RENTAL PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2012

RENTAL PROPERTIES

Schedule of rental properties

	September 30, 2012			December 31, 2011			Useful Life
Land, improvements and parking lots	$	27,781,268		$	27,614,537		15—40 years
Buildings and improvements	119,318,092			119,097,186			15—40 years
Kitchen cabinets	3,990,449			3,542,249			5—10 years
Carpets	3,847,902			3,307,499			5—10 years
Air conditioning	830,218			788,146			7—10 years
Laundry equipment	375,167			368,955			5—7 years
Elevators	1,139,296			1,139,296			20 years
Swimming pools	235,242			235,242			10 years
Equipment	1,812,027			1,744,006			5—7 years
Motor vehicles	107,788			107,788			5 years
Fences	26,874			22,974			5—10 years
Furniture and fixtures	1,095,562			1,039,439			5—7 years
Smoke alarms	204,416			116,482			5—7 years
Total fixed assets	$	160,764,301		$	159,123,799
Less: Accumulated depreciation	(64,626,683		)	(60,199,265		)
	$	96,137,618		$	98,924,534