Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investment Property and Equipment
Land	$ 68,154,110	$ 61,239,644
Site and Land Improvements	533,547,154	463,242,075
Buildings and Improvements	25,156,183	22,963,926
Rental Homes and Accessories	254,598,641	216,992,988
Total Investment Property	881,456,088	764,438,633
Equipment and Vehicles	18,791,688	16,874,760
Total Investment Property and Equipment	900,247,776	781,313,393
Accumulated Depreciation	(197,208,363)	(166,444,512)
Net Investment Property and Equipment	703,039,413	614,868,881
Other Assets
Cash and Cash Equivalents	7,433,470	23,242,090
Marketable Securities at Fair Value	99,595,736	132,964,276
Inventory of Manufactured Homes	23,703,322	17,569,365
Notes and Other Receivables, net	31,493,555	25,451,053
Prepaid Expenses and Other Assets	4,279,403	3,457,083
Land Development Costs	9,441,025	6,328,578
Total Other Assets	175,946,511	209,012,445
TOTAL ASSETS	878,985,924	823,881,326
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	331,093,063	304,895,117
Other Liabilities:
Accounts Payable	3,873,445	2,960,739
Loans Payable, net of unamortized debt issuance costs	107,985,353	84,704,487
Accrued Liabilities and Deposits	5,493,862	4,977,886
Tenant Security Deposits	5,842,161	5,127,633
Total Other Liabilities	123,194,821	97,770,745
Total Liabilities	454,287,884	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 December 31, 2018 and 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 December 31, 2018 and 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 December 31, 2018 and 2017, respectively	50,000,000	0
Common Stock - $0.10 par value per share,111,363,800 and 113,663,800 shares authorized; 38,320,414 and 35,488,068 shares issued and outstanding as of December 31, 2018 and 2017, respectively	3,832,041	3,548,807
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2018 and 2017	0	0
Additional Paid-In Capital	157,449,781	168,034,868
Accumulated Other Comprehensive Income	0	11,519,582
Undistributed Income (Accumulated Deficit)	(25,363,782)	(667,793)
Total Shareholders' Equity	424,698,040	421,215,464
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 878,985,924	$ 823,881,326