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Manufactured Home Communities Inc., a Chicago-based real estate investment trust (REIT), has signed a contract to buy the 536-site Tropic Winds RV resort in Harlingen, Tex., for around $4.8 million, the company announced today (July 23).
MHC, a New York Stock Exchange-listed company, expects to finalize the Tropic Winds acquisition before Sept. 30.
Not including Tropic Winds, MHC owns properties including 48,018 RV sites as of June 30, the company reported, which represents a 1% increase over the 47,541 RV sites it owned as of last Dec. 31.
MHC also reported today that its RV base rental income doubled during the second quarter of this year $1.2 million, compared with $635,000 during the second quarter of 2001. During the first half of this year, its RV base rental income climbed 47% higher to $3.7 million.
Meanwhile, the company’s net income increased 5% during the second quarter to $6.4 million but its net income was down 28% during the first half of this year to $13.6 million.