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