Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investment Property and Equipment
Land	$ 61,239,644	$ 61,239,644
Site and Land Improvements	465,133,352	463,242,075
Buildings and Improvements	23,027,199	22,963,926
Rental Homes and Accessories	224,242,140	216,992,988
Total Investment Property	773,642,335	764,438,633
Equipment and Vehicles	17,437,910	16,874,760
Total Investment Property and Equipment	791,080,245	781,313,393
Accumulated Depreciation	(173,889,571)	(166,444,512)
Net Investment Property and Equipment	617,190,674	614,868,881
Other Assets
Cash and Cash Equivalents	25,951,970	23,242,090
Marketable Securities at Fair Value	113,343,772	132,964,276
Inventory of Manufactured Homes	18,981,697	17,569,365
Notes and Other Receivables, net	25,809,308	25,451,053
Prepaid Expenses and Other Assets	4,499,430	3,457,083
Land Development Costs	7,610,268	6,328,578
Total Other Assets	196,196,445	209,012,445
TOTAL ASSETS	813,387,119	823,881,326
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	303,317,181	304,895,117
Other Liabilities:
Accounts Payable	3,119,246	2,960,739
Loans Payable, net of unamortized debt issuance costs	50,382,537	84,704,487
Accrued Liabilities and Deposits	4,772,792	4,977,886
Tenant Security Deposits	5,246,796	5,127,633
Total Other Liabilities	63,521,371	97,770,745
Total Liabilities	366,838,552	402,665,862
Commitments and Contingencies
Shareholders’ Equity:
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 March 31, 2018 and December 31, 2017	95,030,000	95,030,000
Series C – 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 5,750,000 shares authorized, issued and outstanding as of March 31, 2018 and December 31, 2017	143,750,000	143,750,000
Series D – 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 2,300,000 shares authorized; 2,000,000 and -0- shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	50,000,000	0
Common Stock - $0.10 par value per share; 111,363,800 and 113,663,800 shares authorized; 36,311,144 and 35,488,068 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	3,631,114	3,548,807
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized; no shares issued or outstanding as of March 31, 2018 and December 31, 2017	0	0
Additional Paid-In Capital	154,805,246	168,034,868
Accumulated Other Comprehensive Income	0	11,519,582
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders’ Equity	446,548,567	421,215,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 813,387,119	$ 823,881,326