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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 12,668,034 $ 11,534,559 $ 2,144,205
Non-cash items included in Net Income:      
Depreciation 27,557,746 23,214,100 18,877,511
Amortization of Financing Costs 660,910 733,485 829,017
Stock Compensation Expense 1,314,491 1,064,678 855,768
Provision for Uncollectible Notes and Other Receivables 1,273,535 (909,397) (1,123,926)
Gain on Sales of Securities, net (1,747,528) (2,285,301) (204,230)
Loss on Sales of Investment Property & Equipment 80,930 2,163 80,268
Changes in Operating Assets and Liabilities:      
Inventory of Manufactured Homes (144,791) (3,113,164) (2,004,695)
Notes and Other Receivables, net of Notes Acquired with Acquisitions 215,684 (1,204,014) 840,066
Prepaid Expenses and Other Assets 1,040,854 (435,124) (706,779)
Accounts Payable (1,298) 145,747 991,997
Accrued Liabilities and Deposits 161,727 (1,878,719) 1,976,958
Tenant Security Deposits 807,938 665,605 904,200
Net Cash Provided by Operating Activities 41,341,162 29,353,412 25,708,212
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Manufactured Home Communities, net of mortgages assumed (61,669,247) (4,081,798) (78,926,525)
Purchase of Investment Property and Equipment (62,009,984) (58,184,812) (51,218,338)
Proceeds from Sales of Investment Property and Equipment 2,299,670 1,114,503 777,394
Additions to Land Development Costs (3,881,035) (3,728,869) (921,141)
Purchase of Securities Available for Sale (45,075,311) (27,518,151) (23,019,035)
Proceeds from Sales of Securities Available for Sale 17,416,146 14,831,737 4,633,019
Net Cash Used in Investing Activities (152,919,761) (77,567,390) (148,674,626)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Mortgages, net of mortgages assumed 44,420,000 31,804,000 139,432,000
Net Proceeds (Payments) from Short Term Borrowings 26,401,635 406,935 (19,452,727)
Principal Payments of Mortgages and Loans (34,970,645) (25,072,315) (37,756,234)
Financing Costs on Debt (641,471) (668,338) (2,311,829)
Proceeds from Issuance of Preferred Stock, net of offering costs 138,975,847 49,120,853 43,042,124
Redemption of 8.25% Series A Preferred Stock (91,595,000) 0 0
Proceeds from Registered Direct Placement of Common Stock, net of offering costs 22,518,238 0 0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments 57,506,016 20,012,393 22,593,531
Proceeds from Exercise of Stock Options 5,435,634 2,485,060 170,075
Preferred Dividends Paid (16,665,934) (14,563,645) (7,556,588)
Common Dividends Paid, net of Dividend Reinvestments (20,780,223) (17,630,270) (16,740,833)
Net Cash Provided by Financing Activities 130,604,097 45,894,673 121,419,519
Net Increase (Decrease) in Cash and Cash Equivalents 19,025,498 (2,319,305) (1,546,895)
Cash and Cash Equivalents at Beginning of Year 4,216,592 6,535,897 8,082,792
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 23,242,090 $ 4,216,592 $ 6,535,897