The following is a summary of the communities acquired during the six months ended June 30, 2022 (in thousands):

Community Date of Acquisition State Sites Purchase Price Acres Acquisition

Significant Accounting Policies and Estimates

The Company's Community NOI for the three and six months ended June 30, 2022 and 2021 is calculated as follows (in thousands):

(1) For the three and six months ended June 30, 2022, consists of special bonus

and restricted stock grants for the August 2020 groundbreaking Fannie Mae

financing, which are being expensed over the vesting period ($431 and $862,

respectively) and non-recurring expenses for the joint venture with Nuveen

($52), early extinguishment of debt ($193) and one-time legal fees ($149).

For 2021, consists of special bonus and restricted stock grants for the

August 2020 groundbreaking Fannie Mae financing, which are being expensed

The following are the cash flows provided (used) by operating, investing and financing activities for the six months ended June 30, 2022 and 2021 (in thousands):

Changes In Results Of Operations

Marketable securities decreased 59% or $66.8 million during the six months ended June 30, 2022. This decrease was due to a net decrease in the fair value of $41.8 million, primarily due to the MREIC merger.

During the six months ended June 30, 2022, the Company also issued $102.7 million of its new 4.72% Series A Bonds due 2027.

During the six months ended June 30, 2022, the Company also issued $102.7 million of its new 4.72% Series A Bonds due 2027 in an offering to investors in Israel and received $98.7 million in net proceeds, after offering expenses.

Collections are consistent with pre-pandemic levels and we have collected 93% of July 2022 site and home rent as of today's date. Some of our residents benefitted from the federal government's funding of the Emergency Rental Assistance Programs that were enacted in each state.

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

Cautionary Statement Regarding Forward-Looking Statements

? changes in the real estate market conditions and general economic conditions;

? risks and uncertainties related to the COVID-19 pandemic;

? 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

? 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;

? inflation, including increases in commodity prices and the cost of purchasing

? our ability to purchase manufactured homes for rental or sale;

? 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

? the availability of other debt and equity financing alternatives;

? continued ability to access the debt or equity markets;

? 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 made in a timely manner 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

? our ability to qualify as a real estate investment trust for federal income tax

? those risks and uncertainties referenced under the heading "Risk Factors"

contained in this Form 10-Q and the Company's other filings with the Securities

and Exchange Commission, including its Annual Report on Form 10-K for the year

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