Acquisitions and Disposals

12 Months Ended

Dec. 31, 2021

Acquisitions and Disposals [Abstract]

ACQUISITIONS AND DISPOSALS

NOTE 5 – ACQUISITIONS AND DISPOSALS

During the years ended December 31, 2021 and 2020, the Company acquired twenty-four and two communities, respectively. These were acquisitions from third parties and have been accounted for as asset acquisitions. The mobile homes in the communities indicated “Gvest” were acquired by the Company’s VIEs - Gvest Finance LLC, Gvest Homes I LLC, Gvest Anderson Homes LLC, Gvest Capital View Homes LLC, Gvest Hidden Oaks Homes LLC and Gvest Carolinas 4 Homes LLC - and are included in consolidation. The homes in the Countryside community were sold by the Company to Gvest Finance LLC during the year ended December 31, 2020.

Acquisition Date	Name (number of communities)	Land		Improvements			Building		Total Purchase Price
March 2020	Countryside MHP	$	152,880	$	3,194,245		$	352,875	$	3,700,000
March 2020	Evergreen MHP		340,000		1,111,000			-		1,451,000
	Total Purchase Price	$	492,880	$	4,305,245		$	352,875	$	5,151,000
March 2021	Golden Isles MHP	$	1,050,000	$	487,500		$	-	$	1,537,500
March 2021	Golden Isles Gvest		-		-			787,500		787,500
July 2021	Anderson MHP (10)		2,310,000		763,417(a	)		120,390		3,193,807
July 2021	Anderson Gvest		-		-			2,006,193		2,006,193
September 2021	Capital View MHP		350,000		757,064			-		1,107,064
September 2021	Capital View Gvest		-		-			342,936		342,936
September 2021	Hidden Oaks MHP		290,000		843,440			-		1,133,440
September 2021	Hidden Oaks Gvest		-		-			416,560		416,560
October 2021	North Raleigh MHP (5)		1,613,828		4,505,268			1,330,904		7,450,000
December 2021	Dixie MHP		59,133		658,351			32,516		750,000
December 2021	Driftwood MHP		53,453		352,163			19,384		425,000
December 2021	Meadowbrook MHP		410,421		781,379			133,200		1,325,000
December 2021	Asheboro MHP (2)		723,778		1,411,726			-		2,135,504
December 2021	Asheboro Gvest		-		-			614,496		614,496
December 2021	Morganton MHP		223,542		1,846,024			-		2,069,566
December 2021	Morganton Gvest		-		-			680,434		680,434
	Total Purchase Price	$	7,084,155	$	12,406,332		$	6,484,513	$	25,975,000
	Acquisition Costs		-		474,568			7,213		481,781
	Total Investment Property	$	7,084,155	$	12,880,900		$	6,491,726	$	26,456,781

(a) Anderson MHP LLC also purchased vehicles and equipment totaling $156,465 which is included in the improvements column above.

Butternut Sale

During the year ended December 31, 2020, the Company sold the Butternut manufactured housing community for a total sale price of $2,100,000. The cost net of accumulated depreciation of the community at the time of the sale was $1,338,022. The Company wrote off mortgage costs of $109,529 which is included in refinancing costs on the consolidated statement of operations. The Company recognized a gain on the sale of the property of $761,978 during the year ended December 31, 2020.

Pro-forma Financial Information (unaudited)

The following unaudited pro-forma information presents the combined results of operations for the years ended December 31, 2021 and 2020 as if the 2021 and 2020 acquisitions and disposition of manufactured housing communities listed above, the sale of mobile homes within the ARC, Crestview, Countryside, and Maple communities in December 2020 to Gvest Finance LLC and Gvest Homes I LLC, and the acquisition of the Sunnyland community in January 2022 had occurred on January 1, 2020.

	Unaudited
	For the Years Ended December 31,
	2021			2020
Total revenue	$	11,767,812		$	11,069,625
Total community operating expenses		4,220,200			4,133,478
Corporate payroll and overhead		3,013,810			1,581,807
Depreciation expense		3,181,404			3,068,380
Interest expense		3,102,659			3,021,533
Gain on sale of property		-			761,978
Other income		139,300			-
Net income (loss)	$	(1,610,961	)	$	26,405
Net loss attributable to non-controlling interest		(611,571	)		(349,943	)
Net income (loss) attributable to Manufactured Housing Properties, Inc.		(999,390	)		376,348
Preferred stock dividends / accretion		2,175,472			1,850,860
Net loss	$	(3,174,862	)	$	(1,474,513	)
Net loss per share	$	(0.24	)	$	(0.11	)