0001493152-16-009549.txt : 20160509 0001493152-16-009549.hdr.sgml : 20160509 20160509162322 ACCESSION NUMBER: 0001493152-16-009549 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160509 DATE AS OF CHANGE: 20160509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UMH PROPERTIES, INC. CENTRAL INDEX KEY: 0000752642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221890929 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12690 FILM NUMBER: 161631994 BUSINESS ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 BUSINESS PHONE: 7325779997 MAIL ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 FORMER COMPANY: FORMER CONFORMED NAME: UNITED MOBILE HOMES INC DATE OF NAME CHANGE: 19920703 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the quarterly period ended March 31, 2016
   
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to ___________

 

Commission File Number 001-12690

 

UMH PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

Maryland   22-1890929
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   identification number)

 

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ   07728
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code (732) 577-9997

 

 
(Former name, former address and former fiscal year, if changed since last report.)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer [  ]   Accelerated filer [X]
Non-accelerated filer [  ]   Smaller reporting company [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes [  ] No [X]

 

Indicate the number of shares outstanding of each issuer’s class of common stock, as of the latest practicable date:

 

Class   Outstanding Common Shares as of May 2, 2016
Common Stock, $.10 par value per share   27,229,955

 

 

 

 
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

 

FORM 10-Q

 

FOR THE QUARTER ENDED MARCH 31, 2016

 

CONTENTS

 

    Page No.
PART I - FINANCIAL INFORMATION  
   
Item 1 - Financial Statements (Unaudited)  
  Consolidated Balance Sheets 3
  Consolidated Statements of Income (Loss) 5
  Consolidated Statements of Comprehensive Income (Loss) 7
  Consolidated Statements of Cash Flows 8
  Notes To Consolidated Financial Statements 9
     
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
   
Item 3 – Quantitative and Qualitative Disclosures About Market Risk 29
   
Item 4 – Controls And Procedures 29
   
PART II – OTHER INFORMATION
     
  Item 1 – Legal Proceedings 30
     
  Item 1A – Risk Factors 30
     
  Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 30
     
  Item 3 – Defaults Upon Senior Securities 30
     
  Item 4 – Mine Safety Disclosures 30
     
  Item 5 – Other Information 30
     
  Item 6 – Exhibits 30
     
SIGNATURES 32

 

2
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1 – FINANCIAL STATEMENTS

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2016 AND DECEMBER 31, 2015

 

   March 31, 2016   December 31, 2015 
   (Unaudited)     
         
- ASSETS -          
Investment Property and Equipment          
Land  $45,476,314   $45,477,814 
Site and Land Improvements   379,118,124    377,215,400 
Buildings and Improvements   20,337,939    20,307,097 
Rental Homes and Accessories   142,423,405    134,708,763 
Total Investment Property   587,355,782    577,709,074 
Equipment and Vehicles   14,072,224    13,697,460 
Total Investment Property and Equipment   601,428,006    591,406,534 
Accumulated Depreciation   (123,124,324)   (117,761,146)
Net Investment Property and Equipment   478,303,682    473,645,388 
           
Other Assets          
Cash and Cash Equivalents   7,914,718    6,535,897 
Securities Available for Sale at Fair Value   91,396,472    75,011,260 
Inventory of Manufactured Homes   15,393,496    14,311,410 
Notes and Other Receivables, net   19,183,127    20,028,574 
Prepaid Expenses and Other Assets   4,378,732    4,062,813 
Land Development Costs   7,469,723    6,722,048 
Total Other Assets   145,736,268    126,672,002 
           
TOTAL ASSETS  $624,039,950   $600,317,390 

 

See Accompanying Notes to Consolidated Financial Statements

 

3
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS – CONTINUED

AS OF MARCH 31, 2016 AND DECEMBER 31, 2015

 

   March 31, 2016   December 31, 2015 
   (Unaudited)     
         
- LIABILITIES AND SHAREHOLDERS’ EQUITY -          
Liabilities:          
Mortgages Payable, net of unamortized debt issuance costs  $288,642,636   $283,049,802 
           
Other Liabilities:          
Accounts Payable   3,537,169    2,816,290 
Loans Payable, net of unamortized debt issuance costs   71,953,154    57,862,206 
Accrued Liabilities and Deposits   6,471,281    6,696,577 
Tenant Security Deposits   3,883,310    3,654,090 
Total Other Liabilities   85,844,914    71,029,163 
Total Liabilities   374,487,550    354,078,965 
           
Commitments and Contingencies          
           
Shareholders’ Equity:          
Series A – 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 3,663,800 shares authorized, issued and outstanding as of March 31, 2016 and December 31, 2015, respectively   91,595,000    91,595,000 
Series B – 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 2,000,000 shares authorized, 1,801,200 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively   45,030,000    45,030,000 
Common Stock - $0.10 par value per share; 62,000,000 shares authorized, 27,175,848 and 27,086,838 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively   2,717,585    2,708,684 
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized, no shares issued or outstanding as of March 31, 2016 and December 31, 2015, respectively   -0-    -0- 
Additional Paid-In Capital   104,444,675    109,629,260 
Accumulated Other Comprehensive Income (Loss)   6,432,933    (2,056,726)
Accumulated Deficit   (667,793)   (667,793)
Total Shareholders’ Equity   249,552,400    246,238,425 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $624,039,950   $600,317,390 

 

See Accompanying Notes to Consolidated Financial Statements

 

4
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 31, 2016 AND 2015

 

   THREE MONTHS ENDED 
   2016   2015 
         
INCOME:          
Rental and Related Income  $21,786,180   $17,215,686 
Sales of Manufactured Homes   1,718,194    1,128,400 
Total Income   23,504,374    18,344,086 
           
EXPENSES:          
Community Operating Expenses   10,555,938    8,812,489 
Cost of Sales of Manufactured Homes   1,313,928    880,670 
Selling Expenses   783,752    685,539 
General and Administrative Expenses   1,696,922    1,656,700 
Acquisition Costs   -0-    106,131 
Depreciation Expense   5,525,842    4,228,274 
Total Expenses    19,876,382    16,369,803 
           
OTHER INCOME (EXPENSE):          
Interest Income   408,876    478,333 
Dividend Income   1,455,535    1,094,778 
Gain on Sales of Securities Transactions, net   232,005    58,200 
Other Income   93,450    49,864 
Interest Expense   (3,933,477)   (2,941,654)
Total Other Income (Expense)   (1,743,611)   (1,260,479)
           
Income before Gain on Sales of Investment Property and Equipment   1,884,381    713,804 
Gain on Sales of Investment Property and Equipment   22,088    4,713 
Net Income   1,906,469    718,517 
Less: Preferred Dividends   2,789,747    1,889,147 
Net Loss Attributable to Common Shareholders  $(883,278)  $(1,170,630)

 

See Accompanying Notes to Consolidated Financial Statements

 

5
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) – CONTINUED (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 31, 2016 AND 2015

 

   THREE MONTHS ENDED 
   2016   2015 
         
Basic Income Per Share:          
           
Net Income  $0.07   $0.03 
Less: Preferred Dividends   0.10    0.08 
           
Net Loss Attributable to Common Shareholders  $(0.03)  $(0.05)
           
Diluted Income Per Share:          
           
Net Income  $0.07   $0.03 
Less: Preferred Dividends   0.10    0.08 
           
Net Loss Attributable to Common Shareholders  $(0.03)  $(0.05)
           
Weighted Average Common Shares Outstanding:          
           
Basic   27,117,889    24,796,898 
Diluted   27,161,110    24,840,565 

 

See Accompanying Notes to Consolidated Financial Statements

 

6
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 31, 2016 AND 2015

 

   THREE MONTHS ENDED 
   2016   2015 
         
Net Income  $1,906,469   $718,517 
           
Other Comprehensive Income:          
Unrealized Holding Gain Arising During the Period   8,756,809    483,963 
Reclassification Adjustment for Net Gains Realized in Income   (232,005)   (58,200)
Change in Fair Value of Interest Rate Swap Agreements   (35,145)   (89,082)
           
Comprehensive Income   10,396,128    1,055,198 
Less: Preferred Dividends   (2,789,747)   (1,889,147)
           

Comprehensive Income (Loss) Attributable to Common Shareholders

  $7,606,381   $(833,949)

 

See Accompanying Notes to Consolidated Financial Statements

 

7
 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 31, 2016 AND 2015

 

   2016   2015 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Income  $1,906,469   $718,517 
Non-Cash items included in Net Income:          
Depreciation   5,525,842    4,228,274 
Amortization of Financing Costs   186,087    130,043 
Stock Compensation Expense   157,745    177,801 
Provision for Uncollectible Notes and Other Receivables   222,737    265,409 
Gain on Sales of Securities Transactions, net   (232,005)   (58,200)
Gain on Sales of Investment Property and Equipment   (22,088)   (4,713)
           
Changes in Operating Assets and Liabilities:          
Inventory of Manufactured Homes   (1,082,086)   1,742,190 
Notes and Other Receivables   622,710    347,490 
Prepaid Expenses   (315,919)   (696,099)
Accounts Payable   720,879    249,084 
Accrued Liabilities and Deposits   (260,441)   33,559 
Tenant Security Deposits   229,220    111,523 
Net Cash Provided by Operating Activities   7,659,150    7,244,878 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of Manufactured Home Communities, net of mortgages assumed   -0-    (1,509,524)
Purchase of Investment Property and Equipment   (10,478,716)   (6,844,617)
Proceeds from Sales of Investment Property and Equipment   316,668    140,659 
Additions to Land Development Costs   (747,675)   (62,075)
Purchase of Securities Available for Sale   (8,116,664)   (4,566,259)
Proceeds from Sales of Securities Available for Sale   488,261    688,200 
Net Cash Used in Investing Activities   (18,538,126)   (12,153,616)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from Mortgages, net of mortgages assumed   7,200,000    44,985,000 
Net Proceeds (Payments) on Short Term Borrowings   14,118,911    (29,809,084)
Principal Payments of Mortgages and Loans   (1,696,752)   (7,982,550)
Financing Costs on Debt   (124,464)   (1,143,512)
Proceeds from Issuance of Common Stock, net of reinvestments   225,458    7,680,628 
Proceeds from Exercise of Stock Options   71,725    52,910 
Preferred Dividends Paid   (3,194,404)   (1,889,147)
Common Dividends Paid, net of reinvestments   (4,342,677)   (3,992,134)
Net Cash Provided by Financing Activities   12,257,797    7,902,111 
           
Net Increase in Cash and Cash Equivalents   1,378,821    2,993,373 
Cash and Cash Equivalents at Beginning of Period   6,535,897    8,082,792 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $7,914,718   $11,076,165 

 

See Accompanying Notes to Consolidated Financial Statements

 

8
 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016 (UNAUDITED)

 

NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES

 

UMH Properties, Inc. (“we”, “our”, “us” or “the Company”) owns and operates ninety-eight manufactured home communities containing approximately 17,800 developed home sites as of March 31, 2016. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), conducts manufactured home sales in its communities. S&F was established to enhance the occupancy of the communities. The consolidated financial statements of the Company include S&F and all of its other wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company also invests in securities of other Real Estate Investment Trusts (“REITs”) which the Company generally limits to no more than approximately 15% of its undepreciated assets.

 

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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, 2015.

 

Use of Estimates

 

In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions.

 

9
 

 

Reclassifications

 

Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.

 

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company has entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans.

 

As of March 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage  Due Date  Mortgage
Interest Rate
  Effective
Fixed Rate
   Balance
3/31/16
 
                 
Various – 11 properties  8/1/2017  LIBOR + 3.00%   3.89%  $11,218,570 

 

The Company's interest rate swap agreement is based upon 30-day LIBOR.  The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in Interest Expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of March 31, 2016 and December 31, 2015, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of these derivatives of $(36,845) and $(1,700), respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.

 

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

10
 

 

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $130,043 to interest expense in our March 31, 2015 Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

Recent Accounting Pronouncements

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases”. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

11
 

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.

 

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) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. Common stock equivalents resulting from stock options in the amount of 43,221 and 43,667 shares for the three months ended March 31, 2016 and 2015, respectively, are included in the diluted weighted average shares outstanding. As of March 31, 2016 and 2015, options to purchase 606,000 and 1,075,000 shares, respectively, were antidilutive.

 

12
 

 

NOTE 3 – SECURITIES AVAILABLE FOR SALE

 

The Company’s Securities Available for Sale at Fair Value consist primarily of marketable common and preferred stock of other REITs with a fair value of $91,396,472 as of March 31, 2016. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

 

During the three months ended March 31, 2016, the Company sold securities with a cost of $256,256 and recognized a Gain on Sale of $232,005. The Company also made purchases of $8,116,664 in Securities Available for Sale. Of this amount, the Company made total purchases of 31,275 common shares of Monmouth Real Estate Investment Corporation (MREIC), a related REIT, through MREIC’s Dividend Reinvestment and Stock Purchase Plan for a total cost of $330,263, or a weighted average cost of $10.56 per share. The Company owned a total of 2,156,545 MREIC common shares as of March 31, 2016 at a total cost of $18,185,317 and a fair value of $25,641,323.

 

As of March 31, 2016, the Company had total net unrealized gains of $6,469,778 in its REIT securities portfolio. The Company held seven securities that had unrealized losses as of March 31, 2016. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment.

 

The following is a summary of temporarily impaired securities at March 31, 2016:

 

   Less Than 12 Months   12 Months or Longer 
   Fair   Unrealized   Fair   Unrealized 
   Value   Loss   Value   Loss 
Preferred Stock  $290,000   $(11,474)  $-0-   $-0- 
Common Stock   34,743,600    (2,533,933)   -0-    -0- 
Total  $35,033,600   $(2,545,407)  $-0-   $-0- 

 

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The following is a summary of the range of the losses on these temporarily impaired securities:

 

Number of
Individual Securities
  Fair Value   Unrealized Loss   Range of Loss
4  $17,950,700   $(798,769)  1% to 4%
2   13,869,900    (1,052,803)  7%
1   3,213,000    (693,835)  18%
7  $35,033,600   $(2,545,407)   

 

The Company has determined that these securities are temporarily impaired as of March 31, 2016. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery.

 

NOTE 4 – LOANS AND MORTGAGES PAYABLE

 

On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%.

 

The following is a summary of our mortgages payable as of March 31, 2016 and December 31, 2015:

 

   3/31/2016   12/31/2015 
   Amount   Rate   Amount   Rate 
                 
Fixed rate mortgages  $280,323,034    4.5%  $274,542,499    4.5%
Variable rate mortgages (1)   11,817,310    3.9%   12,094,597    3.9%
Total mortgages before unamortized debt issuance costs   292,140,344    4.5%   286,637,096    4.5%
Unamortized debt issuance costs   (3,497,708)        (3,587,294)     
Mortgages, net of unamortized debt issuance costs  $288,642,636    4.5%  $283,049,802    4.6%

  

  (1) Includes a variable rate mortgage with a balance of $11,218,570 and $11,416,309 as of March 31, 2016 and December 31, 2015, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.

 

Loans Payable includes unamortized debt issuance costs of $152,261 and $124,297 at March 31, 2016 and December 31, 2015, respectively. The weighted average interest rate was 3.5% and 3.8% at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016, $30,743,947 was outstanding on the margin loan at a 2.0% interest rate.

 

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NOTE 5 - SHAREHOLDERS’ EQUITY

 

Common Stock

 

On March 15, 2016, the Company paid total cash dividends of $4,879,050 or $0.18 per share to common shareholders of record as of close of business on February 16, 2016, of which $536,373 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP). On April 4, 2016, the Company declared a dividend of $0.18 per share to be paid June 15, 2016 to common shareholders of record as of close of business on May 16, 2016.

 

During the three months ended March 31, 2016, the Company received, including dividends reinvested of $536,373, a total of $761,831 from its DRIP. There were 79,510 new shares issued under the DRIP during this period.

 

8.25% Series A Cumulative Redeemable Preferred Stock

 

On March 15, 2016, the Company paid $1,889,147 in Preferred Dividends or $0.515625 per share for the period from December 1, 2015 through February 29, 2016 to preferred shareholders of record as of close of business on February 16, 2016. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

 

On April 4, 2016, the Company declared a Preferred Dividend of $0.515625 per share for the period from March 1, 2016 through May 31, 2016 to be paid on June 15, 2016 to preferred shareholders of record as of close of business on May 16, 2016.

 

8.0% Series B Cumulative Redeemable Preferred Stock

 

On March 15, 2016, the Company paid an initial dividend of $1,305,257 or $0.72466 per share for the period from October 20, 2015 through February 29, 2016 to preferred shareholders of record as of close of business on February 16, 2016. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.

 

On April 4, 2016, the Company declared a Preferred Dividend of $0.50 per share for the period from March 1, 2016 through May 31, 2016 to be paid on June 15, 2016 to preferred shareholders of record as of close of business on May 16, 2016.

 

On April 5, 2016, the Company issued and sold 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) in a registered direct placement at a sale price of $25.50 per share (See Note 10).

 

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NOTE 6 – STOCK BASED COMPENSATION

 

The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $157,745 and $177,801 have been recognized for the three months ended March 31, 2016 and March 31, 2015, respectively.

 

As of March 31, 2016, there were options outstanding to purchase 1,501,000 shares. There were 1,823,000 shares available for grant under the 2013 Stock Option and Stock Award Plan. During the three months ended March 31, 2016, options to three employees to purchase a total of 9,500 shares were exercised. During the three months ended March 31, 2016, options to one employee to purchase a total of 50,000 shares expired. The aggregate intrinsic value of options outstanding as of March 31, 2016 was $407,543. On April 5, 2016, the Company granted restricted stock awards and restricted stock options (See Note 10).

 

NOTE 7 - 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 Securities Available for Sale. The fair value of these financial Assets and Liabilities was determined using the following inputs at March 31, 2016 and December 31, 2015:

 

   Fair Value Measurements at Reporting Date Using 
       Quoted Prices        
       In Active   Significant    
       Markets for   Other   Significant 
       Identical   Observable   Unobservable 
       Assets   Inputs   Inputs 
   Total   (Level 1)   (Level 2)   (Level 3) 
As of March 31, 2016:                    
Securities Available for Sale - Preferred stock  $14,336,897   $14,336,897   $-0-   $-0- 
Securities Available for Sale - Common stock   77,059,575    77,059,575    -0-    -0- 
Interest Rate Swap (1)   (36,845)   -0-    (36,845)   -0- 
Total  $91,359,627   $91,396,472   $(36,845)  $-0- 
                     
As of December 31, 2015:                    
Securities Available for Sale - Preferred stock  $14,219,712   $14,219,712   $-0-   $-0- 
Securities Available for Sale - Common stock   60,791,548    60,791,548    -0-    -0- 
Interest Rate Swap (1)   (1,700)   -0-    (1,700)   -0- 
Total  $75,009,560   $75,011,260   $(1,700)  $-0- 

 

(1)Included in accrued liabilities and deposits

 

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In addition to the Company’s investments in securities available for sale and interest rate swaps, the Company is required to disclose certain information about the fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s Securities Available for Sale have quoted market prices and are therefore classified in Level 1 of the fair value hierarchy. A quoted market price is indirectly available for our interest rate swap. This price is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows, and reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs. As such, we have determined that the valuation of this interest rate swap is classified in Level 2 of the fair value hierarchy.

 

The fair value of Cash and Cash Equivalents and Notes Receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of Variable Rate Mortgages Payable and Loans Payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of March 31, 2016, the fair and carrying value of Fixed Rate Mortgages Payable amounted to $279,620,242 and $280,323,034, respectively. The fair value of Mortgages Payable is estimated based upon discounted cash flows at current market rates for instruments with similar remaining terms.

 

NOTE 8 – 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 have a material adverse effect on the financial position or results of operations.

 

Included in the Company’s Community Operating Expenses for the three months ended March 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of constructing a new manufactured home community at this location, which is expected to cost approximately $5.4 million. Once fully developed, the community will contain a total of 134 developed homesites.

 

The Company has an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of March 31, 2016, the total loan balance under this agreement was approximately $4.5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of March 31, 2016, the total loan balance was approximately $5.3 million.

 

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The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. The Company does not 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 the 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 and subsequently purchased by the Company. The company anticipates 50% of home sales will be financed by third parties lenders or purchased with cash. The remaining 50% will be financed utilizing the Triad COP program. Included in Notes and Other Receivables is approximately $606,000 of loans that the Company purchased from the COP program during the three months ended March 31, 2016.

 

NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION

 

Cash paid for interest during the three months ended March 31, 2016 and 2015 was $4,754,955 and $2,810,863, respectively. Interest cost capitalized to Land Development was $81,759 and $70,679 for the three months ended March 31, 2016 and 2015, respectively.

 

During the three months ended March 31, 2016 and 2015, the Company had Dividend Reinvestments of $536,373 and $489,841, respectively, which required no cash transfers.

 

NOTE 10 – 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 and are disclosed herein.

 

On April 5, 2016 the Company awarded a total of 40,500 shares of restricted stock to Samuel A. Landy and Anna T. Chew, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $395,685. These grants vest ratably over 5 years.

 

On April 5, 2016, the Company granted options to purchase 527,000 shares of common stock to thirty-four participants in the Company’s 2013 Stock Option and Stock Award Plan. The grant date fair value of these options amounted to $457,389. These grants vest over one year. Compensation costs for grants issued to a participant who is of retirement age is recognized at the time of the grant.

 

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On April 5, 2016, the Company issued and sold 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement at a sale price of $25.50 per share. The Company received net proceeds from the offering after expenses of approximately $49.1 million and intends to use the net proceeds for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series B Preferred Stock ranks on a parity with the Company’s Series A Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up.

 

In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 4,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.

 

On May 2, 2016, the Company obtained a $4,760,000 Freddie Mac mortgage through Wells Fargo on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages was used to repay existing mortgages on three communities with an average interest rate of 6.66%.

 

NOTE 11 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)

 

The following unaudited pro forma condensed financial information reflects the acquisitions during 2015 and through March 31, 2016. 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 January 1, 2015, 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; (d) Depreciation Expense related to the new acquisitions; and (e) Net Income (Loss) Attributable to Common Shareholders which has been reduced by Preferred Dividends related to the proceeds from capital raising used for property 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.

 

   Three Months Ended 
   3/31/16   3/31/15 
         
Rental and Related Income  $21,786,000   $19,499,000 
Community Operating Expenses   10,556,000    9,944,000 
Net Loss Attributable to Common Shareholders   (883,000)   (1,418,000)
Net Loss Attributable to Common Shareholders per Share:          
Basic  $(0.03)  $(0.06)
Diluted  $(0.03)  $(0.06)

 

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ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and footnotes thereto included elsewhere herein and in our annual report on Form 10-K for the year ended December 31, 2015.

 

The Company is a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Freehold, New Jersey. The Company’s primary business is the ownership and operation of manufactured home communities which includes leasing manufactured home spaces on an annual or month-to-month basis to residential manufactured home owners. The Company also leases homes to residents and, through its taxable REIT subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells and finances homes to qualified residents and prospective residents of our communities. As of March 31, 2016, the Company owned ninety-eight manufactured home communities containing approximately 17,800 developed home sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. The Company also invests in securities of other REITs which the Company generally limits to no more than approximately 15% of its undepreciated assets.

 

The Company earns income from the leasing of manufactured homesites, the rental of manufactured homes, the sale and finance of manufactured homes, the brokering of home sales, from investments in marketable REIT securities, and from appreciation of the manufactured home communities and vacant land owned by the Company. The Company believes that its capital structure, which allows for the ownership of assets using a balanced combination of equity obtained through the issuance of common stock, preferred stock and debt, will enhance shareholder returns as the properties appreciate over time. Our sales operations have continued to be affected by the limited ability of homebuyers to qualify for loans to purchase homes. As a result of continued increases in single-family conventional home prices and apartment rental rates, our property type offers substantial comparative value that should result in increased demand. Additionally, the Company anticipates that as national home sales of first time home buyers and purchasers of retirement homes improve, our sales operations will return to profitability.

 

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The renting of manufactured homes in land lease communities has, over the last several years, proven to be the best way to pass the lower housing costs manufactured homes provide to consumers who desire quality affordable housing. We continue to see increased demand for rental homes. We have added an additional 182 rental homes during the first three months of 2016, bringing the total to approximately 3,900 rental homes. Occupied rental homes represent approximately 26.3% of total occupied sites at quarter end. Occupancy in rental homes continues to be strong and is at 94.8% as of March 31, 2016. We intend to add a total of 800 rental homes in 2016.

 

The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that yield in excess of our cost of funds and then making physical improvements, including adding rental homes onto otherwise vacant sites. This has resulted in increased occupancy rates and improved operating results. Community NOI increased 34% from the prior year period. Same property occupancy increased by 140 basis points to 83.5% over the prior year period and same property net operating income increased by 16.7% over the prior year period. We have been positioning ourselves for future growth and will continue to seek opportunistic investments. There is no assurance that the Company can continue to buy existing manufactured home communities that meet the requirements of the business plan or that the demand for rental homes will continue in the future.

 

To help fund our growth, on April 5, 2016, the Company issued and sold 2,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock at a sale price of $25.50 per share. The Company received net proceeds from the offering after expenses of approximately $49.1 million. As a result of this sale of preferred stock, it is anticipated that fewer new common shares will be issued and sold under our DRIP in 2016 as compared to what was issued in 2015.

 

See PART I, Item 1 – Business in the Company’s 2015 annual report on Form 10-K for a more complete discussion of the economic and industry-wide factors relevant to the Company and the opportunities and challenges, and risks on which the Company is focused.

 

Significant Accounting Policies and Estimates

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of Assets and Liabilities, Revenues and Expenses, and related disclosure of contingent Assets and Liabilities at the date of the Company’s Consolidated Financial Statements. Actual results may differ from these estimates under different assumptions or conditions.

 

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On a regular basis, management evaluates our assumptions, judgments and estimates. Management believes there have been no material changes to the items that we disclosed as our significant accounting policies and estimates under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2015.

 

Supplemental Measures

 

In addition to the results reported in accordance with GAAP, management’s discussion and analysis of financial condition and results of operations include certain non-GAAP financial measures that in management’s view of the business we believe are meaningful as they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flow of the portfolio. These non-GAAP financial measures as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies, and Community Net Operating Income (“Community NOI”), Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”) and Normalized Funds from Operations (“Normalized FFO”).

 

We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. We believe that Community NOI is helpful to investors and analysts as a direct measure of the actual operating results of our manufactured home communities, rather than our Company overall. Community NOI should not be considered a substitute for the reported results prepared in accordance with GAAP. Community NOI should not be considered as an alternative to net income (loss) as an indicator of our financial performance, or to cash flows as a measure of liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions.

 

 The Company’s Community NOI for the three months ended March 31, 2016 and 2015 is calculated as follows:

 

   Three Months Ended 
   3/31/16   3/31/15 
           
Rental and Related Income  $21,786,180   $17,215,686 
Less: Community Operating Expenses   (10,555,938)   (8,812,489)
Community NOI  $11,230,242   $8,403,197 

 

Changes in Results of Operations

 

Rental and Related Income increased 27% from $17,215,686 for the three months ended March 31, 2015 to $21,786,180 for the three months ended March 31, 2016. This was primarily due to the acquisitions made during 2015, as well as an increase in rental rates, same property occupancy and rental homes. The Company has been raising rental rates by approximately 2% to 6% annually at most communities. Same property occupancy, which includes communities owned and operated since January 1, 2015, has increased from 82.1% as of March 31, 2015 to 83.5% at quarter-end. Occupied rental homes increased from approximately 2,500 homes at March 31, 2015 to 3,700 homes at March 31, 2016.

 

Community Operating Expenses increased 20% from $8,812,489 for the quarter ended March 31, 2015 to $10,555,938 for the quarter ended March 31, 2016. This increase was primarily due to the acquisitions during 2015.

 

Community NOI increased 34% from $8,403,197 for the quarter ended March 31, 2015 to $11,230,242 for the quarter ended March 31, 2016. This increase was primarily due to the acquisitions during 2015 and an increase in rental rates, occupancy and rental homes.

 

The Company has also been reducing its Operating Expense Ratio (defined as Community Operating Expenses divided by Rental and Related Income). The Operating Expense Ratio was 48.5% and 51.2% for the three months ended March 31, 2016 and 2015, respectively. Many recently acquired communities have substantial deferred maintenance costs, requiring higher than normal expenditures in the first two years of ownership. Most of the community expenses consist of fixed costs and therefore, as occupancy rates continue to increase, these expense ratios will continue to improve. Inflation and changing prices have generally not had a material effect on revenues and income from continuing operations due to the Company’s ability to periodically adjust its rental rates.

 

Sales of manufactured homes amounted to $1,718,194 and $1,128,400 for the quarters ended March 31, 2016 and 2015, respectively. Cost of sales of manufactured homes amounted to $1,313,928 and $880,670 for the quarters ended March 31, 2016 and 2015, respectively. The gross profit percentage was 24% and 22% for the quarters ended March 31, 2016 and 2015, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $783,752 and $685,539 for the quarters ended March 31, 2016 and 2015, respectively. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses less interest on the financing of inventory) amounted to $517,375 or 30% of total sales and $577,416 or 51% of total sales for the quarters ended March 31, 2016 and 2015, respectively. Many of the costs associated with sales, such as rent, salaries, and to an extent, advertising and promotion, are fixed. Although sales of manufactured homes increased 52% over the prior year period, they have not yet returned to pre-recession levels. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing.

 

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The U.S. homeownership rate was 63.5% in the first quarter of 2016, according to the U.S. Census. This is down from 69.2% at its peak at the end of 2004. Rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. The macro-economic environment and current housing fundamentals continue to favor home rentals. The Company remains very focused on increasing this aspect of our business. Nevertheless, the Company believes that the sale of new homes produces new rental revenue and is an investment in the upgrading of the communities.

 

General and Administrative Expenses remained relatively stable for the quarter ended March 31, 2015 as compared to the quarter ended March 31, 2016.

 

Depreciation Expense increased 31% from $4,228,274 for the quarter ended March 31, 2015 to $5,525,842 for the quarter ended March 31, 2016. This increase was primarily due to the acquisitions during 2015 and the increase in rental homes during 2015 and 2016.

 

Interest Income decreased 15% from $478,333 for the quarter ended March 31, 2015 to $408,876 for the quarter ended March 31, 2016. This decrease was primarily due to a decrease in the average balance of notes receivable. The average balance for the quarters ended March 31, 2016 and 2015 was approximately $18.1 million and $20.5 million, respectively.

 

Dividend Income increased 33% from $1,094,778 for the quarter ended March 31, 2015 to $1,455,535 for the quarter ended March 31, 2016. This increase was primarily due to the increase in the average balance of Securities Available for Sale from $65.7 million at March 31, 2015 to $83.2 million at March 31, 2016. The dividends received from our securities investments were at a weighted average yield of approximately 7.3% and continue to meet our expectations. It is the Company’s intent to hold these securities long-term.

 

The Company recognized a Gain on Sale of Securities Transactions of $232,005 and $58,200 for the quarters ended March 31, 2016 and 2015, respectively. In addition, the Company’s unrealized holding gain (loss) on its investment in securities increased from an unrealized loss of $2,056,726 as of December 31, 2015 to an unrealized gain of $6,469,778 as of March 31, 2016, resulting in an increase in value of the securities portfolio for the quarter of $8,524,804.

 

Interest Expense increased 34% from $2,941,654 for the three months ended March 31, 2015 to $3,933,477 for the three months ended March 31, 2016. This increase is primarily due to an increase in the average balance of mortgages and loans payable due to the new community acquisitions in 2015, as well as additional community financings/refinancings in 2015. The average balance for the quarters ended March 31, 2016 and 2015 was approximately $285.8 million and $264.9 million, respectively. The weighted average interest rate decreased from 4.7% at March 31, 2015 to 4.5% at March 31, 2016.

 

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Changes in Financial Condition

 

Total Investment Property and Equipment increased 2% or $10,021,472 during the three months ended March 31, 2016.  The Company added 182 rental homes to its existing communities. The Company’s occupancy rate on its’ rental homes portfolio was 94.8% at March 31, 2016 as compared to 92.9% at December 31, 2015.

 

Securities Available for Sale increased 22% or $16,385,212 during the three months ended March 31, 2016.  The increase was due to purchases of $8,116,664, a change in the unrealized gain (loss) from an unrealized loss of $2,056,726 as of December 31, 2015 to an unrealized gain of $6,469,778 as of March 31, 2016, resulting in an increase for the quarter of $8,524,804, offset by sales with a cost of $256,256.

 

Mortgages Payable increased 2% or $5,592,834 during the three months ended March 31, 2016. This increase was due to a new mortgage of $7.2 million, partially offset by principal repayments of approximately $1.6 million.

 

Loans Payable increased 24% or $14,090,948 during the three months March 31, 2016. This increase was mainly due to the increase of approximately $15.0 million on our margin loan offset a decrease of $1.0 million on our revolving line of credit.

 

Liquidity and Capital Resources

 

The Company’s principal liquidity demands have historically been, and are expected to continue to be, distributions to the Company’s stockholders, acquisitions, capital improvements, development and expansions of properties, debt service, purchases of manufactured home inventory and rental homes, investment in marketable securities of other REITs, financing of manufactured home sales and payments of expenses relating to real estate operations. We anticipate that the liquidity demands of the recent properties acquired will be met by the operations of these acquisitions. The Company’s ability to generate cash adequate to meet these demands is dependent primarily on income from its real estate investments and securities portfolio, the sale of real estate investments and securities, refinancing of mortgage debt, leveraging of real estate investments, availability of bank borrowings, lines of credit, proceeds from the DRIP, and access to the capital markets.

 

In addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions. The Company may sell marketable securities, borrow on its lines of credit, finance and refinance its properties, and/or raise capital through the DRIP and capital markets.

 

The Company raised $761,831 from the issuance of common stock in the DRIP during the three months ended March 31, 2016, which included Dividend Reinvestments of $536,373. Dividends paid on the common stock for the three months ended March 31, 2016 were $4,879,050, of which $536,373 were reinvested. Dividends paid on the preferred stock for the three months ended March 31, 2016 were $3,194,404.

 

24
 

 

On April 5, 2016, the Company issued and sold 2,000,000 shares of new 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement at a sale price of $25.50 per share. The Company received net proceeds from the offering after expenses of approximately $49.1 million and intends to use the net proceeds for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. As a result of this equity raise, it is anticipated that fewer new common shares will be issued and sold under our DRIP during 2016.

 

Net Cash provided by Operating Activities amounted to $7,659,150 and $7,244,878 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the Company had Cash and Cash Equivalents of $7.9 million, Securities Available for Sale of $91.4 million, encumbered by $30.7 million in margin loans, $20.0 million available on its unsecured credit facility, with an additional $15 million potentially available pursuant to an accordion feature, $1.0 million available on its revolving lines of credit for the financing of home sales and approximately $10.3 million available on its revolving credit facility for the financing of inventory purchases. The Company owns 98 properties, of which 22 are unencumbered. These marketable securities, non-mortgaged properties, and lines of credit provide the Company with additional liquidity. The Company has been raising capital through its DRIP and through public offerings of its preferred stock.

 

The Company believes that funds generated will be adequate to meet its obligations over the next several years.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements.

 

25
 

 

Funds From Operations

 

We also assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, and impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Core Funds from Operations (“Core FFO”), as FFO plus acquisition costs and cost of early extinguishment of debt. We define Normalized Funds from Operations (“Normalized FFO”), as Core FFO excluding gains and losses realized on securities investments and certain one-time charges. FFO, Core FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. The items excluded from FFO, Core FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

 

FFO, Core FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO, Core FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

 

26
 

 

The reconciliation of the Company’s U.S. GAAP Net Income (Loss) to the Company’s FFO, Core FFO and Normalized FFO for the three months ended March 31, 2016 and 2015 are calculated as follows:

 

   Three Months Ended 
   3/31/16   3/31/15 
         
Net Loss Attributable to Common Shareholders  $(883,278)  $(1,170,630)
Add: Depreciation Expense   5,525,842    4,228,274 
Less: Gain on Sales of Depreciable Assets   (22,088)   (4,713)
FFO Attributable to Common Shareholders   4,620,476    3,052,931 
           
Adjustments:          
Add: Acquisition Costs   -0-    106,131 
Core FFO Attributable to Common Shareholders   4,620,476    3,159,062 
           
Adjustments:          
Less: Gain on Sales of Securities Transactions, net   (232,005)   (58,200)
Add: Settlement of Memphis Mobile City Litigation (1)   -0-    125,000 
Normalized FFO Attributable to Common Shareholders  $4,388,471   $3,225,862 

 

(1)Included in Community Operating Expenses on the Consolidated Statements of Income (Loss).

 

The following are the cash flows provided (used) by operating, investing and financing activities for the three months ended March 31, 2016 and 2015:

 

   Three Months Ended 
   3/31/16   3/31/15 
         
Operating Activities  $7,659,150   $7,244,878 
Investing Activities   (18,538,126)   (12,153,616)
Financing Activities   12,257,797    7,902,111 

 

27
 

 

Cautionary Statement Regarding Forward-Looking Statements

 

Statements contained in this Form 10-Q, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,” “intend,” “plan,” “should,” “seek” or comparable terms, or the negative use of those words, but the absence of these words does not necessarily mean that a statement is not forward-looking.

 

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described below and under the headings “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These and other risks, uncertainties and factors could cause our actual results to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from our expectations include, among others:

 

  changes in the real estate market conditions and general economic conditions;
     
  the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;
     
  increased competition in the geographic areas in which we own and operate manufactured housing communities;
     
  our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us;
     
  our ability to maintain rental rates and occupancy levels;
     
  changes in market rates of interest;
     
  our ability to repay debt financing obligations;
     
  our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;
     
  our ability to comply with certain debt covenants;
     
  our ability to integrate acquired properties and operations into existing operations;
     
  the availability of other debt and equity financing alternatives;
     
  continued ability to access the debt or equity markets;

 

28
 

 

  the loss of any member of our management team;
     
  our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
     
  the ability of manufactured home buyers to obtain financing;
     
  the level of repossessions by manufactured home lenders;
     
  |market conditions affecting our investment securities;
     
  changes in federal or state tax rules or regulations that could have adverse tax consequences;
     
  our ability to qualify as a real estate investment trust for federal income tax purposes; and,
     
  those risks and uncertainties referenced under the heading “Risk Factors” contained in this Form 10-Q and the Company’s filings with the Securities and Exchange Commission.

 

You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. The forward-looking statements contained in this Form 10-Q speak only as of the date hereof and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

 

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

There have been no material changes to information required regarding quantitative and qualitative disclosures about market risk from the end of the preceding year to the date of this Quarterly Report on Form 10-Q.

 

ITEM 4 - CONTROLS AND PROCEDURES

 

The Company’s President and Chief Executive Officer (principal executive officer) and the Company’s Vice President and Chief Financial Officer (principal financial and accounting officer), with the assistance of other members of the Company’s management, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, the Company’s President and Chief Executive Officer and Vice President and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective.

 

Changes In Internal Control Over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting during the quarterly period ended March 31, 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

29
 

 

PART II

 

OTHER INFORMATION

 

Item 1 - Legal Proceedings – none
   
Item 1A -

Risk Factors

 

There have been no material changes to information required regarding risk factors from the end of the preceding year to the date of this Quarterly Report on Form 10-Q. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which could materially affect the Company’s business, financial condition or future results. The risks described in the Company’s Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

   
Item 2 - Unregistered Sale of Equity Securities and Use of Proceeds – none
   
Item 3 - Defaults Upon Senior Securities – none
   
Item 4 - Mine Safety Disclosures – none
   
Item 5 - Other Information

 

  (a)

Information Required to be Disclosed in a Report on Form 8-K, but not Reported – none

     
  (b)

Material Changes to the Procedures by which Security Holders may Recommend Nominees to the Board of Directors – none

 

Item 6 - Exhibits –
   

31.1

 

Certification of Samuel A. Landy, President and Chief Executive Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (Filed herewith).

 

30
 

 

31.2

Certification of Anna T. Chew, Vice President and Chief Financial Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (Filed herewith).
   

32

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Samuel A. Landy, President and Chief Executive Officer, and Anna T. Chew, Vice President and Chief Financial Officer (Furnished herewith).
   
101

The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

 

As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

 

31
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    UMH PROPERTIES, INC.
       
DATE: May 9, 2016 By: /s/ Samuel A. Landy
      Samuel A. Landy
      President and
      Chief Executive Officer
       
DATE: May 9, 2016 By: /s/ Anna T. Chew
      Anna T. Chew
      Vice President and
      Chief Financial Officer

 

32
 
EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

CERTIFICATION

 

I, Samuel A. Landy, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of UMH Properties, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 9, 2016 /s/ Samuel A. Landy
  Samuel A. Landy
  President and Chief Executive Officer

  

   
   

 

EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION

 

I, Anna T. Chew, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of UMH Properties, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 9, 2016 /s/ Anna T. Chew
  Anna T. Chew
  Vice President and Chief Financial Officer

 

   
   

EX-32 4 ex32.htm

 

Exhibit 32

 

CERTIFICATION OF CEO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of UMH Properties, Inc. (the “Company”) for the quarterly period ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Samuel A. Landy, as President and Chief Executive Officer of the Company, and Anna T. Chew, as Vice President and Chief Financial Officer, each hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

By: /s/Samuel A. Landy  
Name: Samuel A. Landy  
Title: President and Chief Executive Officer  
Date: May 9, 2016  
     
By: /s/Anna T. Chew  
Name: Anna T. Chew  
Title: Vice President and Chief Financial Officer  
Date: May 9, 2016  

 

   
   

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Value On a Recurring Basis Proforma Financial Information Tables Summary of Pro Forma Financial Information Derivative, by Nature [Axis] Number of operates manufacture home communites Number of developed home sites company own and operates Portfolio of gross assets Maximum percentage of undepreciated assets Fair value of interest rate swaps Deferred debt issuance costs Mortgages payable Loans payable Interest expense Major Types of Debt and Equity Securities [Axis] Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 3/31/16 Common stock equivalents resulting from stock options Antidilutive securities Available for sale securities Securities sold Gain on sale of securities available for sale Purchases of securities available for sale Common stock purchased from Monmouth Real Estate Investment Corporation Common stock purchased from Monmouth Real Estate Investment Corporation, value Weighted average cost per shares Company owns total number of shares in MREIC Cost of common stock owned by the company for MREIC shares Fair value of common stock owned by the company for MREIC shares Total net unrealized gains in REIT securities portfolio Less Than 12 Months, Fair Value Less Than 12 Months, Unrealized Loss 12 Months or Longer, Fair Value 12 Months or Longer, Unrealized Loss Number of Individual Securities Fair Value Unrealized Loss Range of Loss Mortgage loan Interest rate on mortgage Interest rate description Maturity date of remaining loans Loans Payable includes unamortized debt issuance costs Weighted average interest rate Outstanding on margin loan Percentage of margin loan interest rate Total mortgages before unamortized debt issuance costs Unamortized debt issuance costs Mortgages, net of unamortized debt issuance costs Percentage of mortgages rate Mortgages, net of unamortized debt issuance costs percentage Variable rate mortgage balance Percentage of fixed interest rate Dividends paid Dividend declared per share, paid Proceed from dividend reinvestment and stock purchase plan (DRIP) New shares issued under DRIP, value New shares issued under DRIP Record date of dividend Annual rate on dividend per share payable quarterly Cumulative redeemable preferred stock percentage Number of shares issued and sold during peirod Sale price per share Compensation costs Options outstanding Available for grant under Plan Number of exercised shares Number of expired shares Aggregate intrinsic value of options outstanding Fair Value Measurements Details Narrative Fair value of fixed rate mortgages payable Carrying value of fixed rate mortgages payable Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Securities Available for Sale Interest Rate Swap (1) Total Litigation settlement amount Expected cost of manufacturing Number of developed homesites Range of purchase price repossessed Total original loan amount Total loan balance Percentage of anticipates sales description Notes and other receivables Supplemental Cash Flow Information Details Narrative Cash paid for interest Interest cost capitalized to land development Reinvestment of dividends Number of shares awarded during peirod Fair value of grant shares Grants vest term Shares issued, price per share Proceeds from the offering after expenses Increase in Common Stock, shares authorized Total Shares Authorized Common stock, shares authorized Cumulative redeemable preferred stock, shares authorized Excess stock, shares authorized Proceeds from loan Debt matuity date Amortization of principal repayments term Percentage of average interest rate to repay existing mortgages Proforma Financial Information - Summary Of Pro Forma Financial Information Details Rental and Related Income Community Operating Expenses Net Loss Attributable to Common Shareholders Net Loss Attributable to Common Shareholders per Share: Basic Net Loss Attributable to Common Shareholders per Share: Diluted Sum of the carrying amounts as of the balance sheet date of all investment properties excluding equipment and vehicles. Carrying value as of the balance sheet date of obligations incurred and payable along with the deposit liabilities held by the entity. Aggregate par or stated value of issued excess stock (or Excess Stock redeemable solely at the option of the issuer). Represents the stated rate on redeemable preferred stock as of the balance sheet date. Face amount or stated value of Excess Stock per share; generally not indicative of the fair market value per share. The change in the fair value of Interest rate swap agreement recorded as a component of Accumulated Other Comprehensive Income (Loss). The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Also includes net cash inflow or outflow for the increase (decrease) in the beginning and end of period deposits balances. Proforma Financial Information Disclosure [Text Block] Recently Adopted Accounting Pronouncements [Policy Text Block] Summary of temporarily impaired securities. Summary of the range of the losses. Maximum percentage of undepreciated assets. Real Estate Investment Trusts [Member] Number of operates manufacture home communites. Number of developed home sites own and operates. Interest rate swap agreement, Mortgage. Interest rate swap agreement, due date. Interest rate swap agreement, Mortgage interest rate. Interest rate swap agreement, Effective fixed rate. Interest Rate Swap Amount. Swap Agreements [Member] Common stock shares purchased from related party. Monmouth Real Estate Investment Corporation [Member] Common stock value purchased from related party. Common stock shares owned by parent company. Common stock value owned by parent company. Fair value of common stock value owned by parent company. Number of Individual Securities. Temporarily Impaired Securities Range of Loss Percentage. Security Group One [Member] Security Group Two [Member] Security Group Three [Member] Ocean First Bank [Member] Fixed Rate Mortgages [Member] Variable Rate Mortgages [Member] Loans Payable includes unamortized debt issuance costs. Mortgages, net of unamortized debt issuance costs percentage. 8.25% Series A Cumulative Redeemable Preferred Stock [Member] April 4, 2016 [Member] 8.0% Series B Cumulative Redeemable Preferred Stock [Member] April 5, 2016 [Member] Three EmplyeesStock Option [Member] One EmplyeesStock Option [Member] Available for sale securities and derivative fair value. Range of purchase price of each repossessed. Purchase Price [Member] Reinvestment of dividends. Samuel A. Landy And Anna T. Chew [Member] Thirty-Four Participants [Member] Proceeds from the offering after expenses. Increase in common stock shares authorized. Shares authorized net. Reclassification [Member] Business acquisition pro forma community operating expenses. Weighted average cost per shares. Total loan balance. June 15, 2016 [Member] Interest rate description. The redemption (or callable) amount of currently redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer. Subsequent Event [Member] Outstanding on margin loan. Percentage of margin loan interest rate. Percentage of anticipates sales description. Wells Fargo On Waterfalls Village [Member]. Percentage of average interest rate to repay existing mortgages. Number of developed homesites. Wells Fargo On Valley Hills [Member]. SubsequentEventOneMember InvestmentPropertyExcludingEquipmentAndVehicles Real Estate Investment Property, at Cost Real Estate Investment Property, Accumulated Depreciation Real Estate Investment Property, Net Other Assets [Default Label] Assets Other Liabilities Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Real Estate Revenue, Net Operating Expenses Nonoperating Income (Expense) Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items Net Income (Loss) Attributable to Parent Net Income (Loss) Available to Common Stockholders, Basic Preferred Stock, Dividends, Per Share, Cash Paid Earnings Per Share, Basic Income (Loss) from Continuing Operations, Per Diluted Share Earnings Per Share, Diluted Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Preferred Stock Dividends, Income Statement Impact Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest Increase (Decrease) in Inventories Increase (Decrease) in Accounts and Notes Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable IncreaseDecreaseInAccruedLiabilitiesAndDeposits Increase (Decrease) in Security Deposits Net Cash Provided by (Used in) Operating Activities Payments to Acquire Real Estate Payments for Capital Improvements Payments to Develop Real Estate Assets Net Cash Provided by (Used in) Investing Activities Repayments of Debt Payments of Financing Costs Payments of Ordinary Dividends, Preferred Stock and Preference Stock Payments of Ordinary Dividends, Common Stock Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss Business Acquisition, Pro Forma Revenue BusinessAcquisitionProFormaCommunityOperatingExpenses EX-101.PRE 10 umh-20160331_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.4.0.3
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2016
May. 02, 2016
Document And Entity Information    
Entity Registrant Name UMH PROPERTIES, INC.  
Entity Central Index Key 0000752642  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   27,229,955
Trading symbol UMH  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2016  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Investment Property and Equipment    
Land $ 45,476,314 $ 45,477,814
Site and Land Improvements 379,118,124 377,215,400
Buildings and Improvements 20,337,939 20,307,097
Rental Homes and Accessories 142,423,405 134,708,763
Total Investment Property 587,355,782 577,709,074
Equipment and Vehicles 14,072,224 13,697,460
Total Investment Property and Equipment 601,428,006 591,406,534
Accumulated Depreciation (123,124,324) (117,761,146)
Net Investment Property and Equipment 478,303,682 473,645,388
Other Assets    
Cash and Cash Equivalents 7,914,718 6,535,897
Securities Available for Sale at Fair Value 91,396,472 75,011,260
Inventory of Manufactured Homes 15,393,496 14,311,410
Notes and Other Receivables, net 19,183,127 20,028,574
Prepaid Expenses and Other Assets 4,378,732 4,062,813
Land Development Costs 7,469,723 6,722,048
Total Other Assets 145,736,268 126,672,002
TOTAL ASSETS 624,039,950 600,317,390
Liabilities:    
Mortgages Payable, net of unamortized debt issuance costs 288,642,636 283,049,802
Other Liabilities:    
Accounts Payable 3,537,169 2,816,290
Loans Payable, net of unamortized debt issuance costs 71,953,154 57,862,206
Accrued Liabilities and Deposits 6,471,281 6,696,577
Tenant Security Deposits 3,883,310 3,654,090
Total Other Liabilities 85,844,914 71,029,163
Total Liabilities 374,487,550 354,078,965
Shareholders' Equity:    
Series A – 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 3,663,800 shares authorized, issued and outstanding as of March 31, 2016 and December 31, 2015, respectively 91,595,000 91,595,000
Series B – 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 2,000,000 shares authorized, 1,801,200 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively 45,030,000 45,030,000
Common Stock - $0.10 par value per share; 62,000,000 shares authorized, 27,175,848 and 27,086,838 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively 2,717,585 2,708,684
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized, no shares issued or outstanding as of March 31, 2016 and December 31, 2015, respectively 0 0
Additional Paid-In Capital 104,444,675 109,629,260
Accumulated Other Comprehensive Income (Loss) 6,432,933 (2,056,726)
Accumulated Deficit (667,793) (667,793)
Total Shareholders' Equity 249,552,400 246,238,425
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 624,039,950 $ 600,317,390
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2016
Dec. 31, 2015
Common Stock, par value $ 0.10 $ 0.10
Common Stock, shares authorized 62,000,000 62,000,000
Common Stock, shares issued 27,175,848 27,086,838
Common Stock, shares outstanding 27,175,848 27,086,838
Excess Stock, par value $ 0.10 $ 0.10
Excess Stock, shares authorized 3,000,000 3,000,000
Excess Stock, shares issued
Excess Stock, shares outstanding
Series A Cumulative Redeemable Preferred Stock [Member]    
Percentage rate on Cumulative Redeemable Preferred Stock 8.25% 8.25%
Cumulative Redeemable Preferred Stock, par value $ 0.10 $ 0.10
Cumulative Redeemable Preferred Stock, shares authorized 3,663,800 3,663,800
Cumulative Redeemable Preferred Stock, shares issued 3,663,800 3,663,800
Cumulative Redeemable Preferred Stock, shares outstanding 3,663,800 3,663,800
Series B Cumulative Redeemable Preferred Stock [Member]    
Percentage rate on Cumulative Redeemable Preferred Stock 8.00% 8.00%
Cumulative Redeemable Preferred Stock, par value $ .10 $ 0.10
Cumulative Redeemable Preferred Stock, shares authorized 2,000,000 2,000,000
Cumulative Redeemable Preferred Stock, shares issued 1,801,200 1,801,200
Cumulative Redeemable Preferred Stock, shares outstanding 1,801,200 1,801,200
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
INCOME:    
Rental and Related Income $ 21,786,180 $ 17,215,686
Sales of Manufactured Homes 1,718,194 1,128,400
Total Income 23,504,374 18,344,086
EXPENSES:    
Community Operating Expenses 10,555,938 8,812,489
Cost of Sales of Manufactured Homes 1,313,928 880,670
Selling Expenses 783,752 685,539
General and Administrative Expenses 1,696,922 1,656,700
Acquisition Costs 0 106,131
Depreciation Expense 5,525,842 4,228,274
Total Expenses 19,876,382 16,369,803
OTHER INCOME (EXPENSE):    
Interest Income 408,876 478,333
Dividend Income 1,455,535 1,094,778
Gain on Sales of Securities Transactions, net 232,005 58,200
Other Income 93,450 49,864
Interest Expense (3,933,477) (2,941,654)
Total Other Income (Expense) (1,743,611) (1,260,479)
Income before Gain on Sales of Investment Property and Equipment 1,884,381 713,804
Gain on Sales of Investment Property and Equipment 22,088 4,713
Net Income 1,906,469 718,517
Less: Preferred Dividends 2,789,747 1,889,147
Net Loss Attributable to Common Shareholders $ (883,278) $ (1,170,630)
Basic Income Per Share:    
Net Income $ 0.07 $ 0.03
Less: Preferred Dividends 0.10 0.08
Net Loss Attributable to Common Shareholders (0.03) (0.05)
Diluted Income Per Share:    
Net Income 0.07 0.03
Less: Preferred Dividends 0.10 0.08
Net Loss Attributable to Common Shareholders $ (0.03) $ (0.05)
Weighted Average Common Shares Outstanding:    
Basic 27,117,889 24,796,898
Diluted 27,161,110 24,840,565
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]    
Net Income $ 1,906,469 $ 718,517
Other Comprehensive Income:    
Unrealized Holding Gain Arising During the Period 8,756,809 483,963
Reclassification Adjustment for Net Gains Realized in Income (232,005) (58,200)
Change in Fair Value of Interest Rate Swap Agreements (35,145) (89,082)
Comprehensive Income 10,396,128 1,055,198
Less: Preferred Dividends (2,789,747) (1,889,147)
Comprehensive Income (Loss) Attributable to Common Shareholders $ 7,606,381 $ (833,949)
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 1,906,469 $ 718,517
Non-Cash items included in Net Income:    
Depreciation 5,525,842 4,228,274
Amortization of Financing Costs 186,087 130,043
Stock Compensation Expense 157,745 177,801
Provision for Uncollectible Notes and Other Receivables 222,737 265,409
Gain on Sales of Securities Transactions, net (232,005) (58,200)
Gain on Sales of Investment Property and Equipment (22,088) (4,713)
Changes in Operating Assets and Liabilities:    
Inventory of Manufactured Homes (1,082,086) 1,742,190
Notes and Other Receivables 622,710 347,490
Prepaid Expenses (315,919) (696,099)
Accounts Payable 720,879 249,084
Accrued Liabilities and Deposits (260,441) 33,559
Tenant Security Deposits 229,220 111,523
Net Cash Provided by Operating Activities 7,659,150 7,244,878
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of Manufactured Home Communities, net of mortgages assumed 0 (1,509,524)
Purchase of Investment Property and Equipment (10,478,716) (6,844,617)
Proceeds from Sales of Investment Property and Equipment 316,668 140,659
Additions to Land Development Costs (747,675) (62,075)
Purchase of Securities Available for Sale (8,116,664) (4,566,259)
Proceeds from Sales of Securities Available for Sale 488,261 688,200
Net Cash Used in Investing Activities (18,538,126) (12,153,616)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Mortgages, net of mortgages assumed 7,200,000 44,985,000
Net Proceeds (Payments) on Short Term Borrowings 14,118,911 (29,809,084)
Principal Payments of Mortgages and Loans (1,696,752) (7,982,550)
Financing Costs on Debt (124,464) (1,143,512)
Proceeds from Issuance of Common Stock, net of reinvestments 225,458 7,680,628
Proceeds from Exercise of Stock Options 71,725 52,910
Preferred Dividends Paid (3,194,404) (1,889,147)
Common Dividends Paid, net of reinvestments (4,342,677) (3,992,134)
Net Cash Provided by Financing Activities 12,257,797 7,902,111
Net Increase in Cash and Cash Equivalents 1,378,821 2,993,373
Cash and Cash Equivalents at Beginning of Period 6,535,897 8,082,792
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 7,914,718 $ 11,076,165
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Accounting Policies
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Organization and Accounting Policies

NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES

 

UMH Properties, Inc. (“we”, “our”, “us” or “the Company”) owns and operates ninety-eight manufactured home communities containing approximately 17,800 developed home sites as of March 31, 2016. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), conducts manufactured home sales in its communities. S&F was established to enhance the occupancy of the communities. The consolidated financial statements of the Company include S&F and all of its other wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company also invests in securities of other Real Estate Investment Trusts (“REITs”) which the Company generally limits to no more than approximately 15% of its undepreciated assets.

 

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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, 2015.

 

Use of Estimates

 

In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions. 

 

Reclassifications

 

Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.

 

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company has entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans.

 

As of March 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date   Mortgage
Interest Rate
  Effective
Fixed Rate
    Balance
3/31/16
 
                         
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 11,218,570  

 

The Company's interest rate swap agreement is based upon 30-day LIBOR.  The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in Interest Expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of March 31, 2016 and December 31, 2015, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of these derivatives of $(36,845) and $(1,700), respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.

 

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $130,043 to interest expense in our March 31, 2015 Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

Recent Accounting Pronouncements

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases”. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. 

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Net Income (Loss) Per Share
3 Months Ended
Mar. 31, 2016
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) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. Common stock equivalents resulting from stock options in the amount of 43,221 and 43,667 shares for the three months ended March 31, 2016 and 2015, respectively, are included in the diluted weighted average shares outstanding. As of March 31, 2016 and 2015, options to purchase 606,000 and 1,075,000 shares, respectively, were antidilutive.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Securities Available For Sale
3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Available For Sale

NOTE 3 – SECURITIES AVAILABLE FOR SALE

 

The Company’s Securities Available for Sale at Fair Value consist primarily of marketable common and preferred stock of other REITs with a fair value of $91,396,472 as of March 31, 2016. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

 

During the three months ended March 31, 2016, the Company sold securities with a cost of $256,256 and recognized a Gain on Sale of $232,005. The Company also made purchases of $8,116,664 in Securities Available for Sale. Of this amount, the Company made total purchases of 31,275 common shares of Monmouth Real Estate Investment Corporation (MREIC), a related REIT, through MREIC’s Dividend Reinvestment and Stock Purchase Plan for a total cost of $330,263, or a weighted average cost of $10.56 per share. The Company owned a total of 2,156,545 MREIC common shares as of March 31, 2016 at a total cost of $18,185,317 and a fair value of $25,641,323.

 

As of March 31, 2016, the Company had total net unrealized gains of $6,469,778 in its REIT securities portfolio. The Company held seven securities that had unrealized losses as of March 31, 2016. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment.

 

The following is a summary of temporarily impaired securities at March 31, 2016:

 

    Less Than 12 Months     12 Months or Longer  
    Fair     Unrealized     Fair     Unrealized  
    Value     Loss     Value     Loss  
Preferred Stock   $ 290,000     $ (11,474 )   $ -0-     $ -0-  
Common Stock     34,743,600       (2,533,933 )     -0-       -0-  
Total   $ 35,033,600     $ (2,545,407 )   $ -0-     $ -0-  

 

The following is a summary of the range of the losses on these temporarily impaired securities:

 

Number of
Individual Securities
  Fair Value     Unrealized Loss     Range of Loss
4   $ 17,950,700     $ (798,769 )   1% to 4%
2     13,869,900       (1,052,803 )   7%
1     3,213,000       (693,835 )   18%
7   $ 35,033,600     $ (2,545,407 )    

 

The Company has determined that these securities are temporarily impaired as of March 31, 2016. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Loans and Mortgages Payable
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Loans and Mortgages Payable

NOTE 4 – LOANS AND MORTGAGES PAYABLE

 

On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%.

 

The following is a summary of our mortgages payable as of March 31, 2016 and December 31, 2015:

 

    3/31/2016     12/31/2015  
    Amount     Rate     Amount     Rate  
                         
Fixed rate mortgages   $ 280,323,034       4.5 %   $ 274,542,499       4.5 %
Variable rate mortgages (1)     11,817,310       3.9 %     12,094,597       3.9 %
Total mortgages before unamortized debt issuance costs     292,140,344       4.5 %     286,637,096       4.5 %
Unamortized debt issuance costs     (3,497,708 )             (3,587,294 )        
Mortgages, net of unamortized debt issuance costs   $ 288,642,636       4.5 %   $ 283,049,802       4.6 %

  

  (1) Includes a variable rate mortgage with a balance of $11,218,570 and $11,416,309 as of March 31, 2016 and December 31, 2015, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.

 

Loans Payable includes unamortized debt issuance costs of $152,261 and $124,297 at March 31, 2016 and December 31, 2015, respectively. The weighted average interest rate was 3.5% and 3.8% at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016, $30,743,947 was outstanding on the margin loan at a 2.0% interest rate.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Shareholders' Equity
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Shareholders' Equity

NOTE 5 - SHAREHOLDERS’ EQUITY

 

Common Stock

 

On March 15, 2016, the Company paid total cash dividends of $4,879,050 or $0.18 per share to common shareholders of record as of close of business on February 16, 2016, of which $536,373 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP). On April 4, 2016, the Company declared a dividend of $0.18 per share to be paid June 15, 2016 to common shareholders of record as of close of business on May 16, 2016.

 

During the three months ended March 31, 2016, the Company received, including dividends reinvested of $536,373, a total of $761,831 from its DRIP. There were 79,510 new shares issued under the DRIP during this period.

 

8.25% Series A Cumulative Redeemable Preferred Stock

 

On March 15, 2016, the Company paid $1,889,147 in Preferred Dividends or $0.515625 per share for the period from December 1, 2015 through February 29, 2016 to preferred shareholders of record as of close of business on February 16, 2016. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

 

On April 4, 2016, the Company declared a Preferred Dividend of $0.515625 per share for the period from March 1, 2016 through May 31, 2016 to be paid on June 15, 2016 to preferred shareholders of record as of close of business on May 16, 2016.

 

8.0% Series B Cumulative Redeemable Preferred Stock

 

On March 15, 2016, the Company paid an initial dividend of $1,305,257 or $0.72466 per share for the period from October 20, 2015 through February 29, 2016 to preferred shareholders of record as of close of business on February 16, 2016. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.

 

On April 4, 2016, the Company declared a Preferred Dividend of $0.50 per share for the period from March 1, 2016 through May 31, 2016 to be paid on June 15, 2016 to preferred shareholders of record as of close of business on May 16, 2016.

 

On April 5, 2016, the Company issued and sold 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) in a registered direct placement at a sale price of $25.50 per share (See Note 10).

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock Based Compensation
3 Months Ended
Mar. 31, 2016
Compensation Related Costs [Abstract]  
Stock Based Compensation

NOTE 6 – STOCK BASED COMPENSATION

 

The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $157,745 and $177,801 have been recognized for the three months ended March 31, 2016 and March 31, 2015, respectively.

 

As of March 31, 2016, there were options outstanding to purchase 1,501,000 shares. There were 1,823,000 shares available for grant under the 2013 Stock Option and Stock Award Plan. During the three months ended March 31, 2016, options to three employees to purchase a total of 9,500 shares were exercised. During the three months ended March 31, 2016, options to one employee to purchase a total of 50,000 shares expired. The aggregate intrinsic value of options outstanding as of March 31, 2016 was $407,543. On April 5, 2016, the Company granted restricted stock awards and restricted stock options (See Note 10).

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 7 - 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 Securities Available for Sale. The fair value of these financial Assets and Liabilities was determined using the following inputs at March 31, 2016 and December 31, 2015:

 

    Fair Value Measurements at Reporting Date Using  
          Quoted Prices              
          In Active     Significant        
          Markets for     Other     Significant  
          Identical     Observable     Unobservable  
          Assets     Inputs     Inputs  
    Total     (Level 1)     (Level 2)     (Level 3)  
As of March 31, 2016:                                
Securities Available for Sale - Preferred stock   $ 14,336,897     $ 14,336,897     $ -0-     $ -0-  
Securities Available for Sale - Common stock     77,059,575       77,059,575       -0-       -0-  
Interest Rate Swap (1)     (36,845 )     -0-       (36,845 )     -0-  
Total   $ 91,359,627     $ 91,396,472     $ (36,845 )   $ -0-  
                                 
As of December 31, 2015:                                
Securities Available for Sale - Preferred stock   $ 14,219,712     $ 14,219,712     $ -0-     $ -0-  
Securities Available for Sale - Common stock     60,791,548       60,791,548       -0-       -0-  
Interest Rate Swap (1)     (1,700 )     -0-       (1,700 )     -0-  
Total   $ 75,009,560     $ 75,011,260     $ (1,700 )   $ -0-  

 

  (1) Included in accrued liabilities and deposits

 

In addition to the Company’s investments in securities available for sale and interest rate swaps, the Company is required to disclose certain information about the fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s Securities Available for Sale have quoted market prices and are therefore classified in Level 1 of the fair value hierarchy. A quoted market price is indirectly available for our interest rate swap. This price is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows, and reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs. As such, we have determined that the valuation of this interest rate swap is classified in Level 2 of the fair value hierarchy.

 

The fair value of Cash and Cash Equivalents and Notes Receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of Variable Rate Mortgages Payable and Loans Payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of March 31, 2016, the fair and carrying value of Fixed Rate Mortgages Payable amounted to $279,620,242 and $280,323,034, respectively. The fair value of Mortgages Payable is estimated based upon discounted cash flows at current market rates for instruments with similar remaining terms.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Contingencies, Commitments and Other Matters
3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Contingencies, Commitments and Other Matters

NOTE 8 – 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 have a material adverse effect on the financial position or results of operations.

 

Included in the Company’s Community Operating Expenses for the three months ended March 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of constructing a new manufactured home community at this location, which is expected to cost approximately $5.4 million. Once fully developed, the community will contain a total of 134 developed homesites.

 

The Company has an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of March 31, 2016, the total loan balance under this agreement was approximately $4.5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of March 31, 2016, the total loan balance was approximately $5.3 million.

 

The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. The Company does not 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 the 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 and subsequently purchased by the Company. The company anticipates 50% of home sales will be financed by third parties lenders or purchased with cash. The remaining 50% will be financed utilizing the Triad COP program. Included in Notes and Other Receivables is approximately $606,000 of loans that the Company purchased from the COP program during the three months ended March 31, 2016.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Supplemental Cash Flow Information
3 Months Ended
Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION

 

Cash paid for interest during the three months ended March 31, 2016 and 2015 was $4,754,955 and $2,810,863, respectively. Interest cost capitalized to Land Development was $81,759 and $70,679 for the three months ended March 31, 2016 and 2015, respectively.

 

During the three months ended March 31, 2016 and 2015, the Company had Dividend Reinvestments of $536,373 and $489,841, respectively, which required no cash transfers.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 10 – 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 and are disclosed herein.

 

On April 5, 2016 the Company awarded a total of 40,500 shares of restricted stock to Samuel A. Landy and Anna T. Chew, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $395,685. These grants vest ratably over 5 years.

 

On April 5, 2016, the Company granted options to purchase 527,000 shares of common stock to thirty-four participants in the Company’s 2013 Stock Option and Stock Award Plan. The grant date fair value of these options amounted to $457,389. These grants vest over one year. Compensation costs for grants issued to a participant who is of retirement age is recognized at the time of the grant. 

 

On April 5, 2016, the Company issued and sold 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement at a sale price of $25.50 per share. The Company received net proceeds from the offering after expenses of approximately $49.1 million and intends to use the net proceeds for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series B Preferred Stock ranks on a parity with the Company’s Series A Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up.

 

In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 4,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.

 

On May 2, 2016, the Company obtained a $4,760,000 Freddie Mac mortgage through Wells Fargo on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages was used to repay existing mortgages on three communities with an average interest rate of 6.66%.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Proforma Financial Information (Unaudited)
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Proforma Financial Information (Unaudited)

NOTE 11 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)

 

The following unaudited pro forma condensed financial information reflects the acquisitions during 2015 and through March 31, 2016. 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 January 1, 2015, 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; (d) Depreciation Expense related to the new acquisitions; and (e) Net Income (Loss) Attributable to Common Shareholders which has been reduced by Preferred Dividends related to the proceeds from capital raising used for property 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.

 

    Three Months Ended  
    3/31/16     3/31/15  
             
Rental and Related Income   $ 21,786,000     $ 19,499,000  
Community Operating Expenses     10,556,000       9,944,000  
Net Loss Attributable to Common Shareholders     (883,000 )     (1,418,000 )
Net Loss Attributable to Common Shareholders per Share:                
Basic   $ (0.03 )   $ (0.06 )
Diluted   $ (0.03 )   $ (0.06 )

 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2016
Organization And Accounting Policies Policies  
Use of Estimates

Use of Estimates

 

In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions.

Reclassifications

Reclassifications

 

Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company has entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans.

 

As of March 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date   Mortgage
Interest Rate
  Effective
Fixed Rate
    Balance
3/31/16
 
                         
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 11,218,570  

 

The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or do not qualify as a cash flow hedge, the ineffective portion is recorded in Interest Expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of March 31, 2016 and December 31, 2015, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of these derivatives of $(36,845) and $(1,700), respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $130,043 to interest expense in our March 31, 2015 Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases”. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. 

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2016
Organization And Accounting Policies Tables  
Summary of Interest Rate Swap Agreement

As of March 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date   Mortgage
Interest Rate
  Effective
Fixed Rate
    Balance
3/31/16
 
                         
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 11,218,570  

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Securities Available For Sale (Tables)
3 Months Ended
Mar. 31, 2016
Securities Available For Sale Tables  
Summary of Temporarily Impaired Securities

The following is a summary of temporarily impaired securities at March 31, 2016:

 

    Less Than 12 Months     12 Months or Longer  
    Fair     Unrealized     Fair     Unrealized  
    Value     Loss     Value     Loss  
Preferred Stock   $ 290,000     $ (11,474 )   $ -0-     $ -0-  
Common Stock     34,743,600       (2,533,933 )     -0-       -0-  
Total   $ 35,033,600     $ (2,545,407 )   $ -0-     $ -0-  

 

Summary of Range of Losses

The following is a summary of the range of the losses on these temporarily impaired securities:

 

Number of
Individual Securities
  Fair Value     Unrealized Loss     Range of Loss
4   $ 17,950,700     $ (798,769 )   1% to 4%
2     13,869,900       (1,052,803 )   7%
1     3,213,000       (693,835 )   18%
7   $ 35,033,600     $ (2,545,407 )    

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
Loans and Mortgages Payable (Tables)
3 Months Ended
Mar. 31, 2016
Loans And Mortgages Payable Tables  
Summary of Mortgages Payable

The following is a summary of our mortgages payable as of March 31, 2016 and December 31, 2015:

 

    3/31/2016     12/31/2015  
    Amount     Rate     Amount     Rate  
                         
Fixed rate mortgages   $ 280,323,034       4.5 %   $ 274,542,499       4.5 %
Variable rate mortgages (1)     11,817,310       3.9 %     12,094,597       3.9 %
Total mortgages before unamortized debt issuance costs     292,140,344       4.5 %     286,637,096       4.5 %
Unamortized debt issuance costs     (3,497,708 )             (3,587,294 )        
Mortgages, net of unamortized debt issuance costs   $ 288,642,636       4.5 %   $ 283,049,802       4.6 %

  

  (1) Includes a variable rate mortgage with a balance of $11,218,570 and $11,416,309 as of March 31, 2016 and December 31, 2015, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Measurements Tables  
Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis

The fair value of these financial Assets and Liabilities was determined using the following inputs at March 31, 2016 and December 31, 2015:

 

    Fair Value Measurements at Reporting Date Using  
          Quoted Prices              
          In Active     Significant        
          Markets for     Other     Significant  
          Identical     Observable     Unobservable  
          Assets     Inputs     Inputs  
    Total     (Level 1)     (Level 2)     (Level 3)  
As of March 31, 2016:                                
Securities Available for Sale - Preferred stock   $ 14,336,897     $ 14,336,897     $ -0-     $ -0-  
Securities Available for Sale - Common stock     77,059,575       77,059,575       -0-       -0-  
Interest Rate Swap (1)     (36,845 )     -0-       (36,845 )     -0-  
Total   $ 91,359,627     $ 91,396,472     $ (36,845 )   $ -0-  
                                 
As of December 31, 2015:                                
Securities Available for Sale - Preferred stock   $ 14,219,712     $ 14,219,712     $ -0-     $ -0-  
Securities Available for Sale - Common stock     60,791,548       60,791,548       -0-       -0-  
Interest Rate Swap (1)     (1,700 )     -0-       (1,700 )     -0-  
Total   $ 75,009,560     $ 75,011,260     $ (1,700 )   $ -0-  

 

  (1) Included in accrued liabilities and deposits

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Proforma Financial Information (Unaudited) (Tables)
3 Months Ended
Mar. 31, 2016
Proforma Financial Information Tables  
Summary of Pro Forma Financial Information

 

    Three Months Ended  
    3/31/16     3/31/15  
             
Rental and Related Income   $ 21,786,000     $ 19,499,000  
Community Operating Expenses     10,556,000       9,944,000  
Net Loss Attributable to Common Shareholders     (883,000 )     (1,418,000 )
Net Loss Attributable to Common Shareholders per Share:                
Basic   $ (0.03 )   $ (0.06 )
Diluted   $ (0.03 )   $ (0.06 )

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Accounting Policies (Details Narrative)
3 Months Ended 12 Months Ended
Mar. 31, 2016
USD ($)
HomeSites
HomeCommunity
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Number of operates manufacture home communites | HomeCommunity 98    
Number of developed home sites company own and operates | HomeSites 17,800    
Portfolio of gross assets The Company also invests in securities of other Real Estate Investment Trusts (“REITs”) which the Company generally limits to no more than approximately 15% of its undepreciated assets.    
Other Assets [Member]      
Deferred debt issuance costs     $ 3,711,591
Mortgages payable     3,587,294
Loans payable     124,297
Interest expense   $ 130,043  
Swap [Member]      
Fair value of interest rate swaps $ (36,845)   $ (1,700)
Real Estate Investment Trusts [Member]      
Maximum percentage of undepreciated assets 15.00%    
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Accounting Policies - Summary of Interest Rate Swap Agreement (Details) - Swap Agreements [Member]
3 Months Ended
Mar. 31, 2016
USD ($)
Mortgage Various – 11 properties
Due Date Aug. 01, 2017
Mortgage Interest Rate LIBOR + 3.00%
Effective Fixed Rate 3.89%
Balance 3/31/16 $ 11,218,570
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
Net Income (Loss) Per Share (Details Narrative) - shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Common stock equivalents resulting from stock options 27,161,110 24,840,565
Stock Option [Member]    
Common stock equivalents resulting from stock options 43,221 43,667
Antidilutive securities 606,000 1,075,000
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
Securities Available For Sale (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Available for sale securities $ 91,396,472   $ 75,011,260
Securities sold 256,256    
Gain on sale of securities available for sale 232,005 $ 58,200  
Purchases of securities available for sale 8,116,664 $ 4,566,259  
Total net unrealized gains in REIT securities portfolio $ 6,469,778    
Real Estate Investment Trusts [Member]      
Maximum percentage of undepreciated assets 15.00%    
Monmouth Real Estate Investment Corporation [Member]      
Common stock purchased from Monmouth Real Estate Investment Corporation 31,275    
Common stock purchased from Monmouth Real Estate Investment Corporation, value $ 330,263    
Weighted average cost per shares $ 10.56    
Company owns total number of shares in MREIC 2,156,545    
Cost of common stock owned by the company for MREIC shares $ 18,185,317    
Fair value of common stock owned by the company for MREIC shares $ 25,641,323    
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Securities Available For Sale - Summary of Temporarily Impaired Securities (Details)
3 Months Ended
Mar. 31, 2016
USD ($)
Less Than 12 Months, Fair Value $ 35,033,600
Less Than 12 Months, Unrealized Loss (2,545,407)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss 0
Preferred Stock [Member]  
Less Than 12 Months, Fair Value 290,000
Less Than 12 Months, Unrealized Loss (11,474)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss 0
Common Stock [Member]  
Less Than 12 Months, Fair Value 34,743,600
Less Than 12 Months, Unrealized Loss (2,533,933)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss $ 0
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Securities Available For Sale - Summary of Range of Losses (Details)
3 Months Ended
Mar. 31, 2016
USD ($)
Security
Number of Individual Securities | Security 7
Fair Value $ 35,033,600
Unrealized Loss $ (2,545,407)
Security Group One [Member]  
Number of Individual Securities | Security 4
Fair Value $ 17,950,700
Unrealized Loss $ (798,769)
Security Group One [Member] | Minimum [Member]  
Range of Loss 1.00%
Security Group One [Member] | Maximum [Member]  
Range of Loss 4.00%
Security Group Two [Member]  
Number of Individual Securities | Security 2
Fair Value $ 13,869,900
Unrealized Loss $ (1,052,803)
Range of Loss 7.00%
Security Group Three [Member]  
Number of Individual Securities | Security 1
Fair Value $ 3,213,000
Unrealized Loss $ (693,835)
Range of Loss 18.00%
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Loans and Mortgages Payable (Details Narrative) - USD ($)
Jan. 07, 2016
Mar. 31, 2016
Dec. 31, 2015
Mortgage loan   $ 288,642,636 $ 283,049,802
Loans Payable includes unamortized debt issuance costs   $ 152,261 $ 124,297
Weighted average interest rate   3.50% 3.80%
Outstanding on margin loan   $ 30,743,947  
Percentage of margin loan interest rate   2.00%  
Ocean First Bank [Member]      
Mortgage loan $ 7,200,000    
Interest rate on mortgage 4.30%    
Interest rate description members plus 2.5%.    
Maturity date of remaining loans Jan. 07, 2026    
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.4.0.3
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Total mortgages before unamortized debt issuance costs $ 292,140,344 $ 286,637,096
Unamortized debt issuance costs (3,497,708) (3,587,294)
Mortgages, net of unamortized debt issuance costs $ 288,642,636 $ 283,049,802
Percentage of mortgages rate 4.50% 4.50%
Mortgages, net of unamortized debt issuance costs percentage 4.50% 4.60%
Fixed Rate Mortgages [Member]    
Total mortgages before unamortized debt issuance costs $ 280,323,034 $ 274,542,499
Percentage of mortgages rate 4.50% 4.50%
Variable Rate Mortgages [Member]    
Total mortgages before unamortized debt issuance costs [1] $ 11,817,310 $ 12,094,597
Percentage of mortgages rate [1] 3.90% 3.90%
[1] Includes a variable rate mortgage with a balance of $11,218,570 and $11,416,309 as of March 31, 2016 and December 31, 2015, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Variable rate mortgage balance $ 11,218,570 $ 11,416,309
Interest Rate Swap [Member]    
Percentage of fixed interest rate 3.89%  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
Shareholders' Equity (Details Narrative) - USD ($)
3 Months Ended
Mar. 15, 2016
Feb. 16, 2016
Mar. 31, 2016
June 15, 2016 [Member]      
Annual rate on dividend per share payable quarterly $ 0.18    
Common Stock [Member]      
Dividends paid $ 4,879,050    
Dividend declared per share, paid $ .18    
Proceed from dividend reinvestment and stock purchase plan (DRIP)   $ 536,373 $ 536,373
New shares issued under DRIP, value     $ 761,831
New shares issued under DRIP     79,510
Record date of dividend Jun. 15, 2016    
8.25% Series A Cumulative Redeemable Preferred Stock [Member]      
Dividends paid $ 1,889,147    
Dividend declared per share, paid $ 0.515625    
Annual rate on dividend per share payable quarterly $ 2.0625    
Cumulative redeemable preferred stock percentage 8.25%    
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | April 4, 2016 [Member]      
Dividend declared per share, paid     $ 0.515625
Record date of dividend     Jun. 15, 2016
8.0% Series B Cumulative Redeemable Preferred Stock [Member]      
Dividends paid $ 1,305,257    
Dividend declared per share, paid $ 0.72466    
Annual rate on dividend per share payable quarterly $ 2.00    
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | April 4, 2016 [Member]      
Dividend declared per share, paid     $ 0.50
Record date of dividend     Jun. 15, 2016
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | April 5, 2016 [Member]      
Cumulative redeemable preferred stock percentage     8.00%
Number of shares issued and sold during peirod     2,000,000
Sale price per share     $ 25.50
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock Based Compensation (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Compensation costs $ 157,745 $ 177,801
Options outstanding 1,501,000  
Available for grant under Plan 1,823,000  
Aggregate intrinsic value of options outstanding $ 407,543  
Three EmplyeesStock Option [Member]    
Number of exercised shares 9,500  
One EmplyeesStock Option [Member]    
Number of expired shares 50,000  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements (Details Narrative)
Mar. 31, 2016
USD ($)
Fair Value Measurements Details Narrative  
Fair value of fixed rate mortgages payable $ 279,620,242
Carrying value of fixed rate mortgages payable $ 280,323,034
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap (1) [1] $ (36,845) $ (1,700)
Total 91,359,627 75,009,560
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap (1) [1] 0 0
Total 91,396,472 75,011,260
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap (1) [1] (36,845) (1,700)
Total (36,845) (1,700)
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap (1) [1] 0 0
Total 0 0
Preferred Stock [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 14,336,897 14,219,712
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 14,336,897 14,219,712
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 0 0
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 0 0
Common Stock [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 77,059,575 60,791,548
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 77,059,575 60,791,548
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale 0 0
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities Available for Sale $ 0 $ 0
[1] Included in accrued liabilities and deposits
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Contingencies, Commitments and Other Matters (Details Narrative)
3 Months Ended
Mar. 31, 2016
USD ($)
HomeSites
Mar. 31, 2015
USD ($)
Litigation settlement amount   $ 125,000
Expected cost of manufacturing $ 5,400,000  
Number of developed homesites | HomeSites 134  
Total original loan amount $ 4,500,000  
Total loan balance $ 5,300,000  
Percentage of anticipates sales description The company anticipates 50% of home sales will be financed by third parties lenders or purchased with cash. The remaining 50% will be financed utilizing the Triad COP program  
Notes and other receivables $ 606,000  
Minimum [Member]    
Range of purchase price repossessed 80.00%  
Minimum [Member] | Purchase Price [Member]    
Range of purchase price repossessed 55.00%  
Maximum [Member]    
Range of purchase price repossessed 95.00%  
Maximum [Member] | Purchase Price [Member]    
Range of purchase price repossessed 100.00%  
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.4.0.3
Supplemental Cash Flow Information (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Supplemental Cash Flow Information Details Narrative    
Cash paid for interest $ 4,754,955 $ 2,810,863
Interest cost capitalized to land development 81,759 70,679
Reinvestment of dividends $ 536,373 $ 489,841
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events (Details Narrative) - USD ($)
May. 02, 2016
Apr. 05, 2016
Mar. 15, 2016
Mar. 31, 2016
Dec. 31, 2015
Common stock, shares authorized       62,000,000 62,000,000
Excess stock, shares authorized       3,000,000 3,000,000
8.25% Series A Cumulative Redeemable Preferred Stock [Member]          
Cumulative redeemable preferred stock percentage     8.25%    
Subsequent Event [Member]          
Increase in Common Stock, shares authorized   11,000,000      
Total Shares Authorized   70,663,800      
Common stock, shares authorized   62,000,000      
Excess stock, shares authorized   3,000,000      
Debt matuity date Jun. 01, 2026        
Amortization of principal repayments term 30 years        
Percentage of average interest rate to repay existing mortgages 6.66%        
Subsequent Event [Member] | Wells Fargo On Waterfalls Village [Member]          
Proceeds from loan $ 4,760,000        
Percentage of fixed interest rate 4.38%        
Subsequent Event [Member] | Wells Fargo On Valley Hills [Member]          
Proceeds from loan $ 3,498,000        
Percentage of fixed interest rate 4.32%        
Subsequent Event [Member] | 8.0% Series B Cumulative Redeemable Preferred Stock [Member]          
Cumulative redeemable preferred stock percentage   8.00%      
Number of shares issued and sold during peirod   2,000,000      
Shares issued, price per share   $ 25.50      
Proceeds from the offering after expenses   $ 49,100,000      
Cumulative redeemable preferred stock, shares authorized   2,000,000      
Subsequent Event [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member]          
Cumulative redeemable preferred stock, shares authorized   3,663,800      
Subsequent Event [Member] | Restricted Stock [Member] | Samuel A. Landy And Anna T. Chew [Member]          
Number of shares awarded during peirod   40,500      
Fair value of grant shares   $ 395,685      
Grants vest term   5 years      
Subsequent Event [Member] | Restricted Stock [Member] | Thirty-Four Participants [Member]          
Number of shares awarded during peirod   527,000      
Fair value of grant shares   $ 457,389      
Subsequent Event [Member]          
Total Shares Authorized   81,663,800      
Common stock, shares authorized   73,000,000      
Cumulative redeemable preferred stock, shares authorized   3,663,800      
Excess stock, shares authorized   3,000,000      
Subsequent Event [Member] | Reclassification [Member]          
Common stock, shares authorized   71,000,000      
Subsequent Event [Member] | 8.0% Series B Cumulative Redeemable Preferred Stock [Member]          
Cumulative redeemable preferred stock, shares authorized   4,000,000      
Excess stock, shares authorized   3,000,000      
Subsequent Event [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member]          
Cumulative redeemable preferred stock, shares authorized   3,663,800      
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.4.0.3
Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Proforma Financial Information - Summary Of Pro Forma Financial Information Details    
Rental and Related Income $ 21,786,000 $ 19,499,000
Community Operating Expenses 10,556,000 9,944,000
Net Loss Attributable to Common Shareholders $ (883,000) $ (1,418,000)
Net Loss Attributable to Common Shareholders per Share: Basic $ (0.03) $ (0.06)
Net Loss Attributable to Common Shareholders per Share: Diluted $ (0.03) $ (0.06)
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