Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
INVESTMENT PROPERTY AND EQUIPMENT
Land	$ 40,811,514	$ 39,133,514
Site and Land Improvements	314,349,213	299,776,250
Buildings and Improvements	18,033,386	17,534,698
Rental Homes and Accessories	106,739,856	91,719,997
Total Investment Property	479,933,969	448,164,459
Equipment and Vehicles	12,858,037	12,242,086
Total Investment Property and Equipment	492,792,006	460,406,545
Accumulated Depreciation	(107,952,810)	(99,522,180)
Net Investment Property and Equipment	384,839,196	360,884,365
OTHER ASSETS
Cash and Cash Equivalents	9,030,833	8,082,792
Securities Available for Sale at Fair Value	63,347,985	63,555,961
Inventory of Manufactured Homes	14,117,326	12,306,715
Notes and Other Receivables, net	20,228,331	21,992,566
Unamortized Financing Costs	3,174,403	2,228,779
Prepaid Expenses and Other Assets	5,149,091	3,356,034
Land Development Costs	6,124,992	5,861,764
Total Other Assets	121,172,961	117,384,611
TOTAL ASSETS	506,012,157	478,268,976
LIABILITIES:
Mortgages Payable	224,311,606	182,670,854
OTHER LIABILITIES
Accounts Payable	2,756,693	1,824,293
Loans Payable	64,936,340	77,439,230
Accrued Liabilities and Deposits	5,392,905	4,757,604
Tenant Security Deposits	3,069,217	2,749,890
Total Other Liabilities	76,155,155	86,771,017
Total Liabilities	$ 300,466,761	$ 269,441,871
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 June 30, 2015 and December 31, 2014, respectively	$ 91,595,000	$ 91,595,000
Common Stock - $0.10 par value per share, 42,000,000 shares authorized, 26,026,755 and 24,372,083 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	2,602,676	2,437,208
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding	0	0
Additional Paid-In Capital	113,852,090	110,422,454
Accumulated Other Comprehensive Income (Loss)	(1,836,577)	5,040,236
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders' Equity	205,545,396	208,827,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 506,012,157	$ 478,268,976