Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Investment Property and Equipment
Land	$ 63,616,231	$ 61,239,644
Site and Land Improvements	485,940,966	463,242,075
Buildings and Improvements	23,380,043	22,963,926
Rental Homes and Accessories	233,339,284	216,992,988
Total Investment Property	806,276,524	764,438,633
Equipment and Vehicles	17,974,920	16,874,760
Total Investment Property and Equipment	824,251,444	781,313,393
Accumulated Depreciation	(181,393,660)	(166,444,512)
Net Investment Property and Equipment	642,857,784	614,868,881
Other Assets
Cash and Cash Equivalents	15,227,599	23,242,090
Marketable Securities at Fair Value	138,063,017	132,964,276
Inventory of Manufactured Homes	23,165,680	17,569,365
Notes and Other Receivables, net	27,944,531	25,451,053
Prepaid Expenses and Other Assets	5,470,984	3,457,083
Land Development Costs	10,023,089	6,328,578
Total Other Assets	219,894,900	209,012,445
TOTAL ASSETS	862,752,684	823,881,326
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	301,771,576	304,895,117
Other Liabilities:
Accounts Payable	3,922,121	2,960,739
Loans Payable, net of unamortized debt issuance costs	84,648,794	84,704,487
Accrued Liabilities and Deposits	4,358,710	4,977,886
Tenant Security Deposits	5,525,674	5,127,633
Total Other Liabilities	98,455,299	97,770,745
Total Liabilities	400,226,875	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 June 30, 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 June 30, 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 June 30, 2018 and December 31, 2017, respectively	50,000,000
Common Stock - $0.10 par value per share; 111,363,800 and 113,663,800 shares authorized; 36,896,969 and 35,488,068 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	3,689,697	3,548,807
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized; no shares issued or outstanding as of June 30, 2018 and December 31, 2017.
Additional Paid-In Capital	170,723,905	168,034,868
Accumulated Other Comprehensive Income		11,519,582
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders’ Equity	462,525,809	421,215,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 862,752,684	$ 823,881,326