Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-12690 | |
Entity Registrant Name | UMH PROPERTIES, INC. | |
Entity Central Index Key | 0000752642 | |
Entity Tax Identification Number | 22-1890929 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | Juniper Business Plaza | |
Entity Address, Address Line Two | 3499 Route 9 North | |
Entity Address, Address Line Three | Suite 3-C | |
Entity Address, City or Town | Freehold | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07728 | |
City Area Code | (732) | |
Local Phone Number | 577-9997 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,398,142 | |
Common Stock, $0.10 par value [Member] | ||
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | UMH | |
Security Exchange Name | NYSE | |
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value [Member] | ||
Title of 12(b) Security | 6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value | |
Trading Symbol | UMH PD | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Property and Equipment | ||
Land | $ 89,604 | $ 86,619 |
Site and Land Improvements | 868,123 | 846,218 |
Buildings and Improvements | 36,012 | 35,933 |
Rental Homes and Accessories | 504,444 | 422,818 |
Total Investment Property | 1,498,183 | 1,391,588 |
Equipment and Vehicles | 28,192 | 26,721 |
Total Investment Property and Equipment | 1,526,375 | 1,418,309 |
Accumulated Depreciation | (402,411) | (363,098) |
Net Investment Property and Equipment | 1,123,964 | 1,055,211 |
Other Assets | ||
Cash and Cash Equivalents | 38,646 | 29,785 |
Marketable Securities at Fair Value | 27,616 | 42,178 |
Inventory of Manufactured Homes | 38,950 | 88,468 |
Notes and Other Receivables, net | 78,584 | 67,271 |
Prepaid Expenses and Other Assets | 14,232 | 20,011 |
Land Development Costs | 47,560 | 23,250 |
Investment in Joint Venture | 23,332 | 18,422 |
Total Other Assets | 268,920 | 289,385 |
TOTAL ASSETS | 1,392,884 | 1,344,596 |
LIABILITIES: | ||
Mortgages Payable, net of unamortized debt issuance costs | 442,164 | 508,938 |
Other Liabilities: | ||
Accounts Payable | 5,978 | 6,387 |
Loans Payable, net of unamortized debt issuance costs | 144,623 | 153,531 |
Series A Bonds, net of unamortized debt issuance costs | 99,843 | 99,207 |
Accrued Liabilities and Deposits | 13,037 | 16,852 |
Tenant Security Deposits | 9,492 | 8,485 |
Total Other Liabilities | 272,973 | 284,462 |
Total Liabilities | 715,137 | 793,400 |
Commitments and Contingencies | ||
Shareholders’ Equity: | ||
Series D - 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 13,700 and 9,300 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 11,179 and 9,015 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 279,482 | 225,379 |
Common Stock - $0.10 par value per share, 153,714 and 154,048 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 66,172 and 57,595 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 6,617 | 5,760 |
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Additional Paid-In Capital | 414,888 | 343,189 |
Undistributed Income (Accumulated Deficit) | (25,364) | (25,364) |
Total UMH Properties, Inc. Shareholders’ Equity | 675,623 | 548,964 |
Non-Controlling Interest in Consolidated Subsidiaries | 2,124 | 2,232 |
Total Shareholders’ Equity | 677,747 | 551,196 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,392,884 | $ 1,344,596 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 153,714 | 154,048 |
Common stock, shares issued | 66,172 | 57,595 |
Common stock, shares outstanding | 66,172 | 57,595 |
Excess stock, par value | $ 0.10 | $ 0.10 |
Excess stock, shares authorized | 3,000 | 3,000 |
Excess stock, shares outstanding | 0 | 0 |
Excess stock, shares issued | 0 | 0 |
Series D Preferred Stock [Member] | ||
Cumulative redeemable preferred stock, percentage | 6.375% | 6.375% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 13,700 | 9,300 |
Cumulative redeemable preferred stock, shares issued | 11,179 | 9,015 |
Cumulative redeemable preferred stock, shares outstanding | 11,179 | 9,015 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
INCOME: | ||||
Rental and Related Income | $ 48,135 | $ 42,893 | $ 140,503 | $ 126,699 |
Sales of Manufactured Homes | 7,909 | 9,044 | 23,438 | 20,329 |
Total Income | 56,044 | 51,937 | 163,941 | 147,028 |
EXPENSES: | ||||
Community Operating Expenses | 20,673 | 19,181 | 60,795 | 56,175 |
Cost of Sales of Manufactured Homes | 5,334 | 6,330 | 16,059 | 14,150 |
Selling Expenses | 1,792 | 1,625 | 5,269 | 3,994 |
General and Administrative Expenses | 4,491 | 5,150 | 14,654 | 13,348 |
Depreciation Expense | 14,147 | 12,302 | 41,271 | 36,003 |
Total Expenses | 46,437 | 44,588 | 138,048 | 123,670 |
OTHER INCOME (EXPENSE): | ||||
Interest Income | 1,306 | 1,080 | 3,661 | 3,058 |
Dividend Income | 508 | 699 | 1,745 | 2,200 |
Gain (Loss) on Sales of Marketable Securities, net | 226 | (6,405) | 183 | 24,316 |
Decrease in Fair Value of Marketable Securities | (5,496) | (1,230) | (10,439) | (43,024) |
Other Income | 235 | 366 | 850 | 782 |
Loss on Investment in Joint Venture | (165) | (116) | (645) | (373) |
Interest Expense | (7,694) | (6,951) | (24,662) | (18,852) |
Total Other Income (Expense) | (11,080) | (12,557) | (29,307) | (31,893) |
Loss before Gain (Loss) on Sales of Investment Property and Equipment | (1,473) | (5,208) | (3,414) | (8,535) |
Gain (Loss) on Sales of Investment Property and Equipment | (26) | (10) | 11 | (96) |
Net Loss | (1,499) | (5,218) | (3,403) | (8,631) |
Preferred Dividends | (4,364) | (4,588) | (12,251) | (19,788) |
Loss Attributable to Non-Controlling Interest | 32 | 61 | 108 | 61 |
Redemption of Preferred Stock | 0 | 0 | 0 | (8,190) |
Net Loss Attributable to Common Shareholders | $ (5,831) | $ (9,745) | $ (15,546) | $ (36,548) |
Net Loss Attributable to Common Shareholders Per Share Basic | $ (0.09) | $ (0.18) | $ (0.25) | $ (0.68) |
Net Loss Attributable to Common Shareholders Per Share Diluted | $ (0.09) | $ (0.18) | $ (0.25) | $ (0.68) |
Weighted Average Common Shares Outstanding: | ||||
Basic | 65,076 | 54,891 | 61,853 | 53,746 |
Diluted | 65,076 | 54,891 | 61,853 | 53,746 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Non-Controlling Interest in Consolidated Subsidiary [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 5,165 | $ 247,100 | $ 215,219 | $ 300,020 | $ (25,364) | $ 0 | $ 742,140 |
Beginning balance, shares at Dec. 31, 2021 | 51,651 | ||||||
Common Stock Issued with the DRIP | $ 7 | 0 | 0 | 1,667 | 0 | 0 | 1,674 |
Common Stock Issued with the DRIP, shares | 72 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 11 | 0 | 0 | (11) | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 114 | ||||||
Common Stock Issued through Stock Options | $ 8 | 0 | 0 | 985 | 0 | 0 | 993 |
Common Stock Issued through Stock Options, shares | 78 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 159 | 0 | 0 | 38,210 | 0 | 0 | 38,369 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 1,585 | ||||||
Distributions | $ 0 | 0 | 0 | (14,731) | (3,275) | 0 | (18,006) |
Stock Compensation Expense | 0 | 0 | 0 | 1,169 | 0 | 0 | 1,169 |
Net Income (loss) | 0 | 0 | 0 | 0 | 3,275 | 0 | 3,275 |
Ending balance, value at Mar. 31, 2022 | $ 5,350 | 247,100 | 215,219 | 327,309 | (25,364) | 0 | 769,614 |
Ending balance, shares at Mar. 31, 2022 | 53,500 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 5,165 | 247,100 | 215,219 | 300,020 | (25,364) | 0 | 742,140 |
Beginning balance, shares at Dec. 31, 2021 | 51,651 | ||||||
Net Income (loss) | (8,631) | ||||||
Ending balance, value at Sep. 30, 2022 | $ 5,514 | 0 | 215,407 | 313,806 | (25,364) | 2,189 | 511,552 |
Ending balance, shares at Sep. 30, 2022 | 55,138 | ||||||
Beginning balance, value at Mar. 31, 2022 | $ 5,350 | 247,100 | 215,219 | 327,309 | (25,364) | 0 | 769,614 |
Beginning balance, shares at Mar. 31, 2022 | 53,500 | ||||||
Common Stock Issued with the DRIP | $ 8 | 0 | 0 | 1,332 | 0 | 0 | 1,340 |
Common Stock Issued with the DRIP, shares | 78 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 4 | ||||||
Common Stock Issued through Stock Options | $ 23 | 0 | 0 | 2,197 | 0 | 0 | 2,220 |
Common Stock Issued through Stock Options, shares | 226 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 86 | 0 | 0 | 19,781 | 0 | 0 | 19,867 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 857 | ||||||
Distributions | $ 0 | 0 | 0 | (33,363) | 14,873 | 0 | (18,490) |
Stock Compensation Expense | 0 | 0 | 0 | 1,132 | 0 | 0 | 1,132 |
Net Income (loss) | 0 | 0 | 0 | 0 | (6,688) | 0 | (6,688) |
Preferred Stock Called for Redemption | 0 | (247,100) | 0 | 8,185 | (8,185) | 0 | (247,100) |
Ending balance, value at Jun. 30, 2022 | $ 5,467 | 0 | 215,219 | 326,573 | (25,364) | 0 | 521,895 |
Ending balance, shares at Jun. 30, 2022 | 54,665 | ||||||
Common Stock Issued with the DRIP | $ 12 | 0 | 0 | 2,331 | 0 | 0 | 2,343 |
Common Stock Issued with the DRIP, shares | 130 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 1 | 0 | 0 | (1) | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 6 | ||||||
Common Stock Issued through Stock Options | $ 10 | 0 | 0 | 972 | 0 | 0 | 982 |
Common Stock Issued through Stock Options, shares | 100 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 24 | 0 | 0 | 4,493 | 0 | 0 | 4,517 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 237 | ||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 188 | (78) | 0 | 0 | 110 |
Distributions | 0 | 0 | 0 | (22,095) | 5,157 | 0 | (16,938) |
Stock Compensation Expense | 0 | 0 | 0 | 1,611 | 0 | 0 | 1,611 |
Net Income (loss) | 0 | 0 | 0 | 0 | (5,157) | (61) | (5,218) |
Investment from Non-Controlling Interest | 0 | 0 | 0 | 0 | 0 | 2,250 | 2,250 |
Ending balance, value at Sep. 30, 2022 | $ 5,514 | 0 | 215,407 | 313,806 | (25,364) | 2,189 | 511,552 |
Ending balance, shares at Sep. 30, 2022 | 55,138 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 5,760 | 0 | 225,379 | 343,189 | (25,364) | 2,232 | 551,196 |
Beginning balance, shares at Dec. 31, 2022 | 57,595 | ||||||
Common Stock Issued with the DRIP | $ 15 | 0 | 0 | 2,502 | 0 | 0 | 2,517 |
Common Stock Issued with the DRIP, shares | 164 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 14 | 0 | 0 | (14) | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 140 | ||||||
Common Stock Issued through Stock Options | $ 1 | 0 | 0 | 136 | 0 | 0 | 137 |
Common Stock Issued through Stock Options, shares | 14 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 208 | 0 | 0 | 34,080 | 0 | 0 | 34,288 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 2,071 | ||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 21,858 | (2,567) | 0 | 0 | 19,291 |
Distributions | 0 | 0 | 0 | (17,523) | 1,461 | 0 | (16,062) |
Stock Compensation Expense | 0 | 0 | 0 | 1,528 | 0 | 0 | 1,528 |
Net Income (loss) | 0 | 0 | 0 | 0 | (1,461) | (40) | (1,501) |
Ending balance, value at Mar. 31, 2023 | $ 5,998 | 0 | 247,237 | 361,331 | (25,364) | 2,192 | 591,394 |
Ending balance, shares at Mar. 31, 2023 | 59,984 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 5,760 | 0 | 225,379 | 343,189 | (25,364) | 2,232 | 551,196 |
Beginning balance, shares at Dec. 31, 2022 | 57,595 | ||||||
Net Income (loss) | (3,403) | ||||||
Ending balance, value at Sep. 30, 2023 | $ 6,617 | 0 | 279,482 | 414,888 | (25,364) | 2,124 | 677,747 |
Ending balance, shares at Sep. 30, 2023 | 66,172 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 5,998 | 0 | 247,237 | 361,331 | (25,364) | 2,192 | 591,394 |
Beginning balance, shares at Mar. 31, 2023 | 59,984 | ||||||
Common Stock Issued with the DRIP | $ 15 | 0 | 0 | 2,020 | 0 | 0 | 2,035 |
Common Stock Issued with the DRIP, shares | 151 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 1 | 0 | 0 | (1) | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 8 | ||||||
Common Stock Issued through Stock Options | $ 4 | 0 | 0 | 409 | 0 | 0 | 413 |
Common Stock Issued through Stock Options, shares | 42 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 289 | 0 | 0 | 43,870 | 0 | 0 | 44,159 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 2,887 | ||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 17,795 | (2,486) | 0 | 0 | 15,309 |
Distributions | 0 | 0 | 0 | (16,878) | 367 | 0 | (16,511) |
Stock Compensation Expense | 0 | 0 | 0 | 1,471 | 0 | 0 | 1,471 |
Net Income (loss) | 0 | 0 | 0 | 0 | (367) | (36) | (403) |
Ending balance, value at Jun. 30, 2023 | $ 6,307 | 0 | 265,032 | 389,736 | (25,364) | 2,156 | 637,867 |
Ending balance, shares at Jun. 30, 2023 | 63,072 | ||||||
Common Stock Issued with the DRIP | $ 13 | 0 | 0 | 2,245 | 0 | 0 | 2,258 |
Common Stock Issued with the DRIP, shares | 137 | ||||||
Common Stock Issued through Restricted Stock Awards | $ 16 | 0 | 0 | (16) | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 155 | ||||||
Common Stock Issued through Stock Options | $ 2 | 0 | 0 | 182 | 0 | 0 | 184 |
Common Stock Issued through Stock Options, shares | 15 | ||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 279 | 0 | 0 | 43,238 | 0 | 0 | 43,517 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 2,793 | ||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 14,450 | (2,258) | 0 | 0 | 12,192 |
Distributions | 0 | 0 | 0 | (19,250) | 1,467 | 0 | (17,783) |
Stock Compensation Expense | 0 | 0 | 0 | 1,011 | 0 | 0 | 1,011 |
Net Income (loss) | 0 | 0 | 0 | 0 | (1,467) | (32) | (1,499) |
Ending balance, value at Sep. 30, 2023 | $ 6,617 | $ 0 | $ 279,482 | $ 414,888 | $ (25,364) | $ 2,124 | $ 677,747 |
Ending balance, shares at Sep. 30, 2023 | 66,172 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (3,403) | $ (8,631) |
Non-Cash items included in Net Loss: | ||
Depreciation | 41,271 | 36,003 |
Amortization of Financing Costs | 1,592 | 1,445 |
Stock Compensation Expense | 4,010 | 3,912 |
Provision for Uncollectible Notes and Other Receivables | 1,332 | 979 |
Gain on Sales of Marketable Securities, net | (183) | (24,316) |
Decrease in Fair Value of Marketable Securities | 10,439 | 43,024 |
(Gain) Loss on Sales of Investment Property and Equipment | (11) | 96 |
Changes in Operating Assets and Liabilities: | ||
Inventory of Manufactured Homes | 49,518 | (33,547) |
Notes and Other Receivables, net of notes acquired with acquisitions | (12,645) | (10,054) |
Prepaid Expenses and Other Assets | 1,612 | (3,759) |
Accounts Payable | (409) | 2,494 |
Accrued Liabilities and Deposits | (3,815) | (3,017) |
Tenant Security Deposits | 1,007 | 454 |
Net Cash Provided by Operating Activities | 90,315 | 5,083 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Manufactured Home Communities | (3,679) | (44,684) |
Purchase of Investment Property and Equipment | (108,616) | (53,677) |
Proceeds from Sales of Investment Property and Equipment | 2,282 | 2,522 |
Additions to Land Development Costs | (24,310) | (16,597) |
Purchase of Marketable Securities | (17) | (14) |
Proceeds from Sales of Marketable Securities | 4,323 | 55,836 |
Investment in Joint Venture | (4,910) | (1,821) |
Net Cash Used in Investing Activities | (134,927) | (58,435) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Mortgages | 0 | 59,801 |
Net (Payments) Proceeds from Short-Term Borrowings | (8,338) | 80,437 |
Principal Payments of Mortgages and Loans | (67,429) | (11,855) |
Proceeds from Bonds Issuance | 0 | 102,670 |
Financing Costs on Debt | (871) | (5,761) |
Investments from Non-Controlling Interest | 0 | 2,250 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 46,792 | 110 |
Payments on Redemption of Preferred Stock | 0 | (247,100) |
Proceeds from At-The-Market Common Equity Program, net of offering costs | 121,964 | 62,753 |
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments | 4,807 | 3,210 |
Proceeds from Exercise of Stock Options | 734 | 4,195 |
Preferred Dividends Paid | (12,251) | (21,178) |
Common Dividends Paid, net of dividend reinvestments | (36,102) | (30,109) |
Net Cash Provided by (Used in) Financing Activities | 49,306 | (577) |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 4,694 | (53,929) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 40,876 | 125,026 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 45,570 | $ 71,097 |
ORGANIZATION AND ACCOUNTING POL
ORGANIZATION AND ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company owns and operates 135 manufactured home communities (including two communities acquired through its qualified opportunity zone fund, as further discussed in Note 6) containing approximately 25,800 developed homesites as of September 30, 2023. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. As further discussed in Note 5, the Company also has an ownership interest in and operates two communities in Florida through its joint venture with Nuveen Real Estate. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells and finances 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 holds a 77% percentage controlling interest in an opportunity zone fund which it created to acquire, develop and redevelop manufactured housing communities located in areas designated as Qualified Opportunity Zones by the U.S. Treasury Department to encourage long-term investment in economically distressed areas. The consolidated financial statements of the Company include S&F, all of its other wholly-owned subsidiaries and its qualified opportunity zone fund. All intercompany transactions and balances have been eliminated in consolidation. The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim consolidated financial statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. Investment in Joint Venture The Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance with Accounting Standards Codification (“ASC”) 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement. The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors that are considered in evaluation of the existence of impairment indicators (See Note 5). Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2023 and December 31, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.4 3.6 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT 2023 $ 115 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,366 The weighted average remaining lease term for these leases is 161 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 presents 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 9/30/23 12/31/22 9/30/22 12/31/21 Cash and Cash Equivalents $ 38,646 $ 29,785 $ 62,512 $ 116,175 Restricted Cash 6,924 11,091 8,585 8,851 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 Revenue Recognition We account for our Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 842. Revenue from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. Notes Receivables We account for our receivables in accordance with 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 forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. As of September 30, 2023 and December 31, 2022, the Company had notes receivable of $ 74.1 63.0 1.5 1.3 Other Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted Net Income (Loss) per Share is calculated by dividing Net Income (Loss) less Income (Loss) Attributable to Non-Controlling Interest by the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. For the three and nine months ended September 30, 2023, common stock equivalents of 478,000 shares and 655,000 728,000 shares and 956,000 |
INVESTMENT PROPERTY AND EQUIPME
INVESTMENT PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
INVESTMENT PROPERTY AND EQUIPMENT | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions On January 19, 2023, the Company acquired Mighty Oak, a newly developed manufactured home community located in Albany, Georgia, for approximately $ 3.7 118 26 The Company has evaluated this acquisition and has determined that it should be accounted for as an acquisition of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $ 29,000 in thousands SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 234 Depreciable Property 3,445 Total Assets Acquired $ 3,679 See Note 14 for the Unaudited Pro Forma Financial Information relating to this acquisition. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $ 27.6 1.5 As of September 30, 2023, the Company had total net unrealized losses of $ 46.6 5.5 10.4 |
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE | 9 Months Ended |
Sep. 30, 2023 | |
Investment In Joint Venture | |
INVESTMENT IN JOINT VENTURE | NOTE 5- INVESTMENT IN JOINT VENTURE In December 2021, the Company and Teachers Insurance and Annuity Association of America, through Nuveen Real Estate (its asset management division) (“Nuveen” or “Nuveen Real Estate”), established a joint venture for the purpose of acquiring manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The terms of the joint venture are set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The LLC Agreement provides for the parties to initially fund up to $ 70 million of equity capital for acquisitions during a 24 -month commitment period, with Nuveen having the option, subject to certain conditions, to elect to increase the parties’ total commitments by up to an additional $ 100 million and to extend the commitment period for up to an additional four years . The LLC Agreement calls for committed capital to be funded 60 % by Nuveen and 40 % by the Company on a parity basis. The Company serves as managing member of the joint venture and is responsible for day-to-day operations of the joint venture and management of its properties, subject to obtaining approval of Nuveen Real Estate for major decisions (including investments, dispositions, financings, major capital expenditures and annual budgets). The Company receives property management, asset management and other fees from the joint venture. In addition, once each member of the joint venture has recouped its invested capital and received a 7.5 80 % of distributable cash will be allocated pro rata in accordance with the members’ respective percentage interests and the Company and Nuveen will receive a promote percentage equal to 70 30 20 % of distributable cash. 7 Under the terms of the LLC Agreement, after December 8, 2024 or, if later, the second anniversary of the joint venture’s acquisition and placing in service of a manufactured housing or recreational vehicle community, Nuveen will have a right to initiate the sale of one or more of the communities owned by the joint venture. If Nuveen elects to initiate such a sale process, the Company may exercise a right of first refusal to acquire Nuveen’s interest in the community or communities to be sold for a purchase price corresponding to the greater of the appraised value of such communities or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. The LLC Agreement between the Company and Nuveen provides that until the capital contributions to the joint venture are fully funded or the joint venture is terminated, the joint venture will be the exclusive vehicle for the Company to acquire any manufactured housing communities and/or recreational vehicle communities that meet the joint venture’s investment guidelines. These guidelines call for the joint venture to acquire manufactured housing and recreational vehicle communities that have been developed within the previous two years The LLC Agreement provides that Nuveen will have the right to remove and replace the Company as managing member of the joint venture and manager of the joint venture’s properties if the Company breaches certain obligations or certain events occur. Upon such removal, Nuveen may elect to buy out the Company’s interest in the joint venture at 98 The LLC Agreement requires the Company to offer Nuveen the opportunity to have the joint venture acquire a manufactured housing community or recreational vehicle community that meets the investment guidelines. If Nuveen decides not to acquire the community through the joint venture, however, the Company is free to purchase the community on its own outside of the joint venture. In December 2021, the joint venture closed on the acquisition of Sebring Square, a newly developed all-age, manufactured home community located in Sebring, Florida, for a total purchase price of $ 22.2 219 39 15.1 144 20 The Company and Nuveen are continuing to seek opportunities to acquire additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate additional acquisitions but will maintain its existing property portfolio, consisting of the Sebring Square and Rum Runner communities. While the terms and conditions of such new joint venture entities have not been fully negotiated, it is expected that invested capital would continue to be funded 60 40 References in this report to the Company’s joint venture with Nuveen are intended to refer to our ongoing relationship with Nuveen. The Company accounts for this joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”. |
OPPORTUNITY ZONE FUND
OPPORTUNITY ZONE FUND | 9 Months Ended |
Sep. 30, 2023 | |
Opportunity Zone Fund | |
OPPORTUNITY ZONE FUND | NOTE 6 - OPPORTUNITY ZONE FUND In July 2022, the Company invested $ 8.0 5.2 3.7 77 |
LOANS AND MORTGAGES PAYABLE AND
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS | NOTE 7 – LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS Unsecured Line of Credit On November 7, 2022, the Company entered into the Second Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. 75 100 400 500 Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and are equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%. On February 24, 2023, the Company amended its Facility to expand available borrowings from $ 100 180 100 7.27 Loans Payable The following is a summary of our loans payable as of September 30, 2023 and December 31, 2022 (in thousands) SCHEDULE OF LOANS PAYABLE 9/30/2023 12/31/2022 Amount Rate Amount Rate Margin Loan $ 0 N/A $ 0 N/A Unsecured line of credit 100,000 7.27 % 75,000 5.88 % Floorplan inventory financing 1,050 9.01 % 64,126 7.70 % FirstBank rental home financing 24,838 6.15 % 5,100 6.50 % OceanFirst notes receivable financing 20,000 8.50 % 10,000 7.50 % Total Loans Payable 145,888 7.26 % 154,226 6.76 % Unamortized debt issuance costs (1,265 ) (695 ) Loans Payable, net of unamortized debt issuance costs $ 144,623 7.32 % $ 153,531 6.79 % On March 9, 2023, the Company entered into a $ 30 0.25 5 On May 12, 2023, the Company entered into a $ 25 5 6.15 25 5 On July 19, 2023, the Company expanded its revolving line of credit with OceanFirst Bank from $ 20 35 4.75 June 1, 2025 Series A Bonds On February 6, 2022, the Company issued $ 102.7 4.72 98.7 4.72 February 28, 2027 1.25 Under the Deed of Trust, the Company has the right to redeem the 2027 Bonds, in whole or in part, at any time on or after 60 days from February 9, 2022, the date on which the 2027 Bonds were listed for trading on the Tel Aviv Stock Exchange (the “TASE”). Any such voluntary early redemption by the Company will require payment of the applicable early redemption amount calculated in accordance with the Deed of Trust. The Company does not currently intend to redeem the 2027 Bonds. Upon the occurrence of an event of default or certain other events, including a delisting of the 2027 Bonds by the TASE, the Company may be required to effect an early repayment or redemption of all or a portion of the 2027 Bonds at their par value plus accrued and unpaid interest. The Deed of Trust permits the Company, subject to certain conditions, to issue additional 2027 Bonds without obtaining approval of the holders of the 2027 Bonds. The 2027 Bonds are general unsecured obligations of the Company and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness. The Deed of Trust includes certain customary covenants, including financial covenants requiring the Company to maintain certain ratios of debt to net operating income, to shareholders’ equity and to earnings, and customary events of default. The 2027 Bonds were offered solely to investors outside the United States and were not offered to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act of 1933). Mortgages Payable The following is a summary of our mortgages payable as of September 30, 2023 and December 31, 2022 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 9/30/2023 12/31/2022 Amount Rate Amount Rate Fixed rate mortgages $ 446,280 3.88 % $ 513,709 3.93 % Unamortized debt issuance costs (4,116 ) (4,771 ) Mortgages Payable, net of unamortized debt issuance costs $ 442,164 3.92 % $ 508,938 3.97 % As of September 30, 2023 and December 31, 2022, the weighted average loan maturity of mortgages payable was 5.0 5.1 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 8 - SHAREHOLDERS’ EQUITY Common Stock On January 11, 2023, the Board of Directors approved an increase in the Company’s quarterly common stock dividend, raising it to $ 0.205 per share from $ 0.20 per share, representing a 2.5 % increase. Over the past three years the Company has increased the dividend by 14 %. On September 15, 2023, the Company paid total cash dividends of $ 13.4 0.205 647,000 0.205 December 15, 2023 November 15, 2023 During the nine months ended September 30, 2023, the Company received, including dividends reinvested of $ 2.0 6.8 452,000 On January 11, 2023, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorizes us to repurchase up to $ 25 Common Stock At-The-Market Sales Programs On March 7, 2022, the Company entered into an Equity Distribution Agreement (the “2022 Common ATM Program”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC and Janney Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company may offer and sell shares of the Company’s common stock, $ 0.10 150 2.1 16.77 35.6 35.1 On April 4, 2023, the Company entered into a new equity distribution agreement (the “2023 Common ATM Program”) with the Distribution Agents and terminated the 2022 Common ATM Program. Under the 2023 Common ATM Program, the Company may offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $ 150 5.6 15.78 88.8 86.9 Under both the 2022 Common ATM Program and the 2023 Common ATM Program, for the nine months ended September 30, 2023, a total of 7.8 16.05 124.4 122.0 As of September 30, 2023, $ 61.2 6.375% Series D Cumulative Redeemable Preferred Stock On September 15, 2023, the Company paid $ 4.4 0.3984375 6.375 0.10 25.00 1.59375 On October 2, 2023, the Company declared a dividend of $ 0.3984375 December 15, 2023 November 15, 2023 Preferred Stock At-The-Market Sales Programs On July 22, 2020, the Company entered into a Preferred Stock At-The-Market Sales Program (the “2020 Preferred ATM Program”) with B. Riley Securities, Inc., as distribution agent (“B. Riley”), 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 $ 100 126,000 22.25 2.8 On January 10, 2023, the Company entered into a new At Market Issuance Sales Agreement (the “2023 Preferred ATM Program”) with B. Riley and terminated the use of the 2020 Preferred ATM Program. Under the 2023 Preferred ATM Program, the Company may offer and sell shares of the Company’s Series D Preferred Stock, having an aggregate sales price of up to $ 100 2.0 21.99 44.8 44.0 Under both the 2020 Preferred ATM Program and the 2023 Preferred ATM Program, for the nine months ended September 30, 2023, a total of 2.2 22.01 47.6 46.8 As of September 30, 2023, $ 55.2 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 9 – STOCK BASED COMPENSATION 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 is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $ 1.0 4.0 1.6 3.9 On May 31, 2023, the shareholders approved the UMH Properties, Inc. 2023 Equity Incentive Award Plan (the “2023 Plan”), authorizing the grant of options, restricted stock or other stock-based awards to participants. The maximum number of shares available for grant under the 2023 Plan is 2.2 300,000 The 2023 Plan replaced the Company’s previous Amended and Restated 2013 Incentive Award Plan (the “A&R 2013 Plan”), which by its terms terminated with respect to new awards on June 13, 2023. Outstanding grants under the A&R 2013 Plan will continue to be subject to the terms of the A&R 2013 Plan. No future awards will be granted under the A&R 2013 Plan, except for those shares previously reserved for outstanding performance-based grants under the A&R 2013 Plan. On January 11, 2023, the Company awarded a total of 25,000 413,000 5 On January 11, 2023, the Company awarded a total of 7,488 124,000 On March 21, 2023, the Company awarded a total of 8,622 124,000 On March 21, 2023, the Company awarded a total of 98,500 shares of restricted stock to two employees under the A&R 2013 Plan, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $ 1.4 million. These grants vest ratably over 5 years. On March 21, 2023, the Company granted options to purchase 1.4 million shares of common stock to sixty-nine participants under the A&R 2013 Plan. The grant date fair value of these options amounted to $ 4.2 million. These grants vest ratably over five years . Compensation costs for grants issued to a participant who is of retirement age are recognized at the time of the grant. On June 14, 2023, the Company awarded a total of 7,641 shares of common stock to nine members of our Board of Directors under the 2023 Plan. The grant date fair value of these awards was $ 124,000 . On August 10, 2023, the Company issued a total of 146,572 On September 20, 2023, the Company awarded a total of 8,595 124,000 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the nine months ended September 30, 2023: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2023 Dividend yield 3.94 % Expected volatility 27.14 % Risk-free interest rate 3.59 % Expected lives 10 Estimated forfeitures 0 During the nine months ended September 30, 2023, thirteen participants exercised options to purchase a total of 71,000 10.34 734,000 418,000 20,000 As of September 30, 2023, there were options outstanding to purchase 4.8 2.7 2.2 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2023 and December 31, 2022 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2023: Marketable Securities - Preferred stock $ 484 $ 484 $ 0 $ 0 Marketable Securities - Common stock 27,132 27,132 0 0 Total $ 27,616 $ 27,616 $ 0 $ 0 As of December 31, 2022: Marketable Securities - Preferred stock $ 1,043 $ 1,043 $ 0 $ 0 Marketable Securities - Common stock 41,135 41,135 0 0 Total $ 42,178 $ 42,178 $ 0 $ 0 In addition to the Company’s investment in marketable securities at fair value, the Company is required to disclose certain information about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s marketable securities have quoted market prices. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates. The fair value of cash and cash equivalents and notes receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of September 30, 2023, the estimated fair value of fixed rate mortgages payable amounted to $ 422.5 446.3 |
CONTINGENCIES, COMMITMENTS AND
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS | NOTE 11 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation will have a material adverse effect on the financial position or results of operations. The Company had an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage provided financing for home purchasers in the Company’s communities. The Company did not receive referral fees or other cash compensation under the agreement. If 21st Mortgage made loans to purchasers and those purchasers defaulted on their loans and 21st Mortgage repossessed the homes securing such loans, the Company agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80 95 2.4 55 100 740,000 st The Company entered into a Manufactured Home Retailer Agreement (the “MHRA”) with 21 st st st st 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 $ 70.3 The Company and one of its subsidiaries are parties to a Limited Liability Company Agreement dated as of December 8, 2021 with an affiliate of Nuveen, which governs the joint venture between the Company and Nuveen. The LLC Agreement provides for the parties to initially fund up to $ 70 24 100 four years 40 60 60 40 On July 26, 2023, the Company entered into an agreement to purchase two manufactured home communities, located in Maryland, for approximately $ 12.5 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the nine months ended September 30, 2023 and 2022 was $ 27.2 18.7 4.1 1.3 During the nine months ended September 30, 2023 and 2022, the Company had Dividend Reinvestments of $ 2.0 2.1 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13– 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. Since October 1, 2023, the Company issued and sold an additional 190,000 13.98 2.7 2.6 58.6 Since October 1, 2023, the Company issued and sold an additional 44,000 21.08 931,000 916,000 54.2 On October 13, 2023, the Company paid down $ 10 |
PROFORMA FINANCIAL INFORMATION
PROFORMA FINANCIAL INFORMATION (UNAUDITED) | 9 Months Ended |
Sep. 30, 2023 | |
Proforma Financial Information | |
PROFORMA FINANCIAL INFORMATION (UNAUDITED) | NOTE 14 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2022 and 2023. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect to certain adjustments including: (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions; and (d) depreciation expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in thousands) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 9/30/23 9/30/22 9/30/23 9/30/22 Three Months Ended Nine Months Ended 9/30/23 9/30/22 9/30/23 9/30/22 Rental and Related Income $ 48,135 $ 43,642 $ 140,503 $ 129,708 Community Operating Expenses 20,673 19,472 60,796 57,575 Net Loss Attributable to (5,831 ) (10,062 ) (15,561 ) (39,986 ) Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.09 ) $ (0.18 ) $ (0.25 ) $ (0.74 ) |
ORGANIZATION AND ACCOUNTING P_2
ORGANIZATION AND ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. |
Reclassifications | Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. |
Investment in Joint Venture | Investment in Joint Venture The Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance with Accounting Standards Codification (“ASC”) 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement. The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors that are considered in evaluation of the existence of impairment indicators (See Note 5). |
Leases | Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2023 and December 31, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.4 3.6 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT 2023 $ 115 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,366 The weighted average remaining lease term for these leases is 161 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 presents 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 9/30/23 12/31/22 9/30/22 12/31/21 Cash and Cash Equivalents $ 38,646 $ 29,785 $ 62,512 $ 116,175 Restricted Cash 6,924 11,091 8,585 8,851 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 |
Revenue Recognition | Revenue Recognition We account for our Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 842. Revenue from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. |
Notes Receivables | Notes Receivables We account for our receivables in accordance with 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 forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. As of September 30, 2023 and December 31, 2022, the Company had notes receivable of $ 74.1 63.0 1.5 1.3 |
Other Recent Accounting Pronouncements | Other Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
ORGANIZATION AND ACCOUNTING P_3
ORGANIZATION AND ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT | Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT 2023 $ 115 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,366 |
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | The following table presents 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 9/30/23 12/31/22 9/30/22 12/31/21 Cash and Cash Equivalents $ 38,646 $ 29,785 $ 62,512 $ 116,175 Restricted Cash 6,924 11,091 8,585 8,851 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 Cash, Cash Equivalents And Restricted Cash $ 45,570 $ 40,876 $ 71,097 $ 125,026 |
INVESTMENT PROPERTY AND EQUIP_2
INVESTMENT PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED | SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 234 Depreciable Property 3,445 Total Assets Acquired $ 3,679 |
LOANS AND MORTGAGES PAYABLE A_2
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS PAYABLE | The following is a summary of our loans payable as of September 30, 2023 and December 31, 2022 (in thousands) SCHEDULE OF LOANS PAYABLE 9/30/2023 12/31/2022 Amount Rate Amount Rate Margin Loan $ 0 N/A $ 0 N/A Unsecured line of credit 100,000 7.27 % 75,000 5.88 % Floorplan inventory financing 1,050 9.01 % 64,126 7.70 % FirstBank rental home financing 24,838 6.15 % 5,100 6.50 % OceanFirst notes receivable financing 20,000 8.50 % 10,000 7.50 % Total Loans Payable 145,888 7.26 % 154,226 6.76 % Unamortized debt issuance costs (1,265 ) (695 ) Loans Payable, net of unamortized debt issuance costs $ 144,623 7.32 % $ 153,531 6.79 % |
SCHEDULE OF MORTGAGES PAYABLE | The following is a summary of our mortgages payable as of September 30, 2023 and December 31, 2022 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 9/30/2023 12/31/2022 Amount Rate Amount Rate Fixed rate mortgages $ 446,280 3.88 % $ 513,709 3.93 % Unamortized debt issuance costs (4,116 ) (4,771 ) Mortgages Payable, net of unamortized debt issuance costs $ 442,164 3.92 % $ 508,938 3.97 % |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the nine months ended September 30, 2023: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2023 Dividend yield 3.94 % Expected volatility 27.14 % Risk-free interest rate 3.59 % Expected lives 10 Estimated forfeitures 0 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS | In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2023 and December 31, 2022 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2023: Marketable Securities - Preferred stock $ 484 $ 484 $ 0 $ 0 Marketable Securities - Common stock 27,132 27,132 0 0 Total $ 27,616 $ 27,616 $ 0 $ 0 As of December 31, 2022: Marketable Securities - Preferred stock $ 1,043 $ 1,043 $ 0 $ 0 Marketable Securities - Common stock 41,135 41,135 0 0 Total $ 42,178 $ 42,178 $ 0 $ 0 |
PROFORMA FINANCIAL INFORMATIO_2
PROFORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Proforma Financial Information | |
SUMMARY OF PRO FORMA FINANCIAL INFORMATION | The following unaudited pro forma condensed financial information reflects the acquisitions during 2022 and 2023. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect to certain adjustments including: (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions; and (d) depreciation expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in thousands) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 9/30/23 9/30/22 9/30/23 9/30/22 Three Months Ended Nine Months Ended 9/30/23 9/30/22 9/30/23 9/30/22 Rental and Related Income $ 48,135 $ 43,642 $ 140,503 $ 129,708 Community Operating Expenses 20,673 19,472 60,796 57,575 Net Loss Attributable to (5,831 ) (10,062 ) (15,561 ) (39,986 ) Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.09 ) $ (0.18 ) $ (0.25 ) $ (0.74 ) |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Accounting Policies [Abstract] | |
2023 | $ 115 |
2024 | 460 |
2025 | 460 |
2026 | 460 |
2027 | 257 |
Thereafter | 18,614 |
Total Lease Payments | $ 20,366 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 38,646 | $ 29,785 | $ 62,512 | $ 116,175 |
Restricted Cash | 6,924 | 11,091 | 8,585 | 8,851 |
Cash, Cash Equivalents And Restricted Cash | $ 45,570 | $ 40,876 | $ 71,097 | $ 125,026 |
ORGANIZATION AND ACCOUNTING P_4
ORGANIZATION AND ACCOUNTING POLICIES (Details Narrative) $ in Millions | Sep. 30, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) |
Operating lease liabilities | $ 3.4 | $ 3.6 |
Weighted average remaining lease term | 161 years | |
Operating lease, weighted average discount rate, percent | 5% | |
Notes receivable | $ 74.1 | 63 |
Fair value adjustment of notes receivable | $ 1.5 | $ 1.3 |
Real Estate Investment Trusts [Member] | ||
Number of manufacture home communities | Integer | 135 | |
Number of developed home sites own and operates | Integer | 25,800 |
NET INCOME (LOSS) PER SHARE (De
NET INCOME (LOSS) PER SHARE (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock Equivalents [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 478,000 | 728,000 | 655,000 | 956,000 |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Real Estate [Abstract] | |
Land | $ 234 |
Depreciable Property | 3,445 |
Total Assets Acquired | $ 3,679 |
INVESTMENT PROPERTY AND EQUIP_3
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative) | 9 Months Ended | ||
Jan. 19, 2023 USD ($) a Integer | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Payments to acquire real estate | $ 3,679,000 | $ 44,684,000 | |
Transaction costs | $ 29,000 | ||
Mighty Oak [Member] | Albany, Georgia [Member] | |||
Payments to acquire real estate | $ 3,700,000 | ||
Number of developed homesites | Integer | 118 | ||
Area of land | a | 26 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Available marketable securities | $ 27.6 | $ 27.6 |
Percentage of undepreciated assets | 1.50% | |
Decrease in fair value of marketable securities | $ 5.5 | $ 10.4 |
Real Estate Investment Trusts [Member] | ||
Unrealized losses | $ 46.6 |
INVESTMENT IN JOINT VENTURE (De
INVESTMENT IN JOINT VENTURE (Details Narrative) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Dec. 23, 2022 USD ($) a Integer | Dec. 08, 2021 USD ($) | Dec. 31, 2021 USD ($) a Integer | Sep. 30, 2023 | |
Committed capital percent by related party | 40% | 40% | ||
LLC Agreement [Member] | ||||
Pro rata interest percentage | 70% | |||
Nuveen Global Investments LLC [Member] | ||||
Investment company internal rate, description | In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. | |||
Percentage of share elect to buy out in joint venture | 98% | |||
Payments to acquire productive assets | $ 15.1 | $ 22.2 | ||
Nuveen Global Investments LLC [Member] | Sebring Square [Member] | ||||
Number of developed homesites | Integer | 219 | |||
Area of Land | a | 39 | |||
Nuveen Global Investments LLC [Member] | Rum Runner [Member] | ||||
Number of developed homesites | Integer | 144 | |||
Area of Land | a | 20 | |||
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | ||||
Payments to Acquire Businesses, Gross | $ 70 | |||
Initial commitment period for acquisitions | 24 months | |||
Additional increase in total commitments | $ 100 | |||
Extention for commitment period | 4 years | |||
Committed capital percent by related party | 60% | 60% | ||
Unlevered internal rate of return, percentage | 7.50% | |||
Allocated pro rata interest percentage | 80% | |||
Pro rata interest percentage | 30% | |||
Remaining promote percentage | 20% | |||
Consummate promote period | 7 years | |||
Joint venture to acquired manufactured housing and recreational vehicle communities | 2 years |
OPPORTUNITY ZONE FUND (Details
OPPORTUNITY ZONE FUND (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jan. 19, 2023 | Aug. 10, 2022 | Jul. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Payments to acquire real estate | $ 3,679 | $ 44,684 | |||
OZ Fund [Member] | |||||
Investment | 77% | ||||
Garden View [Member] | Orangeburg, South Carolina [Member] | |||||
Payments to acquire real estate | $ 5,200 | ||||
Mighty Oak [Member] | Albany, Georgia [Member] | |||||
Payments to acquire real estate | $ 3,700 | ||||
UMH OZ Fund, LLC [Member] | |||||
Payment for investments | $ 8,000 |
SCHEDULE OF LOANS PAYABLE (Deta
SCHEDULE OF LOANS PAYABLE (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 145,888 | $ 154,226 |
Debt instrument, interest rate | 7.26% | 6.76% |
Unamortized debt issuance costs | $ (1,265) | $ (695) |
Loans Payable, net of unamortized debt issuance costs | $ 144,623 | $ 153,531 |
Loans payable, net of unamortized debt issuance costs percentage | 7.32% | 6.79% |
Margin Line [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 0 | $ 0 |
Unsecured Line of Credit [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 100,000 | $ 75,000 |
Debt instrument, interest rate | 7.27% | 5.88% |
Floorplan Inventory Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 1,050 | $ 64,126 |
Debt instrument, interest rate | 9.01% | 7.70% |
FirstBank Rental Home Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 24,838 | $ 5,100 |
Debt instrument, interest rate | 6.15% | 6.50% |
OceanFirst Notes Receivable Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 20,000 | $ 10,000 |
Debt instrument, interest rate | 8.50% | 7.50% |
SCHEDULE OF MORTGAGES PAYABLE (
SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Fixed rate mortgages | $ 446,280 | $ 513,709 |
Mortgages percentage | 3.88% | 3.93% |
Unamortized debt issuance costs | $ (4,116) | $ (4,771) |
Mortgages, net of unamortized debt issuance costs | $ 442,164 | $ 508,938 |
Mortgages, net of unamortized debt issuance costs percentage | 3.92% | 3.97% |
LOANS AND MORTGAGES PAYABLE A_3
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Details Narrative) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||||||||
Jul. 19, 2023 | May 12, 2023 | Mar. 09, 2023 | Nov. 07, 2022 | Feb. 06, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 18, 2023 | Feb. 24, 2023 | Feb. 23, 2023 | Nov. 06, 2022 | |
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 7.26% | 6.76% | |||||||||
Weighted average loan maturity | 5 years | 5 years 1 month 6 days | |||||||||
Series A Bonds [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument maturity date | Feb. 28, 2027 | ||||||||||
Sale of stock number of value issued in transaction | $ 102.7 | ||||||||||
Debt instrument interest rate stated percentage | 4.72% | ||||||||||
Sale of stock consideration received on transaction | $ 98.7 | ||||||||||
First Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 6.15% | ||||||||||
Term loan | $ 25 | ||||||||||
Loan Maturity | 5 years | ||||||||||
Maximum [Member] | Series A Bonds [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument interest rate stated percentage | 1.25% | ||||||||||
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Revolving line of credit | $ 30 | ||||||||||
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 5% | ||||||||||
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] | Prime Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 0.25% | ||||||||||
Ocean First Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Revolving line of credit | $ 35 | $ 20 | |||||||||
Debt instrument maturity date | Jun. 01, 2025 | ||||||||||
Ocean First Bank [Member] | Prime Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate | 4.75% | ||||||||||
Unsecured Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, available borrowings | $ 180 | $ 100 | |||||||||
Line of credit | $ 100 | ||||||||||
Interest rate | 7.27% | 5.88% | |||||||||
Unsecured Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, borrowing capacity, description | The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. | ||||||||||
Line of credit facility, available borrowings | $ 100 | $ 75 | |||||||||
Line of credit accordion feature | 400 | ||||||||||
Revolving line of credit | $ 500 | ||||||||||
Line of credit facility, description | Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and are equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%. | ||||||||||
New Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit | $ 25 | ||||||||||
New Line of Credit [Member] | Prime Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Loan Maturity | 5 years |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Oct. 02, 2023 | Sep. 15, 2023 | Sep. 15, 2023 | Aug. 15, 2023 | Apr. 04, 2023 | Jan. 11, 2023 | Jan. 10, 2023 | Mar. 07, 2022 | Jul. 22, 2020 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Percentage of incease in common stock dividend | 14% | |||||||||||||||||
Dividends paid | $ 13,400,000 | |||||||||||||||||
Dividend paid price per share | $ 0.205 | |||||||||||||||||
Proceed from dividend reinvestment and stock purchase plan (DRIP) | $ 2,000,000 | $ 2,100,000 | ||||||||||||||||
Common stock par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||
Common stock availible for sale value | $ 4,807,000 | $ 3,210,000 | ||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Preferred stock par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Preferred stock available for sale value | $ 55,200,000 | $ 55,200,000 | ||||||||||||||||
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | BRiley Securities Inc [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 2,000,000 | |||||||||||||||||
Sale of stock, price per share | $ 21.99 | $ 21.99 | ||||||||||||||||
Net proceeds from sale of equity after offering expenses | $ 44,000,000 | |||||||||||||||||
Gross proceeds from sale of equity after offering expenses | $ 44,800,000 | |||||||||||||||||
Maximum [Member] | 2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | BRiley Securities Inc [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Preferred stock available for sale value | $ 100,000,000 | |||||||||||||||||
DRIP [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Shares issued during the period for DRIP | 452,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Proceed from dividend reinvestment and stock purchase plan (DRIP) | $ 6,800,000 | |||||||||||||||||
Shares issued during the period for DRIP | 137,000 | 151,000 | 164,000 | 130,000 | 78,000 | 72,000 | ||||||||||||
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common stock par value | $ 0.10 | |||||||||||||||||
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common stock availible for sale value | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Dividend paid price per share | $ 0.205 | |||||||||||||||||
Dividend payable date of record | Dec. 15, 2023 | |||||||||||||||||
Divided date of record | Nov. 15, 2023 | |||||||||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Dividends paid | $ 4,400,000 | |||||||||||||||||
Dividend paid price per share | $ 0.3984375 | |||||||||||||||||
Dividend rate declared | 6.375% | |||||||||||||||||
Liquidation preference, per share | $ 25 | 25 | ||||||||||||||||
Annual rate of dividend | 1.59375 | |||||||||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Series D Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Preferred stock par value | $ 0.10 | $ 0.10 | ||||||||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Divided date of record | Nov. 15, 2023 | |||||||||||||||||
Dividend paid price per share | $ 0.3984375 | |||||||||||||||||
Dividend payable date | Dec. 15, 2023 | |||||||||||||||||
Stock Purchase Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Reinvestment of dividend | $ 647,000 | $ 2,000,000 | ||||||||||||||||
Common Stock Repurchase Program [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Authorized stock repurchase, value | $ 25,000,000 | |||||||||||||||||
2022 Common ATM Program [Member] | 2022 Distribution Agents [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 2,100,000 | |||||||||||||||||
Sale of stock, price per share | $ 16.77 | $ 16.77 | ||||||||||||||||
Gross proceeds from sale of equity | $ 35,600,000 | |||||||||||||||||
Net proceeds from sale of equity after offering expenses | $ 35,100,000 | |||||||||||||||||
2023 Common ATM Program [Member] | 2023 Distribution Agents [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 5,600,000 | |||||||||||||||||
Sale of stock, price per share | $ 15.78 | $ 15.78 | ||||||||||||||||
Gross proceeds from sale of equity | $ 88,800,000 | |||||||||||||||||
Net proceeds from sale of equity after offering expenses | 86,900,000 | |||||||||||||||||
Common stock available for sale value | $ 61,200,000 | $ 61,200,000 | ||||||||||||||||
2023 and 2023 Common ATM Program [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 7,800,000 | |||||||||||||||||
Sale of stock, price per share | $ 16.05 | $ 16.05 | ||||||||||||||||
Gross proceeds from sale of equity | $ 124,400,000 | |||||||||||||||||
Net proceeds from sale of equity after offering expenses | $ 122,000,000 | |||||||||||||||||
2020 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 126,000 | |||||||||||||||||
Sale of stock, price per share | 22.25 | $ 22.25 | ||||||||||||||||
Net proceeds from sale of equity after offering expenses | $ 2,800,000 | |||||||||||||||||
Gross proceeds from sale of equity after offering expenses | $ 2,800,000 | |||||||||||||||||
2020 Preferred ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Preferred stock available for sale value | $ 100,000,000 | |||||||||||||||||
2020 and 2023 Common ATM Program [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Number of shares issued in transaction | 2,200,000 | |||||||||||||||||
Sale of stock, price per share | $ 22.01 | $ 22.01 | ||||||||||||||||
Gross proceeds from sale of equity | $ 47,600,000 | |||||||||||||||||
Net proceeds from sale of equity after offering expenses | $ 46,800,000 | |||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Dividends Payable, Amount Per Share | $ 0.205 | |||||||||||||||||
Share Price | $ 0.20 | |||||||||||||||||
Percentage of incease in common stock dividend | 2.50% |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Dividend yield | 3.94% |
Expected volatility | 27.14% |
Risk-free interest rate | 3.59% |
Expected lives | 10 years |
Estimated forfeitures | $ 0 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 20, 2023 | Aug. 10, 2023 | Jun. 14, 2023 | Mar. 21, 2023 | Jan. 11, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Compensation costs | $ 1,000,000 | $ 1,600,000 | $ 4,000,000 | $ 3,900,000 | |||||||||
Shares available for grant | 2,200,000 | 2,200,000 | |||||||||||
Number of restricted stock award, value | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | |||||||
Common stock issued through stock options | $ 184,000 | $ 413,000 | $ 137,000 | $ 982,000 | $ 2,220,000 | $ 993,000 | |||||||
Options expired | 20,000 | ||||||||||||
Options outstanding | 4,800,000 | 4,800,000 | |||||||||||
Aggregate intrinsic value | $ 2,700,000 | $ 2,700,000 | |||||||||||
Five Employees [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Number of restricted stock award | 25,000 | ||||||||||||
Number of restricted stock award, value | $ 413,000 | ||||||||||||
Grants vest term | 5 years | ||||||||||||
Number of common stock award | 146,572 | ||||||||||||
Nine Members of Board of Directors [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Number of common stock award | 8,595 | 7,641 | 8,622 | 7,488 | |||||||||
Fair value of common stock awards | $ 124,000 | $ 124,000 | $ 124,000 | $ 124,000 | |||||||||
Two Employees [Member] | Employment Agreements [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Number of restricted stock award | 98,500 | ||||||||||||
Number of restricted stock award, value | $ 1,400,000 | ||||||||||||
Grants vest term | 5 years | ||||||||||||
Thirteen Participants [Member] | Stock Options [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Common stock issued through stock options, shares | 71,000 | ||||||||||||
Weighted-average exercise price | $ 10.34 | ||||||||||||
Common stock issued through stock options | $ 734,000 | ||||||||||||
Aggregate intrinsic value of options exercised | $ 418,000 | ||||||||||||
2023 Equity Incentive Award Plan [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Shares granted | 300,000 | ||||||||||||
Amended and Restated 2023 Incentive Award Plan [Member] | Sixty Nine Participants [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||
Grants vest term | 5 years | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,400,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 4,200,000 |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 27,616 | $ 42,178 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 27,616 | 42,178 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 27,616 | 42,178 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 484 | 1,043 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 484 | 1,043 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 27,132 | 41,135 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 27,132 | 41,135 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions | Sep. 30, 2023 USD ($) |
Fair Value Disclosures [Abstract] | |
Estimate fair value of fixed rate mortgages payable | $ 422.5 |
Carrying value of fixed rate mortgages payable | $ 446.3 |
CONTINGENCIES, COMMITMENTS AN_2
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS (Details Narrative) - USD ($) | 9 Months Ended | |||
Jul. 26, 2023 | Dec. 08, 2021 | Sep. 30, 2023 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||||
Committed capital percent by related party | 40% | 40% | ||
Aggregate value of two home communities | $ 12,500,000 | |||
21st Mortgage Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Investment owned balance, principal amount | $ 2,400,000 | |||
Investment owned, balance | 740,000 | |||
Notes and other receivables | $ 70,300,000 | |||
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Initial total commitments | $ 70,000,000 | |||
Initial commitment period for acquisitions | 24 months | |||
Additional increase in total commitments | $ 100,000,000 | |||
Extention for commitment period | 4 years | |||
Committed capital percent by related party | 60% | 60% | ||
Minimum [Member] | 21st Mortgage Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Range of purchase price repossessed | 80% | |||
Minimum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member] | ||||
Loss Contingencies [Line Items] | ||||
Range of purchase price repossessed | 55% | |||
Maximum [Member] | 21st Mortgage Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Range of purchase price repossessed | 95% | |||
Maximum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member] | ||||
Loss Contingencies [Line Items] | ||||
Range of purchase price repossessed | 100% |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 27.2 | $ 18.7 |
Interest cost capitalized to land development | 4.1 | 1.3 |
Reinvestment of dividends | $ 2 | $ 2.1 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | Oct. 13, 2023 | Oct. 01, 2023 | Nov. 01, 2023 |
Subsequent Event [Line Items] | |||
Line of credit, paid down | $ 10,000,000 | ||
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued in transaction | 44,000 | ||
Sale of stock, price per share | $ 21.08 | ||
Gross proceeds from sale of equity | $ 931,000 | ||
Common stock available for sale value | $ 54,200,000 | ||
Net proceeds from sale of equity | $ 916,000 | ||
2023 Preferred ATM Program [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued in transaction | 190,000 | ||
Sale of stock, price per share | $ 13.98 | ||
Gross proceeds from sale of equity | $ 2,700,000 | ||
Net proceeds from sale of equity after offering expenses | $ 2,600,000 | ||
Common stock available for sale value | $ 58,600,000 |
SUMMARY OF PRO FORMA FINANCIAL
SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proforma Financial Information | ||||
Rental and Related Income | $ 48,135 | $ 43,642 | $ 140,503 | $ 129,708 |
Community Operating Expenses | 20,673 | 19,472 | 60,796 | 57,575 |
Net Loss Attributable to Common Shareholders | $ (5,831) | $ (10,062) | $ (15,561) | $ (39,986) |
Net Loss Attributable to Common Shareholders per Share - Basic | $ (0.09) | $ (0.18) | $ (0.25) | $ (0.74) |
Net Loss Attributable to Common Shareholders per Share - Diluted | $ (0.09) | $ (0.18) | $ (0.25) | $ (0.74) |