,523,705 $ 1.68750 1/15/2019 2/15/2019 3/15/2019 $ 2,425,781 $ 0.421875 4/1/2019 5/15/2019 6/17/2019 4,113,281 0.421875 7/1/2019 8/15/2019 9/16/2019 4,113,281 0.421875 10/1/2019 11/15/2019 12/16/2019 4,113,281 0.421875 $ 14,765,624 $ 1.68750 1/15/2018 2/15/2018 3/15/2018 $ 2,425,781 $ 0.421875 4/1/2018 5/15/2018 6/15/2018 2,425,781 0.421875 7/1/2018 8/15/2018 9/17/2018 2,425,781 0.421875 10/1/2018 11/15/2018 12/17/2018 2,425,781 0.421875 $ 9,703,124 $ 1.68750 On January 13, 2021, the Board of Directors declared a quarterly dividend of $ 0.421875 per share for the period from December 1, 2020 through February 28, 2021, on the Company’s Series C Preferred Stock payable March 15, 2021 to shareholders of record as of the close of business on February 16, 2021 . The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2020, 2019 and 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 2,076,126 $ 0.3984375 4/2/2020 5/15/2020 6/15/2020 2,076,126 0.3984375 7/1/2020 8/17/2020 9/15/2020 2,081,704 0.3984375 10/1/2020 11/16/2020 12/15/2020 2,449,415 0.3984375 $ 8,683,371 $ 1.59375 Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2019 2/15/2019 3/15/2019 $ 796,876 $ 0.3984375 4/1/2019 5/15/2019 6/17/2019 796,876 0.3984375 7/1/2019 8/15/2019 9/16/2019 796,876 0.3984375 10/1/2019 11/15/2019 12/16/2019 950,760 0.3984375 $ 3,341,388 $ 1.59375 1/15/2018 2/15/2018 3/15/2018 $ 354,166 $ 0.1770830 4/1/2018 5/15/2018 6/15/2018 796,876 0.3984375 7/1/2018 8/15/2018 9/17/2018 796,876 0.3984375 10/1/2018 11/15/2018 12/17/2018 796,876 0.3984375 $ 2,744,794 $ 1.372396 On January 13, 2021, the Board of Directors declared a quarterly dividend of $ 0.3984375 per share for the period from December 1, 2020 through February 28, 2021, on the Company’s Series D Preferred Stock payable March 15, 2021 to shareholders of record as of the close of business on February 16, 2021 . |
FEDERAL INCOME TAXES
FEDERAL INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
FEDERAL INCOME TAXES | NOTE 11 – FEDERAL INCOME TAXES Characterization of Distributions The following table characterizes the distributions paid for the years ended December 31, 2020, 2019 and 2018: SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE 2020 2019 2018 Amount Percent Amount Percent Amount Percent Common Stock Ordinary income $ 0 0 % $ 0 0 % $ 0 0 % Capital gains 0 0 % 0 0 % 0 0 % Return of capital 0.72 100.00 % 0.72 100.00 % 0.72 100.00 % $ 0.72 100.00 % $ 0.72 100.00 % $ 0.72 100.00 % Preferred Stock - Series B Ordinary income $ 0.661633 37.33 % $ 1.18476 59.24 % $ 1.288868 64.44 % Capital gains 0 0 % 0.05394 2.70 % 0 0 % Return of capital 1.110567 62.67 % 0.76130 38.06 % 0.711132 35.56 % $ 1.772200 100.00 % $ 2.00000 100.00 % $ 2.00000 100.00 % Preferred Stock - Series C Ordinary income $ 0.630008 37.33 % $ 0.999640 59.24 % $ 1.087484 64.44 % Capital gains 0 0 % 0.045508 2.70 % 0 0 % Return of capital 1.057492 62.67 % 0.642352 38.06 % 0.600016 35.56 % $ 1.687500 100.00 % $ 1.687500 100.00 % $ 1.687500 100.00 % Preferred Stock - Series D Ordinary income $ 0.595008 37.33 % $ 0.94410 59.24 % $ 0.884419 64.44 % Capital gains 0 0 % 0.04298 2.70 % 0 0 % Return of capital 0.998742 62.67 % 0.60667 38.06 % 0.487978 35.56 % $ 1.593750 100.00 % $ 1.593750 100.00 % $ 1.372397 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 years ended December 31, 2020, 2019 and 2018, S&F had operating losses for financial reporting purposes of $ 273,000 , $ 1.3 million and $ 1.2 million, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2020, 2019 and 2018, S&F recorded $ 10,000 , $ 8,000 and $ 8,000 , respectively, in federal, state and franchise taxes. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | NOTE 12 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company. 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 % to 95 % of the amount under each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2020, the total loan balance under this agreement was approximately $ 1.7 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55 % to 100 % of the amount under each such loan, subject to certain adjustments. As of December 31, 2020, the total loan balance owed to 21st Mortgage with respect to homes in these acquired communities was approximately $ 2.0 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing. S&F entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. Neither the Company, nor S&F, receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If a loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad, assigned to S&F and then assigned by S&F to the Company. Included in Notes and Other Receivables is approximately $ 35.4 million of loans that the Company acquired under the COP Program as of December 31, 2020. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 13 - FAIR VALUE MEASUREMENTS The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2020 and 2019 (in thousands) SUMMARY OF 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 Significant Unobservable Inputs (Level 3) December 31, 2020: Equity Securities - Preferred Stock $ 2,601 $ 2,601 $ -0- $ -0- Equity Securities - Common Stock 100,571 100,571 -0- -0- Total $ 103,172 $ 103,172 $ -0- $ -0- December 31, 2019: Equity Securities - Preferred Stock $ 3,516 $ 3,516 $ -0- $ -0- Equity Securities - Common Stock 112,670 112,670 -0- -0- Total $ 116,186 $ 116,186 $ -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, 2020, the fair and carrying value of fixed rate mortgages payable amounted to $ 487.7 million and $ 476.4 million, respectively. As of December 31, 2019, the fair and carrying value of fixed rate mortgages payable amounted to $ 381.2 million and $ 377.0 million, respectively. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 14 – SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the years ended December 31, 2020, 2019 and 2018 was $ 18.3 million, $ 18.4 million and $ 16.4 million, respectively. Interest cost capitalized to land development during the years ended December 31, 2020, 2019 and 2018 was $ 1.3 million, $ 1.5 million and $ 1.0 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company assumed mortgages totaling $ 2.7 million, $ 19.4 million and $ 4.6 million, respectively for the acquisition of communities. During the years ended December 31, 2020, 2019 and 2018, land development costs of $ 11.9 million, $ 17.5 million and $ 10.1 million, respectively were transferred to investment property and equipment and placed in service. During the years ended December 31, 2020, 2019 and 2018, the Company had dividend reinvestments of $ 3.2 million, $ 7.7 million and $ 5.1 million, respectively which required no cash transfers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15 – 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 January 8, 2021, the Company acquired Deer Run, located in Dothan, Alabama, for approximately $ 4.6 million. This community contains a total of 195 developed homesites that are situated on approximately 33 total acres. At the date of acquisition, the average occupancy for this community was approximately 37 %. On January 21, 2021, the Company acquired Iris Winds, located in Sumter, South Carolina, for approximately $ 3.4 million. This community contains a total of 142 developed homesites that are situated on approximately 24 total acres. At the date of acquisition, the average occupancy for this community was approximately 49 %. On January 29, 2021, the Company awarded approximately 147,000 shares of restricted stock to five employees. On February 5, 2021, the Company entered into a Second Amendment to Amended and Restated Credit Agreement with BMO to reduce the capitalization rate from 7.0% to 6.5%. From January 1, 2021 through February 28, 2021, the Company issued and sold an additional 768,000 shares of its Series D Preferred Stock under the New Preferred ATM Program at a weighted average price of $ 24.80 per share, generating gross proceeds of $ 19.1 million and net proceeds of $ 18.8 million, after offering expenses. |
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Pro Forma Financial Information | |
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2019 and through January 21, 2021. 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 For the years ended December 31, 2020 2019 Rental and Related Income $ 144,557 $ 133,567 Community Operating Expenses 63,923 64,222 Net Income (Loss) Attributable to Common Shareholders (29,742 ) 2,240 Net Income (Loss) Attributable to Common Shareholders per Share: Basic and Diluted (0.72 ) 0.06 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED (in thousands except per share amounts) SUMMARY OF SELECTED QUARTERLY FINANCIAL DATA 2020 March 31 June 30 September 30 December 31 Total Income $ 37,573 $ 40,084 $ 43,123 $ 42,829 Total Expenses 31,819 33,348 35,747 34,382 Other Income (Expense) (40,395 ) 11,628 (9,112 ) 14,837 Net Income (Loss) from continuing operations (34,748 ) 18,325 (1,767 ) 23,245 Net Income (Loss) Attributable to Common Shareholders (42,838 ) 10,235 (12,747 ) 15,591 Net Income (Loss) Attributable to Common Basic and Diluted (1.04 ) 0.25 (0.31 ) 0.38 2019 March 31 June 30 September 30 December 31 Total Income $ 34,287 $ 37,230 $ 37,329 $ 37,745 Total Expenses 29,750 32,588 32,387 31,857 Other Income (Expense) 6,521 (3,906 ) 7,519 (2,282 ) Net Income from continuing operations 11,037 749 12,433 3,531 Net Income (Loss) Attributable to Common Shareholders 5,914 (5,537 ) 5,622 (3,433 ) Net Income (Loss) Attributable to Common Basic 0.16 (0.15 ) 0.14 (0.08 ) Diluted 0.15 (0.15 ) 0.14 (0.08 ) |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 (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 Allentown Memphis, TN $ 12,587 $ 250 $ 2,569 $ 13,317 Arbor Estates Doylestown, PA - (1) 2,650 8,266 2,058 Auburn Estates Orrville, OH - (4) 114 1,174 782 Birchwood Farms Birch Run, MI - (1) 70 2,797 4,039 Boardwalk Elkhart, IN 13,334 (6) 1,796 4,768 (6 ) Broadmore Estates Goshen, IN 45,588 (1) 1,120 11,136 11,220 Brookside Berwick, PA - (3) 372 4,776 3,556 Brookview Greenfield Ctr, NY 2,603 38 233 10,384 Camelot Village Anderson, IN - (7) 824 2,480 428 Camelot Woods Altoona, PA 0 573 2,767 1,202 Candlewick Court Owosso, MI 4,201 159 7,087 5,614 Carsons Chambersburg, PA 0 176 2,411 2,353 Catalina Middletown, OH 4,853 1,008 11,735 9,725 Cedarcrest Village Vineland, NJ 11,238 320 1,866 3,239 Chambersburg Chambersburg, PA 0 108 2,397 826 Chelsea Sayre, PA - (2) 124 2,049 1,996 Cinnamon Woods Conowingo, MD 0 1,884 2,116 540 City View Lewistown, PA 0 137 613 1,492 Clinton Tiffin, OH 3,303 142 3,302 437 Collingwood Horseheads, NY 0 196 2,318 3,126 Colonial Heights Wintersville, OH - (1) 67 2,383 6,845 Countryside Estates Muncie, IN 0 174 1,926 5,482 Countryside Estates Ravenna, OH 0 205 2,896 5,771 Countryside Village Columbia, TN 105,221 394 6,917 10,224 Cranberry Cranberry Twp, PA 7,139 182 1,923 4,592 Crestview Athens, PA 0 188 2,258 2,934 Cross Keys Duncansville, PA 0 61 378 4,412 Crossroads Village Mount Pleasant, PA 0 183 1,403 188 D&R Clifton Park, NY 7,191 392 704 3,401 Dallas Mobile Home Toronto, OH 0 276 2,729 2,884 Deer Meadows New Springfield, OH 0 226 2,299 3,747 Evergreen Estates Lodi, OH 0 99 1,121 529 Evergreen Manor Bedford, OH 0 49 2,372 1,467 Evergreen Village Mantua, OH 0 105 1,277 1,066 Fairview Manor Millville, NJ 15,076 216 1,167 10,707 Fifty One Estates Elizabeth, PA 0 1,214 5,746 2,042 Forest Creek Elkhart, IN - (1) 440 7,004 2,099 Forest Park Cranberry Twp, PA 7,833 75 977 8,923 Fox Chapel Village Cheswick, PA 0 372 4,082 2,728 Frieden Manor Schuylkill Haven, PA 12,581 (2) 643 5,294 3,701 Friendly Village Perrysburg, OH 6,906 1,215 18,141 5,036 Green Acres Chambersburg, PA 0 63 584 128 Gregory Courts Honey Brook, PA - (1) 370 1,220 994 Hayden Heights Dublin, OH 1,962 248 2,148 826 Heather Highlands Inkerman, PA 0 573 2,152 13,745 High View Acres Apollo, PA 0 825 4,264 439 Highland Elkhart, IN - (1) 510 7,084 5,632 Highland Estates Kutztown, PA 15,744 145 1,695 12,762 Hillcrest Crossing Lower Burrell, PA 0 961 1,464 7,461 Hillcrest Estates Marysville, OH 0 1,277 3,034 5,384 Hillside Estates Greensburg, PA - (5) 484 2,679 3,557 Holiday Village Nashville, TN 7,454 1,632 5,618 7,377 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 Holiday Village Elkhart, IN $ 7,998 $ 491 $ 13,808 $ 7,482 Holly Acres Erie, PA 2,077 194 3,591 1,224 Hudson Estates Peninsula, OH 0 141 3,516 5,809 Huntingdon Pointe Tarrs, PA 0 399 865 2,054 Independence Park Clinton, PA 7,596 (5) 686 2,784 3,520 Kinnebrook Monticello, NY 3,792 236 1,403 14,553 Lake Erie Estates Fredonia, NY 2,657 104 4,391 1,572 Lake Sherman Navarre, OH 5,180 290 1,458 13,661 Lakeview Meadows Lakeview, OH 0 574 1,104 2,032 Laurel Woods Cresson, PA 0 433 2,070 4,853 Little Chippewa Orrville, OH - (4) 113 1,135 2,641 Maple Manor Taylor, PA 12,694 (3) 674 9,433 7,375 Marysville Estates Marysville, OH 0 810 4,556 6,340 Meadowood New Middletown, OH - (1) 152 3,191 4,673 Meadows Nappanee, IN 0 549 6,721 9,715 Meadows of Perrysburg Perrysburg, OH 2,888 2,146 5,541 649 Melrose Village Wooster, OH 6,692 (4) 767 5,429 6,818 Melrose West Wooster, OH - (4) 94 1,040 92 Memphis Blues Memphis, TN 0 78 810 10,221 Monroe Valley Jonestown, PA - (2) 114 994 674 Moosic Heights Avoca, PA - (3) 330 3,794 3,548 Mount Pleasant Village Mount Pleasant, PA 0 280 3,502 1,326 Mountaintop Narvon, PA - (2) 134 1,665 775 New Colony West Mifflin, PA 0 429 4,129 833 Northtowne Meadows Erie, PA 11,818 1,272 23,859 1,591 Oak Ridge Elkhart, IN - (1) 500 7,524 3,210 Oakwood Lake Tunkhannock, PA - (3) 379 1,639 1,748 Olmsted Falls Olmsted Township, OH 1,962 569 3,031 2,301 Oxford West Grove, PA 15,301 175 991 2,753 Parke Place Elkhart, IN - (6) 4,317 10,341 5,754 Perrysburg Estates Perrysburg, OH 1,558 399 4,047 3,378 Pikewood Manor Elyria, OH 14,103 1,053 22,068 12,229 Pine Ridge/Pine Manor Carlisle, PA 0 38 198 10,546 Pine Valley Apollo, PA 0 670 1,337 7,497 Pleasant View Bloomsburg, PA - (3) 282 2,175 2,405 Port Royal Belle Vernon, PA 0 150 2,492 15,008 Redbud Estates Anderson, IN 12,902 (7) 1,739 15,091 4,507 River Valley Marion, OH 0 236 785 8,547 Rolling Hills Estates Carlisle, PA 0 301 1,419 1,950 Rostraver Estates Belle Vernon, PA - (5) 814 2,204 2,467 Sandy Valley Magnolia, OH 0 270 1,941 11,539 Shady Hills Nashville, TN 4,677 337 3,379 4,433 Somerset/Whispering Somerset, PA 0 1,485 2,050 8,973 Southern Terrace Columbiana, OH - (1) 63 3,387 612 Southwind Jackson, NJ 22,368 (8) 100 603 3,048 Spreading Oaks Athens, OH 0 67 1,327 4,204 Springfield Meadows Springfield, OH 2,976 1,230 3,093 1,748 Suburban Estates Greensburg, PA 5,248 299 5,837 4,578 Summit Estates Ravenna, OH 0 198 2,779 4,146 Summit Village Marion, IN 0 522 2,821 1,933 Sunny Acres Somerset, PA 5,842 287 6,114 2,941 Sunnyside Eagleville, PA - (1) 450 2,674 669 Trailmont Goodlettsville, TN 3,118 411 1,867 3,574 Twin Oaks Olmsted Township, OH 5,930 823 3,527 2,189 Twin Pines Goshen, IN - (1) 650 6,307 5,301 Valley High Ruffs Dale, PA - (5) 284 2,267 2,340 Valley Hills Ravenna, OH 3,220 996 6,542 9,039 Valley Stream Mountaintop, PA 0 323 3,191 1,206 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 Valley View HB Honeybrook, PA $ - (1) $ 1,380 $ 5,348 $ 4,076 Valley View I Ephrata, PA - (2) 191 4,359 1,326 Valley View II Ephrata, PA - (2) 72 1,746 56 Voyager Estates West Newton, PA 0 742 3,143 4,480 Waterfalls Hamburg, NY 4,386 424 3,812 5,014 Wayside Bellefontaine, OH 0 196 1,080 2,296 Weatherly Estates Lebanon, TN 7,607 1,184 4,034 3,966 Wellington Estates Export, PA 2,263 896 6,179 3,853 Wood Valley Caledonia, OH 0 260 1,753 5,876 Woodland Manor West Monroe, NY 0 77 841 4,429 Woodlawn Eatontown, NJ - (8) 157 281 1,894 Woods Edge West Lafayette, IN 5,940 1,808 13,321 7,785 Worthington Arms Lewis Center, OH 8,783 437 12,706 5,468 Youngstown Estates Youngstown, NY - (4) 269 1,606 1,752 $ 476,390 $ 65,925 $ 487,845 $ 546,486 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Allentown Memphis, TN $ 703 $ 15,433 $ 16,136 $ 7,058 Arbor Estates Doylestown, PA 2,650 10,324 12,974 2,753 Auburn Estates Orrville, OH 114 1,956 2,070 433 Birchwood Farms Birch Run, MI 70 6,836 6,906 1,643 Boardwalk Elkhart, IN 1,796 4,762 6,558 693 Broadmore Estates Goshen, IN 1,120 22,356 23,476 5,726 Brookside Berwick, PA 372 8,332 8,704 2,245 Brookview Greenfield Ctr, NY 123 10,532 10,655 3,236 Camelot Village Anderson, IN 828 2,904 3,732 255 Camelot Woods Altoona, PA 766 3,776 4,542 58 Candlewick Court Owosso, MI 159 12,701 12,860 2,578 Carsons Chambersburg, PA 176 4,764 4,940 1,030 Catalina Middletown, OH 1,008 21,460 22,468 3,891 Cedarcrest Village Vineland, NJ 408 5,017 5,425 3,068 Chambersburg Chambersburg, PA 118 3,213 3,331 891 Chelsea Sayre, PA 124 4,045 4,169 933 Cinnamon Woods Conowingo, MD 1,884 2,656 4,540 335 City View Lewistown, PA 137 2,105 2,242 544 Clinton Tiffin, OH 142 3,739 3,881 1,195 Collingwood Horseheads, NY 196 5,444 5,640 1,172 Colonial Heights Wintersville, OH 67 9,228 9,295 1,944 Countryside Estates Muncie, IN 174 7,408 7,582 1,525 Countryside Estates Ravenna, OH 205 8,667 8,872 1,667 Countryside Village Columbia, TN 609 16,926 17,535 4,887 Cranberry Cranberry Twp, PA 182 6,515 6,697 3,433 Crestview Athens, PA 362 5,018 5,380 1,051 Cross Keys Duncansville, PA 61 4,790 4,851 1,726 Crossroads Village Mount Pleasant, PA 183 1,591 1,774 197 D&R Clifton Park, NY 392 4,105 4,497 2,291 Dallas Mobile Home Toronto, OH 276 5,613 5,889 1,022 Deer Meadows New Springfield, OH 226 6,046 6,272 1,094 Evergreen Estates Lodi, OH 119 1,630 1,749 376 Evergreen Manor Bedford, OH 49 3,839 3,888 802 Evergreen Village Mantua, OH 105 2,343 2,448 524 Fairview Manor Millville, NJ 2,535 9,555 12,090 5,890 Fifty One Estates Elizabeth, PA 1,268 7,734 9,002 348 Forest Creek Elkhart, IN 440 9,103 9,543 2,815 Forest Park Cranberry Twp, PA 75 9,900 9,975 4,124 Fox Chapel Village Cheswick, PA 372 6,810 7,182 621 Frieden Manor Schuylkill Haven, PA 643 8,995 9,638 2,304 Friendly Village Perrysburg, OH 1,265 23,127 24,392 1,182 Green Acres Chambersburg, PA 63 712 775 200 Gregory Courts Honey Brook, PA 370 2,214 2,584 552 Hayden Heights Dublin, OH 248 2,974 3,222 692 Heather Highlands Inkerman, PA 573 15,897 16,470 6,379 High View Acres Apollo, PA 825 4,703 5,528 522 Highland Elkhart, IN 510 12,716 13,226 3,425 Highland Estates Kutztown, PA 404 14,198 14,602 7,967 Hillcrest Crossing Lower Burrell, PA 961 8,925 9,886 872 Hillcrest Estates Marysville, OH 1,277 8,418 9,695 836 Hillside Estates Greensburg, PA 484 6,236 6,720 1,125 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Holiday Village Nashville, TN $ 1,632 $ 12,995 $ 14,627 $ 3,219 Holiday Village Elkhart, IN 491 21,290 21,781 3,912 Holly Acres Erie, PA 194 4,815 5,009 931 Hudson Estates Peninsula, OH 141 9,325 9,466 1,893 Huntingdon Pointe Tarrs, PA 399 2,919 3,318 382 Independence Park Clinton, PA 686 6,304 6,990 1,243 Kinnebrook Monticello, NY 353 15,839 16,192 6,466 Lake Erie Estates Fredonia, NY 140 5,927 6,067 68 Lake Sherman Navarre, OH 290 15,119 15,409 5,315 Lakeview Meadows Lakeview, OH 726 2,984 3,710 434 Laurel Woods Cresson, PA 433 6,923 7,356 2,790 Little Chippewa Orrville, OH 113 3,776 3,889 653 Maple Manor Taylor, PA 674 16,808 17,482 4,824 Marysville Estates Marysville, OH 818 10,888 11,706 1,161 Meadowood New Middletown, OH 152 7,864 8,016 1,806 Meadows Nappanee, IN 549 16,436 16,985 2,471 Meadows of Perrysburg Perrysburg, OH 2,182 6,154 8,336 444 Melrose Village Wooster, OH 767 12,247 13,014 2,551 Melrose West Wooster, OH 94 1,132 1,226 284 Memphis Blues Memphis, TN 336 10,773 11,109 2,286 Monroe Valley Jonestown, PA 114 1,668 1,782 425 Moosic Heights Avoca, PA 330 7,342 7,672 1,976 Mount Pleasant Village Mount Pleasant, PA 280 4,828 5,108 599 Mountaintop Narvon, PA 249 2,325 2,574 668 New Colony West Mifflin, PA 448 4,943 5,391 242 Northtowne Meadows Erie, PA 1,312 25,410 26,722 1,452 Oak Ridge Elkhart, IN 500 10,734 11,234 2,967 Oakwood Lake Tunkhannock, PA 379 3,387 3,766 865 Olmsted Falls Olmsted Township, OH 569 5,332 5,901 1,278 Oxford West Grove, PA 155 3,764 3,919 2,253 Parke Place Elkhart, IN 4,317 16,095 20,412 2,466 Perrysburg Estates Perrysburg, OH 407 7,417 7,824 457 Pikewood Manor Elyria, OH 1,071 34,279 35,350 2,251 Pine Ridge/Pine Manor Carlisle, PA 145 10,637 10,782 4,235 Pine Valley Apollo, PA 732 8,772 9,504 3,540 Pleasant View Bloomsburg, PA 282 4,580 4,862 1,173 Port Royal Belle Vernon, PA 505 17,145 17,650 8,007 Redbud Estates Anderson, IN 1,753 19,584 21,337 1,668 River Valley Marion, OH 236 9,332 9,568 4,170 Rolling Hills Estates Carlisle, PA 301 3,369 3,670 1,016 Rostraver Estates Belle Vernon, PA 814 4,671 5,485 963 Sandy Valley Magnolia, OH 270 13,480 13,750 5,590 Shady Hills Nashville, TN 337 7,812 8,149 2,225 Somerset/Whispering Somerset, PA 1,489 11,019 12,508 4,311 Southern Terrace Columbiana, OH 63 3,999 4,062 1,158 Southwind Jackson, NJ 100 3,651 3,751 2,200 Spreading Oaks Athens, OH 67 5,531 5,598 2,251 Springfield Meadows Springfield, OH 1,230 4,841 6,071 606 Suburban Estates Greensburg, PA 299 10,415 10,714 2,947 Summit Estates Ravenna, OH 198 6,925 7,123 1,411 Summit Village Marion, IN 522 4,754 5,276 685 Sunny Acres Somerset, PA 287 9,055 9,342 2,805 Sunnyside Eagleville, PA 450 3,343 3,793 859 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Trailmont Goodlettsville, TN $ 411 $ 5,441 $ 5,852 $ 1,510 Twin Oaks Olmsted Township, OH 998 5,541 6,539 1,543 Twin Pines Goshen, IN 650 11,608 12,258 2,968 Valley High Ruffs Dale, PA 284 4,607 4,891 848 Valley Hills Ravenna, OH 996 15,581 16,577 3,266 Valley Stream Mountaintop, PA 323 4,397 4,720 800 Valley View HB Honeybrook, PA 1,380 9,424 10,804 2,198 Valley View I Ephrata, PA 280 5,596 5,876 1,628 Valley View II Ephrata, PA 72 1,802 1,874 538 Voyager Estates West Newton, PA 742 7,623 8,365 1,208 Waterfalls Hamburg, NY 424 8,826 9,250 4,589 Wayside Bellefontaine, OH 261 3,311 3,572 308 Weatherly Estates Lebanon, TN 1,184 8,000 9,184 3,676 Wellington Estates Export, PA 896 10,032 10,928 970 Wood Valley Caledonia, OH 260 7,629 7,889 3,463 Woodland Manor West Monroe, NY 77 5,270 5,347 1,561 Woodlawn Eatontown, NJ 135 2,197 2,332 950 Woods Edge West Lafayette, IN 1,808 21,106 22,914 3,615 Worthington Arms Lewis Center, OH 437 18,174 18,611 3,099 Youngstown Estates Youngstown, NY 269 3,358 3,627 649 $ 71,485 $ 1,028,771 $ 1,100,256 $ 254,369 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Allentown Memphis, TN prior to 1980 1986 5 to 27.5 Arbor Estates Doylestown, PA 1959 2013 5 to 27.5 Auburn Estates Orrville, OH 1971/1985/1995 2013 5 to 27.5 Birchwood Farms Birch Run, MI 1976-1977 2013 5 to 27.5 Boardwalk Elkhart, IN 1995-1996 2017 5 to 27.5 Broadmore Estates Goshen, IN 1950/1990 2013 5 to 27.5 Brookside Berwick, PA 1973-1976 2010 5 to 27.5 Brookview Greenfield Ctr, NY prior to 1970 1977 5 to 27.5 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 Village Vineland, NJ 1973 1986 5 to 27.5 Chambersburg Chambersburg, PA 1955 2012 5 to 27.5 Chelsea Sayre, PA 1972 2012 5 to 27.5 Cinnamon Woods Conowingo, MD 2005 2017 5 to 27.5 City View Lewistown, PA prior to 1980 2011 5 to 27.5 Clinton Tiffin, OH 1968/1987 2011 5 to 27.5 Collingwood Horseheads, NY 1970 2012 5 to 27.5 Colonial Heights Wintersville, OH 1972 2012 5 to 27.5 Countryside Estates Muncie, IN 1996 2012 5 to 27.5 Countryside Estates Ravenna, OH 1972 2014 5 to 27.5 Countryside Village Columbia, TN 1988/1992 2011 5 to 27.5 Cranberry Cranberry Twp, PA 1974 1986 5 to 27.5 Crestview Athens, PA 1964 2012 5 to 27.5 Cross Keys Duncansville, PA 1961 1979 5 to 27.5 Crossroads Village Mount Pleasant, PA 1955/2004 2017 5 to 27.5 D&R Clifton Park, NY 1972 1978 5 to 27.5 Dallas Mobile Home Toronto, OH 1950-1957 2014 5 to 27.5 Deer Meadows New Springfield, OH 1973 2014 5 to 27.5 Evergreen Estates Lodi, OH 1965 2014 5 to 27.5 Evergreen Manor Bedford, OH 1960 2014 5 to 27.5 Evergreen Village Mantua, OH 1960 2014 5 to 27.5 Fairview Manor Millville, NJ prior to 1980 1985 5 to 27.5 Fifty One Estates Elizabeth, PA 1970 2019 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 Green Acres Chambersburg, PA 1978 2012 5 to 27.5 Gregory Courts Honey Brook, PA 1970 2013 5 to 27.5 Hayden Heights Dublin, OH 1973 2014 5 to 27.5 Heather Highlands Inkerman, PA 1970 1992 5 to 27.5 High View Acres Apollo, PA 1984 2017 5 to 27.5 Highland Elkhart, IN 1969 2013 5 to 27.5 Highland Estates Kutztown, PA 1971 1979 5 to 27.5 Hillcrest Crossing Lower Burrell, PA 1971 2017 5 to 27.5 Hillcrest Estates Marysville, OH 1995 2017 5 to 27.5 Hillside Estates Greensburg, PA 1980 2014 5 to 27.5 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Holiday Village Nashville, TN 1967 2013 5 to 27.5 Holiday Village Elkhart, IN 1966 2015 5 to 27.5 Holly Acres Erie, PA 1977/2007 2015 5 to 27.5 Hudson Estates Peninsula, OH 1956 2014 5 to 27.5 Huntingdon Pointe Tarrs, PA 2000 2015 5 to 27.5 Independence Park Clinton, PA 1987 2014 5 to 27.5 Kinnebrook Monticello, NY 1972 1988 5 to 27.5 Lake Erie Estates Fredonia, NY 1965 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 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 1930/1973 2019 5 to 27.5 Northtowne Meadows Erie, MI 1988 2019 5 to 27.5 Oak Ridge Elkhart, IN 1990 2013 5 to 27.5 Oakwood Lake Tunkhannock, PA 1972 2010 5 to 27.5 Olmsted Falls Olmsted Township, 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 Vernon, PA 1970 2014 5 to 27.5 Sandy Valley Magnolia, OH prior to 1980 1985 5 to 27.5 Shady Hills Nashville, TN 1954 2011 5 to 27.5 Somerset/Whispering Somerset, PA prior to 1980 2004 5 to 27.5 Southern Terrace Columbiana, OH 1983 2012 5 to 27.5 Southwind Jackson, NJ 1969 1969 5 to 27.5 Spreading Oaks Athens, OH prior to 1980 1996 5 to 27.5 Springfield Meadows Springfield, OH 1970 2016 5 to 27.5 Suburban Estates Greensburg, PA 1968/1980 2010 5 to 27.5 Summit Estates Ravenna, OH 1969 2014 5 to 27.5 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 Township, OH 1952/1997 2012 5 to 27.5 Twin Pines Goshen, IN 1956/1990 2013 5 to 27.5 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life 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’s 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, 2020 (1) Represents one mortgage note payable secured by twenty-eight properties. (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 five properties. (5) Represents one mortgage note payable secured by five properties. (6) Represents one mortgage note payable secured by four properties. (7) Represents one mortgage note payable secured by two properties. (8) Represents one mortgage note payable secured by two properties. (9) Represents one mortgage note payable secured by two properties. (10) Reconciliation (11) The aggregate cost for Federal tax purposes approximates historical cost. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF REAL ESTATE INVESTMENT (Details) /———-FIXED ASSETS————/ (in thousands) 12/31/20 12/31/19 12/31/18 Balance – Beginning of Year $ 1,008,104 $ 874,601 $ 758,487 Additions: Acquisitions 7,835 56,015 58,730 Improvements 88,684 81,399 61,102 Total Additions 96,519 137,414 119,832 Deletions (4,367 ) (3,911 ) (3,718 ) Balance – End of Year $ 1,100,256 $ 1,008,104 $ 874,601 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION (Details) /——ACCUMULATED DEPRECIATION——/ (in thousands) 12/31/20 12/31/19 12/31/18 Balance – Beginning of Year $ 216,332 $ 182,599 $ 153,592 Additions: Depreciation 39,525 34,816 29,841 Total Additions 39,525 34,816 29,841 Deletions (1,488 ) (1,083 ) (834 ) Balance – End of Year $ 254,369 $ 216,332 $ 182,599 (11) 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, 2020 | |
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 % wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. |
Investment Property and Equipment and Depreciation | Investment Property and Equipment and Depreciation Property and equipment are carried at cost less accumulated depreciation. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that 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 utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2020, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, 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 2019 and 2020 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. 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. |
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, 2020 and 2019, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $ 11.5 million to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities are recorded in Increase (Decrease) in Fair Value of Marketable Securities on our Consolidated Statements of Income (Loss). |
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, 2020 and 2019, the reserves for uncollectible accounts, notes and other receivables were $ 1.6 million and $ 1.3 million, respectively. For the years ended December 31, 2020, 2019 and 2018 the provisions for uncollectible notes and other receivables were $ 1.5 million, $ 1.4 million and $ 1.2 million, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2020, 2019 and 2018 amounted to $ 1.2 million, $ 1.2 million and $ 1.4 million, respectively. In 2020, the Company adopted ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. 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 7.3 % and the average maturity is approximately 10 years. |
Unamortized Financing Costs | Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and 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 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, 2020 and 2019, accumulated amortization amounted to $ 6.2 million and $ 5.1 million, respectively. The Company estimates that aggregate amortization expense will be approximately $ 1.3 million for 2021, $ 1.2 million for 2022, $ 933,000 for 2023, $ 886,000 for 2024, $ 754,000 for 2025 and $ 2.4 million thereafter. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2020 and 2019, these agreements have expired and the Company no longer had 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 December 31, 2020, the right-of-use assets and corresponding lease liabilities of $ 3.8 million are included in Prepaid Expenses and Other Assets and Accrued Liabilities and Deposits on the Consolidated Balance Sheets. Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands): SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Dec. 31, 2020 2021 $ 433 2022 423 2023 391 2024 391 2025 391 Thereafter 19,495 Total Lease Payments $ 21,524 The weighted average remaining lease term for these leases is 162.6 years. The right of use assets and lease liabilities was calculated using an interest rate of 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 12/31/20 12/31/19 12/31/18 12/31/17 Cash and Cash Equivalents $ 15,336 $ 12,902 $ 7,433 $ 23,242 Restricted Cash 13,257 6,094 5,344 4,649 Cash, Cash Equivalents And Restricted Cash $ 28,593 $ 18,996 $ 12,777 $ 27,891 |
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 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 ( 41.4 million, 39.9 million and 36.9 million in 2020, 2019 and 2018, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2020 and 2018, employee stock options to purchase 3.3 million and 2.3 million, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. For the year ended December 31, 2019, common stock equivalents resulting from employee stock options to purchase 2.6 million shares of common stock amounted to 294,000 shares, which were included in the computation of Diluted Net Income (Loss) per Share. |
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 $ 1.3 million, $ 1.9 million and $ 1.6 million have been recognized in 2020, 2019 and 2018, respectively. During 2020, compensation costs included a one-time charge of $127,000 for restricted stock and stock option grants awarded to two participants who were of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. During 2019 and 2018, compensation costs included a one-time charge of $ 179,000 , and $ 210,000 , respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. |
Income Tax | Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2020. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2020, the tax years 2017 through and including 2020 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Adopted 2020 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 December 31, 2020 and 2019, the Company had notes receivable of $ 43.4 million and $ 35.7 million, net the fair value adjustment of $ 0.9 million and $ 0.7 million, respectively. Notes receivable are presented as a component of Notes and Other Receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands): SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Dec. 31, 2020 2021 $ 433 2022 423 2023 391 2024 391 2025 391 Thereafter 19,495 Total Lease Payments $ 21,524 |
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 12/31/20 12/31/19 12/31/18 12/31/17 Cash and Cash Equivalents $ 15,336 $ 12,902 $ 7,433 $ 23,242 Restricted Cash 13,257 6,094 5,344 4,649 Cash, Cash Equivalents And Restricted Cash $ 28,593 $ 18,996 $ 12,777 $ 27,891 |
INVESTMENT PROPERTY AND EQUIP_2
INVESTMENT PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED | SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED 2020 Acquisitions 2019 Acquisitions Assets Acquired: Land $ 906 $ 4,296 Depreciable Property 9,558 53,909 Notes Receivable and Other -0- 127 Total Assets Acquired $ 10,464 $ 58,332 |
SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED | SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED 2020 2020 2019 2020 Acquisitions 2019 Acquisitions 2020 2020 2019 Total Income $ 373 $ 5,845 $ 2,308 Community NOI * $ 158 $ 3,126 $ 1,347 Net Income (Loss) $ (73 ) $ (609 ) $ (205 ) * 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, 2020 December 31, 2019 Site and Land Improvements $ 175,219 $ 152,456 Buildings and Improvements 8,860 7,720 Rental Homes and Accessories 71,112 56,808 Equipment and Vehicles 17,632 15,799 Total Accumulated Depreciation $ 272,823 $ 232,783 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SUMMARY OF MARKETABLE SECURITIES | The following is a listing of marketable securities at December 31, 2020 (in thousands) SUMMARY OF MARKETABLE SECURITIES Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2 $ 50 $ 2 CBL & Associates Properties, Inc. E 6.625 % 63 1,487 50 Cedar Realty Trust, Inc. B 7.250 % 10 219 206 Cedar Realty Trust, Inc. C 6.500 % 20 494 428 Colony Capital Inc. I 7.150 % 20 500 472 Investors Real Estate Trust C 6.625 % 20 500 520 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 404 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 206 Urstadt Biddle Properties, Inc. H 6.250 % 13 313 313 Total Preferred Stock 5,061 2,601 Common Stock: CBL & Associates Properties, Inc. 1,600 16,692 66 Diversified Healthcare Trust 171 2,920 704 Five Star Senior Living 12 45 80 Franklin Street Properties Corporation 220 2,219 961 Industrial Logistics Properties Trust 502 9,951 11,698 Kimco Realty Corporation 910 17,052 13,659 Monmouth Real Estate Investment Corporation (1) 2,655 25,031 45,982 Office Properties Income Trust 562 36,418 12,757 Pennsylvania Real Estate Investment Trust 222 2,316 222 Tanger Factory Outlet 180 4,229 1,793 Urstadt Biddle Properties, Inc. 100 2,049 1,413 Vereit, Inc. 282 12,059 10,657 Washington Prime Group 89 6,489 579 Total Common Stock 137,470 100,571 Total Marketable Securities $ 142,531 $ 103,172 (1) Related entity – See Note 8. The following is a listing of marketable securities at December 31, 2019 (in thousands) Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2 $ 50 $ 10 CBL & Associates Properties, Inc. E 6.625 % 63 1,487 294 Cedar Realty Trust, Inc. B 7.250 % 9 203 219 Cedar Realty Trust, Inc. C 6.500 % 20 494 464 Colony Capital Inc. I 7.150 % 20 500 483 Investors Real Estate Trust C 6.625 % 20 500 525 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 802 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 386 Urstadt Biddle Properties, Inc. H 6.250 % 13 313 333 Total Preferred Stock 5,045 3,516 Common Stock: CBL & Associates Properties, Inc. 1,600 16,692 1,680 Diversified Healthcare Trust 171 2,920 1,443 Franklin Street Properties Corporation 220 2,219 1,883 Industrial Logistics Properties Trust 502 9,951 11,261 Kimco Realty Corporation 910 17,052 18,846 Monmouth Real Estate Investment Corporation (1) 2,573 23,987 37,251 Office Properties Income Trust 562 36,418 18,047 Pennsylvania Real Estate Investment Trust 222 2,316 1,183 Tanger Factory Outlet 180 4,229 2,651 Urstadt Biddle Properties, Inc. 100 2,049 2,484 Vereit, Inc. 1,410 12,059 13,029 Washington Prime Group 800 6,489 2,912 Total Common Stock 136,381 112,670 Total Marketable Securities $ 141,426 $ 116,186 (1) Related entity – See Note 8. |
LOANS AND MORTGAGES PAYABLE (Ta
LOANS AND MORTGAGES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Dec. 31, 2020 Year Ended December 31, 2021 $ 31,121 2022 56,228 2023 4 2024 0 2025 0 Thereafter 0 Total Loans Payable 87,353 Unamortized Debt Issuance Costs (344 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 87,009 |
SUMMARY OF MORTGAGES PAYABLE | The following is a summary of mortgages payable at December 31, 2020 and 2019 (in thousands) SUMMARY OF MORTGAGES PAYABLE At December 31, 2020 Balance at December 31, Property Due Date Interest Rate 2020 2019 Allentown 10/01/25 4.06 % $ 12,587 $ 12,865 Brookview Village 04/01/25 3.92 % 2,603 2,664 Candlewick Court 09/01/25 4.10 % 4,201 4,294 Catalina 08/19/25 4.20 % 4,853 5,095 Cedarcrest Village 04/01/25 3.71 % 11,238 11,510 Clinton Mobile Home Resort 10/01/25 4.06 % 3,303 3,376 Cranberry Village 04/01/25 3.92 % 7,139 7,305 D & R Village 03/01/25 3.85 % 7,191 7,362 Fairview Manor 11/01/26 3.85 % 15,076 15,399 Forest Park Village 09/01/25 4.10 % 7,833 8,006 Friendly Village 05/06/23 4.618 % 6,906 7,150 Hayden Heights 04/01/25 3.92 % 1,962 2,007 Highland Estates 06/01/27 4.12 % 15,744 16,054 Holiday Village 09/01/25 4.10 % 7,454 7,619 Holiday Village- IN 11/01/25 3.96 % 7,998 8,176 Holly Acres Estates 10/05/21 6.50 % 2,077 2,119 Kinnebrook Village 04/01/25 3.92 % 3,792 3,881 Lake Erie Estates 07/06/25 5.16 % 2,657 - 0 - Lake Sherman Village 09/01/25 4.10 % 5,180 5,294 Meadows of Perrysburg 10/06/23 5.413 % 2,888 2,946 Northtowne Meadows 09/06/26 4.45 % 11,818 12,049 Olmsted Falls 04/01/25 3.98 % 1,962 2,007 Oxford Village 07/01/29 3.41 % 15,301 15,604 Perrysburg Estates 09/06/25 4.98 % 1,558 1,587 Pikewood Manor 11/29/28 5.00 % 14,103 14,420 Shady Hills 04/01/25 3.92 % 4,677 4,786 Springfield Meadows 10/06/25 4.83 % 2,975 3,033 Suburban Estates 10/01/25 4.06 % 5,248 5,364 Sunny Acres 10/01/25 4.06 % 5,842 5,971 Trailmont 04/01/25 3.92 % 3,118 3,191 Twin Oaks 10/01/29 3.37 % 5,930 6,047 Valley Hills 06/01/26 4.32 % 3,220 3,285 Waterfalls 06/01/26 4.38 % 4,386 4,474 Weatherly Estates 04/01/25 3.92 % 7,607 7,785 Wellington Estates 01/01/23 6.35 % 2,263 2,316 Woods Edge 01/07/26 4.30 % 5,940 6,214 Worthington Arms 09/01/25 4.10 % 8,783 8,976 Various (2 properties) 02/01/27 4.56 % 13,335 13,583 Various (2 properties) 08/01/28 4.27 % 12,902 13,132 Various (2 properties) 07/01/29 3.41 % 22,368 22,810 Various (4 properties) 07/01/23 4.975 % 7,596 7,765 Various (5 properties) 01/01/22 4.25 % 12,694 13,061 Various (5 properties) 12/06/22 4.75 % 6,692 6,853 Various (6 properties) 08/01/27 4.18 % 12,581 12,829 Various (13 properties) 03/01/23 4.065 % 45,588 46,781 Various (28 properties) 09/01/30 2.62 % 105,221 - 0 - Total Mortgages Payable 476,390 377,045 Unamortized Debt Issuance Costs (7,111 ) (3,387 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 469,279 $ 373,658 |
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 2020 Year Ended December 31, 2021 $ 25,668 2022 17,670 2023 71,169 2024 9,983 2025 139,105 Thereafter 212,795 Total $ 476,390 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 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 in the following years: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2020 2019 2018 Dividend yield 5.33 % 5.13 % 4.79 % Expected volatility 24.57 % 24.04 % 25.78 % Risk-free interest rate 0.89 % 2.50 % 2.74 % 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 Company’s stock option plans as of December 31, 2020, 2019 and 2018 and changes during the years then ended are as follows (in thousands) SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS 2020 2019 2018 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 2,637 $ 12.05 2,253 $ 12.09 1,778 $ 11.60 Granted 715 9.84 644 13.67 605 13.26 Exercised (63 ) 10.55 (240 ) 10.84 (129 ) 10.78 Forfeited (11 ) 11.65 (20 ) 13.50 (1 ) 12.41 Expired (12 ) 11.29 0 0 0 0 Outstanding at end of year 3,266 12.03 2,637 12.05 2,253 12.09 Options exercisable at end of year 2,556 1,196 1,648 Weighted average fair value of options granted during the year $ 0.96 $ 1.72 $ 2.05 |
SUMMARY OF STOCK OPTIONS OUTSTANDING | The following is a summary of stock options outstanding as of December 31, 2020 (in thousands) SUMMARY OF STOCK OPTIONS OUTSTANDING Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/26/13 7 148 10.08 06/26/21 06/11/14 7 142 9.85 06/11/22 06/24/15 8 240 9.82 06/24/23 04/05/16 12 297 9.77 04/05/24 01/19/17 2 60 14.25 01/19/27 04/04/17 31 504 15.04 04/04/27 04/02/18 31 470 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 36 570 13.90 04/02/29 01/17/20 1 10 * 16.37 01/17/30 03/25/20 39 685 * 9.70 03/25/30 05/20/20 2 15 * 11.80 05/20/30 3,266 * Unexercisable |
SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS | A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2020, 2019 and 2018, and changes during the year ended December 31, 2020, 2019 and 2018 are presented below (in thousands) SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS 2020 2019 2018 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 238 $ 13.33 161 $ 12.44 147 $ 11.98 Granted 35 14.75 118 11.12 47 13.11 Dividend Reinvested Shares 11 12.91 11 13.51 8 13.37 Vested (72 ) 12.87 (52 ) 5.69 (41 ) 11.76 Non-vested at end of year 212 $ 13.69 238 $ 13.33 161 $ 12.44 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP | Amounts received in connection with the DRIP for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands) SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP 2020 2019 2018 Amounts Received $ 9,154 $ 31,503 $ 35,114 Less: Dividends Reinvested (3,151 ) (7,705 ) (5,076 ) Amounts Received, net $ 6,003 $ 23,798 $ 30,038 Number of Shares Issued 720 2,468 2,655 |
DISTRIBUTIONS (Tables)
DISTRIBUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Payment Of Distributions To Shareholders | |
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, 2020, 2019 and 2018 (in thousands) SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS 2020 2019 2018 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 7,417 $ 0.18 $ 6,980 $ 0.18 $ 6,493 $ 0.18 June 30 7,417 0.18 7,159 0.18 6,601 0.18 September 30 7,454 0.18 7,322 0.18 6,693 0.18 December 31 7,520 0.18 7,364 0.18 6,824 0.18 $ 29,808 $ 0.72 $ 28,825 $ 0.72 $ 26,611 $ 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, 2019 and 2018: 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 $ 1,900,600 $ 0.50 4/2/2020 5/15/2020 6/15/2020 1,900,335 0.50 7/1/2020 8/17/2020 9/15/2020 1,900,335 0.50 9/11/2020 9/11/2020 10/20/2020 1,034,541 0.2722 $ 6,735,811 $ 1.7722 1/15/2019 2/15/2019 3/15/2019 $ 1,900,600 $ 0.50 4/1/2019 5/15/2019 6/17/2019 1,900,600 0.50 7/1/2019 8/15/2019 9/16/2019 1,900,600 0.50 10/1/2019 11/15/2019 12/16/2019 1,900,600 0.50 $ 7,602,400 $ 2.00 1/15/2018 2/15/2018 3/15/2018 $ 1,900,600 $ 0.50 4/1/2018 5/15/2018 6/15/2018 1,900,600 0.50 7/1/2018 8/15/2018 9/17/2018 1,900,600 0.50 10/1/2018 11/15/2018 12/17/2018 1,900,600 0.50 $ 7,602,400 $ 2.00 The following dividends were paid to holders of our Series C Preferred Stock during the years ended December 31, 2020, 2019 and 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 4,113,281 $ 0.421875 4/2/2020 5/15/2020 6/15/2020 4,113,281 0.421875 7/1/2020 8/17/2020 9/15/2020 4,127,330 0.421875 10/1/2020 11/16/2020 12/15/2020 4,169,813 0.421875 $ 16,523,705 $ 1.68750 1/15/2019 2/15/2019 3/15/2019 $ 2,425,781 $ 0.421875 4/1/2019 5/15/2019 6/17/2019 4,113,281 0.421875 7/1/2019 8/15/2019 9/16/2019 4,113,281 0.421875 10/1/2019 11/15/2019 12/16/2019 4,113,281 0.421875 $ 14,765,624 $ 1.68750 1/15/2018 2/15/2018 3/15/2018 $ 2,425,781 $ 0.421875 4/1/2018 5/15/2018 6/15/2018 2,425,781 0.421875 7/1/2018 8/15/2018 9/17/2018 2,425,781 0.421875 10/1/2018 11/15/2018 12/17/2018 2,425,781 0.421875 $ 9,703,124 $ 1.68750 On January 13, 2021, the Board of Directors declared a quarterly dividend of $ 0.421875 per share for the period from December 1, 2020 through February 28, 2021, on the Company’s Series C Preferred Stock payable March 15, 2021 to shareholders of record as of the close of business on February 16, 2021 . The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2020, 2019 and 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 2,076,126 $ 0.3984375 4/2/2020 5/15/2020 6/15/2020 2,076,126 0.3984375 7/1/2020 8/17/2020 9/15/2020 2,081,704 0.3984375 10/1/2020 11/16/2020 12/15/2020 2,449,415 0.3984375 $ 8,683,371 $ 1.59375 Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2019 2/15/2019 3/15/2019 $ 796,876 $ 0.3984375 4/1/2019 5/15/2019 6/17/2019 796,876 0.3984375 7/1/2019 8/15/2019 9/16/2019 796,876 0.3984375 10/1/2019 11/15/2019 12/16/2019 950,760 0.3984375 $ 3,341,388 $ 1.59375 1/15/2018 2/15/2018 3/15/2018 $ 354,166 $ 0.1770830 4/1/2018 5/15/2018 6/15/2018 796,876 0.3984375 7/1/2018 8/15/2018 9/17/2018 796,876 0.3984375 10/1/2018 11/15/2018 12/17/2018 796,876 0.3984375 $ 2,744,794 $ 1.372396 |
FEDERAL INCOME TAXES (Tables)
FEDERAL INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018: SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE 2020 2019 2018 Amount Percent Amount Percent Amount Percent Common Stock Ordinary income $ 0 0 % $ 0 0 % $ 0 0 % Capital gains 0 0 % 0 0 % 0 0 % Return of capital 0.72 100.00 % 0.72 100.00 % 0.72 100.00 % $ 0.72 100.00 % $ 0.72 100.00 % $ 0.72 100.00 % Preferred Stock - Series B Ordinary income $ 0.661633 37.33 % $ 1.18476 59.24 % $ 1.288868 64.44 % Capital gains 0 0 % 0.05394 2.70 % 0 0 % Return of capital 1.110567 62.67 % 0.76130 38.06 % 0.711132 35.56 % $ 1.772200 100.00 % $ 2.00000 100.00 % $ 2.00000 100.00 % Preferred Stock - Series C Ordinary income $ 0.630008 37.33 % $ 0.999640 59.24 % $ 1.087484 64.44 % Capital gains 0 0 % 0.045508 2.70 % 0 0 % Return of capital 1.057492 62.67 % 0.642352 38.06 % 0.600016 35.56 % $ 1.687500 100.00 % $ 1.687500 100.00 % $ 1.687500 100.00 % Preferred Stock - Series D Ordinary income $ 0.595008 37.33 % $ 0.94410 59.24 % $ 0.884419 64.44 % Capital gains 0 0 % 0.04298 2.70 % 0 0 % Return of capital 0.998742 62.67 % 0.60667 38.06 % 0.487978 35.56 % $ 1.593750 100.00 % $ 1.593750 100.00 % $ 1.372397 100.00 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
SUMMARY OF 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, 2020 and 2019 (in thousands) SUMMARY OF 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 Significant Unobservable Inputs (Level 3) December 31, 2020: Equity Securities - Preferred Stock $ 2,601 $ 2,601 $ -0- $ -0- Equity Securities - Common Stock 100,571 100,571 -0- -0- Total $ 103,172 $ 103,172 $ -0- $ -0- December 31, 2019: Equity Securities - Preferred Stock $ 3,516 $ 3,516 $ -0- $ -0- Equity Securities - Common Stock 112,670 112,670 -0- -0- Total $ 116,186 $ 116,186 $ -0- $ -0- |
PRO FORMA FINANCIAL INFORMATI_2
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Pro Forma Financial Information | |
SUMMARY OF PRO FORMA FINANCIAL INFORMATION | SUMMARY OF PRO FORMA FINANCIAL INFORMATION For the years ended December 31, 2020 2019 Rental and Related Income $ 144,557 $ 133,567 Community Operating Expenses 63,923 64,222 Net Income (Loss) Attributable to Common Shareholders (29,742 ) 2,240 Net Income (Loss) Attributable to Common Shareholders per Share: Basic and Diluted (0.72 ) 0.06 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF SELECTED QUARTERLY FINANCIAL DATA | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED (in thousands except per share amounts) SUMMARY OF SELECTED QUARTERLY FINANCIAL DATA 2020 March 31 June 30 September 30 December 31 Total Income $ 37,573 $ 40,084 $ 43,123 $ 42,829 Total Expenses 31,819 33,348 35,747 34,382 Other Income (Expense) (40,395 ) 11,628 (9,112 ) 14,837 Net Income (Loss) from continuing operations (34,748 ) 18,325 (1,767 ) 23,245 Net Income (Loss) Attributable to Common Shareholders (42,838 ) 10,235 (12,747 ) 15,591 Net Income (Loss) Attributable to Common Basic and Diluted (1.04 ) 0.25 (0.31 ) 0.38 2019 March 31 June 30 September 30 December 31 Total Income $ 34,287 $ 37,230 $ 37,329 $ 37,745 Total Expenses 29,750 32,588 32,387 31,857 Other Income (Expense) 6,521 (3,906 ) 7,519 (2,282 ) Net Income from continuing operations 11,037 749 12,433 3,531 Net Income (Loss) Attributable to Common Shareholders 5,914 (5,537 ) 5,622 (3,433 ) Net Income (Loss) Attributable to Common Basic 0.16 (0.15 ) 0.14 (0.08 ) Diluted 0.15 (0.15 ) 0.14 (0.08 ) |
SCHEDULE III (Tables)
SCHEDULE III (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 Allentown Memphis, TN $ 12,587 $ 250 $ 2,569 $ 13,317 Arbor Estates Doylestown, PA - (1) 2,650 8,266 2,058 Auburn Estates Orrville, OH - (4) 114 1,174 782 Birchwood Farms Birch Run, MI - (1) 70 2,797 4,039 Boardwalk Elkhart, IN 13,334 (6) 1,796 4,768 (6 ) Broadmore Estates Goshen, IN 45,588 (1) 1,120 11,136 11,220 Brookside Berwick, PA - (3) 372 4,776 3,556 Brookview Greenfield Ctr, NY 2,603 38 233 10,384 Camelot Village Anderson, IN - (7) 824 2,480 428 Camelot Woods Altoona, PA 0 573 2,767 1,202 Candlewick Court Owosso, MI 4,201 159 7,087 5,614 Carsons Chambersburg, PA 0 176 2,411 2,353 Catalina Middletown, OH 4,853 1,008 11,735 9,725 Cedarcrest Village Vineland, NJ 11,238 320 1,866 3,239 Chambersburg Chambersburg, PA 0 108 2,397 826 Chelsea Sayre, PA - (2) 124 2,049 1,996 Cinnamon Woods Conowingo, MD 0 1,884 2,116 540 City View Lewistown, PA 0 137 613 1,492 Clinton Tiffin, OH 3,303 142 3,302 437 Collingwood Horseheads, NY 0 196 2,318 3,126 Colonial Heights Wintersville, OH - (1) 67 2,383 6,845 Countryside Estates Muncie, IN 0 174 1,926 5,482 Countryside Estates Ravenna, OH 0 205 2,896 5,771 Countryside Village Columbia, TN 105,221 394 6,917 10,224 Cranberry Cranberry Twp, PA 7,139 182 1,923 4,592 Crestview Athens, PA 0 188 2,258 2,934 Cross Keys Duncansville, PA 0 61 378 4,412 Crossroads Village Mount Pleasant, PA 0 183 1,403 188 D&R Clifton Park, NY 7,191 392 704 3,401 Dallas Mobile Home Toronto, OH 0 276 2,729 2,884 Deer Meadows New Springfield, OH 0 226 2,299 3,747 Evergreen Estates Lodi, OH 0 99 1,121 529 Evergreen Manor Bedford, OH 0 49 2,372 1,467 Evergreen Village Mantua, OH 0 105 1,277 1,066 Fairview Manor Millville, NJ 15,076 216 1,167 10,707 Fifty One Estates Elizabeth, PA 0 1,214 5,746 2,042 Forest Creek Elkhart, IN - (1) 440 7,004 2,099 Forest Park Cranberry Twp, PA 7,833 75 977 8,923 Fox Chapel Village Cheswick, PA 0 372 4,082 2,728 Frieden Manor Schuylkill Haven, PA 12,581 (2) 643 5,294 3,701 Friendly Village Perrysburg, OH 6,906 1,215 18,141 5,036 Green Acres Chambersburg, PA 0 63 584 128 Gregory Courts Honey Brook, PA - (1) 370 1,220 994 Hayden Heights Dublin, OH 1,962 248 2,148 826 Heather Highlands Inkerman, PA 0 573 2,152 13,745 High View Acres Apollo, PA 0 825 4,264 439 Highland Elkhart, IN - (1) 510 7,084 5,632 Highland Estates Kutztown, PA 15,744 145 1,695 12,762 Hillcrest Crossing Lower Burrell, PA 0 961 1,464 7,461 Hillcrest Estates Marysville, OH 0 1,277 3,034 5,384 Hillside Estates Greensburg, PA - (5) 484 2,679 3,557 Holiday Village Nashville, TN 7,454 1,632 5,618 7,377 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 Holiday Village Elkhart, IN $ 7,998 $ 491 $ 13,808 $ 7,482 Holly Acres Erie, PA 2,077 194 3,591 1,224 Hudson Estates Peninsula, OH 0 141 3,516 5,809 Huntingdon Pointe Tarrs, PA 0 399 865 2,054 Independence Park Clinton, PA 7,596 (5) 686 2,784 3,520 Kinnebrook Monticello, NY 3,792 236 1,403 14,553 Lake Erie Estates Fredonia, NY 2,657 104 4,391 1,572 Lake Sherman Navarre, OH 5,180 290 1,458 13,661 Lakeview Meadows Lakeview, OH 0 574 1,104 2,032 Laurel Woods Cresson, PA 0 433 2,070 4,853 Little Chippewa Orrville, OH - (4) 113 1,135 2,641 Maple Manor Taylor, PA 12,694 (3) 674 9,433 7,375 Marysville Estates Marysville, OH 0 810 4,556 6,340 Meadowood New Middletown, OH - (1) 152 3,191 4,673 Meadows Nappanee, IN 0 549 6,721 9,715 Meadows of Perrysburg Perrysburg, OH 2,888 2,146 5,541 649 Melrose Village Wooster, OH 6,692 (4) 767 5,429 6,818 Melrose West Wooster, OH - (4) 94 1,040 92 Memphis Blues Memphis, TN 0 78 810 10,221 Monroe Valley Jonestown, PA - (2) 114 994 674 Moosic Heights Avoca, PA - (3) 330 3,794 3,548 Mount Pleasant Village Mount Pleasant, PA 0 280 3,502 1,326 Mountaintop Narvon, PA - (2) 134 1,665 775 New Colony West Mifflin, PA 0 429 4,129 833 Northtowne Meadows Erie, PA 11,818 1,272 23,859 1,591 Oak Ridge Elkhart, IN - (1) 500 7,524 3,210 Oakwood Lake Tunkhannock, PA - (3) 379 1,639 1,748 Olmsted Falls Olmsted Township, OH 1,962 569 3,031 2,301 Oxford West Grove, PA 15,301 175 991 2,753 Parke Place Elkhart, IN - (6) 4,317 10,341 5,754 Perrysburg Estates Perrysburg, OH 1,558 399 4,047 3,378 Pikewood Manor Elyria, OH 14,103 1,053 22,068 12,229 Pine Ridge/Pine Manor Carlisle, PA 0 38 198 10,546 Pine Valley Apollo, PA 0 670 1,337 7,497 Pleasant View Bloomsburg, PA - (3) 282 2,175 2,405 Port Royal Belle Vernon, PA 0 150 2,492 15,008 Redbud Estates Anderson, IN 12,902 (7) 1,739 15,091 4,507 River Valley Marion, OH 0 236 785 8,547 Rolling Hills Estates Carlisle, PA 0 301 1,419 1,950 Rostraver Estates Belle Vernon, PA - (5) 814 2,204 2,467 Sandy Valley Magnolia, OH 0 270 1,941 11,539 Shady Hills Nashville, TN 4,677 337 3,379 4,433 Somerset/Whispering Somerset, PA 0 1,485 2,050 8,973 Southern Terrace Columbiana, OH - (1) 63 3,387 612 Southwind Jackson, NJ 22,368 (8) 100 603 3,048 Spreading Oaks Athens, OH 0 67 1,327 4,204 Springfield Meadows Springfield, OH 2,976 1,230 3,093 1,748 Suburban Estates Greensburg, PA 5,248 299 5,837 4,578 Summit Estates Ravenna, OH 0 198 2,779 4,146 Summit Village Marion, IN 0 522 2,821 1,933 Sunny Acres Somerset, PA 5,842 287 6,114 2,941 Sunnyside Eagleville, PA - (1) 450 2,674 669 Trailmont Goodlettsville, TN 3,118 411 1,867 3,574 Twin Oaks Olmsted Township, OH 5,930 823 3,527 2,189 Twin Pines Goshen, IN - (1) 650 6,307 5,301 Valley High Ruffs Dale, PA - (5) 284 2,267 2,340 Valley Hills Ravenna, OH 3,220 996 6,542 9,039 Valley Stream Mountaintop, PA 0 323 3,191 1,206 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 Valley View HB Honeybrook, PA $ - (1) $ 1,380 $ 5,348 $ 4,076 Valley View I Ephrata, PA - (2) 191 4,359 1,326 Valley View II Ephrata, PA - (2) 72 1,746 56 Voyager Estates West Newton, PA 0 742 3,143 4,480 Waterfalls Hamburg, NY 4,386 424 3,812 5,014 Wayside Bellefontaine, OH 0 196 1,080 2,296 Weatherly Estates Lebanon, TN 7,607 1,184 4,034 3,966 Wellington Estates Export, PA 2,263 896 6,179 3,853 Wood Valley Caledonia, OH 0 260 1,753 5,876 Woodland Manor West Monroe, NY 0 77 841 4,429 Woodlawn Eatontown, NJ - (8) 157 281 1,894 Woods Edge West Lafayette, IN 5,940 1,808 13,321 7,785 Worthington Arms Lewis Center, OH 8,783 437 12,706 5,468 Youngstown Estates Youngstown, NY - (4) 269 1,606 1,752 $ 476,390 $ 65,925 $ 487,845 $ 546,486 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Allentown Memphis, TN $ 703 $ 15,433 $ 16,136 $ 7,058 Arbor Estates Doylestown, PA 2,650 10,324 12,974 2,753 Auburn Estates Orrville, OH 114 1,956 2,070 433 Birchwood Farms Birch Run, MI 70 6,836 6,906 1,643 Boardwalk Elkhart, IN 1,796 4,762 6,558 693 Broadmore Estates Goshen, IN 1,120 22,356 23,476 5,726 Brookside Berwick, PA 372 8,332 8,704 2,245 Brookview Greenfield Ctr, NY 123 10,532 10,655 3,236 Camelot Village Anderson, IN 828 2,904 3,732 255 Camelot Woods Altoona, PA 766 3,776 4,542 58 Candlewick Court Owosso, MI 159 12,701 12,860 2,578 Carsons Chambersburg, PA 176 4,764 4,940 1,030 Catalina Middletown, OH 1,008 21,460 22,468 3,891 Cedarcrest Village Vineland, NJ 408 5,017 5,425 3,068 Chambersburg Chambersburg, PA 118 3,213 3,331 891 Chelsea Sayre, PA 124 4,045 4,169 933 Cinnamon Woods Conowingo, MD 1,884 2,656 4,540 335 City View Lewistown, PA 137 2,105 2,242 544 Clinton Tiffin, OH 142 3,739 3,881 1,195 Collingwood Horseheads, NY 196 5,444 5,640 1,172 Colonial Heights Wintersville, OH 67 9,228 9,295 1,944 Countryside Estates Muncie, IN 174 7,408 7,582 1,525 Countryside Estates Ravenna, OH 205 8,667 8,872 1,667 Countryside Village Columbia, TN 609 16,926 17,535 4,887 Cranberry Cranberry Twp, PA 182 6,515 6,697 3,433 Crestview Athens, PA 362 5,018 5,380 1,051 Cross Keys Duncansville, PA 61 4,790 4,851 1,726 Crossroads Village Mount Pleasant, PA 183 1,591 1,774 197 D&R Clifton Park, NY 392 4,105 4,497 2,291 Dallas Mobile Home Toronto, OH 276 5,613 5,889 1,022 Deer Meadows New Springfield, OH 226 6,046 6,272 1,094 Evergreen Estates Lodi, OH 119 1,630 1,749 376 Evergreen Manor Bedford, OH 49 3,839 3,888 802 Evergreen Village Mantua, OH 105 2,343 2,448 524 Fairview Manor Millville, NJ 2,535 9,555 12,090 5,890 Fifty One Estates Elizabeth, PA 1,268 7,734 9,002 348 Forest Creek Elkhart, IN 440 9,103 9,543 2,815 Forest Park Cranberry Twp, PA 75 9,900 9,975 4,124 Fox Chapel Village Cheswick, PA 372 6,810 7,182 621 Frieden Manor Schuylkill Haven, PA 643 8,995 9,638 2,304 Friendly Village Perrysburg, OH 1,265 23,127 24,392 1,182 Green Acres Chambersburg, PA 63 712 775 200 Gregory Courts Honey Brook, PA 370 2,214 2,584 552 Hayden Heights Dublin, OH 248 2,974 3,222 692 Heather Highlands Inkerman, PA 573 15,897 16,470 6,379 High View Acres Apollo, PA 825 4,703 5,528 522 Highland Elkhart, IN 510 12,716 13,226 3,425 Highland Estates Kutztown, PA 404 14,198 14,602 7,967 Hillcrest Crossing Lower Burrell, PA 961 8,925 9,886 872 Hillcrest Estates Marysville, OH 1,277 8,418 9,695 836 Hillside Estates Greensburg, PA 484 6,236 6,720 1,125 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Holiday Village Nashville, TN $ 1,632 $ 12,995 $ 14,627 $ 3,219 Holiday Village Elkhart, IN 491 21,290 21,781 3,912 Holly Acres Erie, PA 194 4,815 5,009 931 Hudson Estates Peninsula, OH 141 9,325 9,466 1,893 Huntingdon Pointe Tarrs, PA 399 2,919 3,318 382 Independence Park Clinton, PA 686 6,304 6,990 1,243 Kinnebrook Monticello, NY 353 15,839 16,192 6,466 Lake Erie Estates Fredonia, NY 140 5,927 6,067 68 Lake Sherman Navarre, OH 290 15,119 15,409 5,315 Lakeview Meadows Lakeview, OH 726 2,984 3,710 434 Laurel Woods Cresson, PA 433 6,923 7,356 2,790 Little Chippewa Orrville, OH 113 3,776 3,889 653 Maple Manor Taylor, PA 674 16,808 17,482 4,824 Marysville Estates Marysville, OH 818 10,888 11,706 1,161 Meadowood New Middletown, OH 152 7,864 8,016 1,806 Meadows Nappanee, IN 549 16,436 16,985 2,471 Meadows of Perrysburg Perrysburg, OH 2,182 6,154 8,336 444 Melrose Village Wooster, OH 767 12,247 13,014 2,551 Melrose West Wooster, OH 94 1,132 1,226 284 Memphis Blues Memphis, TN 336 10,773 11,109 2,286 Monroe Valley Jonestown, PA 114 1,668 1,782 425 Moosic Heights Avoca, PA 330 7,342 7,672 1,976 Mount Pleasant Village Mount Pleasant, PA 280 4,828 5,108 599 Mountaintop Narvon, PA 249 2,325 2,574 668 New Colony West Mifflin, PA 448 4,943 5,391 242 Northtowne Meadows Erie, PA 1,312 25,410 26,722 1,452 Oak Ridge Elkhart, IN 500 10,734 11,234 2,967 Oakwood Lake Tunkhannock, PA 379 3,387 3,766 865 Olmsted Falls Olmsted Township, OH 569 5,332 5,901 1,278 Oxford West Grove, PA 155 3,764 3,919 2,253 Parke Place Elkhart, IN 4,317 16,095 20,412 2,466 Perrysburg Estates Perrysburg, OH 407 7,417 7,824 457 Pikewood Manor Elyria, OH 1,071 34,279 35,350 2,251 Pine Ridge/Pine Manor Carlisle, PA 145 10,637 10,782 4,235 Pine Valley Apollo, PA 732 8,772 9,504 3,540 Pleasant View Bloomsburg, PA 282 4,580 4,862 1,173 Port Royal Belle Vernon, PA 505 17,145 17,650 8,007 Redbud Estates Anderson, IN 1,753 19,584 21,337 1,668 River Valley Marion, OH 236 9,332 9,568 4,170 Rolling Hills Estates Carlisle, PA 301 3,369 3,670 1,016 Rostraver Estates Belle Vernon, PA 814 4,671 5,485 963 Sandy Valley Magnolia, OH 270 13,480 13,750 5,590 Shady Hills Nashville, TN 337 7,812 8,149 2,225 Somerset/Whispering Somerset, PA 1,489 11,019 12,508 4,311 Southern Terrace Columbiana, OH 63 3,999 4,062 1,158 Southwind Jackson, NJ 100 3,651 3,751 2,200 Spreading Oaks Athens, OH 67 5,531 5,598 2,251 Springfield Meadows Springfield, OH 1,230 4,841 6,071 606 Suburban Estates Greensburg, PA 299 10,415 10,714 2,947 Summit Estates Ravenna, OH 198 6,925 7,123 1,411 Summit Village Marion, IN 522 4,754 5,276 685 Sunny Acres Somerset, PA 287 9,055 9,342 2,805 Sunnyside Eagleville, PA 450 3,343 3,793 859 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) (10) (10) (10) (11) (11) (11) Column A Column E (10) (11) Column F Description Gross Amount at Which Carried at 12/31/20 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Trailmont Goodlettsville, TN $ 411 $ 5,441 $ 5,852 $ 1,510 Twin Oaks Olmsted Township, OH 998 5,541 6,539 1,543 Twin Pines Goshen, IN 650 11,608 12,258 2,968 Valley High Ruffs Dale, PA 284 4,607 4,891 848 Valley Hills Ravenna, OH 996 15,581 16,577 3,266 Valley Stream Mountaintop, PA 323 4,397 4,720 800 Valley View HB Honeybrook, PA 1,380 9,424 10,804 2,198 Valley View I Ephrata, PA 280 5,596 5,876 1,628 Valley View II Ephrata, PA 72 1,802 1,874 538 Voyager Estates West Newton, PA 742 7,623 8,365 1,208 Waterfalls Hamburg, NY 424 8,826 9,250 4,589 Wayside Bellefontaine, OH 261 3,311 3,572 308 Weatherly Estates Lebanon, TN 1,184 8,000 9,184 3,676 Wellington Estates Export, PA 896 10,032 10,928 970 Wood Valley Caledonia, OH 260 7,629 7,889 3,463 Woodland Manor West Monroe, NY 77 5,270 5,347 1,561 Woodlawn Eatontown, NJ 135 2,197 2,332 950 Woods Edge West Lafayette, IN 1,808 21,106 22,914 3,615 Worthington Arms Lewis Center, OH 437 18,174 18,611 3,099 Youngstown Estates Youngstown, NY 269 3,358 3,627 649 $ 71,485 $ 1,028,771 $ 1,100,256 $ 254,369 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Allentown Memphis, TN prior to 1980 1986 5 to 27.5 Arbor Estates Doylestown, PA 1959 2013 5 to 27.5 Auburn Estates Orrville, OH 1971/1985/1995 2013 5 to 27.5 Birchwood Farms Birch Run, MI 1976-1977 2013 5 to 27.5 Boardwalk Elkhart, IN 1995-1996 2017 5 to 27.5 Broadmore Estates Goshen, IN 1950/1990 2013 5 to 27.5 Brookside Berwick, PA 1973-1976 2010 5 to 27.5 Brookview Greenfield Ctr, NY prior to 1970 1977 5 to 27.5 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 Village Vineland, NJ 1973 1986 5 to 27.5 Chambersburg Chambersburg, PA 1955 2012 5 to 27.5 Chelsea Sayre, PA 1972 2012 5 to 27.5 Cinnamon Woods Conowingo, MD 2005 2017 5 to 27.5 City View Lewistown, PA prior to 1980 2011 5 to 27.5 Clinton Tiffin, OH 1968/1987 2011 5 to 27.5 Collingwood Horseheads, NY 1970 2012 5 to 27.5 Colonial Heights Wintersville, OH 1972 2012 5 to 27.5 Countryside Estates Muncie, IN 1996 2012 5 to 27.5 Countryside Estates Ravenna, OH 1972 2014 5 to 27.5 Countryside Village Columbia, TN 1988/1992 2011 5 to 27.5 Cranberry Cranberry Twp, PA 1974 1986 5 to 27.5 Crestview Athens, PA 1964 2012 5 to 27.5 Cross Keys Duncansville, PA 1961 1979 5 to 27.5 Crossroads Village Mount Pleasant, PA 1955/2004 2017 5 to 27.5 D&R Clifton Park, NY 1972 1978 5 to 27.5 Dallas Mobile Home Toronto, OH 1950-1957 2014 5 to 27.5 Deer Meadows New Springfield, OH 1973 2014 5 to 27.5 Evergreen Estates Lodi, OH 1965 2014 5 to 27.5 Evergreen Manor Bedford, OH 1960 2014 5 to 27.5 Evergreen Village Mantua, OH 1960 2014 5 to 27.5 Fairview Manor Millville, NJ prior to 1980 1985 5 to 27.5 Fifty One Estates Elizabeth, PA 1970 2019 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 Green Acres Chambersburg, PA 1978 2012 5 to 27.5 Gregory Courts Honey Brook, PA 1970 2013 5 to 27.5 Hayden Heights Dublin, OH 1973 2014 5 to 27.5 Heather Highlands Inkerman, PA 1970 1992 5 to 27.5 High View Acres Apollo, PA 1984 2017 5 to 27.5 Highland Elkhart, IN 1969 2013 5 to 27.5 Highland Estates Kutztown, PA 1971 1979 5 to 27.5 Hillcrest Crossing Lower Burrell, PA 1971 2017 5 to 27.5 Hillcrest Estates Marysville, OH 1995 2017 5 to 27.5 Hillside Estates Greensburg, PA 1980 2014 5 to 27.5 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Holiday Village Nashville, TN 1967 2013 5 to 27.5 Holiday Village Elkhart, IN 1966 2015 5 to 27.5 Holly Acres Erie, PA 1977/2007 2015 5 to 27.5 Hudson Estates Peninsula, OH 1956 2014 5 to 27.5 Huntingdon Pointe Tarrs, PA 2000 2015 5 to 27.5 Independence Park Clinton, PA 1987 2014 5 to 27.5 Kinnebrook Monticello, NY 1972 1988 5 to 27.5 Lake Erie Estates Fredonia, NY 1965 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 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 1930/1973 2019 5 to 27.5 Northtowne Meadows Erie, MI 1988 2019 5 to 27.5 Oak Ridge Elkhart, IN 1990 2013 5 to 27.5 Oakwood Lake Tunkhannock, PA 1972 2010 5 to 27.5 Olmsted Falls Olmsted Township, 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 Vernon, PA 1970 2014 5 to 27.5 Sandy Valley Magnolia, OH prior to 1980 1985 5 to 27.5 Shady Hills Nashville, TN 1954 2011 5 to 27.5 Somerset/Whispering Somerset, PA prior to 1980 2004 5 to 27.5 Southern Terrace Columbiana, OH 1983 2012 5 to 27.5 Southwind Jackson, NJ 1969 1969 5 to 27.5 Spreading Oaks Athens, OH prior to 1980 1996 5 to 27.5 Springfield Meadows Springfield, OH 1970 2016 5 to 27.5 Suburban Estates Greensburg, PA 1968/1980 2010 5 to 27.5 Summit Estates Ravenna, OH 1969 2014 5 to 27.5 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 Township, OH 1952/1997 2012 5 to 27.5 Twin Pines Goshen, IN 1956/1990 2013 5 to 27.5 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life 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’s 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, 2020 (1) Represents one mortgage note payable secured by twenty-eight properties. (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 five properties. (5) Represents one mortgage note payable secured by five properties. (6) Represents one mortgage note payable secured by four properties. (7) Represents one mortgage note payable secured by two properties. (8) Represents one mortgage note payable secured by two properties. (9) Represents one mortgage note payable secured by two properties. (10) Reconciliation (11) The aggregate cost for Federal tax purposes approximates historical cost. |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF REAL ESTATE INVESTMENT | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF REAL ESTATE INVESTMENT (Details) /———-FIXED ASSETS————/ (in thousands) 12/31/20 12/31/19 12/31/18 Balance – Beginning of Year $ 1,008,104 $ 874,601 $ 758,487 Additions: Acquisitions 7,835 56,015 58,730 Improvements 88,684 81,399 61,102 Total Additions 96,519 137,414 119,832 Deletions (4,367 ) (3,911 ) (3,718 ) Balance – End of Year $ 1,100,256 $ 1,008,104 $ 874,601 |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION (Details) /——ACCUMULATED DEPRECIATION——/ (in thousands) 12/31/20 12/31/19 12/31/18 Balance – Beginning of Year $ 216,332 $ 182,599 $ 153,592 Additions: Depreciation 39,525 34,816 29,841 Total Additions 39,525 34,816 29,841 Deletions (1,488 ) (1,083 ) (834 ) Balance – End of Year $ 254,369 $ 216,332 $ 182,599 (11) The aggregate cost for Federal tax purposes approximates historical cost. |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2020Number | |
Entity Listings [Line Items] | |
Number Of Individual Securities | 15.00% |
Real Estate Investment Trusts [Member] | |
Entity Listings [Line Items] | |
Number Of Individual Securities | 15.00% |
Number of operates manufacture home communites | 124 |
Number Of Developed Home Sites Company Own and Operates | 23,400 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Accounting Policies [Abstract] | |
2021 | $ 433 |
2022 | 423 |
2023 | 391 |
2024 | 391 |
2025 | 391 |
Thereafter | 19,495 |
Total Lease Payments | $ 21,524 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 15,336 | $ 12,902 | $ 7,433 | $ 23,242 |
Restricted Cash | 13,257 | 6,094 | 5,344 | 4,649 |
Cash, Cash Equivalents And Restricted Cash | $ 28,593 | $ 18,996 | $ 12,777 | $ 27,891 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jan. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax | $ 11,500,000 | |||
Reserves For Uncollectible Accounts, Notes and Other Receivables | $ 1,600,000 | $ 1,300,000 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 1,546,000 | 1,408,000 | $ 1,231,000 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 1,200,000 | 1,200,000 | $ 1,400,000 | |
[custom:WeightedAverageInterestRateOnLoanPercentage-0] | 7.30% | |||
[custom:WeightedAverageMaturityOfLoan] | 10 years | |||
Accumulated Amortization, Debt Issuance Costs | $ 6,200,000 | 5,100,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,300,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,200,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 933,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 886,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 754,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 2,400,000 | |||
Interest Rate Derivatives, at Fair Value, Net | $ 0 | |||
Operating Lease, Right-of-Use Asset | $ 3,800,000 | |||
Operating Lease, Weighted Average Remaining Lease Term | 162 years 7 months 6 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 41,400,000 | 39,900,000 | 36,900,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,300,000 | 2,300,000 | ||
Dividend Payment Date Two [Member] | 2,600,000 | |||
Share-based Payment Arrangement, Noncash Expense | $ 1,327,000 | $ 1,939,000 | $ 1,613,000 | |
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. | |||
Financing Receivable, after Allowance for Credit Loss | $ 43,400,000 | 35,700,000 | ||
[custom:FairValueAdjustmentOfNotesReceivable] | 900,000 | 700,000 | ||
General and Administrative Expense [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 1,300,000 | 1,900,000 | 1,600,000 | |
One Time Charge [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 179,000 | $ 210,000 | ||
Dividend Payment Date Three [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Dividend Payment Date Two [Member] | 294,000 | |||
Eight Percentage Of Series B Cumulative Redeemable Preferred Stock [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Eight Percentage Of Series B Cumulative Redeemable Preferred Stock [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 27 years 6 months | |||
Common Stock Value Owned By Parent Company | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Common Stock Value Owned By Parent Company | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 27 years 6 months | |||
Real Estate And Accumulated Depreciation Dates Acquired | ||||
Property, Plant and Equipment [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Two Thousand Twenty Acquisitions [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Land | $ 906 | |
Depreciable Property | 9,558 | |
Notes Receivable and Other | 0 | |
Total Assets Acquired | $ 10,464 | |
Two Thousand Nineteen Acquisitions [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Land | $ 4,296 | |
Depreciable Property | 53,909 | |
Notes Receivable and Other | 127 | |
Total Assets Acquired | $ 58,332 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Net Income (Loss) | $ 5,055 | $ 27,750 | $ (36,216) |
Two Thousand Twenty Acquisitions [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Total Income | 373 | ||
Community NOI * | 158 | ||
Net Income (Loss) | (73) | ||
Two Thousand Nineteen Acquisitions [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Total Income | 5,845 | 2,308 | |
Community NOI * | 3,126 | 1,347 | |
Net Income (Loss) | $ (609) | $ (205) |
SUMMARY OF ACCUMULATED DEPRECIA
SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Total Accumulated Depreciation | $ 272,823 | $ 232,783 |
Site and Land Improvements [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total Accumulated Depreciation | 175,219 | 152,456 |
Land, Buildings and Improvements [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total Accumulated Depreciation | 8,860 | 7,720 |
Rental Homes and Accessories [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total Accumulated Depreciation | 71,112 | 56,808 |
Equipment and Vehicles [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total Accumulated Depreciation | $ 17,632 | $ 15,799 |
INVESTMENT PROPERTY AND EQUIP_3
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative) $ in Thousands | Sep. 21, 2020USD ($)aNumber | Jul. 24, 2020USD ($)aNumber | Aug. 27, 2019USD ($)aNumber | Jul. 30, 2019USD ($)aNumber | Jul. 03, 2019USD ($)aNumber | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 7,790 | $ 38,799 | $ 55,880 | ||||||
Secured Long-term Debt, Noncurrent | $ 6,100 | ||||||||
Transaction costs | $ 2,700 | ||||||||
Camelot Woods [Member] | Altoona And Pennsylvania [Member] | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 3,300 | ||||||||
Number of property sites | Number | 147 | ||||||||
Area of Land | a | 27 | ||||||||
Percentage of average occupancy | 56.00% | ||||||||
Lake Erie Estates [Member] | Fredonia And New York [Member] | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 4,500 | ||||||||
Number of property sites | Number | 163 | ||||||||
Area of Land | a | 21 | ||||||||
Percentage of average occupancy | 71.00% | ||||||||
Secured Long-term Debt, Noncurrent | $ 2,700 | ||||||||
FriendlyVillage [Member] | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 7,300 | ||||||||
FriendlyVillage [Member] | Dividend Payment Date One [Member] | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 19,400 | ||||||||
Number of property sites | Number | 824 | ||||||||
Area of Land | a | 101 | ||||||||
Percentage of average occupancy | 46.00% | ||||||||
Secured Long-term Debt, Noncurrent | $ 7,300 | ||||||||
New Colony and 51 Estates [Member] | Number Of Shares Owned In Affiliate Company | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 11,700 | ||||||||
Number of property sites | Number | 285 | ||||||||
Area of Land | a | 61 | ||||||||
Percentage of average occupancy | 76.00% | ||||||||
Northtowne Meadows [Member] | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 12,100 | ||||||||
Northtowne Meadows [Member] | Number Of Shares Owned In Affiliate Company | |||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Payments to Acquire Real Estate | $ 25,200 | ||||||||
Number of property sites | Number | 386 | ||||||||
Area of Land | a | 85 | ||||||||
Percentage of average occupancy | 88.00% | ||||||||
Secured Long-term Debt, Noncurrent | $ 12,100 |
SUMMARY OF MARKETABLE SECURITIE
SUMMARY OF MARKETABLE SECURITIES (Details) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Marketable Securities [Line Items] | ||||
Cost | $ 142,531 | $ 141,426 | ||
Market Value | $ 103,172 | $ 116,186 | ||
CBL Associates Properties Inc Series D [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 7.375% | 7.375% | ||
Number of Shares | 2 | 2 | ||
Cost | $ 50 | $ 50 | ||
Market Value | $ 2 | $ 10 | ||
CBL and Associates Properties, Inc Preferred Stock Series E [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 6.625% | 6.625% | ||
Number of Shares | 63 | 63 | ||
Cost | $ 1,487 | $ 1,487 | ||
Market Value | $ 50 | $ 294 | ||
Cedar Realty Trust, Inc Preferred Stock Series B [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 7.25% | 7.25% | ||
Number of Shares | 10 | 9 | ||
Cost | $ 219 | $ 203 | ||
Market Value | $ 206 | $ 219 | ||
Cedar Realty Trust, Inc Preferred Stock Series C [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 6.50% | 6.50% | ||
Number of Shares | 20 | 20 | ||
Cost | $ 494 | $ 494 | ||
Market Value | $ 428 | $ 464 | ||
Colony Capital Inc. Preferred Stock Series I [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 7.15% | 7.15% | ||
Number of Shares | 20 | 20 | ||
Cost | $ 500 | $ 500 | ||
Market Value | $ 472 | $ 483 | ||
Investors Real Estate Trust Series C [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 6.625% | 662.50% | ||
Number of Shares | 20 | 20 | ||
Cost | $ 500 | $ 500 | ||
Market Value | $ 520 | $ 525 | ||
Pennsylvania Real Estate Investment Trust Preferred Stock Series B [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 7.375% | 737.50% | ||
Number of Shares | 40 | 40 | ||
Cost | $ 1,000 | $ 1,000 | ||
Market Value | $ 404 | $ 802 | ||
Pennsylvania Real Estate Investment Trust Preferred Stock Series D [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 6.875% | 687.50% | ||
Number of Shares | 20 | 20 | ||
Cost | $ 498 | $ 498 | ||
Market Value | $ 206 | $ 386 | ||
Urstadt Biddle Properties, Inc Preferred Stock Series H [Member] | ||||
Marketable Securities [Line Items] | ||||
Interest Rate | 6.25% | 625.00% | ||
Number of Shares | 13 | 13 | ||
Cost | $ 313 | $ 313 | ||
Market Value | 313 | 333 | ||
Preferred Stock [Member] | ||||
Marketable Securities [Line Items] | ||||
Cost | 5,061 | 5,045 | ||
Market Value | $ 2,601 | $ 3,516 | ||
CBL and Associates Properties, Inc [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 1,600 | 1,600 | ||
Cost | $ 16,692 | $ 16,692 | ||
Market Value | $ 66 | $ 1,680 | ||
Diversified Healthcare Trust [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 171 | 171 | ||
Cost | $ 2,920 | $ 2,920 | ||
Market Value | $ 704 | $ 1,443 | ||
Five Star Senior Living [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 12 | |||
Cost | $ 45 | |||
Market Value | $ 80 | |||
Franklin Street Properties Corporation [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 220 | 220 | ||
Cost | $ 2,219 | $ 2,219 | ||
Market Value | $ 961 | $ 1,883 | ||
Industrial Logistics Properties Trust [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 502 | 502 | ||
Cost | $ 9,951 | $ 9,951 | ||
Market Value | $ 11,698 | $ 11,261 | ||
Kimco Realty Corporation [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 910 | 910 | ||
Cost | $ 17,052 | $ 17,052 | ||
Market Value | $ 13,659 | $ 18,846 | ||
Monmouth Real Estate Investment Corporation [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 2,655 | [1] | 2,573 | [2] |
Cost | $ 25,031 | [1] | $ 23,987 | [2] |
Market Value | $ 45,982 | [1] | $ 37,251 | [2] |
Office Properties Income Trust [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 562 | 562 | ||
Cost | $ 36,418 | $ 36,418 | ||
Market Value | $ 12,757 | $ 18,047 | ||
Pennsylvania Real Estate Investment Trust [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 222 | 222 | ||
Cost | $ 2,316 | $ 2,316 | ||
Market Value | $ 222 | $ 1,183 | ||
Tanger Factory Outlet [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 180 | 180 | ||
Cost | $ 4,229 | $ 4,229 | ||
Market Value | $ 1,793 | $ 2,651 | ||
Urstadt Biddle Properties, Inc [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 100 | 100 | ||
Cost | $ 2,049 | $ 2,049 | ||
Market Value | $ 1,413 | $ 2,484 | ||
Vereit, Inc [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 282 | 1,410 | ||
Cost | $ 12,059 | $ 12,059 | ||
Market Value | $ 10,657 | $ 13,029 | ||
Washington Prime Group [Member] | ||||
Marketable Securities [Line Items] | ||||
Number of Shares | 89 | 800 | ||
Cost | $ 6,489 | $ 6,489 | ||
Market Value | 579 | 2,912 | ||
Common Stock [Member] | ||||
Marketable Securities [Line Items] | ||||
Cost | 137,470 | 136,381 | ||
Market Value | $ 100,571 | $ 112,670 | ||
[1] | Related entity – See Note 8. | |||
[2] | Related entity – See Note 8. |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) $ in Millions | Jan. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||||
Maximum Percentage Of Available For Sale Securities Not Held By Company | 10.00% | |||
Number Of Individual Securities | 15.00% | |||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 11.5 | $ 39.4 | $ 25.2 | $ 40.2 |
Loans Payable, Current | $ 17.6 | $ 37.5 |
SCHEDULE OF AGGREGATE PRINCIPAL
SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 31,121 | |
2022 | 56,228 | |
2023 | 4 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total Loans Payable | 87,353 | |
Unamortized Debt Issuance Costs | (344) | |
Total Loans Payable, net of Unamortized Debt Issuance Costs | $ 87,009 | $ 83,686 |
SUMMARY OF MORTGAGES PAYABLE (D
SUMMARY OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Secured Debt, Current | $ 476,390 | $ 377,045 |
[custom:MortgagesPayableUnamortizedDebtIssuanceCosts-0] | (7,111) | (3,387) |
Secured Debt | $ 469,279 | 373,658 |
Allentown [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | |
Secured Debt, Current | $ 12,587 | 12,865 |
Brookview Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 2,603 | 2,664 |
Candlewick Court [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Secured Debt, Current | $ 4,201 | 4,294 |
Catalina [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 19, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Secured Debt, Current | $ 4,853 | 5,095 |
Cedarcrest Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.71% | |
Secured Debt, Current | $ 11,238 | 11,510 |
Clinton Mobile Home Resort [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | |
Secured Debt, Current | $ 3,303 | 3,376 |
Cranberry Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 7,139 | 7,305 |
D and R Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Secured Debt, Current | $ 7,191 | 7,362 |
Fairview Manor [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Secured Debt, Current | $ 15,076 | 15,399 |
Forest Park Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Secured Debt, Current | $ 7,833 | 8,006 |
FriendlyVillage [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | May 6, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.618% | |
Secured Debt, Current | $ 6,906 | 7,150 |
Hayden Heights [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 1,962 | 2,007 |
Highland Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.12% | |
Secured Debt, Current | $ 15,744 | 16,054 |
Eligibility Age Of Employees For Plan | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Secured Debt, Current | $ 7,454 | 7,619 |
Holiday Village- IN [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.96% | |
Secured Debt, Current | $ 7,998 | 8,176 |
Holly Acres Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 5, 2021 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Secured Debt, Current | $ 2,077 | 2,119 |
Dividend Payment Date Six [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 3,792 | 3,881 |
Lake Erie Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 6, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | |
Secured Debt, Current | $ 2,657 | 0 |
Lake Sherman Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Secured Debt, Current | $ 5,180 | 5,294 |
Meadows of Perrysburg [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 6, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.413% | |
Secured Debt, Current | $ 2,888 | 2,946 |
Northtowne Meadows [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 6, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |
Secured Debt, Current | $ 11,818 | 12,049 |
Olmsted Falls [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |
Secured Debt, Current | $ 1,962 | 2,007 |
Oxford Village [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 1, 2029 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.41% | |
Secured Debt, Current | $ 15,301 | 15,604 |
Perrysburg Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 6, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.98% | |
Secured Debt, Current | $ 1,558 | 1,587 |
Pikewood Manor [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 29, 2028 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Secured Debt, Current | $ 14,103 | 14,420 |
Shady Hills [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 4,677 | 4,786 |
Springfield Meadows [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 6, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.83% | |
Secured Debt, Current | $ 2,975 | 3,033 |
Suburban Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | |
Secured Debt, Current | $ 5,248 | 5,364 |
Sunny Acres [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | |
Secured Debt, Current | $ 5,842 | 5,971 |
Trailmont [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 3,118 | 3,191 |
Twin Oaks [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 1, 2029 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.37% | |
Secured Debt, Current | $ 5,930 | 6,047 |
Valley Hills [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.32% | |
Secured Debt, Current | $ 3,220 | 3,285 |
Waterfalls [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | |
Secured Debt, Current | $ 4,386 | 4,474 |
Weatherly Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | |
Secured Debt, Current | $ 7,607 | 7,785 |
Wellington Estates [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |
Secured Debt, Current | $ 2,263 | 2,316 |
Woods Edge [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 7, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |
Secured Debt, Current | $ 5,940 | 6,214 |
Worthington Arms [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
Secured Debt, Current | $ 8,783 | 8,976 |
Various (2 Properties) [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.56% | |
Secured Debt, Current | $ 13,335 | 13,583 |
Various (2 properties) [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 1, 2028 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | |
Secured Debt, Current | $ 12,902 | 13,132 |
Various (2 properties) [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 1, 2029 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.41% | |
Secured Debt, Current | $ 22,368 | 22,810 |
Various Four Properties [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.975% | |
Secured Debt, Current | $ 7,596 | 7,765 |
Various Five Properties [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 1, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |
Secured Debt, Current | $ 12,694 | 13,061 |
Various Five Properties One [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 6, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Secured Debt, Current | $ 6,692 | 6,853 |
Various Six Properties [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | |
Secured Debt, Current | $ 12,581 | 12,829 |
Various Thirteen Properties [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.065% | |
Secured Debt, Current | $ 45,588 | 46,781 |
Various (28 properties) [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2030 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.62% | |
Secured Debt, Current | $ 105,221 | $ 0 |
SCHEDULE OF AGGREGATE PRINCIP_2
SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 31,121 |
2022 | 56,228 |
2023 | 4 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total | 87,353 |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
2021 | 25,668 |
2022 | 17,670 |
2023 | 71,169 |
2024 | 9,983 |
2025 | 139,105 |
Thereafter | 212,795 |
Total | $ 476,390 |
LOANS AND MORTGAGES PAYABLE (De
LOANS AND MORTGAGES PAYABLE (Details Narrative) - USD ($) | Oct. 07, 2020 | Sep. 21, 2020 | Aug. 20, 2020 | Aug. 27, 2019 | Jul. 03, 2019 | Jul. 02, 2019 | Nov. 29, 2018 | Nov. 28, 2018 | Jun. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 29, 2020 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||||||||||
Percentage of margin loan interest rate | 0.75% | 2.25% | ||||||||||||
Outstanding on margin loan | $ 17,600,000 | $ 37,500,000 | ||||||||||||
Number Of Directors In Company Who Are Directors and Shareholders Of Affiliate Company | The Company must maintain a coverage ratio of approximately 2 times | |||||||||||||
Weighted average interest rate, effect of unamortized debt issuance costs | 3.90% | 4.20% | ||||||||||||
Debt Instrument, Term | 6 years | 6 years | ||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 932,500,000 | $ 695,500,000 | ||||||||||||
Accumulated Capitalized Interest Costs | $ 1,300,000 | $ 1,500,000 | $ 1,000,000 | |||||||||||
Secured Long-term Debt, Noncurrent | $ 6,100,000 | |||||||||||||
FriendlyVillage [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.6175% | |||||||||||||
Secured Long-term Debt, Noncurrent | $ 7,300,000 | |||||||||||||
Debt Instrument, Maturity Date | May 6, 2023 | |||||||||||||
Northtowne Meadows [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||||||||||||
Secured Long-term Debt, Noncurrent | $ 12,100,000 | |||||||||||||
Debt Instrument, Maturity Date | Sep. 6, 2026 | |||||||||||||
Twin Oaks I & II [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate | 5.75% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.37% | |||||||||||||
Line of credit amortization period | 30 years | |||||||||||||
Debt Instrument, Maturity Date | Oct. 1, 2029 | |||||||||||||
Debt Instrument, Payment Terms | This mortgage matures on | |||||||||||||
Repayments of Debt | $ 2,300,000 | |||||||||||||
Mortgage Payable [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate, effect of unamortized debt issuance costs | 3.80% | 4.10% | ||||||||||||
Mortgage Loan [Member] | Lake Erie Estates [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | |||||||||||||
Secured Long-term Debt, Noncurrent | $ 2,700,000 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 6, 2025 | |||||||||||||
Range Of Purchase Price Repossessed | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate | 4.22% | |||||||||||||
Bank automotive loans | $ 658,000 | |||||||||||||
Percentage Of Shares Owned In Affiliate Company | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.62% | |||||||||||||
Proceeds from Lines of Credit | $ 106,000,000 | |||||||||||||
Line of credit amortization period | 30 years | |||||||||||||
Percentage Of Shares Owned In Affiliate Company | Oxford Village, Southwind Village and Woodlawn Village [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.41% | |||||||||||||
Line of credit amortization period | 30 years | |||||||||||||
Secured Long-term Debt, Noncurrent | $ 38,800,000 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 1, 2029 | |||||||||||||
Debt Instrument, Payment Terms | These mortgages mature on | |||||||||||||
Percentage Of Shares Owned In Affiliate Company | Oxford Village and Southwind Village [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate | 5.94% | |||||||||||||
Repayments of Debt | $ 11,500,000 | |||||||||||||
Dividend Payment Date Five [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | $ 15,000,000 | ||||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.25% | 5.00% | ||||||||||||
Long-term Line of Credit | $ 6,000,000 | $ 10,000,000 | ||||||||||||
Line of Credit Facility, Expiration Date | Jun. 1, 2022 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Line of Credit | $ 13,100,000 | $ 19,300,000 | ||||||||||||
Weighted average interest rate | 4.44% | 5.87% | ||||||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | |||||||||||||
Long-term Line of Credit | $ 45,000,000 | $ 15,000,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | Interest rates on borrowings are based on the Company’s overall leverage ratio and decreased from LIBOR plus | |||||||||||||
Line of Credit Facility, Borrowing Capacity, Description | The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent. The Amendment provides for an increase from $ | |||||||||||||
Characterization Of Distributions [Line Items] | $ 50,000,000 | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 75,000,000 | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.65% | |||||||||||||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.60% | |||||||||||||
Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.60% | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.62% | |||||||||||||
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.50% | 1.75% | ||||||||||||
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.50% | 0.75% | ||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 2.20% | 2.50% | ||||||||||||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.20% | 1.50% | ||||||||||||
Twenty First Mortgage Corporation [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.15% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.99% | |||||||||||||
Mortgage Loans On Real Estate Average Maturity Period | 10 years | |||||||||||||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | $ 322,000 | |||||||||||||
Twenty First Mortgage Corporation [Member] | New Units [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Management Fee, Percent Fee | 2.00% | |||||||||||||
Twenty First Mortgage Corporation [Member] | Existing Units [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Management Fee, Percent Fee | 3.00% | |||||||||||||
Twenty First Mortgage Corporation [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | |||||||||||||
First Bank [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Line of Credit | $ 5,000,000 | |||||||||||||
Line of Credit Facility, Expiration Date | Nov. 29, 2022 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||
Proceeds from Lines of Credit | $ 20,000,000 | |||||||||||||
[custom:ProceedsFromLinesOfCreditExpandable] | $ 30,000,000 | |||||||||||||
Line of Credit Facility, Interest Rate Description | Interest is payable at prime plus 25 basis points with a floor of 3.5% | |||||||||||||
Credit Agreements to Finance Inventory Purchases [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 28,500,000 |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |||
Dividend yield | 5.33% | 5.13% | 4.79% |
Expected volatility | 24.57% | 24.04% | 25.78% |
Risk-free interest rate | 0.89% | 2.50% | 2.74% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year, Shares | 3,266 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year, Shares | 2,637 | 2,253 | 1,778 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 12.05 | $ 12.09 | $ 11.60 |
Granted, Shares | 715 | 644 | 605 |
Weighted Average Exercise Price, Granted | $ 9.84 | $ 13.67 | $ 13.26 |
Exercised, Shares | (63) | (240) | (129) |
Weighted Average Exercise Price, Exercised | $ 10.55 | $ 10.84 | $ 10.78 |
Forfeited, shares | (11) | (20) | (1) |
Weighted Average Exercise Price, Forfeited | $ 11.65 | $ 13.50 | $ 12.41 |
Expired, Shares | (12) | 0 | 0 |
Weighted Average Exercise Price, Expired | $ 11.29 | $ 0 | $ 0 |
Outstanding at end of year, Shares | 3,266 | 2,637 | 2,253 |
Outstanding at end of year, Weighted Average Exercise Price | $ 12.03 | $ 12.05 | $ 12.09 |
Options exercisable at end of year, Shares | 2,556 | 1,196 | 1,648 |
Weighted average fair value of options granted during the year | $ 0.96 | $ 1.72 | $ 2.05 |
SUMMARY OF STOCK OPTIONS OUTSTA
SUMMARY OF STOCK OPTIONS OUTSTANDING (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2020Number$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares | 3,266 | |
Stock Option Grant One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jun. 26, 2013 | |
Number of Employees | Number | 7 | |
Number of Shares | 148 | |
Option Price | $ / shares | $ 10.08 | |
Expiration Date | Jun. 26, 2021 | |
Stock Option Grant Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jun. 11, 2014 | |
Number of Employees | Number | 7 | |
Number of Shares | 142 | |
Option Price | $ / shares | $ 9.85 | |
Expiration Date | Jun. 11, 2022 | |
Stock Option Grant Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jun. 24, 2015 | |
Number of Employees | Number | 8 | |
Number of Shares | 240 | |
Option Price | $ / shares | $ 9.82 | |
Expiration Date | Jun. 24, 2023 | |
Stock Option Grant Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Apr. 5, 2016 | |
Number of Employees | Number | 12 | |
Number of Shares | 297 | |
Option Price | $ / shares | $ 9.77 | |
Expiration Date | Apr. 5, 2024 | |
Stock Option Grant Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jan. 19, 2017 | |
Number of Employees | Number | 2 | |
Number of Shares | 60 | |
Option Price | $ / shares | $ 14.25 | |
Expiration Date | Jan. 19, 2027 | |
Stock Option Grant Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Apr. 4, 2017 | |
Number of Employees | Number | 31 | |
Number of Shares | 504 | |
Option Price | $ / shares | $ 15.04 | |
Expiration Date | Apr. 4, 2027 | |
Stock Option Grant Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Apr. 2, 2018 | |
Number of Employees | Number | 31 | |
Number of Shares | 470 | |
Option Price | $ / shares | $ 13.09 | |
Expiration Date | Apr. 2, 2028 | |
Stock Option Grant Eight [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jul. 9, 2018 | |
Number of Employees | Number | 4 | |
Number of Shares | 40 | |
Option Price | $ / shares | $ 15.75 | |
Expiration Date | Jul. 9, 2028 | |
Stock Option Grant Nine [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Dec. 10, 2018 | |
Number of Employees | Number | 1 | |
Number of Shares | 25 | |
Option Price | $ / shares | $ 12.94 | |
Expiration Date | Dec. 10, 2028 | |
Stock Option Grant Ten [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jan. 2, 2019 | |
Number of Employees | Number | 2 | |
Number of Shares | 60 | |
Option Price | $ / shares | $ 11.42 | |
Expiration Date | Jan. 2, 2029 | |
Stock Option Grant Eleven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Apr. 2, 2019 | |
Number of Employees | Number | 36 | |
Number of Shares | 570 | |
Option Price | $ / shares | $ 13.90 | |
Expiration Date | Apr. 2, 2029 | |
Stock Option Grant Twelve [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Jan. 17, 2020 | |
Number of Employees | Number | 1 | |
Number of Shares | 10 | [1] |
Option Price | $ / shares | $ 16.37 | |
Expiration Date | Jan. 17, 2030 | |
Stock Option Grant Thirteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | Mar. 25, 2020 | |
Number of Employees | Number | 39 | |
Number of Shares | 685 | [1] |
Option Price | $ / shares | $ 9.70 | |
Expiration Date | Mar. 25, 2030 | |
Stock Option Grant Fourteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Date Of Grant | May 20, 2020 | |
Number of Employees | Number | 2 | |
Number of Shares | 15 | [1] |
Option Price | $ / shares | $ 11.80 | |
Expiration Date | May 20, 2030 | |
[1] | Unexercisable |
SCHEDULE OF NONVESTED RESTRICTE
SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at beginning of year, Shares | 238,000 | 161,000 | 147,000 |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $ 13.33 | $ 12.44 | $ 11.98 |
Granted, Shares | 35,000 | 118,000 | 47,000 |
Weighted Average Grant Date Fair Value, Granted | $ 14.75 | $ 11.12 | $ 13.11 |
Dividend Reinvested Shares, Shares | 11,000 | 11,000 | 8,000 |
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares | $ 12.91 | $ 13.51 | $ 13.37 |
Vested, Shares | (72,000) | (52,000) | (41,000) |
Weighted Average Grant Date Fair Value, Vested | $ 12.87 | $ 5.69 | $ 11.76 |
Non-vested at end of year, Shares | 212,000 | 238,000 | 161,000 |
Non-vested at end of year, Weighted Average Grant Date Fair Value | $ 13.69 | $ 13.33 | $ 12.44 |
STOCK COMPENSATION PLAN (Detail
STOCK COMPENSATION PLAN (Details Narrative) | Oct. 23, 2020Numbershares | Jan. 08, 2020shares | Apr. 02, 2019Numbershares | Jun. 14, 2018shares | Apr. 02, 2018Numbershares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)Number$ / sharesshares | Jun. 13, 2013shares |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 9,300,000 | $ 8,300,000 | $ 2,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | 5,700,000 | 6,900,000 | 2,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 283,000 | $ 914,000 | $ 510,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 10 months 24 days | 9 years 1 month 6 days | 7 years 10 months 24 days | ||||||
Stock or Unit Option Plan Expense | $ | $ 396,000 | $ 1,200,000 | $ 1,100,000 | ||||||
Restricted Stock [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Remained Of Unrecognized Restricted Stock Compensation | $ | 2,000,000 | ||||||||
Stock or Unit Option Plan Expense | $ | $ 931,000 | $ 723,000 | $ 498,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,000 | 118,000 | 47,000 | ||||||
Fair Value Of Restricted Stock Grants | $ | $ 512,000 | $ 1,600,000 | $ 616,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 6 months | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 14.75 | $ 11.12 | $ 13.11 | ||||||
Restricted Stock [Member] | Employment Agreement [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,700 | 118,000 | 45,000 | ||||||
Number Of Participants In Restricted Stock Grants Awarded | Number | 2 | 2 | 2 | ||||||
Unrestricted Common Stock [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,000 | 2,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.13 | $ 13.52 | $ 15.13 | ||||||
Three Employees [Member] | Restricted Stock [Member] | Employment Agreement [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 15,000 | ||||||||
Ten Directors [Member] | Restricted Stock [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000 | ||||||||
Number Of Participants In Restricted Stock Grants Awarded | Number | 10 | ||||||||
Stock Options [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Remained Of Unrecognized Restricted Stock Compensation | $ | $ 500,000 | ||||||||
Stock Options [Member] | Available For Sale Securities and Derivative Fair Value | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 715,000 | 644,000 | |||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 686,000 | $ 1,100,000 | |||||||
Stock Options [Member] | Dividend Payment Date Six [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, Grants in Period, Gross | 605,000 | ||||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 1,200,000 | ||||||||
Stock Options [Member] | Ten 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, Exercises in Period | 62,500 | ||||||||
Stock Options [Member] | Sixteen 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, Exercises in Period | 240,000 | ||||||||
Stock Options [Member] | Eight 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, Exercises in Period | 129,000 | ||||||||
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, Exercises in Period | 23,000 | ||||||||
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 | 20,000 | 2,000 | |||||||
2013 Stock Option and Stock Award Plan [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, 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] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 458,000 | ||||||||
Description Of Preferred Stock Dividend | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000,000 |
401(k) PLAN (Details Narrative)
401(k) PLAN (Details Narrative) - 401(k) Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 1,100,000 | $ 376,000 | $ 344,000 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND OTHER MATTERS (Details Narrative) - USD ($) | Oct. 02, 2019 | Dec. 31, 2020 |
April 30, 2022 [Member] | ||
Related Party Transaction [Line Items] | ||
Operating Lease, Payments | $ 23,098 | |
May 1, 2022 Through April 30, 2027 [Member] | ||
Related Party Transaction [Line Items] | ||
Operating Lease, Payments | $ 23,302 | |
Mr. Eugene and W. Landy [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 24.00% | |
Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member] | ||
Related Party Transaction [Line Items] | ||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 1,400,000 | |
Monmouth Real Estate Investment Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares owned in affiliate company | 2,700,000 | |
Percentage Of Shares Owned In Affiliate Company | 2.70% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amounts Received | $ 9,154 | $ 31,503 | $ 35,114 |
Dividend Reinvestment Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amounts Received | 9,154 | 31,503 | 35,114 |
Less: Dividends Reinvested | (3,151) | (7,705) | (5,076) |
Amounts Received, net | $ 6,003 | $ 23,798 | $ 30,038 |
Number of Shares Issued | 720 | 2,468 | 2,655 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | Feb. 11, 2021 | Oct. 20, 2020 | Jul. 22, 2020 | Jun. 30, 2020 | Mar. 13, 2020 | Jan. 15, 2020 | Oct. 21, 2019 | Apr. 29, 2019 | Apr. 26, 2019 | Apr. 26, 2019 | Sep. 17, 2018 | Jan. 22, 2018 | Aug. 02, 2017 | Jul. 26, 2017 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 15, 2020 | May 14, 2020 | Aug. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 140,364,000 | 140,364,000 | 123,664,000 | 140,364,000 | 140,364,000 | 123,664,000 | 140,400,000 | 20,000,000 | ||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 96,141,000 | $ 15,931,000 | $ 0 | |||||||||||||||||||||||||||||||||
Payments for Repurchase of Common Stock | $ 1,830,000 | $ 237,000 | $ 0 | |||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.72 | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 96,688,000 | $ 48,247,000 | |||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | |||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
New Preferred Stock At The Market Sales Program [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 100,000,000 | |||||||||||||||||||||||||||||||||||
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | 0.2722 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.2722 | |||||||||||||||||||||||||||||||||||
[custom:PreferredStockRedemptionPayment] | $ 96,100,000 | |||||||||||||||||||||||||||||||||||
[custom:PreferredStocksRedemptionAmount-0] | $ 2,900,000 | |||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 3,800,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | ||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
Six Point Seven Five Percentage Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 4,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 120,800,000 | |||||||||||||||||||||||||||||||||||
Excess Stock, Value | 5,800,000 | 9,800,000 | 9,800,000 | |||||||||||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | 1.6875 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | 25 | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 400,000 | 750,000 | ||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 18,200,000 | |||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 25 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.375% | |||||||||||||||||||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 96,700,000 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | 25 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 16,000,000 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 13,750,000 | 13,750,000 | 13,750,000 | 13,750,000 | 13,750,000 | 13,750,000 | ||||||||||||||||||||||||||||||
Series C Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 30,800,000 | |||||||||||||||||||||||||||||||||||
Capital Units, Authorized | 95,700,000 | |||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | |||||||||||||||||||||||||||||||||||
Common Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 85,000,000 | |||||||||||||||||||||||||||||||||||
Unsecured Line Of Credit | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 3,700,000 | |||||||||||||||||||||||||||||||||||
Series B Preferred Shares [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 4,000,000 | |||||||||||||||||||||||||||||||||||
Series C Preferred Shares [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 5,800,000 | |||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 113,700,000 | |||||||||||||||||||||||||||||||||||
Excess Stock, Value | 3,700,000 | |||||||||||||||||||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 2,300,000 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 9,300,000 | 9,300,000 | 6,000,000 | 9,300,000 | 9,300,000 | 6,000,000 | ||||||||||||||||||||||||||||||
Six Point Three Seven Five Percentage Series D Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 2,000,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 48,200,000 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.3984375 | |||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||
Payments of Dividends | $ 797,000 | |||||||||||||||||||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||||||||||||||||||||||||||||||||
Capital Units, Authorized | 111,400,000 | |||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | |||||||||||||||||||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 5,800,000 | |||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | (174,000) | (20,000) | ||||||||||||||||||||||||||||||||||
Common Stock [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 110,000,000 | |||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | |||||||||||||||||||||||||||||||||||
Common Stock [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 2,300,000 | |||||||||||||||||||||||||||||||||||
Issuer Purchases of Equity Securities [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 174,000 | |||||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 1,800,000 | |||||||||||||||||||||||||||||||||||
Share Price | $ 10.50 | $ 10.50 | $ 10.50 | $ 10.50 | ||||||||||||||||||||||||||||||||
Series D Preferred Share [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 3,300,000 | |||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 9,300,000 | |||||||||||||||||||||||||||||||||||
Series B Preferred Share [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 4,000,000 | |||||||||||||||||||||||||||||||||||
Series C Preferred Share [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 13,800,000 | |||||||||||||||||||||||||||||||||||
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 | $ 66,100,000 | $ 66,100,000 | $ 66,100,000 | $ 66,100,000 | ||||||||||||||||||||||||||||||||
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 | 33,700,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 33,000,000 | |||||||||||||||||||||||||||||||||||
A T M Program [Member] | Common Stock [Member] | B Riley F B R Inc [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 100,000,000 | |||||||||||||||||||||||||||||||||||
Number of shares sold | 135,000 | |||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 14.60 | $ 14.60 | $ 14.60 | $ 14.60 | ||||||||||||||||||||||||||||||||
Gross proceeds from issuance of stock | $ 2,000,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 1,700,000 | |||||||||||||||||||||||||||||||||||
A T M Program [Member] | Series D Preferred Share [Member] | B Riley F B R Inc [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 1,200,000 | |||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | 24.80 | $ 24.80 | $ 24.80 | 24.80 | ||||||||||||||||||||||||||||||||
A T M Program [Member] | Series C Preferred Share [Member] | B Riley F B R Inc [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 134,000 | |||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 24.96 | $ 24.96 | $ 24.96 | $ 24.96 | ||||||||||||||||||||||||||||||||
Amendment [Member] | Series B Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
Amendment [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Capital Units, Authorized | 126,400,000 | 126,400,000 | ||||||||||||||||||||||||||||||||||
Amendment [Member] | Series C Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 9,800,000 | 9,800,000 | ||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
[custom:ReclassificationOfCommonSharesToPreferredStock] | 4,000,000 | |||||||||||||||||||||||||||||||||||
Amendment [Member] | Series D Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 2,300,000 | 2,300,000 | ||||||||||||||||||||||||||||||||||
Amendment [Member] | Common Stock [Member] | Series C Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Capital Units, Authorized | 123,400,000 | 123,400,000 | ||||||||||||||||||||||||||||||||||
Two Thousand Nineteen Preferred A T M Program [Member] | B Riley F B R Inc [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 2,600,000 | |||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 25.06 | 25.06 | $ 25.06 | |||||||||||||||||||||||||||||||||
Gross proceeds from issuance of stock | $ 64,100,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 63,100,000 | |||||||||||||||||||||||||||||||||||
Two Thousand Nineteen Preferred A T M Program [Member] | B Riley F B R Inc [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares sold | 3,200,000 | |||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 25.09 | $ 25.09 | $ 25.09 | |||||||||||||||||||||||||||||||||
Gross proceeds from issuance of stock | $ 80,500,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 79,100,000 | |||||||||||||||||||||||||||||||||||
Two Thousand Nineteen Preferred A T M Program [Member] | B Riley F B R Inc [Member] | Series C and Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
[custom:PreferredStockMaximumSalesPrice] | $ 100,000,000 | |||||||||||||||||||||||||||||||||||
Schedule For Payment Of Cash Distributions [Table Text Block] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | |||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 18,800,000 | |||||||||||||||||||||||||||||||||||
Number of shares sold | 768,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 19,100,000 | |||||||||||||||||||||||||||||||||||
Minimum [Member] | Amendment [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | Amendment [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 5,800,000 | 5,800,000 | ||||||||||||||||||||||||||||||||||
Capital Units, Authorized | 142,400,000 | 142,400,000 | ||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | Amendment [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 2,300,000 | 2,300,000 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | Amendment [Member] | Common Stock [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 127,400,000 | 127,400,000 | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 4,000,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Series C Preferred Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 126,400,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Common Stock [Member] | Maryland State Department Of Assessments And Taxation [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 115,800,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Unsecured Line Of Credit | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 3,700,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Issuer Purchases of Equity Securities [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Common Stock | $ 25,000,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Amendment [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Amendment [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 5,800,000 | 5,800,000 | ||||||||||||||||||||||||||||||||||
Excess Stock, Shares Authorized | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Amendment [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Excess Stock, Value | 2,300,000 | 2,300,000 | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Amendment [Member] | Common Stock [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 111,400,000 | 111,400,000 | ||||||||||||||||||||||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Percentage Of Discount On Purchase Price Under Dividend Reinvestment Plan | 95.00% | |||||||||||||||||||||||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Amount of optional cash payments | $ 500 | |||||||||||||||||||||||||||||||||||
Maximum monthly amount granted for waivers for purchase of shares | 1,000 | |||||||||||||||||||||||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
[custom:ReductionInMaximumMonthlyAmountGrantedForWaiversForPurchaseOfShares] | $ 1,000 | |||||||||||||||||||||||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Amount of optional cash payments | $ 1,000 | |||||||||||||||||||||||||||||||||||
Maximum monthly amount granted for waivers for purchase of shares | $ 5,000 | |||||||||||||||||||||||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
[custom:ReductionInMaximumMonthlyAmountGrantedForWaiversForPurchaseOfShares] | $ 5,000 | |||||||||||||||||||||||||||||||||||
Series B Preferred Stock Repurchase Program [Member] | 8.0% Series B Cumulative Redeemable Preferred Stock [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 | $ 5,000,000 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Payment Of Distributions To Shareholders | |||||||||||||||
Distributions including dividends reinvested paid to common shareholders | $ 7,520 | $ 7,454 | $ 7,417 | $ 7,417 | $ 7,364 | $ 7,322 | $ 7,159 | $ 6,980 | $ 6,824 | $ 6,693 | $ 6,601 | $ 6,493 | $ 29,808 | $ 28,825 | $ 26,611 |
Dividend declared per share, paid | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.72 |
SUMMARY OF PAYMENT OF DIVIDENDS
SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Capitalization, Equity [Line Items] | |||
Preferred stock, dividend declared per share, paid | $ 0.77 | $ 0.63 | $ 0.55 |
Series B Preferred Stocks [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Amount of distributions paid for preferred stock | $ 6,735,811 | $ 7,602,400 | $ 7,602,400 |
Preferred stock, dividend declared per share, paid | $ 1.7722 | $ 2 | $ 2 |
Series B Preferred Stocks [Member] | Dividend Payment Date One [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jan. 15, 2020 | Jan. 15, 2019 | Jan. 15, 2018 |
Record Date | Feb. 18, 2020 | Feb. 15, 2019 | Feb. 15, 2018 |
Payment Date | Mar. 16, 2020 | Mar. 15, 2019 | Mar. 15, 2018 |
Amount of distributions paid for preferred stock | $ 1,900,600 | $ 1,900,600 | $ 1,900,600 |
Preferred stock, dividend declared per share, paid | $ 0.50 | $ 0.50 | $ 0.50 |
Series B Preferred Stocks [Member] | Dividend Payment Date Two [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Apr. 2, 2020 | Apr. 1, 2019 | Apr. 1, 2018 |
Record Date | May 15, 2020 | May 15, 2019 | May 15, 2018 |
Payment Date | Jun. 15, 2020 | Jun. 17, 2019 | Jun. 15, 2018 |
Amount of distributions paid for preferred stock | $ 1,900,335 | $ 1,900,600 | $ 1,900,600 |
Preferred stock, dividend declared per share, paid | $ 0.50 | $ 0.50 | $ 0.50 |
Series B Preferred Stocks [Member] | Dividend Payment Date Three [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jul. 1, 2020 | Jul. 1, 2019 | Jul. 1, 2018 |
Record Date | Aug. 17, 2020 | Aug. 15, 2019 | Aug. 15, 2018 |
Payment Date | Sep. 15, 2020 | Sep. 16, 2019 | Sep. 17, 2018 |
Amount of distributions paid for preferred stock | $ 1,900,335 | $ 1,900,600 | $ 1,900,600 |
Preferred stock, dividend declared per share, paid | $ 0.50 | $ 0.50 | $ 0.50 |
Series B Preferred Stocks [Member] | Dividend Payment Date Four [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Sep. 11, 2020 | Oct. 1, 2019 | Oct. 1, 2018 |
Record Date | Sep. 11, 2020 | Nov. 15, 2019 | Nov. 15, 2018 |
Payment Date | Oct. 20, 2020 | Dec. 16, 2019 | Dec. 17, 2018 |
Amount of distributions paid for preferred stock | $ 1,034,541 | $ 1,900,600 | $ 1,900,600 |
Preferred stock, dividend declared per share, paid | $ 0.2722 | $ 0.50 | $ 0.50 |
Series C Preferred Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Amount of distributions paid for preferred stock | $ 16,523,705 | $ 14,765,624 | $ 9,703,124 |
Preferred stock, dividend declared per share, paid | $ 1.68750 | $ 1.68750 | $ 1.68750 |
Series C Preferred Stock [Member] | Dividend Payment Date One [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jan. 15, 2020 | Jan. 15, 2019 | Jan. 15, 2018 |
Record Date | Feb. 18, 2020 | Feb. 15, 2019 | Feb. 15, 2018 |
Payment Date | Mar. 16, 2020 | Mar. 15, 2019 | Mar. 15, 2018 |
Amount of distributions paid for preferred stock | $ 4,113,281 | $ 2,425,781 | $ 2,425,781 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Two [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Apr. 2, 2020 | Apr. 1, 2019 | Apr. 1, 2018 |
Record Date | May 15, 2020 | May 15, 2019 | May 15, 2018 |
Payment Date | Jun. 15, 2020 | Jun. 17, 2019 | Jun. 15, 2018 |
Amount of distributions paid for preferred stock | $ 4,113,281 | $ 4,113,281 | $ 2,425,781 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Three [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jul. 1, 2020 | Jul. 1, 2019 | Jul. 1, 2018 |
Record Date | Aug. 17, 2020 | Aug. 15, 2019 | Aug. 15, 2018 |
Payment Date | Sep. 15, 2020 | Sep. 16, 2019 | Sep. 17, 2018 |
Amount of distributions paid for preferred stock | $ 4,127,330 | $ 4,113,281 | $ 2,425,781 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Four [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Oct. 1, 2020 | Oct. 1, 2019 | Oct. 1, 2018 |
Record Date | Nov. 16, 2020 | Nov. 15, 2019 | Nov. 15, 2018 |
Payment Date | Dec. 15, 2020 | Dec. 16, 2019 | Dec. 17, 2018 |
Amount of distributions paid for preferred stock | $ 4,169,813 | $ 4,113,281 | $ 2,425,781 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series D Preferred Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Amount of distributions paid for preferred stock | $ 8,683,371 | $ 3,341,388 | $ 2,744,794 |
Preferred stock, dividend declared per share, paid | $ 1.59375 | $ 1.59375 | $ 1.372396 |
Series D Preferred Stock [Member] | Dividend Payment Date One [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jan. 15, 2020 | Jan. 15, 2019 | Jan. 15, 2018 |
Record Date | Feb. 18, 2020 | Feb. 15, 2019 | Feb. 15, 2018 |
Payment Date | Mar. 16, 2020 | Mar. 15, 2019 | Mar. 15, 2018 |
Amount of distributions paid for preferred stock | $ 2,076,126 | $ 796,876 | $ 354,166 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.1770830 |
Series D Preferred Stock [Member] | Dividend Payment Date Two [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Apr. 2, 2020 | Apr. 1, 2019 | Apr. 1, 2018 |
Record Date | May 15, 2020 | May 15, 2019 | May 15, 2018 |
Payment Date | Jun. 15, 2020 | Jun. 17, 2019 | Jun. 15, 2018 |
Amount of distributions paid for preferred stock | $ 2,076,126 | $ 796,876 | $ 796,876 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
Series D Preferred Stock [Member] | Dividend Payment Date Three [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Jul. 1, 2020 | Jul. 1, 2019 | Jul. 1, 2018 |
Record Date | Aug. 17, 2020 | Aug. 15, 2019 | Aug. 15, 2018 |
Payment Date | Sep. 15, 2020 | Sep. 16, 2019 | Sep. 17, 2018 |
Amount of distributions paid for preferred stock | $ 2,081,704 | $ 796,876 | $ 796,876 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
Series D Preferred Stock [Member] | Dividend Payment Date Four [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Declaration Date | Oct. 1, 2020 | Oct. 1, 2019 | Oct. 1, 2018 |
Record Date | Nov. 16, 2020 | Nov. 15, 2019 | Nov. 15, 2018 |
Payment Date | Dec. 15, 2020 | Dec. 16, 2019 | Dec. 17, 2018 |
Amount of distributions paid for preferred stock | $ 2,449,415 | $ 950,760 | $ 796,876 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
DISTRIBUTIONS (Details Narrativ
DISTRIBUTIONS (Details Narrative) - $ / shares | Jan. 13, 2021 | Jan. 15, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.18 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.77 | $ 0.63 | $ 0.55 | ||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
[custom:PercentageOfIncreaseInDividend] | 6.00% | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | ||||
Dividends Payable, Date to be Paid | Mar. 15, 2021 | ||||
Dividends Payable, Date of Record | Feb. 16, 2021 | ||||
Subsequent Event [Member] | Series C Preferred Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date to be Paid | Mar. 15, 2021 | ||||
Dividends Payable, Date of Record | Feb. 16, 2021 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.421875 | ||||
Subsequent Event [Member] | Series D Preferred Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date to be Paid | Mar. 15, 2021 | ||||
Dividends Payable, Date of Record | Feb. 16, 2021 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.3984375 |
SCHEDULE OF CHARACTERIZED DISTR
SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.72 |
Percentage Of Distributions Paid Per Common Share | 100.00% | 100.00% | 100.00% | ||||||||||||
Series B Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.772200 | $ 2 | $ 2 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 100.00% | 100.00% | 100.00% | ||||||||||||
Series C Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.687500 | $ 1.687500 | $ 1.687500 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 100.00% | 100.00% | 100.00% | ||||||||||||
Series D Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.593750 | $ 1.593750 | $ 1.372397 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 100.00% | 100.00% | 100.00% | ||||||||||||
Ordinary Income [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 0.00% | 0.00% | 0.00% | ||||||||||||
Ordinary Income [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.661633 | $ 1.18476 | $ 1.288868 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 37.33% | 59.24% | 64.44% | ||||||||||||
Ordinary Income [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.630008 | $ 0.999640 | $ 1.087484 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 37.33% | 59.24% | 64.44% | ||||||||||||
Ordinary Income [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.595008 | $ 0.94410 | $ 0.884419 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 37.33% | 59.24% | 64.44% | ||||||||||||
Capital Gains [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 0.00% | 0.00% | 0.00% | ||||||||||||
Capital Gains [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.05394 | $ 0 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 0.00% | 2.70% | 0.00% | ||||||||||||
Capital Gains [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.045508 | $ 0 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 0.00% | 2.70% | 0.00% | ||||||||||||
Capital Gains [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.04298 | $ 0 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 0.00% | 2.70% | 0.00% | ||||||||||||
Return Of Capital [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.72 | $ 0.72 | $ 0.72 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 100.00% | 100.00% | 100.00% | ||||||||||||
Return Of Capital [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.110567 | $ 0.76130 | $ 0.711132 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 62.67% | 38.06% | 35.56% | ||||||||||||
Return Of Capital [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.057492 | $ 0.642352 | $ 0.600016 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 62.67% | 38.06% | 35.56% | ||||||||||||
Return Of Capital [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.998742 | $ 0.60667 | $ 0.487978 | ||||||||||||
[custom:PercentageOfDistributionsPaidPerPreferredStock] | 62.67% | 38.06% | 35.56% |
FEDERAL INCOME TAXES (Details N
FEDERAL INCOME TAXES (Details Narrative) - Federal State and Local Income Taxes [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Net Loss Of Taxable Reit Subsidiary | $ 273,000 | $ 1,300,000 | $ 1,200,000 |
Federal State and Franchise Taxes Included In General and Administrative Expenses | $ 10,000 | $ 8,000 | $ 8,000 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS (Details Narrative) - Twenty First Mortgage Corporation [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Investment Owned, Balance, Principal Amount | $ 1.7 |
Total loan balance | 2 |
Accounts and Other Receivables, Net, Current | $ 35.4 |
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% |
SUMMARY OF FINANCIAL ASSETS AND
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 103,172 | $ 116,186 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 103,172 | 116,186 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 103,172 | 116,186 |
Fair Value, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 2,601 | 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 | 2,601 | 3,516 |
Fair Value, Recurring [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 100,571 | 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 | $ 100,571 | $ 112,670 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair value of mortgage payable | $ 487.7 | $ 381.2 |
Carrying value of mortgage payable | $ 476.4 | $ 377 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 18.3 | $ 18.4 | $ 16.4 |
Interest cost capitalized to land development | 1.3 | 1.5 | 1 |
Mortgages assumed | 2.7 | 19.4 | 4.6 |
Amount of land development costs moved to fixed assets | 11.9 | 17.5 | 10.1 |
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 3.2 | $ 7.7 | $ 5.1 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, $ in Thousands | Feb. 05, 2021 | Jan. 29, 2021shares | Jan. 21, 2021USD ($)aNumber | Jan. 08, 2021USD ($)aNumber | Feb. 28, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Subsequent Event [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 7,790 | $ 38,799 | $ 55,880 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 96,688 | $ 48,247 | |||||
Restricted Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 35,000 | 118,000 | 47,000 | |||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 768,000 | |||||||
[custom:WeightedAveragePricePerShareOnIssuanceOfPrefeeredStock-0] | $ / shares | $ 24.80 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 19,100 | |||||||
Sale of Stock, Consideration Received on Transaction | $ 18,800 | |||||||
Subsequent Event [Member] | Amended and Restated Credit Agreement [Member] | BMO Capital Markets Corp. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Borrowing Capacity, Description | On February 5, 2021, the Company entered into a Second Amendment to Amended and Restated Credit Agreement with BMO to reduce the capitalization rate from 7.0% to 6.5%. | |||||||
Subsequent Event [Member] | Restricted Stock [Member] | Five Employees [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 147,000 | |||||||
Subsequent Event [Member] | Deer Run [Member] | Dothan, Alabama [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 4,600 | |||||||
Number of property sites | Number | 195 | |||||||
Area of Land | a | 33 | |||||||
Percentage of average occupancy | 37.00% | |||||||
Subsequent Event [Member] | Iris Winds [Member] | Sumter, South Carolina [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 3,400 | |||||||
Number of property sites | Number | 142 | |||||||
Area of Land | a | 24 | |||||||
Percentage of average occupancy | 49.00% |
SUMMARY OF PRO FORMA FINANCIAL
SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pro Forma Financial Information | ||
Rental and Related Income | $ 144,557 | $ 133,567 |
Community Operating Expenses | 63,923 | 64,222 |
Net Income (Loss) Attributable to Common Shareholders | $ (29,742) | $ 2,240 |
Net Income (Loss) Attributable to Common Shareholders Per Share - Basic and Diluted | $ (0.72) | $ 0.06 |
SUMMARY OF SELECTED QUARTERLY F
SUMMARY OF SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Income | $ 42,829 | $ 43,123 | $ 40,084 | $ 37,573 | $ 37,745 | $ 37,329 | $ 37,230 | $ 34,287 | $ 163,609 | $ 146,591 | $ 129,587 |
Total Expenses | 34,382 | 35,747 | 33,348 | 31,819 | 31,857 | 32,387 | 32,588 | 29,750 | 135,296 | 126,582 | 111,010 |
Other Income (Expense) | 14,837 | (9,112) | 11,628 | (40,395) | (2,282) | 7,519 | (3,906) | 6,521 | (23,042) | 7,852 | (54,662) |
Net Income (Loss) from continuing operations | 23,245 | (1,767) | 18,325 | (34,748) | 3,531 | 12,433 | 749 | 11,037 | |||
Net Income (Loss) Attributable to Common Shareholders | $ 15,591 | $ (12,747) | $ 10,235 | $ (42,838) | $ (3,433) | $ 5,622 | $ (5,537) | $ 5,914 | $ (29,759) | $ 2,566 | $ (56,532) |
Net Income (Loss) Attributable to Common Shareholders per Share - Basic and Diluted | $ 0.38 | $ (0.31) | $ 0.25 | $ (1.04) | |||||||
Net Income (Loss) Attributable to Common Shareholders per Share - Basic | $ (0.08) | $ 0.14 | $ (0.15) | $ 0.16 | $ 0.12 | $ 0.70 | $ (0.98) | ||||
Net Income (Loss) Attributable to Common Shareholders per Share - Diluted | $ (0.08) | $ 0.14 | $ (0.15) | $ 0.15 | $ 0.12 | $ 0.69 | $ (0.98) |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Total | $ 1,100,256 | $ 1,008,104 | $ 874,601 | $ 758,487 | |
Accumulated Depreciation | 254,369 | $ 216,332 | $ 182,599 | $ 153,592 | |
Allentown [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | 12,587 | ||||
Land | 250 | ||||
Site, Land & Building Improvements and Rental Homes | 2,569 | ||||
Capitalization Subsequent to Acquisition | 13,317 | ||||
Land, gross | [1],[2] | 703 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,433 | |||
Total | [1],[2] | 16,136 | |||
Accumulated Depreciation | $ 7,058 | ||||
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 | 2,058 | ||||
Land, gross | [1],[2] | 2,650 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,324 | |||
Total | [1],[2] | 12,974 | |||
Accumulated Depreciation | $ 2,753 | ||||
Location | Doylestown, PA | ||||
Date of Construction | 1959 | ||||
Date Acquired | 2013 | ||||
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],[4] | ||||
Land | 70 | ||||
Site, Land & Building Improvements and Rental Homes | 2,797 | ||||
Capitalization Subsequent to Acquisition | 4,039 | ||||
Land, gross | [1],[2] | 70 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,836 | |||
Total | [1],[2] | 6,906 | |||
Accumulated Depreciation | $ 1,643 | ||||
Location | Birch Run, MI | ||||
Date of Construction | 1976-1977 | ||||
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] | |||||
Land | $ 114 | ||||
Site, Land & Building Improvements and Rental Homes | 1,174 | ||||
Capitalization Subsequent to Acquisition | 782 | ||||
Land, gross | [1],[2] | 114 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,956 | |||
Total | [1],[2] | 2,070 | |||
Accumulated Depreciation | $ 433 | ||||
Location | Orrville, OH | ||||
Date of Construction | 1971/1985/1995 | ||||
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 | [5] | $ 13,334 | |||
Land | 1,796 | ||||
Site, Land & Building Improvements and Rental Homes | 4,768 | ||||
Capitalization Subsequent to Acquisition | (6) | ||||
Land, gross | [1],[2] | 1,796 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,762 | |||
Total | [1],[2] | 6,558 | |||
Accumulated Depreciation | $ 693 | ||||
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] | $ 45,588 | |||
Land | 1,120 | ||||
Site, Land & Building Improvements and Rental Homes | 11,136 | ||||
Capitalization Subsequent to Acquisition | 11,220 | ||||
Land, gross | [1],[2] | 1,120 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 22,356 | |||
Total | [1],[2] | 23,476 | |||
Accumulated Depreciation | $ 5,726 | ||||
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 | [6] | ||||
Land | 372 | ||||
Site, Land & Building Improvements and Rental Homes | 4,776 | ||||
Capitalization Subsequent to Acquisition | 3,556 | ||||
Land, gross | [1],[2] | 372 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,332 | |||
Total | [1],[2] | 8,704 | |||
Accumulated Depreciation | $ 2,245 | ||||
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 | $ 2,603 | ||||
Land | 38 | ||||
Site, Land & Building Improvements and Rental Homes | 233 | ||||
Capitalization Subsequent to Acquisition | 10,384 | ||||
Land, gross | [1],[2] | 123 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,532 | |||
Total | [1],[2] | 10,655 | |||
Accumulated Depreciation | $ 3,236 | ||||
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 | [7] | ||||
Land | 824 | ||||
Site, Land & Building Improvements and Rental Homes | 2,480 | ||||
Capitalization Subsequent to Acquisition | 428 | ||||
Land, gross | [1],[2] | 828 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,904 | |||
Total | [1],[2] | 3,732 | |||
Accumulated Depreciation | $ 255 | ||||
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 | 1,202 | ||||
Land, gross | [1],[2] | 766 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,776 | |||
Total | [1],[2] | 4,542 | |||
Accumulated Depreciation | $ 58 | ||||
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 | $ 4,201 | ||||
Land | 159 | ||||
Site, Land & Building Improvements and Rental Homes | 7,087 | ||||
Capitalization Subsequent to Acquisition | 5,614 | ||||
Land, gross | [1],[2] | 159 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,701 | |||
Total | [1],[2] | 12,860 | |||
Accumulated Depreciation | $ 2,578 | ||||
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 | $ 0 | ||||
Land | 176 | ||||
Site, Land & Building Improvements and Rental Homes | 2,411 | ||||
Capitalization Subsequent to Acquisition | 2,353 | ||||
Land, gross | [1],[2] | 176 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,764 | |||
Total | [1],[2] | 4,940 | |||
Accumulated Depreciation | $ 1,030 | ||||
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 | $ 4,853 | ||||
Land | 1,008 | ||||
Site, Land & Building Improvements and Rental Homes | 11,735 | ||||
Capitalization Subsequent to Acquisition | 9,725 | ||||
Land, gross | [1],[2] | 1,008 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 21,460 | |||
Total | [1],[2] | 22,468 | |||
Accumulated Depreciation | $ 3,891 | ||||
Location | Middletown, OH | ||||
Date of Construction | 1968-1976 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Cedarcrest Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 11,238 | ||||
Land | 320 | ||||
Site, Land & Building Improvements and Rental Homes | 1,866 | ||||
Capitalization Subsequent to Acquisition | 3,239 | ||||
Land, gross | [1],[2] | 408 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,017 | |||
Total | [1],[2] | 5,425 | |||
Accumulated Depreciation | $ 3,068 | ||||
Location | Vineland, NJ | ||||
Date of Construction | 1973 | ||||
Date Acquired | 1986 | ||||
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 | $ 0 | ||||
Land | 108 | ||||
Site, Land & Building Improvements and Rental Homes | 2,397 | ||||
Capitalization Subsequent to Acquisition | 826 | ||||
Land, gross | [1],[2] | 118 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,213 | |||
Total | [1],[2] | 3,331 | |||
Accumulated Depreciation | $ 891 | ||||
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 | 1,996 | ||||
Land, gross | [1],[2] | 124 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,045 | |||
Total | [1],[2] | 4,169 | |||
Accumulated Depreciation | $ 933 | ||||
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 | $ 0 | ||||
Land | 1,884 | ||||
Site, Land & Building Improvements and Rental Homes | 2,116 | ||||
Capitalization Subsequent to Acquisition | 540 | ||||
Land, gross | [1],[2] | 1,884 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,656 | |||
Total | [1],[2] | 4,540 | |||
Accumulated Depreciation | $ 335 | ||||
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 | 1,492 | ||||
Land, gross | [1],[2] | 137 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,105 | |||
Total | [1],[2] | 2,242 | |||
Accumulated Depreciation | $ 544 | ||||
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 | $ 3,303 | ||||
Land | 142 | ||||
Site, Land & Building Improvements and Rental Homes | 3,302 | ||||
Capitalization Subsequent to Acquisition | 437 | ||||
Land, gross | [1],[2] | 142 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,739 | |||
Total | [1],[2] | 3,881 | |||
Accumulated Depreciation | $ 1,195 | ||||
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 | $ 0 | ||||
Land | 196 | ||||
Site, Land & Building Improvements and Rental Homes | 2,318 | ||||
Capitalization Subsequent to Acquisition | 3,126 | ||||
Land, gross | [1],[2] | 196 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,444 | |||
Total | [1],[2] | 5,640 | |||
Accumulated Depreciation | $ 1,172 | ||||
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 | 6,845 | ||||
Land, gross | [1],[2] | 67 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,228 | |||
Total | [1],[2] | 9,295 | |||
Accumulated Depreciation | $ 1,944 | ||||
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 | 5,482 | ||||
Land, gross | [1],[2] | 174 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,408 | |||
Total | [1],[2] | 7,582 | |||
Accumulated Depreciation | [1],[2] | $ 1,525 | |||
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 | $ 0 | ||||
Land | 205 | ||||
Site, Land & Building Improvements and Rental Homes | 2,896 | ||||
Capitalization Subsequent to Acquisition | 5,771 | ||||
Land, gross | [1],[2] | 205 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,667 | |||
Total | [1],[2] | 8,872 | |||
Accumulated Depreciation | $ 1,667 | ||||
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 | $ 105,221 | ||||
Land | 394 | ||||
Site, Land & Building Improvements and Rental Homes | 6,917 | ||||
Capitalization Subsequent to Acquisition | 10,224 | ||||
Land, gross | [1],[2] | 609 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 16,926 | |||
Total | [1],[2] | 17,535 | |||
Accumulated Depreciation | $ 4,887 | ||||
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 | $ 7,139 | ||||
Land | 182 | ||||
Site, Land & Building Improvements and Rental Homes | 1,923 | ||||
Capitalization Subsequent to Acquisition | 4,592 | ||||
Land, gross | [1],[2] | 182 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,515 | |||
Total | [1],[2] | 6,697 | |||
Accumulated Depreciation | $ 3,433 | ||||
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 | $ 0 | ||||
Land | 188 | ||||
Site, Land & Building Improvements and Rental Homes | 2,258 | ||||
Capitalization Subsequent to Acquisition | 2,934 | ||||
Land, gross | [1],[2] | 362 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,018 | |||
Total | [1],[2] | 5,380 | |||
Accumulated Depreciation | $ 1,051 | ||||
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 | 4,412 | ||||
Land, gross | [1],[2] | 61 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,790 | |||
Total | [1],[2] | 4,851 | |||
Accumulated Depreciation | $ 1,726 | ||||
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 | $ 0 | ||||
Land | 183 | ||||
Site, Land & Building Improvements and Rental Homes | 1,403 | ||||
Capitalization Subsequent to Acquisition | 188 | ||||
Land, gross | [1],[2] | 183 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,591 | |||
Total | [1],[2] | 1,774 | |||
Accumulated Depreciation | $ 197 | ||||
Location | Mount Pleasant, PA | ||||
Date of Construction | 1955/2004 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
D&R [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,191 | ||||
Land | 392 | ||||
Site, Land & Building Improvements and Rental Homes | 704 | ||||
Capitalization Subsequent to Acquisition | 3,401 | ||||
Land, gross | [1],[2] | 392 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,105 | |||
Total | [1],[2] | 4,497 | |||
Accumulated Depreciation | $ 2,291 | ||||
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 | $ 0 | ||||
Land | 276 | ||||
Site, Land & Building Improvements and Rental Homes | 2,729 | ||||
Capitalization Subsequent to Acquisition | 2,884 | ||||
Land, gross | [1],[2] | 276 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,613 | |||
Total | [1],[2] | 5,889 | |||
Accumulated Depreciation | $ 1,022 | ||||
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 | $ 0 | ||||
Land | 226 | ||||
Site, Land & Building Improvements and Rental Homes | 2,299 | ||||
Capitalization Subsequent to Acquisition | 3,747 | ||||
Land, gross | [1],[2] | 226 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,046 | |||
Total | [1],[2] | 6,272 | |||
Accumulated Depreciation | $ 1,094 | ||||
Location | New Springfield, OH | ||||
Date of Construction | 1973 | ||||
Date Acquired | 2014 | ||||
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 | $ 0 | ||||
Land | 99 | ||||
Site, Land & Building Improvements and Rental Homes | 1,121 | ||||
Capitalization Subsequent to Acquisition | 529 | ||||
Land, gross | [1],[2] | 119 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,630 | |||
Total | [1],[2] | 1,749 | |||
Accumulated Depreciation | $ 376 | ||||
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 | 1,467 | ||||
Land, gross | [1],[2] | 49 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,839 | |||
Total | [1],[2] | 3,888 | |||
Accumulated Depreciation | $ 802 | ||||
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 | $ 0 | ||||
Land | 105 | ||||
Site, Land & Building Improvements and Rental Homes | 1,277 | ||||
Capitalization Subsequent to Acquisition | 1,066 | ||||
Land, gross | [1],[2] | 105 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,343 | |||
Total | [1],[2] | 2,448 | |||
Accumulated Depreciation | $ 524 | ||||
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 | $ 15,076 | ||||
Land | 216 | ||||
Site, Land & Building Improvements and Rental Homes | 1,167 | ||||
Capitalization Subsequent to Acquisition | 10,707 | ||||
Land, gross | [1],[2] | 2,535 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,555 | |||
Total | [1],[2] | 12,090 | |||
Accumulated Depreciation | $ 5,890 | ||||
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 | $ 0 | ||||
Land | 1,214 | ||||
Site, Land & Building Improvements and Rental Homes | 5,746 | ||||
Capitalization Subsequent to Acquisition | 2,042 | ||||
Land, gross | [1],[2] | 1,268 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,734 | |||
Total | [1],[2] | 9,002 | |||
Accumulated Depreciation | $ 348 | ||||
Location | Elizabeth, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2019 | ||||
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 | 2,099 | ||||
Land, gross | [1],[2] | 440 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,103 | |||
Total | [1],[2] | 9,543 | |||
Accumulated Depreciation | $ 2,815 | ||||
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 | $ 7,833 | ||||
Land | 75 | ||||
Site, Land & Building Improvements and Rental Homes | 977 | ||||
Capitalization Subsequent to Acquisition | 8,923 | ||||
Land, gross | [1],[2] | 75 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,900 | |||
Total | [1],[2] | 9,975 | |||
Accumulated Depreciation | $ 4,124 | ||||
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 | 2,728 | ||||
Land, gross | [1],[2] | 372 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,810 | |||
Total | [1],[2] | 7,182 | |||
Accumulated Depreciation | $ 621 | ||||
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] | $ 12,581 | |||
Land | 643 | ||||
Site, Land & Building Improvements and Rental Homes | 5,294 | ||||
Capitalization Subsequent to Acquisition | 3,701 | ||||
Land, gross | [1],[2] | 643 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,995 | |||
Total | [1],[2] | 9,638 | |||
Accumulated Depreciation | $ 2,304 | ||||
Location | Schuylkill Haven, PA | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
FriendlyVillage [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 6,906 | ||||
Land | 1,215 | ||||
Site, Land & Building Improvements and Rental Homes | 18,141 | ||||
Capitalization Subsequent to Acquisition | 5,036 | ||||
Land, gross | [1],[2] | 1,265 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 23,127 | |||
Total | [1],[2] | 24,392 | |||
Accumulated Depreciation | $ 1,182 | ||||
Location | Perrysburg, OH | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2019 | ||||
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 | 128 | ||||
Land, gross | [1],[2] | 63 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 712 | |||
Total | [1],[2] | 775 | |||
Accumulated Depreciation | $ 200 | ||||
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 | 994 | ||||
Land, gross | [1],[2] | 370 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,214 | |||
Total | [1],[2] | 2,584 | |||
Accumulated Depreciation | $ 552 | ||||
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 | $ 1,962 | ||||
Land | 248 | ||||
Site, Land & Building Improvements and Rental Homes | 2,148 | ||||
Capitalization Subsequent to Acquisition | 826 | ||||
Land, gross | [1],[2] | 248 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,974 | |||
Total | [1],[2] | 3,222 | |||
Accumulated Depreciation | $ 692 | ||||
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 | 13,745 | ||||
Land, gross | [1],[2] | 573 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,897 | |||
Total | [1],[2] | 16,470 | |||
Accumulated Depreciation | $ 6,379 | ||||
Location | Inkerman, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 1992 | ||||
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 | $ 0 | ||||
Land | 825 | ||||
Site, Land & Building Improvements and Rental Homes | 4,264 | ||||
Capitalization Subsequent to Acquisition | 439 | ||||
Land, gross | [1],[2] | 825 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,703 | |||
Total | [1],[2] | 5,528 | |||
Accumulated Depreciation | $ 522 | ||||
Location | Apollo, 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 | 5,632 | ||||
Land, gross | [1],[2] | 510 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,716 | |||
Total | [1],[2] | 13,226 | |||
Accumulated Depreciation | $ 3,425 | ||||
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 | $ 15,744 | ||||
Land | 145 | ||||
Site, Land & Building Improvements and Rental Homes | 1,695 | ||||
Capitalization Subsequent to Acquisition | 12,762 | ||||
Land, gross | [1],[2] | 404 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,198 | |||
Total | [1],[2] | 14,602 | |||
Accumulated Depreciation | $ 7,967 | ||||
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 | $ 0 | ||||
Land | 961 | ||||
Site, Land & Building Improvements and Rental Homes | 1,464 | ||||
Capitalization Subsequent to Acquisition | 7,461 | ||||
Land, gross | [1],[2] | 961 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,925 | |||
Total | [1],[2] | 9,886 | |||
Accumulated Depreciation | $ 872 | ||||
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 | $ 0 | ||||
Land | 1,277 | ||||
Site, Land & Building Improvements and Rental Homes | 3,034 | ||||
Capitalization Subsequent to Acquisition | 5,384 | ||||
Land, gross | [1],[2] | 1,277 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,418 | |||
Total | [1],[2] | 9,695 | |||
Accumulated Depreciation | $ 836 | ||||
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 | 3,557 | ||||
Land, gross | [1],[2] | 484 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,236 | |||
Total | [1],[2] | 6,720 | |||
Accumulated Depreciation | $ 1,125 | ||||
Location | Greensburg, PA | ||||
Date of Construction | 1980 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Eligibility Age Of Employees For Plan | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,454 | ||||
Land | 1,632 | ||||
Site, Land & Building Improvements and Rental Homes | 5,618 | ||||
Capitalization Subsequent to Acquisition | 7,377 | ||||
Land, gross | [1],[2] | 1,632 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,995 | |||
Total | [1],[2] | 14,627 | |||
Accumulated Depreciation | $ 3,219 | ||||
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 | $ 7,998 | ||||
Land | 491 | ||||
Site, Land & Building Improvements and Rental Homes | 13,808 | ||||
Capitalization Subsequent to Acquisition | 7,482 | ||||
Land, gross | [1],[2] | 491 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 21,290 | |||
Total | [1],[2] | 21,781 | |||
Accumulated Depreciation | $ 3,912 | ||||
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 | $ 2,077 | ||||
Land | 194 | ||||
Site, Land & Building Improvements and Rental Homes | 3,591 | ||||
Capitalization Subsequent to Acquisition | 1,224 | ||||
Land, gross | [1],[2] | 194 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,815 | |||
Total | [1],[2] | 5,009 | |||
Accumulated Depreciation | $ 931 | ||||
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 | $ 0 | ||||
Land | 141 | ||||
Site, Land & Building Improvements and Rental Homes | 3,516 | ||||
Capitalization Subsequent to Acquisition | 5,809 | ||||
Land, gross | [1],[2] | 141 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,325 | |||
Total | [1],[2] | 9,466 | |||
Accumulated Depreciation | $ 1,893 | ||||
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 | $ 0 | ||||
Land | 399 | ||||
Site, Land & Building Improvements and Rental Homes | 865 | ||||
Capitalization Subsequent to Acquisition | 2,054 | ||||
Land, gross | [1],[2] | 399 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,919 | |||
Total | [1],[2] | 3,318 | |||
Accumulated Depreciation | $ 382 | ||||
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] | $ 7,596 | |||
Land | 686 | ||||
Site, Land & Building Improvements and Rental Homes | 2,784 | ||||
Capitalization Subsequent to Acquisition | 3,520 | ||||
Land, gross | [1],[2] | 686 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,304 | |||
Total | [1],[2] | 6,990 | |||
Accumulated Depreciation | $ 1,243 | ||||
Location | Clinton, PA | ||||
Date of Construction | 1987 | ||||
Date Acquired | 2014 | ||||
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 | $ 3,792 | ||||
Land | 236 | ||||
Site, Land & Building Improvements and Rental Homes | 1,403 | ||||
Capitalization Subsequent to Acquisition | 14,553 | ||||
Land, gross | [1],[2] | 353 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,839 | |||
Total | [1],[2] | 16,192 | |||
Accumulated Depreciation | $ 6,466 | ||||
Location | Monticello, NY | ||||
Date of Construction | 1972 | ||||
Date Acquired | 1988 | ||||
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 | $ 2,657 | ||||
Land | 104 | ||||
Site, Land & Building Improvements and Rental Homes | 4,391 | ||||
Capitalization Subsequent to Acquisition | 1,572 | ||||
Land, gross | [1],[2] | 140 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,927 | |||
Total | [1],[2] | 6,067 | |||
Accumulated Depreciation | $ 68 | ||||
Location | Fredonia, NY | ||||
Date of Construction | 1965 | ||||
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 | $ 5,180 | ||||
Land | 290 | ||||
Site, Land & Building Improvements and Rental Homes | 1,458 | ||||
Capitalization Subsequent to Acquisition | 13,661 | ||||
Land, gross | [1],[2] | 290 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,119 | |||
Total | [1],[2] | 15,409 | |||
Accumulated Depreciation | $ 5,315 | ||||
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 | $ 0 | ||||
Land | 574 | ||||
Site, Land & Building Improvements and Rental Homes | 1,104 | ||||
Capitalization Subsequent to Acquisition | 2,032 | ||||
Land, gross | [1],[2] | 726 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,984 | |||
Total | [1],[2] | 3,710 | |||
Accumulated Depreciation | $ 434 | ||||
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 | 4,853 | ||||
Land, gross | [1],[2] | 433 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,923 | |||
Total | [1],[2] | 7,356 | |||
Accumulated Depreciation | $ 2,790 | ||||
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 | [4] | ||||
Land | 113 | ||||
Site, Land & Building Improvements and Rental Homes | 1,135 | ||||
Capitalization Subsequent to Acquisition | 2,641 | ||||
Land, gross | [1],[2] | 113 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,776 | |||
Total | [1],[2] | 3,889 | |||
Accumulated Depreciation | $ 653 | ||||
Location | Orrville, OH | ||||
Date of Construction | 1968 | ||||
Date Acquired | 2013 | ||||
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 | [6] | $ 12,694 | |||
Land | 674 | ||||
Site, Land & Building Improvements and Rental Homes | 9,433 | ||||
Capitalization Subsequent to Acquisition | 7,375 | ||||
Land, gross | [1],[2] | 674 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 16,808 | |||
Total | [1],[2] | 17,482 | |||
Accumulated Depreciation | $ 4,824 | ||||
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 | $ 0 | ||||
Land | 810 | ||||
Site, Land & Building Improvements and Rental Homes | 4,556 | ||||
Capitalization Subsequent to Acquisition | 6,340 | ||||
Land, gross | [1],[2] | 818 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,888 | |||
Total | [1],[2] | 11,706 | |||
Accumulated Depreciation | $ 1,161 | ||||
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 | 4,673 | ||||
Land, gross | [1],[2] | 152 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,864 | |||
Total | [1],[2] | 8,016 | |||
Accumulated Depreciation | $ 1,806 | ||||
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 | 9,715 | ||||
Land, gross | [1],[2] | 549 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 16,436 | |||
Total | [1],[2] | 16,985 | |||
Accumulated Depreciation | $ 2,471 | ||||
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 | $ 2,888 | ||||
Land | 2,146 | ||||
Site, Land & Building Improvements and Rental Homes | 5,541 | ||||
Capitalization Subsequent to Acquisition | 649 | ||||
Land, gross | [1],[2] | 2,182 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,154 | |||
Total | [1],[2] | 8,336 | |||
Accumulated Depreciation | $ 444 | ||||
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 | [4] | $ 6,692 | |||
Land | 767 | ||||
Site, Land & Building Improvements and Rental Homes | 5,429 | ||||
Capitalization Subsequent to Acquisition | 6,818 | ||||
Land, gross | [1],[2] | 767 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,247 | |||
Total | [1],[2] | 13,014 | |||
Accumulated Depreciation | $ 2,551 | ||||
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 | [4] | ||||
Land | 94 | ||||
Site, Land & Building Improvements and Rental Homes | 1,040 | ||||
Capitalization Subsequent to Acquisition | 92 | ||||
Land, gross | [1],[2] | 94 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,132 | |||
Total | [1],[2] | 1,226 | |||
Accumulated Depreciation | $ 284 | ||||
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 | 10,221 | ||||
Land, gross | [1],[2] | 336 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,773 | |||
Total | [1],[2] | 11,109 | |||
Accumulated Depreciation | $ 2,286 | ||||
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 | 674 | ||||
Land, gross | [1],[2] | 114 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,668 | |||
Total | [1],[2] | 1,782 | |||
Accumulated Depreciation | $ 425 | ||||
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 | [6] | ||||
Land | 330 | ||||
Site, Land & Building Improvements and Rental Homes | 3,794 | ||||
Capitalization Subsequent to Acquisition | 3,548 | ||||
Land, gross | [1],[2] | 330 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,342 | |||
Total | [1],[2] | 7,672 | |||
Accumulated Depreciation | $ 1,976 | ||||
Location | Avoca, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2010 | ||||
Mount Pleasant Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 280 | ||||
Site, Land & Building Improvements and Rental Homes | 3,502 | ||||
Capitalization Subsequent to Acquisition | 1,326 | ||||
Land, gross | [1],[2] | 280 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,828 | |||
Total | [1],[2] | 5,108 | |||
Accumulated Depreciation | $ 599 | ||||
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 | 775 | ||||
Land, gross | [1],[2] | 249 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,325 | |||
Total | [1],[2] | 2,574 | |||
Accumulated Depreciation | $ 668 | ||||
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 | $ 0 | ||||
Land | 429 | ||||
Site, Land & Building Improvements and Rental Homes | 4,129 | ||||
Capitalization Subsequent to Acquisition | 833 | ||||
Land, gross | [1],[2] | 448 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,943 | |||
Total | [1],[2] | 5,391 | |||
Accumulated Depreciation | $ 242 | ||||
Location | West Mifflin, PA | ||||
Date of Construction | 1930/1973 | ||||
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 | $ 11,818 | ||||
Land | 1,272 | ||||
Site, Land & Building Improvements and Rental Homes | 23,859 | ||||
Capitalization Subsequent to Acquisition | 1,591 | ||||
Land, gross | [1],[2] | 1,312 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 25,410 | |||
Total | [1],[2] | 26,722 | |||
Accumulated Depreciation | $ 1,452 | ||||
Location | Erie, MI | ||||
Date of Construction | 1988 | ||||
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 | 3,210 | ||||
Land, gross | [1],[2] | 500 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,734 | |||
Total | [1],[2] | 11,234 | |||
Accumulated Depreciation | $ 2,967 | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1990 | ||||
Date Acquired | 2013 | ||||
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 | [6] | ||||
Land | 379 | ||||
Site, Land & Building Improvements and Rental Homes | 1,639 | ||||
Capitalization Subsequent to Acquisition | 1,748 | ||||
Land, gross | [1],[2] | 379 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,387 | |||
Total | [1],[2] | 3,766 | |||
Accumulated Depreciation | $ 865 | ||||
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 | $ 1,962 | ||||
Land | 569 | ||||
Site, Land & Building Improvements and Rental Homes | 3,031 | ||||
Capitalization Subsequent to Acquisition | 2,301 | ||||
Land, gross | [1],[2] | 569 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,332 | |||
Total | [1],[2] | 5,901 | |||
Accumulated Depreciation | $ 1,278 | ||||
Location | Olmsted Township, 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 | $ 15,301 | ||||
Land | 175 | ||||
Site, Land & Building Improvements and Rental Homes | 991 | ||||
Capitalization Subsequent to Acquisition | 2,753 | ||||
Land, gross | [1],[2] | 155 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,764 | |||
Total | [1],[2] | 3,919 | |||
Accumulated Depreciation | $ 2,253 | ||||
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 | [5] | ||||
Land | 4,317 | ||||
Site, Land & Building Improvements and Rental Homes | 10,341 | ||||
Capitalization Subsequent to Acquisition | 5,754 | ||||
Land, gross | [1],[2] | 4,317 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 16,095 | |||
Total | [1],[2] | 20,412 | |||
Accumulated Depreciation | $ 2,466 | ||||
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 | $ 1,558 | ||||
Land | 399 | ||||
Site, Land & Building Improvements and Rental Homes | 4,047 | ||||
Capitalization Subsequent to Acquisition | 3,378 | ||||
Land, gross | [1],[2] | 407 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,417 | |||
Total | [1],[2] | 7,824 | |||
Accumulated Depreciation | $ 457 | ||||
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 | $ 14,103 | ||||
Land | 1,053 | ||||
Site, Land & Building Improvements and Rental Homes | 22,068 | ||||
Capitalization Subsequent to Acquisition | 12,229 | ||||
Land, gross | [1],[2] | 1,071 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 34,279 | |||
Total | [1],[2] | 35,350 | |||
Accumulated Depreciation | $ 2,251 | ||||
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 | 10,546 | ||||
Land, gross | [1],[2] | 145 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,637 | |||
Total | [1],[2] | 10,782 | |||
Accumulated Depreciation | $ 4,235 | ||||
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 | 7,497 | ||||
Land, gross | [1],[2] | 732 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,772 | |||
Total | [1],[2] | 9,504 | |||
Accumulated Depreciation | $ 3,540 | ||||
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 | [6] | ||||
Land | 282 | ||||
Site, Land & Building Improvements and Rental Homes | 2,175 | ||||
Capitalization Subsequent to Acquisition | 2,405 | ||||
Land, gross | [1],[2] | 282 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,580 | |||
Total | [1],[2] | 4,862 | |||
Accumulated Depreciation | $ 1,173 | ||||
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 | 15,008 | ||||
Land, gross | [1],[2] | 505 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 17,145 | |||
Total | [1],[2] | 17,650 | |||
Accumulated Depreciation | $ 8,007 | ||||
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 | [7] | $ 12,902 | |||
Land | 1,739 | ||||
Site, Land & Building Improvements and Rental Homes | 15,091 | ||||
Capitalization Subsequent to Acquisition | 4,507 | ||||
Land, gross | [1],[2] | 1,753 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 19,584 | |||
Total | [1],[2] | 21,337 | |||
Accumulated Depreciation | $ 1,668 | ||||
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 | 8,547 | ||||
Land, gross | [1],[2] | 236 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,332 | |||
Total | [1],[2] | 9,568 | |||
Accumulated Depreciation | $ 4,170 | ||||
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 | $ 0 | ||||
Land | 301 | ||||
Site, Land & Building Improvements and Rental Homes | 1,419 | ||||
Capitalization Subsequent to Acquisition | 1,950 | ||||
Land, gross | [1],[2] | 301 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,369 | |||
Total | [1],[2] | 3,670 | |||
Accumulated Depreciation | $ 1,016 | ||||
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 | 2,467 | ||||
Land, gross | [1],[2] | 814 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,671 | |||
Total | [1],[2] | 5,485 | |||
Accumulated Depreciation | $ 963 | ||||
Location | Belle Vernon, 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 | 11,539 | ||||
Land, gross | [1],[2] | 270 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,480 | |||
Total | [1],[2] | 13,750 | |||
Accumulated Depreciation | $ 5,590 | ||||
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 | $ 4,677 | ||||
Land | 337 | ||||
Site, Land & Building Improvements and Rental Homes | 3,379 | ||||
Capitalization Subsequent to Acquisition | 4,433 | ||||
Land, gross | [1],[2] | 337 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,812 | |||
Total | [1],[2] | 8,149 | |||
Accumulated Depreciation | $ 2,225 | ||||
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 | $ 0 | ||||
Land | 1,485 | ||||
Site, Land & Building Improvements and Rental Homes | 2,050 | ||||
Capitalization Subsequent to Acquisition | 8,973 | ||||
Land, gross | [1],[2] | 1,489 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,019 | |||
Total | [1],[2] | 12,508 | |||
Accumulated Depreciation | $ 4,311 | ||||
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 | 612 | ||||
Land, gross | [1],[2] | 63 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,999 | |||
Total | [1],[2] | 4,062 | |||
Accumulated Depreciation | $ 1,158 | ||||
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] | $ 22,368 | |||
Land | 100 | ||||
Site, Land & Building Improvements and Rental Homes | 603 | ||||
Capitalization Subsequent to Acquisition | 3,048 | ||||
Land, gross | [1],[2] | 100 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,651 | |||
Total | [1],[2] | 3,751 | |||
Accumulated Depreciation | $ 2,200 | ||||
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 | 4,204 | ||||
Land, gross | [1],[2] | 67 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,531 | |||
Total | [1],[2] | 5,598 | |||
Accumulated Depreciation | $ 2,251 | ||||
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 | $ 2,976 | ||||
Land | 1,230 | ||||
Site, Land & Building Improvements and Rental Homes | 3,093 | ||||
Capitalization Subsequent to Acquisition | 1,748 | ||||
Land, gross | [1],[2] | 1,230 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,841 | |||
Total | [1],[2] | 6,071 | |||
Accumulated Depreciation | $ 606 | ||||
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 | $ 5,248 | ||||
Land | 299 | ||||
Site, Land & Building Improvements and Rental Homes | 5,837 | ||||
Capitalization Subsequent to Acquisition | 4,578 | ||||
Land, gross | [1],[2] | 299 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,415 | |||
Total | [1],[2] | 10,714 | |||
Accumulated Depreciation | $ 2,947 | ||||
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 | $ 0 | ||||
Land | 198 | ||||
Site, Land & Building Improvements and Rental Homes | 2,779 | ||||
Capitalization Subsequent to Acquisition | 4,146 | ||||
Land, gross | [1],[2] | 198 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,925 | |||
Total | [1],[2] | 7,123 | |||
Accumulated Depreciation | $ 1,411 | ||||
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 | 1,933 | ||||
Land, gross | [1],[2] | 522 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,754 | |||
Total | [1],[2] | 5,276 | |||
Accumulated Depreciation | $ 685 | ||||
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 | $ 5,842 | ||||
Land | 287 | ||||
Site, Land & Building Improvements and Rental Homes | 6,114 | ||||
Capitalization Subsequent to Acquisition | 2,941 | ||||
Land, gross | [1],[2] | 287 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,055 | |||
Total | [1],[2] | 9,342 | |||
Accumulated Depreciation | $ 2,805 | ||||
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 | 669 | ||||
Land, gross | [1],[2] | 450 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,343 | |||
Total | [1],[2] | 3,793 | |||
Accumulated Depreciation | $ 859 | ||||
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 | $ 3,118 | ||||
Land | 411 | ||||
Site, Land & Building Improvements and Rental Homes | 1,867 | ||||
Capitalization Subsequent to Acquisition | 3,574 | ||||
Land, gross | [1],[2] | 411 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,441 | |||
Total | [1],[2] | 5,852 | |||
Accumulated Depreciation | $ 1,510 | ||||
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 | $ 5,930 | ||||
Land | 823 | ||||
Site, Land & Building Improvements and Rental Homes | 3,527 | ||||
Capitalization Subsequent to Acquisition | 2,189 | ||||
Land, gross | [1],[2] | 998 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,541 | |||
Total | [1],[2] | 6,539 | |||
Accumulated Depreciation | $ 1,543 | ||||
Location | Olmsted Township, 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 | 5,301 | ||||
Land, gross | [1],[2] | 650 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,608 | |||
Total | [1],[2] | 12,258 | |||
Accumulated Depreciation | $ 2,968 | ||||
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 | 2,340 | ||||
Land, gross | [1],[2] | 284 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,607 | |||
Total | [1],[2] | 4,891 | |||
Accumulated Depreciation | $ 848 | ||||
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 | $ 3,220 | ||||
Land | 996 | ||||
Site, Land & Building Improvements and Rental Homes | 6,542 | ||||
Capitalization Subsequent to Acquisition | 9,039 | ||||
Land, gross | [1],[2] | 996 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,581 | |||
Total | [1],[2] | 16,577 | |||
Accumulated Depreciation | $ 3,266 | ||||
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 | 1,206 | ||||
Land, gross | [1],[2] | 323 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,397 | |||
Total | [1],[2] | 4,720 | |||
Accumulated Depreciation | $ 800 | ||||
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 | 4,076 | ||||
Land, gross | [1],[2] | 1,380 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,424 | |||
Total | [1],[2] | 10,804 | |||
Accumulated Depreciation | $ 2,198 | ||||
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 | 1,326 | ||||
Land, gross | [1],[2] | 280 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,596 | |||
Total | [1],[2] | 5,876 | |||
Accumulated Depreciation | $ 1,628 | ||||
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 | 56 | ||||
Land, gross | [1],[2] | 72 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,802 | |||
Total | [1],[2] | 1,874 | |||
Accumulated Depreciation | $ 538 | ||||
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 | $ 0 | ||||
Land | 742 | ||||
Site, Land & Building Improvements and Rental Homes | 3,143 | ||||
Capitalization Subsequent to Acquisition | 4,480 | ||||
Land, gross | [1],[2] | 742 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,623 | |||
Total | [1],[2] | 8,365 | |||
Accumulated Depreciation | $ 1,208 | ||||
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 | $ 4,386 | ||||
Land | 424 | ||||
Site, Land & Building Improvements and Rental Homes | 3,812 | ||||
Capitalization Subsequent to Acquisition | 5,014 | ||||
Land, gross | [1],[2] | 424 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,826 | |||
Total | [1],[2] | 9,250 | |||
Accumulated Depreciation | $ 4,589 | ||||
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 | $ 0 | ||||
Land | 196 | ||||
Site, Land & Building Improvements and Rental Homes | 1,080 | ||||
Capitalization Subsequent to Acquisition | 2,296 | ||||
Land, gross | [1],[2] | 261 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,311 | |||
Total | [1],[2] | 3,572 | |||
Accumulated Depreciation | $ 308 | ||||
Location | Bellefontaine, OH | ||||
Date of Construction | 1960’s | ||||
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 | $ 7,607 | ||||
Land | 1,184 | ||||
Site, Land & Building Improvements and Rental Homes | 4,034 | ||||
Capitalization Subsequent to Acquisition | 3,966 | ||||
Land, gross | [1],[2] | 1,184 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,000 | |||
Total | [1],[2] | 9,184 | |||
Accumulated Depreciation | $ 3,676 | ||||
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 | $ 2,263 | ||||
Land | 896 | ||||
Site, Land & Building Improvements and Rental Homes | 6,179 | ||||
Capitalization Subsequent to Acquisition | 3,853 | ||||
Land, gross | [1],[2] | 896 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,032 | |||
Total | [1],[2] | 10,928 | |||
Accumulated Depreciation | $ 970 | ||||
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 | 5,876 | ||||
Land, gross | [1],[2] | 260 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,629 | |||
Total | [1],[2] | 7,889 | |||
Accumulated Depreciation | $ 3,463 | ||||
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 | $ 0 | ||||
Land | 77 | ||||
Site, Land & Building Improvements and Rental Homes | 841 | ||||
Capitalization Subsequent to Acquisition | 4,429 | ||||
Land, gross | [1],[2] | 77 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,270 | |||
Total | [1],[2] | 5,347 | |||
Accumulated Depreciation | $ 1,561 | ||||
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 | 1,894 | ||||
Land, gross | [1],[2] | 135 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,197 | |||
Total | [1],[2] | 2,332 | |||
Accumulated Depreciation | $ 950 | ||||
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 | $ 5,940 | ||||
Land | 1,808 | ||||
Site, Land & Building Improvements and Rental Homes | 13,321 | ||||
Capitalization Subsequent to Acquisition | 7,785 | ||||
Land, gross | [1],[2] | 1,808 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 21,106 | |||
Total | [1],[2] | 22,914 | |||
Accumulated Depreciation | $ 3,615 | ||||
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 | $ 8,783 | ||||
Land | 437 | ||||
Site, Land & Building Improvements and Rental Homes | 12,706 | ||||
Capitalization Subsequent to Acquisition | 5,468 | ||||
Land, gross | [1],[2] | 437 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 18,174 | |||
Total | [1],[2] | 18,611 | |||
Accumulated Depreciation | $ 3,099 | ||||
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 | [4] | ||||
Land | 269 | ||||
Site, Land & Building Improvements and Rental Homes | 1,606 | ||||
Capitalization Subsequent to Acquisition | 1,752 | ||||
Land, gross | [1],[2] | 269 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,358 | |||
Total | [1],[2] | 3,627 | |||
Accumulated Depreciation | $ 649 | ||||
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 | $ 476,390 | ||||
Land | 65,925 | ||||
Site, Land & Building Improvements and Rental Homes | 487,845 | ||||
Capitalization Subsequent to Acquisition | 546,486 | ||||
Land, gross | [1],[2] | 71,485 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,028,771 | |||
Total | [1],[2] | 1,100,256 | |||
Accumulated Depreciation | $ 254,369 | ||||
[1] | Reconciliation | ||||
[2] | The aggregate cost for Federal tax purposes approximates historical cost. | ||||
[3] | Represents one mortgage note payable secured by twenty-eight properties. | ||||
[4] | Represents one mortgage note payable secured by five properties. | ||||
[5] | Represents one mortgage note payable secured by four properties. | ||||
[6] | Represents one mortgage note payable secured by six properties. | ||||
[7] | Represents one mortgage note payable secured by two properties. | ||||
[8] | Represents one mortgage note payable secured by thirteen properties. | ||||
[9] | Represents one mortgage note payable secured by five 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) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance - Beginning of Year | $ 1,008,104 | $ 874,601 | $ 758,487 |
Acquisitions | 7,835 | 56,015 | 58,730 |
Improvements | 88,684 | 81,399 | 61,102 |
Total Additions | 96,519 | 137,414 | 119,832 |
Deletions | (4,367) | (3,911) | (3,718) |
Balance - End of Year | $ 1,100,256 | $ 1,008,104 | $ 874,601 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION (Details) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance - Beginning of Year | $ 216,332 | $ 182,599 | $ 153,592 |
Depreciation | 39,525 | 34,816 | 29,841 |
Total Additions | 39,525 | 34,816 | 29,841 |
Deletions | (1,488) | (1,083) | (834) |
Balance - End of Year | $ 254,369 | $ 216,332 | $ 182,599 |