Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Investment Property and Equipment
Land	$ 58,527,464	$ 47,476,314
Site and Land Improvements	429,630,057	398,776,390
Buildings and Improvements	22,289,352	21,101,836
Rental Homes and Accessories	194,304,294	172,862,227
Total Investment Property	704,751,167	640,216,767
Equipment and Vehicles	15,774,490	14,986,196
Total Investment Property and Equipment	720,525,657	655,202,963
Accumulated Depreciation	(153,087,967)	(140,255,603)
Net Investment Property and Equipment	567,437,690	514,947,360
Other Assets
Cash and Cash Equivalents	8,166,402	4,216,592
Securities Available for Sale at Fair Value	109,079,105	108,755,172
Inventory of Manufactured Homes	20,932,899	17,424,574
Notes and Other Receivables, net	23,950,403	20,323,191
Prepaid Expenses and Other Assets	4,756,794	4,497,937
Land Development Costs	11,898,144	10,279,992
Total Other Assets	178,783,747	165,497,458
TOTAL ASSETS	746,221,437	680,444,818
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	311,303,776	293,025,592
Other Liabilities:
Accounts Payable	4,601,407	2,962,037
Loans Payable, net of unamortized debt issuance costs	64,177,873	58,285,385
Accrued Liabilities and Deposits	4,332,532	4,820,142
Tenant Security Deposits	4,814,216	4,319,695
Total Other Liabilities	77,926,028	70,387,259
Total Liabilities	389,229,804	363,412,851
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, 2017 and December 31, 2016, respectively	91,595,000	91,595,000
Series B – 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 4,000,000 shares authorized; 3,801,200 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	95,030,000	95,030,000
Common Stock - $0.10 par value per share; 85,000,000 and 75,000,000 shares authorized, 33,444,336 and 29,388,811 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	3,344,434	2,938,881
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized; no shares issued or outstanding as of June 30, 2017 and December 31, 2016, respectively	0	0
Additional Paid-In Capital	156,874,954	111,422,691
Accumulated Other Comprehensive Income	10,815,038	16,713,188
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders' Equity	356,991,633	317,031,967
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 746,221,437	$ 680,444,818