Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |||
Affiliates [Member] | Non Affiliates [Member] | |||||
Document Information [Line Items] | ' | ' | ' | ' | ||
Entity Registrant Name | 'UMH PROPERTIES, INC. | ' | ' | ' | ||
Entity Central Index Key | '0000752642 | ' | ' | ' | ||
Amendment Flag | 'false | ' | ' | ' | ||
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ||
Document Type | '10-K | ' | ' | ' | ||
Document Period End Date | 31-Dec-13 | ' | ' | ' | ||
Document Fiscal Year Focus | '2013 | ' | ' | ' | ||
Document Fiscal Period Focus | 'FY | ' | ' | ' | ||
Entity Well-Known Seasoned Issuer | 'No | ' | ' | ' | ||
Entity Voluntary Filers | 'No | ' | ' | ' | ||
Entity Current Reporting Status | 'Yes | ' | ' | ' | ||
Entity Filer Category | 'Accelerated Filer | ' | ' | ' | ||
Entity Public Float | $0 | ' | $165,896,579 | [1] | $191,241,819 | [2] |
Entity Common Stock, Shares Outstanding | ' | 21,408,866 | ' | ' | ||
[1] | Presuming that such directors and executive officers are affiliates of the registrant, the aggregate market value of the voting stock of the registrant held by nonaffiliates of the registrant at June 30, 2013 was $165,896,579. | |||||
[2] | Based upon the assumption that directors and executive officers of the registrant are not affiliates of the registrant, the aggregate market value of the voting stock of the registrant held by nonaffiliates of the registrant at June 30, 2013 was $191,241,819. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
INVESTMENT PROPERTY AND EQUIPMENT | ' | ' |
Land | $33,973,214 | $22,010,714 |
Site and Land Improvements | 256,830,234 | 186,474,330 |
Buildings and Improvements | 13,273,690 | 7,176,980 |
Rental Homes and Accessories | 61,747,274 | 37,828,031 |
Total Investment Property | 365,824,412 | 253,490,055 |
Equipment and Vehicles | 11,130,719 | 9,495,379 |
Total Investment Property and Equipment | 376,955,131 | 262,985,434 |
Accumulated Depreciation | -84,655,017 | -73,270,257 |
Net Investment Property and Equipment | 292,300,114 | 189,715,177 |
OTHER ASSETS | ' | ' |
Cash and Cash Equivalents | 7,615,143 | 11,035,824 |
Securities Available for Sale at Fair Value | 59,254,942 | 57,325,440 |
Inventory of Manufactured Homes | 13,786,041 | 11,855,080 |
Notes and Other Receivables, net | 26,019,725 | 22,713,864 |
Unamortized Financing Costs | 2,128,006 | 1,473,454 |
Prepaid Expenses | 1,182,850 | 910,875 |
Land Development Costs | 5,693,153 | 5,251,501 |
Total Other Assets | 115,679,860 | 110,566,038 |
TOTAL ASSETS | 407,979,974 | 300,281,215 |
LIABILITIES: | ' | ' |
MORTGAGES PAYABLE | 160,639,944 | 108,871,352 |
OTHER LIABILITIES: | ' | ' |
Accounts Payable | 1,628,713 | 1,070,021 |
Loans Payable | 49,118,996 | 10,441,605 |
Accrued Liabilities and Deposits | 3,852,799 | 3,609,615 |
Tenant Security Deposits | 2,153,785 | 1,303,374 |
Total Other Liabilities | 56,754,293 | 16,424,615 |
Total Liabilities | 217,394,237 | 125,295,967 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $.10 per share, 3,663,800 shares authorized, issued and outstanding as of December 31, 2013 and 2012 | 91,595,000 | 91,595,000 |
Common Stock - $.10 par value per share, 42,000,000 shares authorized; 20,769,892 and 17,111,882 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 2,076,989 | 1,711,188 |
Excess Stock - $.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Additional Paid-In Capital | 96,504,643 | 76,110,692 |
Accumulated Other Comprehensive Income | 1,076,898 | 6,236,161 |
Accumulated Deficit | -667,793 | -667,793 |
Total Shareholders' Equity | 190,585,737 | 174,985,248 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $407,979,974 | $300,281,215 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.10 | $0.10 |
Series A - 8.25% Cumulative Redeemable Preferred Stock, shares authorized | 3,663,800 | 3,663,800 |
Series A - 8.25% Cumulative Redeemable Preferred Stock, shares issued | 3,663,800 | 3,663,800 |
Series A - 8.25% Cumulative Redeemable Preferred Stock, shares outstanding | 3,663,800 | 3,663,800 |
Percentage rate on Cumulative Redeemable Preferred Stock | 8.25% | 8.25% |
Common Stock, par value | $0.10 | $0.10 |
Common Stock, shares authorized | 42,000,000 | 42,000,000 |
Common Stock, shares issued | 20,769,892 | 17,111,882 |
Common Stock, shares outstanding | 20,769,892 | 17,111,882 |
Excess Stock, par value | $0.10 | $0.10 |
Excess Stock , shares authorized | 3,000,000 | 3,000,000 |
Excess Stock , shares issued | ' | ' |
Excess Stock , shares outstanding | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
INCOME: | ' | ' | ' |
Rental and Related Income | $53,477,893 | $38,012,231 | $32,990,219 |
Sales of Manufactured Homes | 8,727,214 | 8,815,533 | 6,323,135 |
Total Income | 62,205,107 | 46,827,764 | 39,313,354 |
EXPENSES: | ' | ' | ' |
Community Operating Expenses | 29,140,920 | 20,564,286 | 17,758,332 |
Cost of Sales of Manufactured Homes | 7,204,410 | 7,903,678 | 5,747,963 |
Selling Expenses | 1,985,834 | 2,152,701 | 2,104,077 |
General and Administrative | 6,242,224 | 5,137,516 | 3,854,866 |
Franchise Taxes | 299,000 | 237,000 | 125,000 |
Loss Relating to Flood | 0 | 0 | 984,701 |
Acquisition Costs | 1,455,542 | 862,169 | 260,463 |
Depreciation Expense | 11,681,724 | 7,357,158 | 5,962,338 |
Total Expenses | 58,009,654 | 44,214,508 | 36,797,740 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest Income | 2,186,387 | 2,027,969 | 1,991,180 |
Dividend Income | 3,481,514 | 3,243,592 | 2,512,057 |
Gain on Sale of Securities Transactions, net | 4,055,812 | 4,092,585 | 2,692,649 |
Other Income | 211,051 | 643,588 | 77,375 |
Interest Expense | -7,849,835 | -5,803,172 | -5,744,567 |
Amortization of Financing Costs | -462,362 | -302,280 | -376,918 |
Total Other Income (Expense) | 1,622,567 | 3,902,282 | 1,151,776 |
Income Before Gain (Loss) on Sales of Investment Property and Equipment | 5,818,020 | 6,515,538 | 3,667,390 |
Gain (Loss) on Sales of Investment Property and Equipment | 18,803 | -41,481 | 28,873 |
NET INCOME | 5,836,823 | 6,474,057 | 3,696,263 |
Less: Preferred Dividend | 7,556,588 | 4,724,718 | 1,656,766 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | ($1,719,765) | $1,749,339 | $2,039,497 |
Basic Income Per Share: | ' | ' | ' |
Net Income | $0.31 | $0.40 | $0.25 |
Less: Preferred Dividend | ($0.40) | ($0.29) | ($0.11) |
Net Income (Loss) Attributable to Common Shareholders | ($0.09) | $0.11 | $0.14 |
Diluted Income Per Share: | ' | ' | ' |
Net Income | $0.31 | $0.40 | $0.25 |
Less: Preferred Dividend | ($0.40) | ($0.29) | ($0.11) |
Net Income (Loss) Attributable to Common Shareholders | ($0.09) | $0.11 | $0.14 |
Weighted Average Shares Outstanding: | ' | ' | ' |
Basic | 18,724,321 | 16,197,339 | 14,506,679 |
Diluted | 18,789,662 | 16,260,225 | 14,562,018 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statements Of Comprehensive Income (Loss) | ' | ' | ' |
Net Income | $5,836,823 | $6,474,057 | $3,696,263 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Unrealized Holding Gains (Losses) Arising During the Year | -1,441,406 | 8,245,236 | -1,296,427 |
Reclassification Adjustment for Net Gains Realized in Income | -4,055,812 | -4,092,585 | -2,692,649 |
Change in Fair Value of Interest Rate Swap Agreements | 337,955 | -377,795 | 0 |
Comprehensive Income (Loss) | 677,560 | 10,248,913 | -292,813 |
Less: Preferred Dividend | -7,556,588 | -4,724,718 | -1,656,766 |
Comprehensive Income (Loss) Attributable to Common Shareholders | ($6,879,028) | $5,524,195 | ($1,949,579) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock Issued | Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Undistributed Income (Accumulated Deficit) | ||
Balance at Dec. 31, 2010 | $71,927,753 | $1,370,163 | $0 | $64,775,002 | $6,450,381 | ($667,793) | ||
Balance, (Shares) at Dec. 31, 2010 | ' | 13,701,625 | ' | ' | ' | ' | ||
Common Stock Issued with the DRIP* | [1] | 13,938,991 | 146,721 | 0 | 13,792,270 | 0 | 0 | |
Common Stock Issued with the DRIP, (Shares) | 1,467,214 | 1,467,214 | [1] | ' | ' | ' | ' | |
Common Stock Issued through Restricted Stock Awards | 0 | 7,400 | 0 | -7,400 | 0 | 0 | ||
Common Stock Issued through Restricted Stock Awards, (Shares) | ' | 74,000 | ' | ' | ' | ' | ||
Common Stock Issued through Stock Options | 75,600 | 1,000 | 0 | 74,600 | 0 | 0 | ||
Common Stock Issued through Stock Options, (Shares) | 10,000 | 10,000 | ' | ' | ' | ' | ||
Preferred Stock Issued through Direct Placement, net | 31,854,328 | 0 | 33,470,000 | -1,615,672 | 0 | 0 | ||
Distributions | -11,921,696 | 0 | 0 | -8,225,433 | 0 | -3,696,263 | ||
Stock Compensation Expense | 295,042 | 0 | 0 | 295,042 | 0 | 0 | ||
Net Income | 3,696,263 | 0 | 0 | 0 | 0 | 3,696,263 | ||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | -3,989,076 | 0 | 0 | 0 | -3,989,076 | 0 | ||
Balance at Dec. 31, 2011 | 105,877,205 | 1,525,284 | 33,470,000 | 69,088,409 | 2,461,305 | -667,793 | ||
Balance, (Shares) at Dec. 31, 2011 | ' | 15,252,839 | ' | ' | ' | ' | ||
Common Stock Issued with the DRIP* | [1] | 18,058,038 | 178,004 | 0 | 17,880,034 | 0 | 0 | |
Common Stock Issued with the DRIP, (Shares) | 1,780,043 | 1,780,043 | [1] | ' | ' | ' | ' | |
Common Stock Issued through Restricted Stock Awards | 0 | 7,500 | 0 | -7,500 | 0 | 0 | ||
Common Stock Issued through Restricted Stock Awards, (Shares) | ' | 75,000 | ' | ' | ' | ' | ||
Common Stock Issued through Stock Options | 30,240 | 400 | 0 | 29,840 | 0 | 0 | ||
Common Stock Issued through Stock Options, (Shares) | 4,000 | 4,000 | ' | ' | ' | ' | ||
Preferred Stock Issued through Underwritten Public Offering , net | 25,702,218 | 0 | 26,875,000 | -1,172,782 | 0 | ' | ||
Preferred Stock Issued through Direct Placement, net | 30,550,295 | 0 | 31,250,000 | -699,705 | 0 | 0 | ||
Distributions | -16,054,905 | 0 | 0 | -9,580,848 | 0 | -6,474,057 | ||
Stock Compensation Expense | 573,244 | 0 | 0 | 573,244 | 0 | 0 | ||
Net Income | 6,474,057 | 0 | 0 | 0 | 0 | 6,474,057 | ||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | 4,152,651 | 0 | 0 | 0 | 4,152,651 | 0 | ||
Interest Rate Swaps | -377,795 | 0 | 0 | 0 | -377,795 | 0 | ||
Balance at Dec. 31, 2012 | 174,985,248 | 1,711,188 | 91,595,000 | 76,110,692 | 6,236,161 | -667,793 | ||
Balance, (Shares) at Dec. 31, 2012 | ' | 17,111,882 | ' | ' | ' | ' | ||
Common Stock Issued with the DRIP* | [1] | 35,192,639 | 365,801 | 0 | 34,826,838 | 0 | 0 | |
Common Stock Issued with the DRIP, (Shares) | 3,658,010 | 3,658,010 | [1] | ' | ' | ' | ' | |
Common Stock Issued through Restricted Stock Awards | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common Stock Issued through Restricted Stock Awards, (Shares) | ' | 0 | ' | ' | ' | ' | ||
Common Stock Issued through Stock Options | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common Stock Issued through Stock Options, (Shares) | ' | 0 | ' | ' | ' | ' | ||
Preferred Stock Issued through Underwritten Public Offering , net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Preferred Stock Issued through Direct Placement, net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Distributions | -21,120,059 | 0 | 0 | -15,283,236 | 0 | -5,836,823 | ||
Stock Compensation Expense | 850,349 | 0 | 0 | 850,349 | 0 | 0 | ||
Net Income | 5,836,823 | 0 | 0 | 0 | 0 | 5,836,823 | ||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | -5,497,218 | 0 | 0 | 0 | -5,497,218 | 0 | ||
Interest Rate Swaps | 337,955 | 0 | 0 | 0 | 337,955 | 0 | ||
Balance at Dec. 31, 2013 | $190,585,737 | $2,076,989 | $91,595,000 | $96,504,643 | $1,076,898 | ($667,793) | ||
Balance, (Shares) at Dec. 31, 2013 | ' | 20,769,892 | ' | ' | ' | ' | ||
[1] | Dividend Reinvestment and Stock Purchase Plan |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Income | $5,836,823 | $6,474,057 | $3,696,263 |
Non-cash items included in Net Income: | ' | ' | ' |
Depreciation | 11,681,724 | 7,357,158 | 5,962,338 |
Amortization of Financing Costs | 462,362 | 302,280 | 376,918 |
Stock Compensation Expense | 850,349 | 573,244 | 295,042 |
Provision for Uncollectible Notes and Other Receivables | 760,570 | 745,993 | 461,668 |
Gain on Sale of Securities Transactions, net | -4,055,812 | -4,092,585 | -2,692,649 |
(Gain) Loss on Sales of Investment Property & Equipment | -18,803 | 41,481 | -28,873 |
Changes in Operating Assets and Liabilities - | ' | ' | ' |
Inventory of Manufactured Homes | -1,930,961 | -1,666,333 | 385,493 |
Notes and Other Receivables | -4,066,431 | -2,134,003 | -188,442 |
Prepaid Expenses | -271,975 | -283,268 | 108,466 |
Accounts Payable | 558,692 | 381,349 | -59,805 |
Accrued Liabilities and Deposits | 581,139 | 985,739 | -23,811 |
Tenant Security Deposits | 850,411 | 402,637 | 118,284 |
Net Cash Provided by Operating Activities | 11,238,088 | 9,087,749 | 8,410,892 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of Manufactured Home Communities | -80,574,921 | -44,825,340 | -17,500,000 |
Purchase of Investment Property and Equipment | -26,815,409 | -16,975,016 | -6,846,921 |
Proceeds from Sales of Investment Property and Equipment | 915,113 | 1,069,516 | 709,234 |
Additions to Land Development Costs | -519,214 | -472,845 | -290,177 |
Purchase of Securities Available for Sale | -22,352,376 | -21,941,884 | -21,100,859 |
Proceeds from Sales of Securities Available for Sale | 18,981,468 | 16,159,894 | 5,263,695 |
Net Cash Used by Investing Activities | -110,365,339 | -66,985,675 | -39,765,028 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from Mortgages | 53,760,000 | 25,380,000 | 25,020,000 |
Net Proceeds from Short-Term Borrowings | 38,677,391 | 0 | 1,713,668 |
Principal Payments of Mortgages and Loans | -9,686,487 | -23,073,544 | -25,553,767 |
Financing Costs on Debt | -1,116,914 | -456,615 | -635,985 |
Proceeds from Issuance of Common Stock, net of reinvestments | 33,330,652 | 16,667,139 | 12,310,484 |
Proceeds from Issuance of Preferred Stock, net of offering costs | 0 | 56,996,101 | 31,854,328 |
Proceeds from Exercise of Stock Options | 0 | 30,240 | 75,600 |
Preferred Dividends Paid | -7,556,588 | -5,068,697 | -1,426,659 |
Common Dividends Paid, net of Reinvestments | -11,701,484 | -10,338,897 | -8,866,530 |
Net Cash Provided by Financing Activities | 95,706,570 | 60,135,727 | 34,491,139 |
Net Increase (Decrease) In Cash and Cash Equivalents | -3,420,681 | 2,237,801 | 3,137,003 |
Cash and Cash Equivalents at Beginning of Year | 11,035,824 | 8,798,023 | 5,661,020 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $7,615,143 | $11,035,824 | $8,798,023 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
ORGANIZATION | ' |
NOTE 1 – ORGANIZATION | |
UMH Properties, Inc. (the Company) operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations. As of December 31, 2013, the Company owns and operates seventy-four manufactured home communities containing approximately 13,500 developed sites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (S&F), conducts manufactured home sales in its communities. Inherent in the operation of manufactured home communities is site vacancies. S&F was established to fill these vacancies and potentially enhance the value of the communities. The Company also owns a portfolio of investment securities. | |
The Company was incorporated in the state of New Jersey in 1968. On September 29, 2003, the Company changed its state of incorporation from New Jersey to Maryland. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Description of the Business | |||||
As of December 31, 2013, the Company owns and operates seventy-four manufactured home communities containing approximately 13,500 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. | |||||
These manufactured home communities are listed by trade names as follows: | |||||
MANUFACTURED HOME COMMUNITY | LOCATION | ||||
Allentown | Memphis, Tennessee | ||||
Auburn Estates | Orrville, Ohio | ||||
Birchwood Farms | Birch Run, Michigan | ||||
Broadmore Estates | Goshen, Indiana | ||||
Brookside Village | Berwick, Pennsylvania | ||||
Brookview Village | Greenfield Center, New York | ||||
Carsons | Chambersburg, Pennsylvania | ||||
Cedarcrest | Vineland, New Jersey | ||||
Chambersburg I & II | Chambersburg, Pennsylvania | ||||
Chelsea | Sayre, Pennsylvania | ||||
City View | Lewistown, Pennsylvania | ||||
Clinton Mobile Home Resort | Tiffin, Ohio | ||||
Collingwood | Horseheads, New York | ||||
Colonial Heights | Wintersville, Ohio | ||||
Countryside Estates | Muncie, Indiana | ||||
Countryside Village | Columbia, Tennessee | ||||
Cranberry Village | Cranberry Township, Pennsylvania | ||||
Crestview | Athens, Pennsylvania | ||||
Cross Keys Village | Duncansville, Pennsylvania | ||||
D & R Village | Clifton Park, New York | ||||
Fairview Manor | Millville, New Jersey | ||||
Forest Creek | Elkhart, Indiana | ||||
Forest Park Village | Cranberry Township, Pennsylvania | ||||
MANUFACTURED HOME COMMUNITY | LOCATION | ||||
Frieden Manor | Schuylkill Haven, Pennsylvania | ||||
Green Acres | Chambersburg, Pennsylvania | ||||
Gregory Courts | Honey Brook, Pennsylvania | ||||
Heather Highlands | Inkerman, Pennsylvania | ||||
Highland | Elkhart, Indiana | ||||
Highland Estates | Kutztown, Pennsylvania | ||||
Holiday Mobile Village | Nashville, Tennessee | ||||
Kinnebrook | Monticello, New York | ||||
Lake Sherman Village | Navarre, Ohio | ||||
Laurel Woods | Cresson, Pennsylvania | ||||
Little Chippewa | Orrville, Ohio | ||||
Maple Manor | Taylor, Pennsylvania | ||||
Meadowood | New Middletown, Ohio | ||||
Melrose Village | Wooster, Ohio | ||||
Melrose West | Wooster, Ohio | ||||
Memphis Mobile City | Memphis, Tennessee | ||||
Monroe Valley | Jonestown, Pennsylvania | ||||
Moosic Heights | Avoca, Pennsylvania | ||||
Mountaintop | Narvon, Pennsylvania | ||||
Oak Ridge Estates | Elkhart, Indiana | ||||
Oakwood Lake Village | Tunkhannock, Pennsylvania | ||||
Olmsted Falls | Olmsted Falls, Ohio | ||||
Oxford Village | West Grove, Pennsylvania | ||||
Pine Ridge Village/Pine Manor | Carlisle, Pennsylvania | ||||
Pine Valley Estates | Apollo, Pennsylvania | ||||
Pleasant View Estates | Bloomsburg, Pennsylvania | ||||
Port Royal Village | Belle Vernon, Pennsylvania | ||||
River Valley Estates | Marion, Ohio | ||||
Rolling Hills Estates | Carlisle, Pennsylvania | ||||
Sandy Valley Estates | Magnolia, Ohio | ||||
Shady Hills | Nashville, Tennessee | ||||
Somerset Estates/Whispering Pines | Somerset, Pennsylvania | ||||
Southern Terrace | Columbiana, Ohio | ||||
Southwind Village | Jackson, New Jersey | ||||
Spreading Oaks Village | Athens, Ohio | ||||
Suburban Estates | Greensburg, Pennsylvania | ||||
Sunny Acres | Somerset, Pennsylvania | ||||
Sunnyside | Eagleville, Pennsylvania | ||||
Trailmont | Goodlettsville, Tennessee | ||||
Twin Oaks I & II | Olmsted Falls, Ohio | ||||
Twin Pines | Goshen, Indiana | ||||
Valley View I | Ephrata, Pennsylvania | ||||
Valley View II | Ephrata, Pennsylvania | ||||
Valley View Danboro | Doylestown, Pennsylvania | ||||
Valley View Honeybrook | Honey Brook, Pennsylvania | ||||
Waterfalls Village | Hamburg, New York | ||||
Weatherly Estates | Lebanon, Tennessee | ||||
Woodland Manor | West Monroe, New York | ||||
Woodlawn Village | Eatontown, New Jersey | ||||
Wood Valley | Caledonia, Ohio | ||||
Youngstown Estates | Youngstown, New York | ||||
Basis of Presentation | |||||
The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. | |||||
Use of Estimates | |||||
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. | |||||
Investment Property and Equipment and Depreciation | |||||
Property and equipment are carried at cost. Depreciation for Sites and Building (15 to 27.5 years) is computed principally on the straight-line method over the estimated useful lives of the assets. Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles (3 to 27.5 years) is computed principally on the straight-line method. Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Sites and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statement and any gain or loss is reflected in the current year’s results of operations. | |||||
The Company applies Financial Accounting Standards Board Accounting Standards Codification (ASC) 360-10, Property, Plant & Equipment (ASC 360-10) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. | |||||
The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2013, the undiscounted cash flows over the holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required. | |||||
Acquisitions | |||||
The Company accounts for acquisitions in accordance with Accounting Standards Codification (ASC) 805, Business Combinations (ASC 805). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred. | |||||
Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include bank repurchase agreements with original maturities of 90 days or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. | |||||
Securities Available for Sale | |||||
Investments in non-real estate assets consist of marketable securities of other REIT’s, which are composed of common and preferred stock. These securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities are classified among three categories: held-to-maturity, trading and available-for-sale. As of December 31, 2013 and 2012, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices. Gains or losses on the sale of securities are based on identifiable cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The changes in unrealized net holding gains are reflected as comprehensive income. | |||||
The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to not be other than temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: | |||||
a. | Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. | ||||
b. | Any downgrading of the security by a rating agency. | ||||
c. | Whether the financial condition of the issuer has deteriorated. | ||||
d. | Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. | ||||
e. | Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. | ||||
The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. | |||||
Inventory of Manufactured Homes | |||||
Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods. | |||||
Accounts and Notes Receivables | |||||
The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2013 and 2012 was $23,630,159 and $21,941,912, respectively. At December 31, 2013 and 2012, the reserves for uncollectible accounts, notes and other receivables were $1,097,387 and $937,995, respectively. For the years ended December 31, 2013, 2012 and 2011, the provisions for uncollectible notes and other receivables were $760,570, $745,993 and $461,668, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2013, 2012 and 2011 amounted to $601,178, $620,519 and $522,841, respectively. | |||||
The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.5%. The average maturity is approximately 10 years. | |||||
Unamortized Financing Costs | |||||
Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. As of December 31, 2013 and 2012, accumulated amortization amounted to $1,023,893 and $818,120, respectively. The Company estimates that aggregate amortization expense will be approximately $393,000 for 2014, $378,000 for 2015, $339,000 for 2016, $233,000 for 2017 and $194,000 for 2018. | |||||
Derivative Instruments and Hedging Activities | |||||
In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company's primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that had the effect of fixing interest rates relative to specific mortgage loans. | |||||
During 2012, the Company entered into two interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans as follows: | |||||
Mortgage | Due Date | Mortgage | Effective | Balance 12/31/13 | |
Interest Rate | Fixed Rate | ||||
Allentown/Clinton | 2/1/17 | LIBOR + 3.25% | 4.39% | $10,799,401 | |
Various – 11 properties | 8/1/17 | LIBOR + 3.00% | 3.89% | $12,909,520 | |
The Company's interest rate swap agreements are based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreements coincide with those of the underlying mortgage. The interest rate swap agreements are net settled monthly. The Company has designated these derivatives as cash flow hedges and have recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 14 for information on the determination of fair value). The effective portion of the gain or loss on these hedges will be reported as a component of Accumulated Other Comprehensive Income in our Consolidated Balance Sheets. To the extent that the hedging relationships are not effective or do not qualify as cash flow hedges, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of December 31, 2013, the Company has determined that these interest rate swap agreements are highly effective as cash flow hedges. As a result, the fair value of these derivatives of $(39,840) and $(377,795) as of December 31, 2013 and 2012, respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits. | |||||
Revenue Recognition | |||||
The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 1,720 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. | |||||
Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful. | |||||
Net Income (Loss) Per Share | |||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period (18,724,321, 16,197,339 and 14,506,679 in 2013, 2012 and 2011, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method (18,789,662, 16,260,225 and 14,562,018 in 2013, 2012 and 2011, respectively) (See Note 6). Options in the amount of 65,341, 62,886 and 55,339 for 2013, 2012 and 2011, respectively, are included in the diluted weighted average shares outstanding. As of December 31, 2013, 2012 and 2011, options to purchase 502,000, 586,000 and 547,000 shares, respectively, were antidilutive. | |||||
Stock Compensation Plan | |||||
The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $850,349, $573,244 and $295,042 have been recognized in 2013, 2012 and 2011, respectively. During 2013, compensation costs included a one-time charge of $142,000 for a stock option grant awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. During 2012, compensation costs included a one-time charge of $123,490 for restricted stock grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. | |||||
Income Tax | |||||
The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company is subject to franchise taxes in some of the states in which the Company owns property. | |||||
The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2013. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2013, the tax years 2009 through and including 2013 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. | |||||
Comprehensive Income (Loss) | |||||
Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives. | |||||
Reclassifications | |||||
Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. | |||||
Recent Accounting Pronouncements | |||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This ASU is effective prospectively, for annual and interim periods, beginning on or after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on our financial position, results of operations or cash flows. | |||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Investment_Property_and_Equipm
Investment Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investment Property and Equipment [Abstract] | ' | ||||||||
INVESTMENT PROPERTY AND EQUIPMENT | ' | ||||||||
NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT | |||||||||
Acquisitions in 2013 | |||||||||
On March 1, 2013, the Company acquired 10 manufactured home communities for $67,500,000. These 10 all-age communities total 1,854 sites and are situated on approximately 400 acres. There are five communities located in Indiana, four communities located in Pennsylvania, and one community located in Michigan. The average occupancy for these communities at closing was approximately 85%. The Company obtained a $53,760,000 mortgage loan from JP Morgan Chase Bank, N.A. and paid the balance with cash on hand. The Company also included 3 additional communities in this mortgage. Interest on the mortgage loan is fixed at 4.06%. This mortgage loan matures on March 1, 2023. | |||||||||
On April 2, 2013, the Company acquired Holiday Mobile Village, a 274-site manufactured home community situated on approximately 68 acres, located in Nashville, Tennessee, for a purchase price of $7,250,000. The occupancy for this community at closing was approximately 82%. The Company used its Unsecured Revolving Credit Facility with BMO to finance this acquisition. | |||||||||
On October 1, 2013, the Company acquired Rolling Hills Estates, a 91-site manufactured home community situated on approximately 32 acres, located in Carlisle, Pennsylvania, for a purchase price of $1,720,000. The occupancy for this community at closing was approximately 91%. | |||||||||
On November 6, 2013, the Company acquired five manufactured home communities for an aggregate purchase price of $11,800,000. These five all-age communities contain a total of 519 developed home sites that are situated on approximately 200 total acres. This portfolio consists of Melrose Village, Melrose West, Little Chippewa, and Auburn Estates located in Ohio and Youngstown Estates located in New York. The average occupancy for these communities is approximately 82%. The Company assumed a $7,700,000 mortgage loan. This mortgage is at a fixed interest rate of 4.75% and matures on December 6, 2022. | |||||||||
Acquisitions in 2012 | |||||||||
On January 12, 2012, the Company acquired Countryside Estates, a 90-site manufactured home community from an unrelated entity, situated on approximately 64 acres, located in Muncie, Indiana, for a purchase price of $2,100,000. This community was originally licensed for over 200 sites and is being built in phases. Upon completion, it will ultimately be approximately 205 sites. At acquisition, the occupancy for this community was 79%. The Company used proceeds from the preferred stock offering to finance this acquisition. | |||||||||
On July 26, 2012, the Company acquired Meadowood, a 123-site manufactured home community from an unrelated entity, situated on approximately 20 acres, located in New Middletown, Ohio, for a purchase price of $3,400,000. At acquisition, the occupancy for this community was 88%. The Company used proceeds from the preferred stock offering to finance this acquisition. | |||||||||
On August 1, 2012, the Company completed the acquisition of eleven manufactured home communities from ARCPA Properties LLC and ARCML06 LLC, both unrelated entities of the Company, for an aggregate purchase price of $28,250,000. These communities total 968 sites on 200 acres, ten in Pennsylvania and one in New York. The communities are Carsons, Chambersburg I & II, Chelsea, Collingwood, Crestview, Frieden Manor, Green Acres, Monroe Valley, Mountaintop, Valley View Ephrata I and Valley View Ephrata II. The average occupancy for these communities is approximately 92%. The Company obtained a $13,980,000 mortgage on the eleven property transaction from Sun National Bank, borrowed $6,200,000 on its margin line, and paid the remaining amount in cash. | |||||||||
On September 12, 2012, the Company acquired two manufactured home communities, Colonial Heights and Southern Terrace from an unrelated entity, both located in Ohio for a total purchase price of $5,900,000. These two communities total 280 sites situated on approximately 62 acres. At acquisition, the average occupancy for these communities was approximately 89%. The Company used proceeds from the preferred stock offering to finance this acquisition. | |||||||||
On December 3, 2012, the Company acquired Twin Oaks from an unrelated entity, a 141-site manufactured home community situated on approximately 21 acres, located in Olmsted Falls, Ohio, for a purchase price of $4,350,000. At acquisition, the occupancy for this community was 89%. The Company assumed a $2,774,660 mortgage from Fannie Mae. This mortgage is at a fixed interest rate of 5.75% and matures on December 1, 2019. | |||||||||
On December 19, 2012, the Company acquired Olmsted Falls from an unrelated entity, a 125-site manufactured home community situated on approximately 14 acres, located in Olmsted Falls, Ohio, for a purchase price of $3,600,000. At acquisition, the occupancy for this community was 96%. The Company used proceeds from the preferred stock offering to finance this acquisition. | |||||||||
See Note 17 for the Unaudited Pro Forma Financial Information relating to these acquisitions. | |||||||||
Other | |||||||||
Many oil and gas companies compete for the opportunity to drill for oil and gas. Successful bidders pay an upfront purchase price (“bonus payment”). On May 23, 2012, the Company received a bonus payment of $499,471 at one of its communities, which has been recorded as Other Income. This amount is not refundable and has been earned since the Company has no further obligation relating to it. In addition to this upfront bonus payment, the Company entered into an agreement (“Lease”) whereby the oil and gas company may remove the oil and gas from the property, provided that it pays the Company a 20% fee (“royalty”) based on the amount of the oil and gas removed. The Company has not earned any royalty fees to date. The initial term of the Lease is for five years, with an option to extend for an additional five years under the same terms and conditions as contained in the original lease. | |||||||||
Accumulated Depreciation | |||||||||
The following is a summary of accumulated depreciation by major classes of assets: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Site and Land Improvements | $ | 64,292,239 | $ | 56,262,656 | |||||
Buildings and Improvements | 3,036,082 | 2,685,623 | |||||||
Rental Homes and Accessories | 9,107,422 | 6,710,323 | |||||||
Equipment and Vehicles | 8,219,274 | 7,611,655 | |||||||
Total Accumulated Depreciation | $ | 84,655,017 | $ | 73,270,257 |
Securities_Available_for_Sale
Securities Available for Sale | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Securities Available For Sale [Abstract] | ' | ||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | ' | ||||||||||||||||||||
NOTE 4 – SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||
The Company’s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest. | |||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s securities are all classified as available-for-sale. See Note 14 for Fair Value Measurements. | |||||||||||||||||||||
The following is a listing of securities available for sale at December 31, 2013: | |||||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Alexandria Real Estate | E | 6.45 | % | 2,000 | $ | 45,425 | $ | 42,400 | |||||||||||||
American Land Lease, Inc. | A | 7.75 | % | 31,200 | 275,297 | 756,600 | |||||||||||||||
Ashford Hospitality Trust | A | 8.55 | % | 10,000 | 251,205 | 252,490 | |||||||||||||||
Campus Crest Communities | A | 8 | % | 30,000 | 751,222 | 741,000 | |||||||||||||||
CBL & Associates Properties | D | 7.375 | % | 2,000 | 50,269 | 47,500 | |||||||||||||||
CBL & Associates Properties | E | 6.625 | % | 65,000 | 1,543,385 | 1,381,900 | |||||||||||||||
Cedar Realty Trust Inc. | B | 7.25 | % | 47,355 | 1,127,208 | 1,089,157 | |||||||||||||||
Chesapeake Lodging | A | 7.75 | % | 20,000 | 500,000 | 491,800 | |||||||||||||||
Commonwealth Real Estate Trust | D | 6.5 | % | 74,000 | 1,660,828 | 1,517,740 | |||||||||||||||
Corporate Office Properties Trust | L | 7.375 | % | 26,000 | 650,330 | 612,040 | |||||||||||||||
Cubesmart | A | 7.75 | % | 2,000 | 52,153 | 50,300 | |||||||||||||||
Digital Realty Trust Inc. | E | 7 | % | 4,000 | 100,000 | 86,840 | |||||||||||||||
Digital Realty Trust Inc. | F | 6.625 | % | 2,000 | 44,870 | 41,160 | |||||||||||||||
Dupont Fabros Technology, Inc. | A | 7.875 | % | 26,412 | 657,703 | 632,303 | |||||||||||||||
Dupont Fabros Technology, Inc. | B | 7.625 | % | 20,000 | 500,000 | 455,400 | |||||||||||||||
EPR Properties | F | 6.625 | % | 20,000 | 472,680 | 423,800 | |||||||||||||||
Equity Lifestyle Properties | C | 6.75 | % | 2,000 | 46,885 | 46,200 | |||||||||||||||
General Growth Properties | A | 6.375 | % | 10,000 | 250,000 | 201,500 | |||||||||||||||
Glimcher Realty | I | 6.875 | % | 39,738 | 964,267 | 858,341 | |||||||||||||||
Istar Financial, Inc. | D | 8 | % | 26,600 | 636,609 | 635,447 | |||||||||||||||
Istar Financial, Inc. | E | 7.875 | % | 38,342 | 851,903 | 896,819 | |||||||||||||||
Istar Financial, Inc. | I | 7.5 | % | 59,600 | 1,325,647 | 1,363,648 | |||||||||||||||
Kilroy Realty Corp. | G | 6.875 | % | 34,948 | 844,770 | 766,410 | |||||||||||||||
Kilroy Realty Corp. | H | 6.38 | % | 10,000 | 235,486 | 205,700 | |||||||||||||||
Kimco Realty | I | 6 | % | 2,000 | 43,026 | 41,740 | |||||||||||||||
Kite Realty Group Trust | A | 8.25 | % | 50,000 | 1,227,138 | 1,262,500 | |||||||||||||||
Lasalle Hotel Properties | H | 7.5 | % | 40,000 | 982,589 | 986,000 | |||||||||||||||
Lasalle Hotel Properties | I | 6.375 | % | 6,000 | 124,984 | 121,080 | |||||||||||||||
Lexington Realty Trust | C | 6.5 | % | 6,000 | 247,860 | 264,900 | |||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Pebblebrook Hotel | C | 6.5 | % | 19,000 | $ | 400,742 | $ | 387,062 | |||||||||||||
Pennsylvania Real Estate Trust | A | 8.25 | % | 94,000 | 2,350,885 | 2,364,852 | |||||||||||||||
Pennsylvania Real Estate Trust | B | 7.375 | % | 40,000 | 1,000,000 | 949,200 | |||||||||||||||
Retail Properties of America | A | 7 | % | 20,000 | 481,949 | 421,600 | |||||||||||||||
SL Green Realty Corp. | I | 6.5 | % | 20,000 | 460,169 | 426,200 | |||||||||||||||
Stag Industrial, Inc. | A | 9 | % | 9,000 | 224,885 | 239,040 | |||||||||||||||
Stag Industrial, Inc. | B | 6.625 | % | 20,100 | 470,007 | 418,683 | |||||||||||||||
Summit Hotel Properties, Inc | B | 7.875 | % | 20,000 | 500,000 | 477,002 | |||||||||||||||
Sun Communities, Inc. | A | 7.125 | % | 45,000 | 1,117,377 | 1,059,750 | |||||||||||||||
Taubman Centers | K | 6.25 | % | 11,000 | 228,009 | 218,932 | |||||||||||||||
Terreno Realty Corp. | A | 7.75 | % | 20,300 | 507,791 | 497,350 | |||||||||||||||
Urstadt Biddle Properties, Inc. | F | 7.125 | % | 30,421 | 756,305 | 700,596 | |||||||||||||||
Vornado Realty Trust | D | 7.875 | % | 4,000 | 96,114 | 103,960 | |||||||||||||||
Total Preferred Stock | $ | 25,057,972 | $ | 24,536,942 | |||||||||||||||||
Common Stock: | |||||||||||||||||||||
Getty Realty Corp. | 100,000 | $ | 1,886,332 | $ | 1,837,000 | ||||||||||||||||
Gladstone Commercial Corp. | 60,000 | 1,031,950 | 1,078,200 | ||||||||||||||||||
Government Properties Income Trust | 110,000 | 2,664,307 | 2,733,500 | ||||||||||||||||||
Mack-Cali Realty Group | 75,000 | 1,824,903 | 1,611,000 | ||||||||||||||||||
Monmouth Real Estate Investment Corp. (1) | 1,875,147 | 15,491,475 | 17,045,082 | ||||||||||||||||||
Nobility Homes | 20,000 | 158,200 | 180,200 | ||||||||||||||||||
Parkway Properties, Inc. | 10,000 | 134,799 | 192,900 | ||||||||||||||||||
Select Income Real Estate Investment Trust | 340,973 | 8,976,023 | 9,117,618 | ||||||||||||||||||
Urstadt Biddle Properties, Inc. | 50,000 | 912,243 | 922,500 | ||||||||||||||||||
Total Common Stock | 33,080,232 | 34,718,000 | |||||||||||||||||||
Total Securities Available for Sale | $ | 58,138,204 | $ | 59,254,942 | |||||||||||||||||
(1) Related entity – See Note 8. | |||||||||||||||||||||
The following is a listing of securities available for sale at December 31, 2012: | |||||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
American Land Lease, Inc. | A | 7.75 | % | 46,200 | $ | 397,547 | $ | 1,113,420 | |||||||||||||
Ashford Hospitality Trust | E | 9 | % | 21,600 | 540,021 | 578,880 | |||||||||||||||
Ashford Hospitality Trust | A | 8.55 | % | 10,000 | 251,205 | 252,500 | |||||||||||||||
Campus Crest | A | 8 | % | 10,000 | 250,000 | 259,200 | |||||||||||||||
CapLease Inc. | A | 8.125 | % | 14,000 | 293,473 | 350,700 | |||||||||||||||
CapLease Inc. | B | 8.375 | % | 48,000 | 1,200,752 | 1,257,120 | |||||||||||||||
CBL & Associates Properties | D | 7.375 | % | 3,000 | 68,126 | 75,150 | |||||||||||||||
Cedar Realty Trust Inc. | A | 8.875 | % | 2,268 | 56,976 | 57,403 | |||||||||||||||
Cedar Realty Trust Inc. | B | 7.25 | % | 20,370 | 483,594 | 498,054 | |||||||||||||||
Chesapeake Lodging | A | 7.75 | % | 20,000 | 500,000 | 529,000 | |||||||||||||||
Corporate Office Properties Trust | L | 7.375 | % | 20,000 | 502,800 | 502,800 | |||||||||||||||
Cousins Properties | B | 7.5 | % | 3,500 | 82,146 | 87,570 | |||||||||||||||
Digital Realty Trust Inc. | E | 7 | % | 4,000 | 100,000 | 106,680 | |||||||||||||||
Dupont Fabros Technology, Inc. | A | 7.875 | % | 26,412 | 657,703 | 703,877 | |||||||||||||||
Dupont Fabros Technology, Inc. | B | 7.625 | % | 20,000 | 500,000 | 531,380 | |||||||||||||||
EPR Properties | F | 6.625 | % | 10,000 | 250,000 | 246,000 | |||||||||||||||
Commonwealth REIT | D | 6.5 | % | 35,000 | 431,643 | 807,800 | |||||||||||||||
Istar Financial, Inc. | I | 7.5 | % | 10,500 | 190,597 | 228,375 | |||||||||||||||
Istar Financial, Inc. | D | 8 | % | 1,500 | 30,756 | 33,495 | |||||||||||||||
Istar Financial, Inc. | E | 7.875 | % | 11,000 | 203,221 | 243,430 | |||||||||||||||
Kilroy Realty Corp | G | 6.875 | % | 20,000 | 500,000 | 518,200 | |||||||||||||||
Kite Realty Group Trust | A | 8.25 | % | 62,000 | 1,527,328 | 1,590,300 | |||||||||||||||
Lasalle Hotel Properties | H | 7.5 | % | 32,000 | 784,172 | 824,000 | |||||||||||||||
Lexington Realty Trust | C | 6.5 | % | 6,000 | 247,860 | 284,701 | |||||||||||||||
Lexington Realty Trust | D | 7.75 | % | 1,500 | 36,329 | 37,650 | |||||||||||||||
MPG Office Trust, Inc. | A | 7.625 | % | 12,000 | 13,560 | 253,200 | |||||||||||||||
Parkway Properties, Inc. | D | 8 | % | 13,400 | 331,241 | 335,243 | |||||||||||||||
Pennsylvania Real Estate Trust | A | 8.25 | % | 94,000 | 2,350,885 | 2,470,320 | |||||||||||||||
Pennsylvania Real Estate Trust | B | 7.375 | % | 40,000 | 1,000,000 | 1,010,940 | |||||||||||||||
Retail Properties of America | A | 7 | % | 10,000 | 250,000 | 246,500 | |||||||||||||||
Stag Industrial, Inc. | A | 9 | % | 9,000 | 224,885 | 242,595 | |||||||||||||||
Summit Hotel Properties, Inc | B | 7.875 | % | 20,000 | 500,000 | 506,200 | |||||||||||||||
Sun Communities, Inc. | A | 7.125 | % | 20,000 | 500,000 | 501,998 | |||||||||||||||
Terreno Realty Corp. | A | 7.75 | % | 20,000 | 500,000 | 518,600 | |||||||||||||||
Urstadt Biddle Properties, Inc. | F | 7.125 | % | 15,000 | 375,000 | 389,370 | |||||||||||||||
Vornado Realty Trust | D | 7.875 | % | 4,000 | 96,112 | 108,319 | |||||||||||||||
Total Preferred Stock | $ | 16,227,932 | $ | 18,300,970 | |||||||||||||||||
Common Stock: | |||||||||||||||||||||
Getty Realty Corp. | 135,700 | $ | 2,833,601 | $ | 2,450,742 | ||||||||||||||||
Gladstone Commercial Corp. | 80,500 | 1,404,133 | 1,444,975 | ||||||||||||||||||
Government Properties Income Trust | 30,000 | 681,529 | 719,100 | ||||||||||||||||||
Commonwealth REIT | 300,000 | 5,523,942 | 4,752,000 | ||||||||||||||||||
Mack-Cali Realty Group | 40,000 | 1,103,392 | 1,044,400 | ||||||||||||||||||
Medical Properties Trust Inc | 67,000 | 630,427 | 801,320 | ||||||||||||||||||
Monmouth Real Estate Investment Corp. (1) | 1,767,147 | 14,521,198 | 18,307,641 | ||||||||||||||||||
Nobility Homes | 20,000 | 158,200 | 98,000 | ||||||||||||||||||
Omega Healthcare REIT Investors | 45,000 | 746,936 | 1,073,250 | ||||||||||||||||||
One Liberty Properties, Inc. | 30,000 | 446,025 | 608,700 | ||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Parkway Properties, Inc. | 10,000 | 134,799 | 139,900 | ||||||||||||||||||
Pennsylvania Real Estate Investment Trust | 140,000 | $ | 1,460,129 | $ | 2,469,600 | ||||||||||||||||
Select Income Real Estate Investment Trust | 132,387 | 3,204,612 | 3,279,226 | ||||||||||||||||||
Senior Housing Properties Trust | 60,000 | 1,291,280 | 1,418,400 | ||||||||||||||||||
Urstadt Biddle Properties, Inc. | 21,200 | 343,350 | 417,216 | ||||||||||||||||||
Total Common Stock | $ | 34,483,553 | $ | 39,024,470 | |||||||||||||||||
Total Securities Available for Sale | $ | 50,711,485 | $ | 57,325,440 | |||||||||||||||||
(1) Related entity – See Note 8. | |||||||||||||||||||||
As of December 31, 2013, the Company had 34 securities that had unrealized losses. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment. The following is a summary of temporarily impaired securities at December 31, 2013: | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||
Preferred Stock | $ | 16,046,133 | $ | (1,178,316 | ) | $ | -0- | $ | -0- | ||||||||||||
Common Stock | 3,448,000 | (263,235 | ) | -0- | -0- | ||||||||||||||||
Total | $ | 19,494,133 | $ | (1,441,551 | ) | $ | -0- | $ | -0- | ||||||||||||
The following is a summary of the range of the losses: | |||||||||||||||||||||
Number of | Fair Value | Unrealized Loss | |||||||||||||||||||
Individual Securities | Range of Loss | ||||||||||||||||||||
27 | $ | 15,690,469 | $ | (918,603 | ) | Less than or equal to 10% | |||||||||||||||
7 | 3,803,664 | (522,948 | ) | Less than or equal to 20% | |||||||||||||||||
34 | $ | 19,494,133 | $ | (1,441,551 | ) | ||||||||||||||||
The Company has determined that these securities are temporarily impaired as of December 31, 2013. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. The Company had total net unrealized gains on its securities portfolio of $1,116,738 as of December 31, 2013. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company received proceeds of $18,981,468, $16,159,894 and $5,263,695, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities Transactions, net: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Gross realized gains | $ | 4,284,934 | $ | 4,092,585 | $ | 2,692,649 | |||||||||||||||
Gross realized losses | (229,122 | ) | -0- | -0- | |||||||||||||||||
Impairment loss | -0- | -0- | -0- | ||||||||||||||||||
Total Gains realized on Sale of Securities Transactions, net | $ | 4,055,812 | $ | 4,092,585 | $ | 2,692,649 | |||||||||||||||
As of December 31, 2013, 2012 and 2011, the securities portfolio had net unrealized holding gains of $1,116,738, $6,613,956 and $2,461,305, respectively. | |||||||||||||||||||||
The Company had margin loan balances of $18,574,228 and $-0- at December 31, 2013 and 2012, respectively, which were collateralized by the Company’s securities portfolio. |
Loans_and_Mortgages_Payable
Loans and Mortgages Payable | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Loans and Mortgages Payable [Abstract] | ' | |||||||||||||
LOANS AND MORTGAGES PAYABLE | ' | |||||||||||||
NOTE 5 – LOANS AND MORTGAGES PAYABLE | ||||||||||||||
Loans Payable | ||||||||||||||
The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2013 and 2012 was 2%. These margin loans are due on demand. At December 31, 2013 and 2012, respectively, the margin loans amounted to $18,574,228 and $-0-, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times. | ||||||||||||||
The Company has revolving credit agreements totaling $13,500,000 with GE Commercial Distribution Finance Corporation (GE), Customers Bank, Northpoint Commercial Finance and 21st Mortgage Corporation to finance inventory purchases. Interest rates on these agreements range from prime with a minimum of 6% to prime plus 2% with a minimum of 8% after 18 months. As of December 31, 2013 and 2012, the total amount outstanding on these lines was $5,624,569 and $5,521,406, respectively. | ||||||||||||||
The Company has a revolving line of credit with Sun National Bank secured by the Company's eligible notes receivables. The maximum availability on this line is $10,000,000. Interest was at the prime rate through April 1, 2011. This revolving line of credit had a maturity date of April 1, 2011 but was modified and extended during 2011. The interest rate was modified from prime to LIBOR plus 350 basis points. Advances were increased from 50% of eligible notes receivables secured by manufactured home loans to 60%. As of December 31, 2013 and 2012, the amount outstanding on this revolving line of credit was $4,920,199. As of December 31, 2013 and 2012, the interest rates were 3.67% and 3.73%, respectively. This revolving line of credit expires on June 30, 2014. | ||||||||||||||
Unsecured Lines of Credit | ||||||||||||||
On March 29, 2013, the Company entered into a new $35 million Unsecured Revolving Credit Facility with Bank of Montreal (“Credit Facility”). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility is March 29, 2016 with a one year extension available at the Company’s option. Borrowings under the Credit Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness. Borrowings will bear interest at the Company’s option of LIBOR plus 2.00% to 2.75% or BMO’s prime lending rate plus 1.00% to 1.75%, based on the Company’s overall leverage. Based on the current leverage ratio, interest on this borrowing is at LIBOR plus 225 basis points which was 2.42% as of December 31, 2013. The Company incurs a fee on the unused commitment amount of up to 0.35% per annum. The Credit Facility replaces the Company’s former $5.0 million unsecured line of credit, which was at an interest rate of LIBOR plus 375 basis points. As of December 31, 2013, the amount outstanding on the Credit Facility was $20,000,000. There were no amounts outstanding as of December 31, 2012 or 2011 on the Company’s previous unsecured line of credit. | ||||||||||||||
Mortgages Payable | ||||||||||||||
The following is a summary of mortgages payable: | ||||||||||||||
At December 31, 2013 | Balance at December 31, | |||||||||||||
Property | Due Date | Interest Rate | 2013 | 2012 | ||||||||||
Allentown and Clinton Mobile Home Resort | 2/1/17 | LIBOR + 3.25% | $ | 10,799,401 | $ | 11,112,757 | ||||||||
Cedarcrest | 4/1/21 | 5.125 | % | 9,124,838 | 9,275,010 | |||||||||
Cranberry Village | 12/1/18 | 6.8 | % | -0- | 2,894,029 | |||||||||
D & R Village and Waterfalls Village | 2/27/15 | LIBOR + 2.25% | 7,089,610 | 7,376,497 | ||||||||||
Fairview Manor | 2/1/17 | 5.785 | % | 10,345,239 | 10,539,333 | |||||||||
Forest Park Village | 12/1/18 | 6.8 | % | -0- | 2,894,029 | |||||||||
Heather Highlands | 8/28/18 | Prime + 1.0% | 1,288,149 | 1,573,968 | ||||||||||
Highland Estates | 9/1/17 | 6.175 | % | 9,578,574 | 9,738,702 | |||||||||
Oxford Village | 1/1/20 | 5.94 | % | 7,527,426 | 7,694,260 | |||||||||
Somerset Estates and Whispering Pines | 2/26/19 | 4.89 | % | 891,382 | 1,044,107 | |||||||||
Southwind Village | 1/1/20 | 5.94 | % | 6,012,690 | 6,145,953 | |||||||||
Suburban Estates and Sunny Acres | 6/1/18 | 4 | % | 6,711,306 | 6,968,277 | |||||||||
Twin Oaks | 12/1/19 | 5.75 | % | 2,702,771 | 2,764,752 | |||||||||
Various (5 properties) | 1/1/22 | 4.25 | % | 14,964,116 | 15,236,831 | |||||||||
Various (5 properties) | 12/6/22 | 4.75 | % | 7,675,595 | -0- | |||||||||
Various (11 properties) | 8/1/17 | LIBOR + 3.0% | 12,909,520 | 13,612,847 | ||||||||||
Various (13 properties) | 3/1/23 | 4.065 | % | 53,019,327 | -0- | |||||||||
Total Mortgages | Payable | $ | 160,639,944 | $ | 108,871,352 | |||||||||
At December 31, 2013 and 2012, mortgages were collateralized by real property with a carrying value of $235,685,401 and $143,383,848, respectively, before accumulated depreciation and amortization. Interest costs amounting to $247,186, $269,891 and $294,150 were capitalized during 2013, 2012 and 2011, respectively, in connection with the Company’s expansion program. | ||||||||||||||
Recent Transactions | ||||||||||||||
2013 | ||||||||||||||
On February 27, 2013, the Company had one mortgage loan due for D&R Village and Waterfalls Village with a balance of approximately $7,400,000. Under the terms of the loan agreement, this loan may be extended for an additional two years. Management has extended this loan to February 27, 2015. Interest during the extension period is at LIBOR plus 225 basis points which was 2.41% as of December 31, 2013. | ||||||||||||||
On March 1, 2013, the Company obtained a $53,760,000 mortgage loan from JP Morgan Chase Bank, N.A. on its 10 community acquisition. The Company also included 3 additional communities in this mortgage. Interest on the mortgage loan is fixed at 4.065%. This mortgage loan matures on March 1, 2023. | ||||||||||||||
On April 3, 2013, the Company repaid its mortgages on Cranberry Village and Forest Park Village for a total amount of approximately $5,700,000. The interest rate on these mortgages was 6.8%. | ||||||||||||||
In June 2013, the Company modified its mortgage on Sunny Acres and Suburban Estates. The interest rate was reduced from a fixed rate of 6.5% to a fixed rate of 4.0%. The maturity date was accelerated from June 1, 2020 to June 1, 2018. | ||||||||||||||
On November 6, 2013, the Company assumed a $7,700,000 mortgage on the acquisition of five manufactured home communities. This mortgage is at a fixed interest rate of 4.75% and matures on December 6, 2022. | ||||||||||||||
2012 | ||||||||||||||
On February 2, 2012, the Company obtained an $11,400,000 mortgage on Allentown and Clinton Mobile Home Resort from Bank of America, N.A. This mortgage is at a variable rate of LIBOR plus 3.25% and matures on February 1, 2017. The Company may extend this mortgage for an additional two years. To eliminate the variability of the interest expense, the Company simultaneously entered into an interest rate swap agreement having identical terms to the mortgage, resulting in a net fixed interest rate on the mortgage of 4.39%. | ||||||||||||||
On February 28, 2012, the Company repaid its 7.36% mortgage on Port Royal Village in the amount of approximately $4,700,000. | ||||||||||||||
On July 2, 2012, the Company repaid its mortgage on Sandy Valley Estates in the amount of approximately $1,900,000. | ||||||||||||||
On August 1, 2012, the Company obtained a $13,980,000 mortgage from Sun National Bank on the eleven community acquisition. This mortgage is at a variable rate of LIBOR plus 3.00% and matures on August 1, 2017. First Niagara Bank participated in this mortgage. To eliminate the variability of the interest expense, the Company subsequently entered into an interest rate swap agreement having identical terms to the mortgage, resulting in a net fixed interest rate on the mortgage of 3.89%. | ||||||||||||||
On October 11, 2012, the Company modified and extended its $5,000,000 unsecured line of credit with Bank of America. The interest rate was modified from LIBOR plus 400 basis points to LIBOR plus 375 basis points. This line of credit expires on August 31, 2013. | ||||||||||||||
On December 3, 2012, the Company assumed a $2,774,660 mortgage on Twin Oaks from Fannie Mae. This mortgage is at a fixed interest rate of 5.75% and matures on December 1, 2019. | ||||||||||||||
The aggregate principal payments of all mortgages payable are scheduled as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | $ | 4,434,099 | ||||||||||||
2015 | 11,089,066 | |||||||||||||
2016 | 4,429,688 | |||||||||||||
2017 | 42,382,196 | |||||||||||||
2018 | 7,530,449 | |||||||||||||
Thereafter | 90,774,446 | |||||||||||||
Total | $ | 160,639,944 |
Stock_Compensation_Plan
Stock Compensation Plan | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Stock Compensation Plan [Abstract] | ' | ||||||||||||||||||||||||
STOCK COMPENSATION PLAN | ' | ||||||||||||||||||||||||
NOTE 6 – STOCK COMPENSATION PLAN | |||||||||||||||||||||||||
On August 14, 2003, the shareholders approved and ratified the Company’s 2003 Stock Option Plan (the 2003 Plan) authorizing the grant to officers and key employees of options to purchase up to 1,500,000 shares of common stock. On June 7, 2010, the shareholders approved and ratified an amendment and restatement of the Plan. The amendment and restatement made two substantive changes: (1) the inclusion of Directors as participants in the Plan, and (2) the ability to grant restricted stock to Directors, officers and key employees. The amendment and restatement also made other conforming, technical and other non-substantive changes. There was no change to the total number of shares subject to grant under the Plan. The amendment and restatement also makes certain modifications and clarifications, including concerning administration and compliance with applicable tax rules, such as Section 162(m) of the Internal Revenue Code. | |||||||||||||||||||||||||
On June 13, 2013, the shareholders approved and ratified the Company's 2013 Stock Option and Stock Award Plan (the 2013 Plan) authorizing the grant to officers and key employees of options to purchase up to 3,000,000 shares of common stock. All options are exercisable one year from the date of grant. The option price shall not be below the fair market value at date of grant. If options granted under the Plan expire or terminate for any reason without having been exercised in full, the shares subject to, but not delivered under, such options shall become available for additional option grants under the Plan. This Plan replaced the Company's 2003 Stock Option and Award Plan, as amended, which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. | |||||||||||||||||||||||||
The Compensation Committee determines the recipients of restricted stock awards; the number of restricted shares to be awarded; the length of the restricted period of the award; the restrictions applicable to the award including, without limitation, the employment or retirement status of the participant; rules governing forfeiture and restrictions applicable to any sale, assignment, transfer, pledge or other encumbrance of the restricted stock during the restricted period; and the eligibility to share in dividends and other distributions paid to the Company’s stockholders during the restricted period. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant shall be 100,000 shares. | |||||||||||||||||||||||||
Unless otherwise provided for in an underlying restricted stock award agreement, if a participant’s status as an employee or director of the Company is terminated by reason of death or disability, the restrictions will lapse on such date. Unless otherwise provided for in an underlying restricted stock award agreement, the Plan provides that if an individual’s status as an employee or director is terminated by reason of retirement following an involuntary termination (other than for “cause” as defined in the 2013 Plan), the restrictions will generally lapse, unless the restricted stock award is intended to constitute “performance based” compensation for purposes of Section 162(m) of the Internal Revenue Code. If a participant’s status as an employee or director terminates for any other reason, the Plan provides that a participant will generally forfeit any outstanding restricted stock awards, unless otherwise indicated in the applicable award agreement. Shares of restricted stock that are forfeited become available again for issuance under the 2013 Plan. The Compensation Committee has the authority to accelerate the time at which the restrictions may lapse whenever it considers that such action is in the best interests of the Company and of its stockholders, whether by reason of changes in tax laws, a “change in control” as defined in the 2013 Plan or otherwise. | |||||||||||||||||||||||||
The Company accounts for stock options in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For the years ended December 31, 2013, 2012 and 2011, amounts charged to stock compensation expense for stock option expense, which is included in General and Administrative Expenses, totaled $411,017, $69,253 and $74,338, respectively. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
During the year ended December 31, 2013, twenty-four employees were granted options to purchase a total of 392,000 shares. During the year ended December 31, 2012, fifteen employees were granted options to purchase a total of 94,000 shares. During the year ended December 31, 2011, twelve employees were granted options to purchase a total of 80,000 shares. The fair value of these options for the years ended December 31, 2013, 2012 and 2011 was approximately $556,000, $87,000 and $81,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $202,437 as of December 31, 2013, and that amount will be expensed in 2014. | |||||||||||||||||||||||||
The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows: | |||||||||||||||||||||||||
• | The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. | ||||||||||||||||||||||||
• | Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant. | ||||||||||||||||||||||||
• | The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards. | ||||||||||||||||||||||||
• | Expected life of the options granted is estimated based on historical data reflecting actual hold periods. | ||||||||||||||||||||||||
• | Estimated forfeiture is based on historical data reflecting actual forfeitures. | ||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants in the following years: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Dividend yield | 6.67 | % | 7.08 | % | 7 | % | |||||||||||||||||||
Expected volatility | 32.37 | % | 26.19 | % | 24.81 | % | |||||||||||||||||||
Risk-free interest rate | 1.96 | % | 1.11 | % | 2.46 | % | |||||||||||||||||||
Expected lives | 8 | 8 | 8 | ||||||||||||||||||||||
Estimated forfeitures | -0- | -0- | -0- | ||||||||||||||||||||||
During the year ended December 31, 2013, no options were exercised. During the year ended December 31, 2012, options to one employee to purchase a total of 4,000 shares were exercised. During the year ended December 31, 2011, options to one employee to purchase a total of 10,000 shares were exercised. During the year ended December 31, 2013, options to ten employees to purchase a total of 84,000 shares expired. During the year ended December 31, 2012, options to eight employees to purchase a total of 55,000 shares expired. During the year ended December 31, 2011, options to eight employees to purchase a total of 51,000 shares expired. | |||||||||||||||||||||||||
A summary of the status of the Company’s stock option plans as of December 31, 2013, 2012 and 2011 and changes during the years then ended are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Outstanding at | 785,000 | $ | 11.71 | 750,000 | $ | 12.03 | 731,000 | $ | 12.33 | ||||||||||||||||
beginning of year | |||||||||||||||||||||||||
Granted | 392,000 | 10.08 | 94,000 | 11.29 | 80,000 | 11.16 | |||||||||||||||||||
Exercised | -0- | -0- | (4,000 | ) | 7.56 | (10,000 | ) | 7.56 | |||||||||||||||||
Expired | (84,000 | ) | 15.51 | (55,000 | ) | 15.58 | (51,000 | ) | 15.94 | ||||||||||||||||
Outstanding at end of | 1,093,000 | 10.86 | 785,000 | 11.71 | 750,000 | 12.03 | |||||||||||||||||||
year | |||||||||||||||||||||||||
Options exercisable at | 701,000 | 691,000 | 670,000 | ||||||||||||||||||||||
end of year | |||||||||||||||||||||||||
Weighted-average fair | $ | 1.42 | $ | 0.92 | $ | 1.01 | |||||||||||||||||||
value of options | |||||||||||||||||||||||||
granted during the year | |||||||||||||||||||||||||
The following is a summary of stock options outstanding as of December 31, 2013: | |||||||||||||||||||||||||
Number of Employees | Number of Shares | Option Price | Expiration Date | ||||||||||||||||||||||
Date of Grant | |||||||||||||||||||||||||
1/9/06 | 1 | 44,200 | 15.62 | 1/9/14 | |||||||||||||||||||||
1/9/06 | 1 | 5,800 | 17.21 | 1/9/14 | |||||||||||||||||||||
7/21/06 | 9 | 34,000 | 15.15 | 7/21/14 | |||||||||||||||||||||
1/3/07 | 1 | 44,200 | 15.51 | 1/3/15 | |||||||||||||||||||||
1/3/07 | 1 | 5,800 | 17.06 | 1/3/15 | |||||||||||||||||||||
7/16/07 | 12 | 51,000 | 14.21 | 7/16/15 | |||||||||||||||||||||
9/20/07 | 2 | 7,000 | 13.19 | 9/20/15 | |||||||||||||||||||||
1/8/08 | 1 | 42,300 | 11.79 | 1/8/16 | |||||||||||||||||||||
1/8/08 | 1 | 7,700 | 12.97 | 1/8/16 | |||||||||||||||||||||
9/25/08 | 12 | 43,000 | 7.55 | 9/25/16 | |||||||||||||||||||||
1/7/09 | 1 | 14,000 | 7.12 | 1/7/17 | |||||||||||||||||||||
1/7/09 | 1 | 61,000 | 6.47 | 1/7/17 | |||||||||||||||||||||
3/3/09 | 1 | 3,000 | 5.42 | 3/3/17 | |||||||||||||||||||||
6/22/09 | 13 | 53,000 | 7.57 | 6/22/17 | |||||||||||||||||||||
1/8/10 | 1 | 10,900 | 9.13 | 1/8/18 | |||||||||||||||||||||
1/8/10 | 1 | 14,100 | 8.3 | 1/8/18 | |||||||||||||||||||||
7/27/10 | 12 | 80,000 | 11.4 | 7/27/18 | |||||||||||||||||||||
8/11/10 | 1 | 6,000 | 11.23 | 8/11/18 | |||||||||||||||||||||
7/5/11 | 12 | 80,000 | 11.16 | 7/5/19 | |||||||||||||||||||||
8/29/12 | 15 | 94,000 | 11.29 | 8/29/20 | |||||||||||||||||||||
2/28/13 | 1 | 10,000 | * | 10.02 | 2/28/21 | ||||||||||||||||||||
6/26/13 | 24 | 382,000 | * | 10.08 | 6/26/21 | ||||||||||||||||||||
1,093,000 | |||||||||||||||||||||||||
* Unexercisable | |||||||||||||||||||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2013, 2012 and 2011 was $421,563, $602,653 and $406,673, respectively, of which $421,563, $602,653 and $406,673 relate to options exercisable. The intrinsic value of options exercised in 2013, 2012 and 2011 was $-0-, $18,000 and $28,200, respectively, determined as of the date of option exercise. The weighted-average remaining contractual term of the above options was 4.8, 3.9 and 4.1 years as of December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
During 2013, the Company did not award any restricted stock grants. During 2012 and 2011, the Company awarded restricted stock grants totaling 75,000 shares and 74,000 shares, respectively, to 9 and 10 participants, respectively. The grant date fair value of restricted stock grants awarded to participants during 2012 and 2011 was $803,700 and $825,840, respectively. These grants vest over 5 years. As of December 31, 2013, there remained a total of $1,098,563 of unrecognized restricted stock compensation related to outstanding nonvested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 2.7 years. For the years ended December 31, 2013, 2012 and 2011, amounts charged to stock compensation expense for restricted stock, which is included in General and Administrative Expenses, totaled $439,332, $503,991 and $220,704, respectively. During 2012, compensation costs included a one-time charge of $123,490 for restricted stock grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. | |||||||||||||||||||||||||
A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2013, 2012 and 2011, and changes during the year ended December 31, 2013, 2012 and 2011 are presented below: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | ||||||||||||||||||||
Nonvested at beginning of year | 187,470 | $ | 10.9 | 130,974 | $ | 11.14 | 62,299 | $ | 11.44 | ||||||||||||||||
Granted | -0- | -0- | 75,000 | 10.72 | 74,000 | 11.16 | |||||||||||||||||||
Dividend Reinvested Shares | 12,992 | 9.33 | 11,470 | 9.9 | 7,611 | 8.98 | |||||||||||||||||||
Vested | (48,170 | ) | (10.90 | ) | (29,974 | ) | (11.10 | ) | (12,936 | ) | (11.36 | ) | |||||||||||||
Forfeited | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | |||||||||||||
Nonvested at end of year | 152,292 | $ | 10.77 | 187,470 | $ | 10.9 | 130,974 | $ | 11.14 | ||||||||||||||||
As of December 31, 2013, there were 2,618,000 shares available for grant as stock options or restricted stock under the 2013 Plan. |
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2013 | |
Four Zero One K Plan [Abstract] | ' |
401(k) PLAN | ' |
NOTE 7 – 401(k) PLAN | |
All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (Plan). Under this Plan, an employee may elect to defer his/her compensation (up to a maximum of $17,500, annually adjusted) and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2013, 2012 and 2011, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $162,304, $126,224 and $118,454 in 2013, 2012 and 2011, respectively. |
Related_Party_Transactions_and
Related Party Transactions and Other Matters | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions and Other Matters [Abstract] | ' |
RELATED PARTY TRANSACTIONS AND OTHER MATTERS | ' |
NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS | |
Transactions with Monmouth Real Estate Investment Corporation | |
There are six Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (MREIC). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2013, the Company owns a total of 1,875,147 shares of MREIC common stock, representing 4.0% of the total shares outstanding at December 31, 2013 (See Note 4). | |
The Company operates in conjunction with MREIC. Some general and administrative expenses are allocated between the Company and MREIC based on use or services provided, pursuant to a cost sharing arrangement. Allocations of salaries and benefits are made based on the amount of the employees’ time dedicated to each company. | |
Salary, Directors’, Management and Legal Fees | |
The Company has an Employment Agreement with Mr. Eugene W. Landy, Chairman of the Board. Under this agreement, prior to January 1, 2004, Mr. Landy received an annual base compensation of $150,000 (as amended) plus bonuses and customary fringe benefits, including health insurance, participation in the Company’s 401(k) Plan, stock options, five weeks’ vacation and use of an automobile. Additionally, there may be bonuses voted by the Board of Directors. The Employment Agreement is terminable by either party at any time subject to certain notice requirements. On severance of employment by the Company, Mr. Landy will receive severance of $450,000, payable $150,000 on severance and $150,000 on the first and second anniversaries of severance. In the event of disability, Mr. Landy’s compensation will continue for a period of three years, payable monthly. On retirement, Mr. Landy will receive a pension of $50,000 a year for ten years, payable in monthly installments. In the event of death, Mr. Landy’s designated beneficiary will receive $450,000, $100,000 thirty days after death and the balance one year after death. The Employment Agreement automatically renews each year for successive one-year periods. Effective January 1, 2004, this agreement was amended to increase Mr. Landy's annual base compensation to $175,000. Additionally, Mr. Landy's pension benefit of $50,000 per year has been extended for an additional three years. On April 14, 2008, the Company executed a Second Amendment to the Employment Agreement with Mr. Landy (the second amendment). The second amendment provides that in the event of a change in control, Eugene W. Landy shall receive a lump sum payment of $1,200,000, provided the sale price of the Company is at least $16 per share of common stock. A change of control shall be defined as the consummation of a reorganization, merger, share exchange, consolidation, or sale or disposition of all or substantially all of the assets of the Company. This change of control provision shall not apply to any combination between the Company and MREIC. Payment shall be made simultaneously with the closing of the transaction, and only in the event that the transaction closes. During 2011, Mr. Landy was also awarded an Outstanding Leadership Achievement Award in the amount of $250,000 per year for three years. During 2013, the Board of Directors extended Mr. Landy’s pension benefit for an additional three years, through 2016. Additionally, Mr. Landy received $37,625, $29,125 and $24,000 for the years ended December 31, 2013, 2012, and 2011, respectively, as a Director. The firm of Eugene W. Landy received $-0-, $-0- and $17,500 during 2013, 2012, and 2011, respectively, as legal fees. | |
Effective January 1, 2012, the Company and Samuel A. Landy entered into a three-year Employment Agreement under which Mr. Samuel Landy receives an annual base salary of $378,000 for 2012, $396,900 for 2013 and $416,745 for 2014, subject to increases in Funds from Operations (FFO) of 3% per year or 9% over the three-year period. If this increase is not met, the salary increase will be limited to the increase in the consumer price index. Bonuses are based on performance goals relating to FFO, home sales, occupancy and acquisitions, with a maximum of 21% of salary. Mr. Samuel Landy received a restricted stock grant of 25,000 shares in 2012. In each subsequent calendar year of employment pursuant to the Agreement, restricted stock shall be awarded to Mr. Samuel Landy at the discretion of the Compensation Committee of the Board of Directors. Mr. Samuel Landy will receive customary fringe benefits, four weeks of vacation, reimbursement of reasonable and necessary business expenses and use of an automobile. The Company will reimburse Mr. Samuel Landy for the cost of a disability insurance policy. In the event of a merger, sale or change of voting control of the Company, excluding transactions between the Company and MREIC, Mr. Samuel Landy will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control, or the employee may terminate the employment agreement and be entitled to receive one year’s compensation in accordance with the agreement. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year’s compensation at the date of termination, paid monthly over the remaining term or life of the agreement. | |
Effective January 1, 2012, the Company and Anna T. Chew entered into a new three-year employment agreement, under which Ms. Chew receives an annual base salary of $287,385 for 2012, $301,754 for 2013 and $316,841 for 2014, plus bonuses and customary fringe benefits. Ms. Chew will also receive four weeks of vacation, reimbursement of reasonable and necessary business expenses and use of an automobile. The Company will reimburse Ms. Chew for the cost of a disability insurance policy such that, in the event of the employee’s disability for a period of more than 90 days, the employee will receive benefits up to 60% of her then-current salary. In the event of a merger, sale or change of voting control of the Company, excluding transactions between the Company and MREIC, the employee will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control, or the employee may terminate the employment agreement and be entitled to receive one year’s compensation in accordance with the agreement. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, other than a termination for cause as defined by the agreement, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year’s compensation at the date of termination, paid monthly over the remaining term or life of the agreement. | |
Effective January 1, 2012, the Company and Allison Nagelberg, General Counsel, entered into a three-year employment agreement, under which Ms. Nagelberg receives an annual base salary of $250,000 for 2012, $262,500 for 2013 and $275,625 for 2014, plus bonuses and customary fringe benefits. Ms. Nagelberg will also receive four weeks of vacation, reimbursement of reasonable and necessary business expenses and use of an automobile. Pursuant to this employment agreement, the Company will also pay on behalf of Ms. Nagelberg, all tuition and fees associated with her pursuit of an Executive MBA degree, which was completed in 2012. The Company will reimburse Ms. Nagelberg for the cost of a disability insurance policy such that, in the event of the employee’s disability for a period of more than 90 days, the employee will receive benefits up to 60% of her then-current salary. As an alternative to long-term disability, Employee shall have the option to purchase and/or maintain, and be fully reimbursed for, a short-term disability policy on terms to be approved by the Corporation. In the event of a merger, sale or change of voting control of the Company, the employee will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, other than a termination for cause as defined by the agreement, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year’s compensation at the date of termination, paid monthly over the remaining term or life of the agreement. Effective January 1, 2014, Ms. Nagelberg’s employment contract was cancelled and she was employed exclusively by MREIC. | |
Other Matters | |
The Company has an employment agreement with a certain executive officer, which in addition to base compensation, bonuses and fringe benefits, provides for specified retirement benefits. The Company has accrued these benefits on a present value basis over the terms of the agreements. Amounts accrued under these agreements were $600,000 and $509,259 at December 31, 2013 and 2012, respectively. | |
The Company leases its corporate offices where the lessor of the property is owned by certain officers and directors of the Company. Approximately 70% of the monthly lease payment is reimbursed by MREIC. On May 1, 2010, the Company renewed this lease for an additional five-year term with monthly lease payments of $13,600 through April 30, 2013 and $14,000 through April 30, 2015. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. Approximately 70% of the monthly lease payment plus its proportionate share of real estate taxes and common area maintenance is reimbursed by MREIC. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Shareholders' Equity [Abstract] | ' | ||||||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||||||
NOTE 9 – SHAREHOLDERS’ EQUITY | |||||||||||||
Common Stock | |||||||||||||
The Company has a Dividend Reinvestment and Stock Purchase Plan (DRIP), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discount of approximately 5% from the weighted average purchase price directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. In determining the weighted average purchase price, purchases may be aggregated for both dividend reinvestment and optional cash purchases, or independent calculations may be made, at the discretion of the Company. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company. | |||||||||||||
Amounts received, including dividends reinvested of $1,861,987, $1,390,899 and $1,628,507, respectively, and shares issued in connection with the DRIP for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amounts Received/Dividends | |||||||||||||
Reinvested | $ | 35,192,639 | $ | 18,058,038 | $ | 13,938,991 | |||||||
Number of Shares Issued | 3,658,010 | 1,780,043 | 1,467,214 | ||||||||||
Preferred Stock | |||||||||||||
On May 26, 2011, the Company issued 1,338,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock) in a direct placement for net proceeds of $31,854,328, after underwriting discounts of $1,054,305 and other expenses, including legal and other professional fees, of $561,367. MREIC purchased 200,000 shares of Series A Preferred Stock in the offering. Such shares were purchased by MREIC at the same price as other investors in the offering. The annual dividend of $2.0625 per share or 8.25% of the $25.00 per share liquidation value are cumulative and payable quarterly in arrears on March 15, June 15, September 15, and December 15. | |||||||||||||
On April 10, 2012, the Company issued an additional 1,075,000 shares of Series A Cumulative Redeemable Preferred Stock in an underwritten public offering at $25.292, including accrued dividends of $0.292, for net proceeds of approximately $25,700,000, after underwriting discounts of approximately $847,000 and other expenses, including legal and other professional fees of approximately $326,000. | |||||||||||||
On October 31, 2012, the Company issued an additional 1,250,000 shares of Series A Cumulative Redeemable Preferred Stock in a direct placement at $25.50, including accrued dividends of $0.344, for net proceeds of approximately $30,600,000, after underwriting discounts of approximately $638,000, other expenses, including legal and other professional fees of approximately $258,000. | |||||||||||||
The Series A Preferred Stock, par value $.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series A Preferred Stock is not redeemable prior to May 26, 2016, except pursuant to provisions relating to preservation of the Company’s qualification as a real estate investment trust (REIT) or upon the occurrence of a Delisting Event or a Change of Control, as described below. On and after May 26, 2016, the Series A Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared), if any, to, but not including, the redemption date, on each share of Series A Preferred Stock to be redeemed. | |||||||||||||
A “Delisting Event” occurs when both (i) the Series A Preferred Stock is not listed on the NYSE, the NYSE Amex or the NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, NYSE Amex or NASDAQ and (ii) the Company is not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, but any shares of Series A Preferred Stock are outstanding. | |||||||||||||
A “Change of Control” occurs when, after the original issuance of the Series A Preferred Stock, the following have occurred and are continuing: | |||||||||||||
● | the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares of the Company’s stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of the Company’s stock entitled to vote generally in the election of directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and | ||||||||||||
● | following the closing of any transaction referred to above, neither the Company nor the acquiring or surviving entity has a class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE Amex or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, NYSE Amex or NASDAQ. | ||||||||||||
Upon the occurrence of a Delisting Event or Change of Control, each holder of the Series A Preferred Stock will have the right to convert all or part of the shares of the Series A Preferred Stock held, unless the Company elects to redeem the Series A Preferred Stock. | |||||||||||||
Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. | |||||||||||||
Issuer Purchases of Equity Securities | |||||||||||||
On January 15, 2014, the Board of Directors reaffirmed its Share Repurchase Program (the repurchase program) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company's common stock. The repurchase program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The repurchase program does not require the Company to acquire any particular amount of common stock, and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the repurchase program will be held as treasury shares. There have been no purchases under the repurchase program to date. |
Distributions
Distributions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Distributions [Abstract] | ' | ||||||||||||||||||||||||
DISTRIBUTIONS | ' | ||||||||||||||||||||||||
NOTE 10 – DISTRIBUTIONS | |||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||
The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Quarter Ended | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
31-Mar | $ | 3,155,607 | $ | 0.18 | $ | 2,809,868 | $ | 0.18 | $ | 2,523,564 | $ | 0.18 | |||||||||||||
30-Jun | 3,294,938 | 0.18 | 2,902,806 | 0.18 | 2,595,832 | 0.18 | |||||||||||||||||||
30-Sep | 3,456,304 | 0.18 | 2,954,616 | 0.18 | 2,652,386 | 0.18 | |||||||||||||||||||
31-Dec | 3,656,622 | 0.18 | 3,062,506 | 0.18 | 2,723,255 | 0.18 | |||||||||||||||||||
$ | 13,563,471 | $ | 0.72 | $ | 11,729,796 | $ | 0.72 | $ | 10,495,037 | $ | 0.72 | ||||||||||||||
These amounts do not include the discount on shares purchased through the Company’s Dividend Reinvestment and Stock Purchase Plan. | |||||||||||||||||||||||||
On January 15, 2014, the Company declared a cash dividend of $0.18 per share to be paid on March 17, 2014 to common shareholders of record February 18, 2014. | |||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||
The following dividends were paid to preferred shareholders during the year ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
1/16/13 | 2/15/13 | 3/15/13 | $ | 1,889,147 | $ | 0.515625 | |||||||||||||||||||
4/8/13 | 5/15/13 | 6/17/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
7/1/13 | 8/15/13 | 9/16/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
10/1/13 | 11/15/13 | 12/16/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
$ | 7,556,588 | $ | 2.0625 | ||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
1/18/12 | 2/15/12 | 3/15/12 | $ | 690,319 | $ | 0.515625 | |||||||||||||||||||
4/17/12 | 5/15/12 | 6/15/12 | 930,716 | 0.515625 | |||||||||||||||||||||
7/9/12 | 8/15/12 | 9/17/12 | 1,244,616 | 0.515625 | |||||||||||||||||||||
10/1/12 | 11/15/12 | 12/17/12 | 1,459,458 | 0.515625 | |||||||||||||||||||||
$ | 4,325,109 | $ | 2.0625 | ||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
7/5/11 | 8/15/11 | 9/15/11 | $ | 736,341 | $ | 0.55 | |||||||||||||||||||
10/4/11 | 11/15/11 | 12/15/11 | 690,318 | 0.515625 | |||||||||||||||||||||
$ | 1,426,659 | $ | 1.065625 | ||||||||||||||||||||||
On January 15, 2014, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2013 through February 28, 2014, on the Company's 8.25% Series A Cumulative Redeemable Preferred Stock payable March 17, 2014 to preferred shareholders of record February 18, 2014. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share. |
Loss_Relating_to_Flood
Loss Relating to Flood | 12 Months Ended |
Dec. 31, 2013 | |
Loss Relating to Flood [Abstract] | ' |
LOSS RELATING TO FLOOD | ' |
NOTE 11 – LOSS RELATING TO FLOOD | |
In May 2011, Memphis Mobile City, a 157-site community in Memphis TN, experienced an unusual flood that swept the region. All residents of the community were evacuated. The community remains closed. We are currently working on plans for the redevelopment of this community as a manufactured home community. In addition to the loss in rental and related income, we have recorded a loss of $984,701 for the year ended December 31, 2011 for the amount, net of insurance proceeds, for the loss of inventory, rental homes, and disposal and other costs associated with this event. |
Federal_Income_Taxes
Federal Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Federal Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
FEDERAL INCOME TAXES | ' | ||||||||||||||||||||||||
NOTE 12 – FEDERAL INCOME TAXES | |||||||||||||||||||||||||
The Company has elected to be taxed as a REIT under the applicable provisions of Section 856 to 860 of the Internal Revenue Code. In order to qualify as a REIT, the Company must meet a number of organizational requirements, including a requirement that it currently distributes at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. As the Company has and intends to continue to distribute all of its income currently, no provision has been made for income taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. | |||||||||||||||||||||||||
Federal Excise Tax | |||||||||||||||||||||||||
The Company does not have a Federal excise tax liability for the 2013, 2012 and 2011, since it intends to or has distributed all of its annual income. | |||||||||||||||||||||||||
Reconciliation Between U.S. GAAP Net Income and Taxable Income | |||||||||||||||||||||||||
The following table reconciles U.S. GAAP net income to taxable income for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Estimate | Actual | Actual | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
U.S. GAAP net income | $ | 5,836,823 | $ | 6,474,057 | $ | 3,696,263 | |||||||||||||||||||
Add: U.S. GAAP net loss of taxable REIT subsidiary included above | 2,746,526 | 3,081,837 | 3,135,742 | ||||||||||||||||||||||
U.S. GAAP net income from REIT operations | 8,583,349 | 9,555,894 | 6,832,005 | ||||||||||||||||||||||
Stock compensation expense | 850,349 | 573,244 | 295,042 | ||||||||||||||||||||||
Acquisition costs and other book / tax | 1,641,635 | (344,027 | ) | (1,418,553 | ) | ||||||||||||||||||||
differences, net | |||||||||||||||||||||||||
Taxable income before adjustments | 11,075,333 | 9,785,111 | 5,708,494 | ||||||||||||||||||||||
Less: Capital gains | (3,460,000 | ) | (4,146,773 | ) | (1,750,781 | ) | |||||||||||||||||||
Adjusted taxable income subject to 90% dividend requirement | $ | 7,615,333 | $ | 5,638,338 | $ | 3,957,713 | |||||||||||||||||||
Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction | |||||||||||||||||||||||||
The following table reconciles cash dividends paid with the dividends paid deduction for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Estimate | Actual | Actual | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Cash dividends paid | $ | 21,120,059 | $ | 16,798,495 | $ | 11,921,695 | |||||||||||||||||||
Less: Portion designated as capital gains distributions | (3,460,000 | ) | (4,146,773 | ) | (1,750,781 | ) | |||||||||||||||||||
Less: Return of capital | (10,044,726 | ) | (7,013,384 | ) | (6,213,201 | ) | |||||||||||||||||||
$ | 7,615,333 | $ | 5,638,338 | $ | 3,957,713 | ||||||||||||||||||||
Dividends paid deduction | |||||||||||||||||||||||||
Characterization of Distributions | |||||||||||||||||||||||||
The following table characterizes the distributions paid per common share for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Ordinary income | $ | 0.12844 | 17.84 | % | $ | 0.07892 | 10.96 | % | $ | 0.2909 | 40.4 | % | |||||||||||||
Capital gains | 0.05835 | 8.1 | % | 0.08391 | 11.65 | % | 0.08205 | 11.4 | % | ||||||||||||||||
Return of capital | 0.53321 | 74.06 | % | 0.55717 | 77.39 | % | 0.34705 | 48.2 | % | ||||||||||||||||
$ | 0.72 | 100 | % | $ | 0.72 | 100 | % | $ | 0.72 | 100 | % | ||||||||||||||
For the year ended December 31, 2013, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share ($1.41816 taxed as ordinary income and $.64434 taxed as capital gains). For the year ended December 31, 2012, total distributions paid by the Company for preferred stock, before accrued dividends, amounted to $5,068,697 or $2.0625 per share ($.99966 taxed as ordinary income and $1.06284 taxed as capital gains). | |||||||||||||||||||||||||
In addition to the above, taxable income from non-REIT activities conducted by S&F, a taxable REIT subsidiary, is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2013, 2012 and 2011, S&F had operating losses for financial reporting purposes of $2,746,526, $3,081,837 and $3,135,742, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2013, 2012 and 2011, S&F recorded $5,000 in federal, state and franchise taxes. |
Commitments_Contingencies_and_
Commitments, Contingencies and Legal Matters | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies, Commitments and Legal Matters [Abstract] | ' |
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | ' |
NOTE 13 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | |
The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company. | |
In 2010, a rainstorm bringing 13 inches of rain in a two-hour period caused flooding at Memphis Mobile City. All homes owned by us were fully restored as were the homes of all residents who elected to make repairs. On May 9, 2011, we were notified that a lawsuit had been filed in the United States District Court for the Western District of Tennessee on behalf of a purported class of all individuals of Mexican national origin who are current or former residents of Memphis Mobile City. The complaint alleges various claims based on federal and state discrimination and consumer protection laws, seeking monetary damages and injunctive relief. On September 30, 2012, the magistrate judge ruled that plaintiffs who had signed a security agreement with an arbitration clause would be obligated to arbitrate while the other plaintiffs would not. The plaintiffs have filed a statement of alleged damages for each member of the purported class. Plaintiffs have been ordered to submit releases to FEMA so that we might begin to evaluate their damage claims with respect to compensation they may have already received from that federal agency. Plaintiffs’ counsel notified us in July 2013 that they have filed such releases as to many of the plaintiffs. On June 25, 2013, in connection with a hearing on our Motion to Dismiss, the court ordered the plaintiffs to amend their Complaint to plead their claims with specificity. Plaintiffs filed an amended Complaint containing allegations substantially similar to the initial Complaint. We filed a Motion to Dismiss the amended Complaint which plaintiffs opposed. We are awaiting a date for oral argument of this motion. We continue to believe the action to be without merit. Our insurance company is supporting our defense of this action. We are working on redeveloping this property as a manufactured home community, using fill from adjacent land that we have purchased in order to comply with current codes. The adjacent parcel is also slated for manufactured home development upon receipt of appropriate permits. Redevelopment of these properties will be determined in accordance with market conditions. | |
The Company has entered into definitive agreements to purchase twelve manufactured home communities with a total of approximately 1,340 developed home sites. These communities are located in Ohio and Pennsylvania. The aggregate purchase price of these communities totals approximately $37.2 million. In conjunction with the purchase of these communities, the Company will assume mortgages totaling approximately $27 million. Subject to satisfactory due diligence, we anticipate closing this transaction during the first and second quarter of 2014. | |
In November 2013, the Company entered into an agreement with 21st Mortgage Corporation (21st Mortgage) under which the Company may refer purchasers of homes sold by us to 21st Mortgage to obtain loans to finance their home purchases. We do not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers referred by us under the agreement, and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, we have agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. In addition, we have agreed to waive all site rent that would otherwise be due from 21st Mortgage so long as it owns any homes on which loans were made pursuant to the agreement. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2013, there have been no transactions under this agreement. | |
In conjunction with the acquisition of certain communities, the Company also agreed to repurchase certain loans made by 21st Mortgage to homeowners in those communities, if those homeowners default on their loans. The purchase price of each repossessed home is equal to 55% to 100% of the amount under each such loan, subject to certain adjustments. The total loans subject to repurchase amounted to approximately $4.2 million as of December 31, 2013. The Company has a deposit of approximately $800,000 with 21st Mortgage regarding these loans. This deposit is included in Notes and Other Receivables, net. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 14 - FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. We measure certain financial assets and liabilities at fair value on a recurring basis, including securities available for sale. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Equity Securities - Preferred Stock | $ | 24,536,942 | $ | 24,536,942 | $ | -0- | $ | -0- | |||||||||
Equity Securities - Common Stock | 34,718,000 | 34,718,000 | -0- | -0- | |||||||||||||
Interest Rate Swap (1) | (39,840 | ) | -0- | (39,840 | ) | -0- | |||||||||||
Total | $ | 59,215,102 | $ | 59,254,942 | $ | (39,840 | ) | $ | -0- | ||||||||
December 31, 2012: | |||||||||||||||||
Equity Securities - Preferred Stock | $ | 18,300,970 | $ | 18,300,970 | $ | -0- | $ | -0- | |||||||||
Equity Securities - Common Stock | 39,024,470 | 39,024,470 | -0- | -0- | |||||||||||||
Interest Rate Swap (1) | (377,795 | ) | -0- | (377,795 | ) | -0- | |||||||||||
Total | $ | 56,947,645 | $ | 57,325,440 | $ | (377,795 | ) | $ | -0- | ||||||||
(1) | Included in accrued liabilities and deposits | ||||||||||||||||
In addition to the Company’s investment in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Almost all of the Company’s securities available for sale have quoted market prices. However, for a portion of the Company's other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates. | |||||||||||||||||
The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of securities available for sale is primarily based upon quoted market values. The fair value of variable rate mortgages payable and loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2013, the fair and carrying value of fixed rate mortgages payable amounted to $127,869,529 and $128,553,264, respectively. As of December 31, 2012, the fair and carrying value of fixed rate mortgages payable amounted to $85,875,242 and $82,571,781, respectively. The fair value of mortgages payable is based upon discounted cash flows at current market rates for instruments with similar remaining terms. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy. |
Supplemental_Cash_Flow_and_Com
Supplemental Cash Flow and Comprehensive Income (Loss) Information | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow and Comprehensive Income (Loss) Information [Abstract] | ' |
SUPPLEMENTAL CASH FLOW AND COMPREHENSIVE INCOME (LOSS) INFORMATION | ' |
NOTE 15 – SUPPLEMENTAL CASH FLOW AND COMPREHENSIVE INCOME (LOSS) INFORMATION | |
Cash paid for interest during the years ended December 31, 2013, 2012 and 2011 was $8,185,305, $4,715,898 and $4,823,821, respectively. | |
During the years ended December 31, 2013 and 2012, the Company assumed mortgages totaling approximately $7.7 million and $2.8 million for the acquisition of communities. | |
During the years ended December 31, 2013, 2012 and 2011, land development costs of $77,562, $85,193 and $79,901, respectively were transferred to investment property and equipment and placed in service. | |
During the years ended December 31, 2013, 2012 and 2011, the Company had dividend reinvestments of $1,861,987, $1,390,899 and $1,628,507, respectively which required no cash transfers. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 16 – SUBSEQUENT EVENTS | |
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. |
Pro_Forma_Financial_Informatio
Pro Forma Financial Information (Unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Pro Forma Financial Information (Unaudited) [Abstract] | ' | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||
NOTE 17 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | |||||||||
The following unaudited pro forma condensed financial information reflects the 2013 and 2012 acquisitions that have closed. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during 2013 and 2012 assuming that the acquisitions had occurred as of January 1, 2012, after giving effect to certain adjustments including (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions and (d) depreciation expense related to the new acquisitions; (e) net income attributable to common shareholders have been reduced by preferred dividends related to the proceeds from capital raising used for property acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future. | |||||||||
For the years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Rental and Related Income | $ | 56,640,000 | $ | 54,528,000 | |||||
Community Operating Expenses | 30,759,000 | 12,198,000 | |||||||
Net Income Attributable to Common Shareholders | 5,755,000 | 1,991,000 | |||||||
Net Income Attributable to Common Shareholders per Share: | |||||||||
Basic | 0.31 | 0.12 | |||||||
Diluted | 0.31 | 0.12 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||
NOTE 18 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
THREE MONTHS ENDED | |||||||||||||||||
2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Total Income | $ | 13,426,295 | $ | 16,097,925 | $ | 16,253,966 | $ | 16,426,921 | |||||||||
Total Expenses | 12,240,957 | 14,196,653 | 14,935,457 | 16,636,587 | |||||||||||||
Other Income (Expense) (1) | 2,977,034 | (229,785 | ) | (600,121 | ) | (524,561 | ) | ||||||||||
Net Income | 4,149,511 | 1,619,439 | 800,877 | (733,004 | ) | ||||||||||||
Net Income (Loss) Attributable | |||||||||||||||||
to Common Shareholders | 2,260,364 | (269,708 | ) | (1,088,270 | ) | (2,622,151 | ) | ||||||||||
Net Income (Loss) Attributable to Common Shareholders per Share – | |||||||||||||||||
Basic | 0.13 | (0.02 | ) | (0.06 | ) | (0.14 | ) | ||||||||||
Diluted | 0.13 | (0.02 | ) | (0.06 | ) | (0.14 | ) | ||||||||||
2012 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Total Income | $ | 10,890,946 | $ | 11,144,029 | $ | 12,186,668 | $ | 12,606,121 | |||||||||
Total Expenses | 10,143,701 | 10,692,049 | 11,617,310 | 11,761,448 | |||||||||||||
Other Income (Expense) (1) | 989,320 | 1,591,029 | 846,764 | 475,169 | |||||||||||||
Net Income | 1,749,697 | 2,019,036 | 1,405,754 | 1,299,570 | |||||||||||||
Net Income (Loss) Attributable | |||||||||||||||||
to Common Shareholders | 1,059,378 | 1,088,321 | 161,138 | (559,498 | ) | ||||||||||||
Net Income (Loss) Attributable to Common Shareholders per Share – | |||||||||||||||||
Basic | 0.07 | 0.07 | -0- | (0.03 | ) | ||||||||||||
Diluted | 0.07 | 0.07 | -0- | (0.03 | ) | ||||||||||||
-1 | Fluctuations are primarily due to the $499,471 bonus payment received in the second quarter of 2012 for rights to drill for oil and gas in one of our communities and to Gain on Sale of Securities Transactions, net. | ||||||||||||||||
-2 | Includes loss relating to unusual flood at Memphis Mobile City. |
Real_Estate_And_Accumulated_De
Real Estate And Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Abstract] | ' | ||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||
UMH PROPERTIES, INC. | |||||||||||||||||||
SCHEDULE III | |||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Column A | Column B | Column C | Column D | ||||||||||||||||
Description | Initial Cost | ||||||||||||||||||
Site, Land | |||||||||||||||||||
& Building | Capitalization | ||||||||||||||||||
Improvements | Subsequent to | ||||||||||||||||||
Name | Location | Encumbrances | Land | and Rental Homes | Acquisition | ||||||||||||||
Allentown | Memphis, TN | $ | 10,799,401 | (1 | ) | $ | 250,000 | $ | 2,569,101 | $ | 6,987,622 | ||||||||
Auburn Estates | Orrville, OH | 7,675,595 | (5 | ) | 114,000 | 1,174,000 | -0- | ||||||||||||
Birchwood Farms | Birch Run, MI | 53,019,327 | (6 | ) | 70,000 | 2,797,000 | 185,264 | ||||||||||||
Broadmore Estates | Goshen, IN | (6 | ) | 1,120,000 | 11,136,000 | 488,834 | |||||||||||||
Brookside Village | Berwick, PA | 14,964,116 | (2 | ) | 372,000 | 4,776,000 | 220,190 | ||||||||||||
Brookview Village | Greenfield Ctr, NY | -0- | 37,500 | 232,547 | 3,253,586 | ||||||||||||||
Carsons | Chambersburg, PA | 12,909,520 | (3 | ) | 176,000 | 2,411,000 | 56,051 | ||||||||||||
Cedarcrest | Vineland, NJ | 9,124,838 | 320,000 | 1,866,323 | 1,816,362 | ||||||||||||||
Chambersburg I & II | Chambersburg, PA | (3 | ) | 108,000 | 2,397,000 | 170,683 | |||||||||||||
Chelsesa | Sayre, PA | (3 | ) | 124,000 | 2,049,000 | 27,624 | |||||||||||||
City View | Lewistown, PA | -0- | 137,000 | 613,000 | 416,835 | ||||||||||||||
Clinton | Tiffin, OH | (1 | ) | 142,000 | 3,301,800 | 48,940 | |||||||||||||
Collingwood | Horseheads, NY | (3 | ) | 196,000 | 2,317,500 | 141,878 | |||||||||||||
Colonial Heights | Wintersville, OH | (6 | ) | 67,000 | 2,383,000 | 1,144,464 | |||||||||||||
Countryside Estates | Muncie, IN | -0- | 174,000 | 1,926,000 | 730,451 | ||||||||||||||
Countryside Village | Columbia, TN | -0- | 394,000 | 6,916,500 | 1,546,470 | ||||||||||||||
Cranberry Village | Cranberry Twp, PA | -0- | 181,930 | 1,922,931 | 2,130,669 | ||||||||||||||
Crestview | Athens, PA | (3 | ) | 188,000 | 2,258,000 | 93,602 | |||||||||||||
Cross Keys Village | Duncansville, PA | -0- | 60,774 | 378,093 | 2,116,271 | ||||||||||||||
D&R Village | Clifton Park, NY | 7,089,610 | (4 | ) | 391,724 | 704,021 | 2,291,016 | ||||||||||||
Fairview Manor | Millville, NJ | 10,345,239 | 216,000 | 1,166,517 | 8,679,046 | ||||||||||||||
Forest Creek | Elkhart, IN | (6 | ) | 440,000 | 7,004,000 | 276,526 | |||||||||||||
Forest Park Village | Cranberry Twp, PA | -0- | 75,000 | 977,225 | 3,831,435 | ||||||||||||||
Frieden Manor | Schuylkill Haven, PA | (3 | ) | 643,000 | 5,293,500 | 242,066 | |||||||||||||
Green Acres | Chambersburg, PA | (3 | ) | 63,000 | 584,000 | 1,275 | |||||||||||||
Gregory Courts | Honey Brook, PA | (6 | ) | 370,000 | 1,220,000 | 12,547 | |||||||||||||
Heather Highlands | Inkerman, PA | 1,288,149 | 572,500 | 2,151,569 | 5,012,458 | ||||||||||||||
Highland | Elkhart, IN | (6 | ) | 510,000 | 7,084,000 | 262,128 | |||||||||||||
Highland Estates | Kutztown, PA | 9,578,574 | 145,000 | 1,695,041 | 9,589,458 | ||||||||||||||
Holiday | Nashville, TN | -0- | 1,632,000 | 5,618,000 | 604,932 | ||||||||||||||
Kinnebrook | Monticello, NY | -0- | 235,600 | 1,402,572 | 6,770,007 | ||||||||||||||
Lake Sherman | Navarre, OH | -0- | 290,000 | 1,457,673 | 5,530,530 | ||||||||||||||
Laurel Woods | Cresson, PA | -0- | 432,700 | 2,070,426 | 1,994,136 | ||||||||||||||
Little Chippewa | Orrville, OH | (5 | ) | 113,000 | 1,135,000 | 854 | |||||||||||||
Maple Manor | Taylor, PA | (2 | ) | 674,000 | 9,432,800 | 645,249 | |||||||||||||
Meadowood | New Middletown, OH | (6 | ) | 152,000 | 3,191,000 | 600,527 | |||||||||||||
Melrose Village | Wooster, OH | (5 | ) | 767,000 | 5,429,000 | 404 | |||||||||||||
Melrose West | Wooster, OH | (5 | ) | 94,000 | 1,040,000 | -0- | |||||||||||||
Memphis Mobile | Memphis, TN | -0- | 78,435 | 810,477 | 951,463 | ||||||||||||||
Monroe Valley | Jonestown, PA | (3 | ) | 114,000 | 994,000 | 130,382 | |||||||||||||
Moosic Heights | Avoca, PA | (2 | ) | 330,000 | 3,794,100 | 221,006 | |||||||||||||
Mountaintop | Narvon, PA | (3 | ) | 134,000 | 1,665,000 | 154,362 | |||||||||||||
Mountain View | Coxsackie, NY | -0- | 1,757,800 | -0- | 1,359,407 | ||||||||||||||
Column A | Column B | Column C | Column D | ||||||||||||||||
Description | Initial Cost | ||||||||||||||||||
Site, Land | |||||||||||||||||||
& Building | Capitalization | ||||||||||||||||||
Improvements | Subsequent to | ||||||||||||||||||
Name | Location | Encumbrances | Land | and Rental Homes | Acquisition | ||||||||||||||
Oak Ridge Estates | Elkhart, IN | $ | (6 | ) | $ | 500,000 | $ | 7,524,000 | $ | 414,594 | |||||||||
Oakwood Lake | Tunkhannock, PA | (2 | ) | 379,000 | 1,639,000 | 174,814 | |||||||||||||
Olmsted Falls | Olmsted Falls, OH | -0- | 569,000 | 3,031,000 | 370,889 | ||||||||||||||
Oxford Village | West Grove, PA | 7,527,426 | 175,000 | 990,515 | 1,389,153 | ||||||||||||||
Pine Ridge/Manor | Carlisle, PA | -0- | 37,540 | 198,321 | 5,927,470 | ||||||||||||||
Pine Valley Estates | Apollo, PA | -0- | 670,000 | 1,336,600 | 2,723,260 | ||||||||||||||
Pleasant View Estates | Bloomsburg, PA | (2 | ) | 282,000 | 2,174,800 | 436,817 | |||||||||||||
Port Royal Village | Belle Vernon, PA | -0- | 150,000 | 2,491,796 | 8,249,798 | ||||||||||||||
River Valley Estates | Marion, OH | -0- | 236,000 | 785,293 | 4,695,899 | ||||||||||||||
Rolling Hills Estates | Carlisle, PA | -0- | 301,000 | 1,419,013 | 37,526 | ||||||||||||||
Sandy Valley Estates | Magnolia, OH | -0- | 270,000 | 1,941,430 | 5,063,379 | ||||||||||||||
Shady Hills | Nashville, TN | -0- | 337,000 | 3,379,000 | 973,116 | ||||||||||||||
Somerset/Whispering | Somerset, PA | 891,382 | 1,485,000 | 2,050,400 | 5,147,022 | ||||||||||||||
Southern Terrace | Columbiana, OH | (6 | ) | 63,000 | 3,387,000 | 126,362 | |||||||||||||
Southwind Village | Jackson, NJ | 6,012,690 | 100,095 | 602,820 | 2,449,632 | ||||||||||||||
Spreading Oaks | Athens, OH | -0- | 67,000 | 1,326,800 | 1,599,747 | ||||||||||||||
Suburban Estates | Greensburg, PA | 6,711,306 | (7 | ) | 299,000 | 5,837,272 | 395,564 | ||||||||||||
Sunny Acres | Somerset, PA | (7 | ) | 287,000 | 6,113,528 | 155,305 | |||||||||||||
Sunnyside | Eagleville, PA | (6 | ) | 450,000 | 2,674,000 | 23,132 | |||||||||||||
Trailmont | Goodlettsville, TN | -0- | 411,000 | 1,867,000 | 978,908 | ||||||||||||||
Twin Oaks I & II | Olmsted Falls, OH | 2,702,771 | 823,000 | 3,527,000 | 579,415 | ||||||||||||||
Twin Pines | Goshen, IN | (6 | ) | 650,000 | 6,307,000 | 275,766 | |||||||||||||
Valley View-I | Ephrata, PA | (3 | ) | 191,000 | 4,359,000 | 78,567 | |||||||||||||
Valley View-II | Ephrata, PA | (3 | ) | 72,000 | 1,746,000 | 1,035 | |||||||||||||
Valley View-Danboro | Doylestown, PA | (6 | ) | 2,650,000 | 8,266,000 | (49,595 | ) | ||||||||||||
Valley View-HB | Honey Brook, PA | (6 | ) | 1,380,000 | 5,348,000 | 18,245 | |||||||||||||
Waterfalls Village | Hamburg, NY | (4 | ) | 424,000 | 3,812,000 | 2,127,707 | |||||||||||||
Weatherly Estates | Lebanon, TN | -0- | 1,184,000 | 4,034,480 | 3,806,569 | ||||||||||||||
Woodland Manor | West Monroe, NY | -0- | 77,000 | 841,000 | 1,185,676 | ||||||||||||||
Woodlawn Village | Eatontown, NJ | -0- | 157,421 | 280,749 | 909,735 | ||||||||||||||
Wood Valley | Caledonia, OH | -0- | 260,000 | 1,753,206 | 3,156,015 | ||||||||||||||
Youngstown Estates | Youngstown, NY | (5 | ) | 269,000 | 1,606,000 | 2,122 | |||||||||||||
$ | 160,639,944 | $ | 29,669,019 | $ | 211,994,739 | $ | 124,160,654 | ||||||||||||
Column A | Column E (6) (7) | Column F | |||||||||||||||||
Description | Gross Amount at Which Carried at 12/31/13 | ||||||||||||||||||
Site, Land | |||||||||||||||||||
& Building | |||||||||||||||||||
Improvements | Accumulated | ||||||||||||||||||
Name | Location | Land | and Rental Homes | Total | Depreciation | ||||||||||||||
Allentown | Memphis, TN | $ | 480,000 | $ | 9,326,723 | $ | 9,806,723 | $ | 4,102,482 | ||||||||||
Auburn Estates | Orrville, OH | 114,000 | 1,174,000 | 1,288,000 | 7,253 | ||||||||||||||
Birchwood Farms | Birch Run, MI | 70,000 | 2,982,264 | 3,052,264 | 105,779 | ||||||||||||||
Broadmore Estates | Goshen, IN | 1,120,000 | 11,624,834 | 12,744,834 | 383,184 | ||||||||||||||
Brookside Village | Berwick, PA | 372,000 | 4,996,190 | 5,368,190 | 542,690 | ||||||||||||||
Brookview Village | Greenfield Ctr, NY | 122,865 | 3,400,769 | 3,523,634 | 1,847,750 | ||||||||||||||
Carsons | Chambersburg, PA | 176,000 | 2,467,051 | 2,643,051 | 125,621 | ||||||||||||||
Cedarcrest | Vineland, NJ | 408,206 | 3,594,479 | 4,002,685 | 2,517,291 | ||||||||||||||
Chambersburg I & II | Chambersburg, PA | 108,000 | 2,567,683 | 2,675,683 | 125,514 | ||||||||||||||
Chelsesa | Sayre, PA | 124,000 | 2,076,624 | 2,200,624 | 106,142 | ||||||||||||||
City View | Lewistown, PA | 137,000 | 1,029,835 | 1,166,835 | 59,522 | ||||||||||||||
Clinton | Tiffin, OH | 142,000 | 3,350,740 | 3,492,740 | 272,979 | ||||||||||||||
Collingwood | Horseheads, NY | 196,000 | 2,459,378 | 2,655,378 | 122,132 | ||||||||||||||
Colonial Heights | Wintersville, OH | 67,000 | 3,527,464 | 3,594,464 | 145,321 | ||||||||||||||
Countryside Estates | Muncie, IN | 174,000 | 2,656,451 | 2,830,451 | 163,583 | ||||||||||||||
Countryside Village | Columbia, TN | 394,000 | 8,462,970 | 8,856,970 | 770,042 | ||||||||||||||
Cranberry Village | Cranberry Twp, PA | 181,930 | 4,053,600 | 4,235,530 | 2,375,871 | ||||||||||||||
Crestview | Athens, PA | 188,000 | 2,351,602 | 2,539,602 | 118,198 | ||||||||||||||
Cross Keys Village | Duncansville, PA | 60,774 | 2,494,364 | 2,555,138 | 949,609 | ||||||||||||||
D&R Village | Clifton Park, NY | 391,724 | 2,995,037 | 3,386,761 | 1,630,167 | ||||||||||||||
Fairview Manor | Millville, NJ | 2,534,892 | 7,526,671 | 10,061,563 | 4,028,517 | ||||||||||||||
Forest Creek | Elkhart, IN | 440,000 | 7,280,526 | 7,720,526 | 254,661 | ||||||||||||||
Forest Park Village | Cranberry Twp, PA | 75,000 | 4,808,660 | 4,883,660 | 2,288,396 | ||||||||||||||
Frieden Manor | Schuylkill Haven, PA | 643,000 | 5,535,566 | 6,178,566 | 279,769 | ||||||||||||||
Green Acres | Chambersburg, PA | 63,000 | 585,275 | 648,275 | 30,096 | ||||||||||||||
Gregory Courts | Honey Brook, PA | 370,000 | 1,232,547 | 1,602,547 | 38,219 | ||||||||||||||
Heather Highlands | Inkerman, PA | 572,500 | 7,164,027 | 7,736,527 | 3,745,355 | ||||||||||||||
Highland | Elkhart, IN | 510,000 | 7,346,128 | 7,856,128 | 251,677 | ||||||||||||||
Highland Estates | Kutztown, PA | 404,239 | 11,025,260 | 11,429,499 | 4,913,520 | ||||||||||||||
Holiday | Nashville, TN | 1,632,000 | 6,222,932 | 7,854,932 | 166,031 | ||||||||||||||
Kinnebrook | Monticello, NY | 352,972 | 8,055,206 | 8,408,178 | 3,480,802 | ||||||||||||||
Lake Sherman | Navarre, OH | 290,000 | 6,988,203 | 7,278,203 | 2,607,441 | ||||||||||||||
Laurel Woods | Cresson, PA | 432,700 | 4,064,562 | 4,497,262 | 1,384,271 | ||||||||||||||
Little Chippewa | Orrville, OH | 113,000 | 1,135,854 | 1,248,854 | 3,454 | ||||||||||||||
Maple Manor | Taylor, PA | 674,000 | 10,078,049 | 10,752,049 | 1,093,007 | ||||||||||||||
Meadowood | New Middletown, OH | 152,000 | 3,791,527 | 3,943,527 | 195,700 | ||||||||||||||
Melrose Village | Wooster, OH | 767,000 | 5,429,404 | 6,196,404 | 16,495 | ||||||||||||||
Melrose West | Wooster, OH | 94,000 | 1,040,000 | 1,134,000 | 3,152 | ||||||||||||||
Memphis Mobile | Memphis, TN | 335,935 | 1,504,440 | 1,840,375 | 1,136,878 | ||||||||||||||
Monroe Valley | Jonestown, PA | 114,000 | 1,124,382 | 1,238,382 | 55,954 | ||||||||||||||
Moosic Heights | Avoca, PA | 330,000 | 4,015,106 | 4,345,106 | 437,342 | ||||||||||||||
Mountaintop | Narvon, PA | 134,000 | 1,819,362 | 1,953,362 | 87,593 | ||||||||||||||
Mountain View | Coxsackie, NY | 2,218,800 | 898,407 | 3,117,207 | 107,530 | ||||||||||||||
Column A | Column E (6) (7) | Column F | |||||||||||||||||
Description | Gross Amount at Which Carried at 12/31/13 | ||||||||||||||||||
Site, Land | |||||||||||||||||||
& Building | |||||||||||||||||||
Improvements | Accumulated | ||||||||||||||||||
Name | Location | Land | and Rental Homes | Total | Depreciation | ||||||||||||||
Oak Ridge Estates | Elkhart, IN | $ | 500,000 | $ | 7,938,594 | $ | 8,438,594 | $ | 279,650 | ||||||||||
Oakwood Lake | Tunkhannock, PA | 379,000 | 1,813,814 | 2,192,814 | 197,704 | ||||||||||||||
Olmsted Falls | Olmsted Falls, OH | 569,000 | 3,401,889 | 3,970,889 | 128,748 | ||||||||||||||
Oxford Village | West Grove, PA | 155,000 | 2,399,668 | 2,554,668 | 1,812,334 | ||||||||||||||
Pine Ridge/Manor | Carlisle, PA | 145,473 | 6,017,859 | 6,163,332 | 1,943,809 | ||||||||||||||
Pine Valley Estates | Apollo, PA | 732,089 | 3,997,771 | 4,729,860 | 1,707,088 | ||||||||||||||
Pleasant View Estates | Bloomsburg, PA | 282,000 | 2,611,617 | 2,893,617 | 263,393 | ||||||||||||||
Port Royal Village | Belle Vernon, PA | 505,000 | 10,386,594 | 10,891,594 | 4,895,376 | ||||||||||||||
River Valley Estates | Marion, OH | 236,000 | 5,481,192 | 5,717,192 | 2,619,902 | ||||||||||||||
Rolling Hills Estates | Carlisle, PA | 301,000 | 1,456,539 | 1,757,539 | 16,958 | ||||||||||||||
Sandy Valley Estates | Magnolia, OH | 270,000 | 7,004,809 | 7,274,809 | 3,649,839 | ||||||||||||||
Shady Hills | Nashville, TN | 337,000 | 4,352,116 | 4,689,116 | 375,156 | ||||||||||||||
Somerset/Whispering | Somerset, PA | 1,488,600 | 7,193,822 | 8,682,422 | 1,931,779 | ||||||||||||||
Southern Terrace | Columbiana, OH | 63,000 | 3,513,362 | 3,576,362 | 167,820 | ||||||||||||||
Southwind Village | Jackson, NJ | 100,095 | 3,052,452 | 3,152,547 | 1,797,560 | ||||||||||||||
Spreading Oaks | Athens, OH | 67,000 | 2,926,547 | 2,993,547 | 1,140,247 | ||||||||||||||
Suburban Estates | Greensburg, PA | 299,000 | 6,232,836 | 6,531,836 | 770,224 | ||||||||||||||
Sunny Acres | Somerset, PA | 287,000 | 6,268,833 | 6,555,833 | 813,402 | ||||||||||||||
Sunnyside | Eagleville, PA | 450,000 | 2,697,132 | 3,147,132 | 81,736 | ||||||||||||||
Trailmont | Goodlettsville, TN | 411,000 | 2,845,908 | 3,256,908 | 237,420 | ||||||||||||||
Twin Oaks I & II | Olmsted Falls, OH | 823,000 | 4,106,415 | 4,929,415 | 153,411 | ||||||||||||||
Twin Pines | Goshen, IN | 650,000 | 6,582,766 | 7,232,766 | 207,135 | ||||||||||||||
Valley View-I | Ephrata, PA | 191,000 | 4,437,567 | 4,628,567 | 228,610 | ||||||||||||||
Valley View-II | Ephrata, PA | 72,000 | 1,747,035 | 1,819,035 | 89,980 | ||||||||||||||
Valley View-Danboro | Doylestown, PA | 2,650,000 | 8,216,405 | 10,866,405 | 250,580 | ||||||||||||||
Valley View-HB | Honey Brook, PA | 1,380,000 | 5,366,245 | 6,746,245 | 176,825 | ||||||||||||||
Waterfalls Village | Hamburg, NY | 424,000 | 5,939,707 | 6,363,707 | 2,682,069 | ||||||||||||||
Weatherly Estates | Lebanon, TN | 1,184,000 | 7,841,049 | 9,025,049 | 1,588,498 | ||||||||||||||
Woodland Manor | West Monroe, NY | 77,000 | 2,026,676 | 2,103,676 | 578,668 | ||||||||||||||
Woodlawn Village | Eatontown, NJ | 135,420 | 1,212,485 | 1,347,905 | 573,772 | ||||||||||||||
Wood Valley | Caledonia, OH | 260,000 | 4,909,221 | 5,169,221 | 1,994,158 | ||||||||||||||
Youngstown Estates | Youngstown, NY | 269,000 | 1,608,121 | 1,877,121 | 4,902 | ||||||||||||||
$ | 33,973,214 | $ | 331,851,198 | $ | 365,824,412 | $ | 76,435,743 | ||||||||||||
Column A | Column G | Column H | Column I | ||||||||||||||||
Description | |||||||||||||||||||
Date of | Date | Depreciable | |||||||||||||||||
Name | Location | Construction | Acquired | Life | |||||||||||||||
Allentown | Memphis, TN | prior to 1980 | 1986 | 5 to 27.5 | |||||||||||||||
Auburn Estates | Orrville, OH | 1971/1985/1995 | 2013 | 5 to 27.5 | |||||||||||||||
Birchwood Farms | Birch Run, MI | 1976-1977 | 2013 | 5 to 27.5 | |||||||||||||||
Broadmore Estates | Goshen, IN | 1950/1990 | 2013 | 5 to 27.5 | |||||||||||||||
Brookside Village | Berwick, PA | 1973-1976 | 2010 | 5 to 27.5 | |||||||||||||||
Brookview Village | Greenfield Ctr, NY | prior to 1970 | 1977 | 5 to 27.5 | |||||||||||||||
Carsons | Chambersburg, PA | 1963 | 2012 | 5 to 27.5 | |||||||||||||||
Cedarcrest | Vineland, NJ | 1973 | 1986 | 27.5 | |||||||||||||||
Chambersburg I & II | Chambersburg, PA | 1955 | 2012 | 5 to 27.5 | |||||||||||||||
Chelsesa | Sayre, PA | 1972 | 2012 | 5 to 27.5 | |||||||||||||||
City View | Lewistown, PA | prior to 1980 | 2011 | 5 to 27.5 | |||||||||||||||
Clinton | Tiffin, OH | 1968/1987 | 2011 | 27.5 | |||||||||||||||
Collingwood | Horseheads, NY | 1970 | 2012 | 5 to 27.5 | |||||||||||||||
Colonial Heights | Wintersville, OH | 1972 | 2012 | 5 to 27.5 | |||||||||||||||
Countryside Estates | Muncie, IN | 1996 | 2012 | 5 to 27.5 | |||||||||||||||
Countryside Village | Columbia, TN | 1988/1992 | 2011 | 5 to 27.5 | |||||||||||||||
Cranberry Village | Cranberry Twp, PA | 1974 | 1986 | 5 to 27.5 | |||||||||||||||
Crestview | Athens, PA | 1964 | 2012 | 5 to 27.5 | |||||||||||||||
Cross Keys Village | Duncansville, PA | 1961 | 1979 | 5 to 27.5 | |||||||||||||||
D&R Village | Clifton Park, NY | 1972 | 1978 | 5 to 27.5 | |||||||||||||||
Fairview Manor | Millville, NJ | prior to 1980 | 1985 | 5 to 27.5 | |||||||||||||||
Forest Creek | Elkhart, IN | 1996-1997 | 2013 | 5 to 27.5 | |||||||||||||||
Forest Park Village | Cranberry Twp, PA | prior to 1980 | 1982 | 5 to 27.5 | |||||||||||||||
Frieden Manor | Schuylkill Haven, PA | 1969 | 2012 | 5 to 27.5 | |||||||||||||||
Green Acres | Chambersburg, PA | 1978 | 2012 | 27.5 | |||||||||||||||
Gregory Courts | Honey Brook, PA | 1970 | 2013 | 5 to 27.5 | |||||||||||||||
Heather Highlands | Inkerman, PA | 1970 | 1992 | 5 to 27.5 | |||||||||||||||
Highland | Elkhart, IN | 1969 | 2013 | 5 to 27.5 | |||||||||||||||
Highland Estates | Kutztown, PA | 1971 | 1979 | 5 to 27.5 | |||||||||||||||
Holiday | Nashville, TN | 1967 | 2013 | 5 to 27.5 | |||||||||||||||
Kinnebrook | Monticello, NY | 1972 | 1988 | 5 to 27.5 | |||||||||||||||
Lake Sherman | Navarre, OH | prior to 1980 | 1987 | 5 to 27.5 | |||||||||||||||
Laurel Woods | Cresson, PA | prior to 1980 | 2001 | 5 to 27.5 | |||||||||||||||
Little Chippewa | Orrville, OH | 1968 | 2013 | 5 to 27.5 | |||||||||||||||
Maple Manor | Taylor, PA | 1972 | 2010 | 5 to 27.5 | |||||||||||||||
Meadowood | New Middletown, OH | 1957 | 2012 | 5 to 27.5 | |||||||||||||||
Melrose Village | Wooster, OH | 1970-1978 | 2013 | 5 to 27.5 | |||||||||||||||
Melrose West | Wooster, OH | 1995 | 2013 | 27.5 | |||||||||||||||
Memphis Mobile | Memphis, TN | 1955 | 1985 | 27.5 | |||||||||||||||
Monroe Valley | Jonestown, PA | 1969 | 2012 | 5 to 27.5 | |||||||||||||||
Moosic Heights | Avoca, PA | 1972 | 2010 | 5 to 27.5 | |||||||||||||||
Mountaintop | Narvon, PA | 1972 | 2012 | 5 to 27.5 | |||||||||||||||
Mountain View | Coxsackie, NY | N/A | 2005 | 5 to 27.5 | |||||||||||||||
Column A | Column G | Column H | Column I | ||||||||||||||||
Description | |||||||||||||||||||
Date of | Date | Depreciable | |||||||||||||||||
Name | Location | Construction | Acquired | Life | |||||||||||||||
Oak Ridge Estates | Elkhart, IN | 1990 | 2013 | 5 to 27.5 | |||||||||||||||
Oakwood Lake | Tunkhannock, PA | 1972 | 2010 | 5 to 27.5 | |||||||||||||||
Olmsted Falls | Olmsted Falls, OH | 1953/1970 | 2012 | 27.5 | |||||||||||||||
Oxford Village | West Grove, PA | 1971 | 1974 | 5 to 27.5 | |||||||||||||||
Pine Ridge/Manor | Carlisle, PA | 1961 | 1969 | 5 to 27.5 | |||||||||||||||
Pine Valley Estates | Apollo, PA | prior to 1980 | 1995 | 5 to 27.5 | |||||||||||||||
Pleasant View Estates | Bloomsburg, PA | 1960's | 2010 | 5 to 27.5 | |||||||||||||||
Port Royal Village | Belle Vernon, PA | 1973 | 1983 | 5 to 27.5 | |||||||||||||||
River Valley Estates | Marion, OH | 1950 | 1986 | 5 to 27.5 | |||||||||||||||
Rolling Hills Estates | Carlisle, PA | 1972-1975 | 2013 | 5 to 27.5 | |||||||||||||||
Sandy Valley Estates | Magnolia, OH | prior to 1980 | 1985 | 5 to 27.5 | |||||||||||||||
Shady Hills | Nashville, TN | 1954 | 2011 | 5 to 27.5 | |||||||||||||||
Somerset/Whispering | Somerset, PA | prior to 1980 | 2004 | 27.5 | |||||||||||||||
Southern Terrace | Columbiana, OH | 1983 | 2012 | 27.5 | |||||||||||||||
Southwind Village | Jackson, NJ | 1969 | 1969 | 5 to 27.5 | |||||||||||||||
Spreading Oaks | Athens, OH | prior to 1980 | 1996 | 5 to 27.5 | |||||||||||||||
Suburban Estates | Greensburg, PA | 1968/1980 | 2010 | 5 to 27.5 | |||||||||||||||
Sunny Acres | Somerset, PA | 1970 | 2010 | 5 to 27.5 | |||||||||||||||
Sunnyside | Eagleville, PA | 1960 | 2013 | 5 to 27.5 | |||||||||||||||
Trailmont | Goodlettsville, TN | 1964 | 2011 | 5 to 27.5 | |||||||||||||||
Twin Oaks I & II | Olmsted Falls, OH | 1952/1997 | 2012 | 5 to 27.5 | |||||||||||||||
Twin Pines | Goshen, IN | 1956/1990 | 2013 | 5 to 27.5 | |||||||||||||||
Valley View-I | Ephrata, PA | 1961 | 2012 | 5 to 27.5 | |||||||||||||||
Valley View-II | Ephrata, PA | 1999 | 2012 | 5 to 27.5 | |||||||||||||||
Valley View-Danboro | Doylestown, PA | 1959 | 2013 | 5 to 27.5 | |||||||||||||||
Valley View-HB | Honey Brook, PA | 1970 | 2013 | 5 to 27.5 | |||||||||||||||
Waterfalls Village | Hamburg, NY | prior to 1980 | 1997 | 5 to 27.5 | |||||||||||||||
Weatherly Estates | Lebanon, TN | 1997 | 2006 | 5 to 27.5 | |||||||||||||||
Woodland Manor | West Monroe, NY | prior to 1980 | 2003 | 5 to 27.5 | |||||||||||||||
Woodlawn Village | Eatontown, NJ | 1964 | 1978 | 5 to 27.5 | |||||||||||||||
Wood Valley | Caledonia, OH | prior to 1980 | 1996 | 5 to 27.5 | |||||||||||||||
Youngstown Estates | Youngstown, NY | 1963 | 2013 | 5 to 27.5 | |||||||||||||||
(1) | Represents one mortgage note payable secured by two properties. | ||||||||||||||||||
(2) | Represents one mortgage note payable secured by five properties. | ||||||||||||||||||
(3) | Represents one mortgage note payable secured by eleven properties. | ||||||||||||||||||
(4) | Represents one mortgage note payable secured by two properties. | ||||||||||||||||||
(5) | Represents one mortgage note payable secured by five properties. | ||||||||||||||||||
(6) | Represents one mortgage not payable secured by thirteen properties. | ||||||||||||||||||
(7) | Represents one mortgage note payable secured by two properties. | ||||||||||||||||||
(8) | Reconciliation | ||||||||||||||||||
/----------FIXED ASSETS-----------/ | |||||||||||||||||||
12/31/13 | 12/31/12 | 12/31/11 | |||||||||||||||||
Balance – Beginning of Year | $ | 253,490,055 | $ | 191,252,542 | $ | 168,590,072 | |||||||||||||
Additions: | |||||||||||||||||||
Acquisitions | 88,211,013 | 47,376,000 | 17,498,300 | ||||||||||||||||
Improvements | 26,041,264 | 16,121,717 | 5,935,642 | ||||||||||||||||
Total Additions | 114,252,277 | 63,497,717 | 23,433,942 | ||||||||||||||||
Deletions | (1,917,920 | ) | (1,260,204 | ) | (771,472 | ) | |||||||||||||
Balance – End of Year | $ | 365,824,412 | $ | 253,490,055 | $ | 191,252,542 | |||||||||||||
/-----ACCUMULATED DEPRECIATION-----/ | |||||||||||||||||||
12/31/13 | 12/31/12 | 12/31/11 | |||||||||||||||||
Balance – Beginning of Year | $ | 65,658,602 | $ | 58,994,093 | $ | 53,950,873 | |||||||||||||
Additions: | |||||||||||||||||||
Depreciation | 11,318,194 | 6,869,251 | 5,273,809 | ||||||||||||||||
Total Additions | 11,318,194 | 6,869,251 | 5,273,809 | ||||||||||||||||
Deletions | (541,053 | ) | (204,742 | ) | (230,589 | ) | |||||||||||||
Balance – End of Year | $ | 76,435,743 | $ | 65,658,602 | $ | 58,994,093 | |||||||||||||
(9) | The aggregate cost for Federal tax purposes approximates historical cost. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ||||
Basis of Presentation | ' | ||||
Basis of Presentation | |||||
The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. | |||||
Investment Property and Equipment and Depreciation | ' | ||||
Investment Property and Equipment and Depreciation | |||||
Property and equipment are carried at cost. Depreciation for Sites and Building (15 to 27.5 years) is computed principally on the straight-line method over the estimated useful lives of the assets. Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles (3 to 27.5 years) is computed principally on the straight-line method. Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Sites and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statement and any gain or loss is reflected in the current year’s results of operations. | |||||
The Company applies Financial Accounting Standards Board Accounting Standards Codification (ASC) 360-10, Property, Plant & Equipment (ASC 360-10) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. | |||||
The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2013, the undiscounted cash flows over the holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required. | |||||
Acquisitions | ' | ||||
Acquisitions | |||||
The Company accounts for acquisitions in accordance with Accounting Standards Codification (ASC) 805, Business Combinations (ASC 805). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred. | |||||
Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include bank repurchase agreements with original maturities of 90 days or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. | |||||
Securities Available for Sale | ' | ||||
Securities Available for Sale | |||||
Investments in non-real estate assets consist of marketable securities of other REIT’s, which are composed of common and preferred stock. These securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities are classified among three categories: held-to-maturity, trading and available-for-sale. As of December 31, 2013 and 2012, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices. Gains or losses on the sale of securities are based on identifiable cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The changes in unrealized net holding gains are reflected as comprehensive income. | |||||
The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to not be other than temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: | |||||
a. | Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. | ||||
b. | Any downgrading of the security by a rating agency. | ||||
c. | Whether the financial condition of the issuer has deteriorated. | ||||
d. | Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. | ||||
e. | Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. | ||||
The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. | |||||
Inventory of Manufactured Homes | ' | ||||
Inventory of Manufactured Homes | |||||
Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods. | |||||
Accounts and Notes Receivables | ' | ||||
Accounts and Notes Receivables | |||||
The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2013 and 2012 was $23,630,159 and $21,941,912, respectively. At December 31, 2013 and 2012, the reserves for uncollectible accounts, notes and other receivables were $1,097,387 and $937,995, respectively. For the years ended December 31, 2013, 2012 and 2011, the provisions for uncollectible notes and other receivables were $760,570, $745,993 and $461,668, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2013, 2012 and 2011 amounted to $601,178, $620,519 and $522,841, respectively. | |||||
The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.5%. The average maturity is approximately 10 years. | |||||
Unamortized Financing Costs | ' | ||||
Unamortized Financing Costs | |||||
Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. As of December 31, 2013 and 2012, accumulated amortization amounted to $1,023,893 and $818,120, respectively. The Company estimates that aggregate amortization expense will be approximately $393,000 for 2014, $378,000 for 2015, $339,000 for 2016, $233,000 for 2017 and $194,000 for 2018. | |||||
Derivative Instruments and Hedging Activities | ' | ||||
Derivative Instruments and Hedging Activities | |||||
In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company's primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that had the effect of fixing interest rates relative to specific mortgage loans. | |||||
During 2012, the Company entered into two interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans as follows: | |||||
Mortgage | Due Date | Mortgage | Effective | Balance 12/31/13 | |
Interest Rate | Fixed Rate | ||||
Allentown/Clinton | 2/1/17 | LIBOR + 3.25% | 4.39% | $10,799,401 | |
Various – 11 properties | 8/1/17 | LIBOR + 3.00% | 3.89% | $12,909,520 | |
The Company's interest rate swap agreements are based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreements coincide with those of the underlying mortgage. The interest rate swap agreements are net settled monthly. The Company has designated these derivatives as cash flow hedges and have recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 14 for information on the determination of fair value). The effective portion of the gain or loss on these hedges will be reported as a component of Accumulated Other Comprehensive Income in our Consolidated Balance Sheets. To the extent that the hedging relationships are not effective or do not qualify as cash flow hedges, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of December 31, 2013, the Company has determined that these interest rate swap agreements are highly effective as cash flow hedges. As a result, the fair value of these derivatives of $(39,840) and $(377,795) as of December 31, 2013 and 2012, respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 1,720 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. | |||||
Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful. | |||||
Net Income (Loss) Per Share | ' | ||||
Net Income (Loss) Per Share | |||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period (18,724,321, 16,197,339 and 14,506,679 in 2013, 2012 and 2011, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method (18,789,662, 16,260,225 and 14,562,018 in 2013, 2012 and 2011, respectively) (See Note 6). Options in the amount of 65,341, 62,886 and 55,339 for 2013, 2012 and 2011, respectively, are included in the diluted weighted average shares outstanding. As of December 31, 2013, 2012 and 2011, options to purchase 502,000, 586,000 and 547,000 shares, respectively, were antidilutive. | |||||
Stock Compensation Plan | ' | ||||
Stock Compensation Plan | |||||
The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $850,349, $573,244 and $295,042 have been recognized in 2013, 2012 and 2011, respectively. During 2013, compensation costs included a one-time charge of $142,000 for a stock option grant awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. During 2012, compensation costs included a one-time charge of $123,490 for restricted stock grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. | |||||
Income Tax | ' | ||||
Income Tax | |||||
The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company is subject to franchise taxes in some of the states in which the Company owns property. | |||||
The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2013. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2013, the tax years 2009 through and including 2013 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. | |||||
Comprehensive Income (Loss) | ' | ||||
Comprehensive Income (Loss) | |||||
Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives. | |||||
Reclassifications | ' | ||||
Reclassifications | |||||
Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. | |||||
ASU 2013-02, Comprehensive Income [Member] | ' | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ||||
Recent Accounting Pronouncements | ' | ||||
Recent Accounting Pronouncements | |||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This ASU is effective prospectively, for annual and interim periods, beginning on or after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on our financial position, results of operations or cash flows. | |||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Summary of interest rate swap agreement | ' | ||||
Mortgage | Due Date | Mortgage | Effective | Balance 12/31/13 | |
Interest Rate | Fixed Rate | ||||
Allentown/Clinton | 2/1/17 | LIBOR + 3.25% | 4.39% | $10,799,401 | |
Various – 11 properties | 8/1/17 | LIBOR + 3.00% | 3.89% | $12,909,520 |
Investment_Property_and_Equipm1
Investment Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investment Property and Equipment [Abstract] | ' | ||||||||
Summary of accumulated depreciation by major classes of assets | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Site and Land Improvements | $ | 64,292,239 | $ | 56,262,656 | |||||
Buildings and Improvements | 3,036,082 | 2,685,623 | |||||||
Rental Homes and Accessories | 9,107,422 | 6,710,323 | |||||||
Equipment and Vehicles | 8,219,274 | 7,611,655 | |||||||
Total Accumulated Depreciation | $ | 84,655,017 | $ | 73,270,257 | |||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Securities Available For Sale [Abstract] | ' | ||||||||||||||||||||
Summary of available-for-sale securities | ' | ||||||||||||||||||||
The following is a listing of securities available for sale at December 31, 2013: | |||||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Alexandria Real Estate | E | 6.45 | % | 2,000 | $ | 45,425 | $ | 42,400 | |||||||||||||
American Land Lease, Inc. | A | 7.75 | % | 31,200 | 275,297 | 756,600 | |||||||||||||||
Ashford Hospitality Trust | A | 8.55 | % | 10,000 | 251,205 | 252,490 | |||||||||||||||
Campus Crest Communities | A | 8 | % | 30,000 | 751,222 | 741,000 | |||||||||||||||
CBL & Associates Properties | D | 7.375 | % | 2,000 | 50,269 | 47,500 | |||||||||||||||
CBL & Associates Properties | E | 6.625 | % | 65,000 | 1,543,385 | 1,381,900 | |||||||||||||||
Cedar Realty Trust Inc. | B | 7.25 | % | 47,355 | 1,127,208 | 1,089,157 | |||||||||||||||
Chesapeake Lodging | A | 7.75 | % | 20,000 | 500,000 | 491,800 | |||||||||||||||
Commonwealth Real Estate Trust | D | 6.5 | % | 74,000 | 1,660,828 | 1,517,740 | |||||||||||||||
Corporate Office Properties Trust | L | 7.375 | % | 26,000 | 650,330 | 612,040 | |||||||||||||||
Cubesmart | A | 7.75 | % | 2,000 | 52,153 | 50,300 | |||||||||||||||
Digital Realty Trust Inc. | E | 7 | % | 4,000 | 100,000 | 86,840 | |||||||||||||||
Digital Realty Trust Inc. | F | 6.625 | % | 2,000 | 44,870 | 41,160 | |||||||||||||||
Dupont Fabros Technology, Inc. | A | 7.875 | % | 26,412 | 657,703 | 632,303 | |||||||||||||||
Dupont Fabros Technology, Inc. | B | 7.625 | % | 20,000 | 500,000 | 455,400 | |||||||||||||||
EPR Properties | F | 6.625 | % | 20,000 | 472,680 | 423,800 | |||||||||||||||
Equity Lifestyle Properties | C | 6.75 | % | 2,000 | 46,885 | 46,200 | |||||||||||||||
General Growth Properties | A | 6.375 | % | 10,000 | 250,000 | 201,500 | |||||||||||||||
Glimcher Realty | I | 6.875 | % | 39,738 | 964,267 | 858,341 | |||||||||||||||
Istar Financial, Inc. | D | 8 | % | 26,600 | 636,609 | 635,447 | |||||||||||||||
Istar Financial, Inc. | E | 7.875 | % | 38,342 | 851,903 | 896,819 | |||||||||||||||
Istar Financial, Inc. | I | 7.5 | % | 59,600 | 1,325,647 | 1,363,648 | |||||||||||||||
Kilroy Realty Corp. | G | 6.875 | % | 34,948 | 844,770 | 766,410 | |||||||||||||||
Kilroy Realty Corp. | H | 6.38 | % | 10,000 | 235,486 | 205,700 | |||||||||||||||
Kimco Realty | I | 6 | % | 2,000 | 43,026 | 41,740 | |||||||||||||||
Kite Realty Group Trust | A | 8.25 | % | 50,000 | 1,227,138 | 1,262,500 | |||||||||||||||
Lasalle Hotel Properties | H | 7.5 | % | 40,000 | 982,589 | 986,000 | |||||||||||||||
Lasalle Hotel Properties | I | 6.375 | % | 6,000 | 124,984 | 121,080 | |||||||||||||||
Lexington Realty Trust | C | 6.5 | % | 6,000 | 247,860 | 264,900 | |||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Pebblebrook Hotel | C | 6.5 | % | 19,000 | $ | 400,742 | $ | 387,062 | |||||||||||||
Pennsylvania Real Estate Trust | A | 8.25 | % | 94,000 | 2,350,885 | 2,364,852 | |||||||||||||||
Pennsylvania Real Estate Trust | B | 7.375 | % | 40,000 | 1,000,000 | 949,200 | |||||||||||||||
Retail Properties of America | A | 7 | % | 20,000 | 481,949 | 421,600 | |||||||||||||||
SL Green Realty Corp. | I | 6.5 | % | 20,000 | 460,169 | 426,200 | |||||||||||||||
Stag Industrial, Inc. | A | 9 | % | 9,000 | 224,885 | 239,040 | |||||||||||||||
Stag Industrial, Inc. | B | 6.625 | % | 20,100 | 470,007 | 418,683 | |||||||||||||||
Summit Hotel Properties, Inc | B | 7.875 | % | 20,000 | 500,000 | 477,002 | |||||||||||||||
Sun Communities, Inc. | A | 7.125 | % | 45,000 | 1,117,377 | 1,059,750 | |||||||||||||||
Taubman Centers | K | 6.25 | % | 11,000 | 228,009 | 218,932 | |||||||||||||||
Terreno Realty Corp. | A | 7.75 | % | 20,300 | 507,791 | 497,350 | |||||||||||||||
Urstadt Biddle Properties, Inc. | F | 7.125 | % | 30,421 | 756,305 | 700,596 | |||||||||||||||
Vornado Realty Trust | D | 7.875 | % | 4,000 | 96,114 | 103,960 | |||||||||||||||
Total Preferred Stock | $ | 25,057,972 | $ | 24,536,942 | |||||||||||||||||
Common Stock: | |||||||||||||||||||||
Getty Realty Corp. | 100,000 | $ | 1,886,332 | $ | 1,837,000 | ||||||||||||||||
Gladstone Commercial Corp. | 60,000 | 1,031,950 | 1,078,200 | ||||||||||||||||||
Government Properties Income Trust | 110,000 | 2,664,307 | 2,733,500 | ||||||||||||||||||
Mack-Cali Realty Group | 75,000 | 1,824,903 | 1,611,000 | ||||||||||||||||||
Monmouth Real Estate Investment Corp. (1) | 1,875,147 | 15,491,475 | 17,045,082 | ||||||||||||||||||
Nobility Homes | 20,000 | 158,200 | 180,200 | ||||||||||||||||||
Parkway Properties, Inc. | 10,000 | 134,799 | 192,900 | ||||||||||||||||||
Select Income Real Estate Investment Trust | 340,973 | 8,976,023 | 9,117,618 | ||||||||||||||||||
Urstadt Biddle Properties, Inc. | 50,000 | 912,243 | 922,500 | ||||||||||||||||||
Total Common Stock | 33,080,232 | 34,718,000 | |||||||||||||||||||
Total Securities Available for Sale | $ | 58,138,204 | $ | 59,254,942 | |||||||||||||||||
(1) Related entity – See Note 8. | |||||||||||||||||||||
The following is a listing of securities available for sale at December 31, 2012: | |||||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
American Land Lease, Inc. | A | 7.75 | % | 46,200 | $ | 397,547 | $ | 1,113,420 | |||||||||||||
Ashford Hospitality Trust | E | 9 | % | 21,600 | 540,021 | 578,880 | |||||||||||||||
Ashford Hospitality Trust | A | 8.55 | % | 10,000 | 251,205 | 252,500 | |||||||||||||||
Campus Crest | A | 8 | % | 10,000 | 250,000 | 259,200 | |||||||||||||||
CapLease Inc. | A | 8.125 | % | 14,000 | 293,473 | 350,700 | |||||||||||||||
CapLease Inc. | B | 8.375 | % | 48,000 | 1,200,752 | 1,257,120 | |||||||||||||||
CBL & Associates Properties | D | 7.375 | % | 3,000 | 68,126 | 75,150 | |||||||||||||||
Cedar Realty Trust Inc. | A | 8.875 | % | 2,268 | 56,976 | 57,403 | |||||||||||||||
Cedar Realty Trust Inc. | B | 7.25 | % | 20,370 | 483,594 | 498,054 | |||||||||||||||
Chesapeake Lodging | A | 7.75 | % | 20,000 | 500,000 | 529,000 | |||||||||||||||
Corporate Office Properties Trust | L | 7.375 | % | 20,000 | 502,800 | 502,800 | |||||||||||||||
Cousins Properties | B | 7.5 | % | 3,500 | 82,146 | 87,570 | |||||||||||||||
Digital Realty Trust Inc. | E | 7 | % | 4,000 | 100,000 | 106,680 | |||||||||||||||
Dupont Fabros Technology, Inc. | A | 7.875 | % | 26,412 | 657,703 | 703,877 | |||||||||||||||
Dupont Fabros Technology, Inc. | B | 7.625 | % | 20,000 | 500,000 | 531,380 | |||||||||||||||
EPR Properties | F | 6.625 | % | 10,000 | 250,000 | 246,000 | |||||||||||||||
Commonwealth REIT | D | 6.5 | % | 35,000 | 431,643 | 807,800 | |||||||||||||||
Istar Financial, Inc. | I | 7.5 | % | 10,500 | 190,597 | 228,375 | |||||||||||||||
Istar Financial, Inc. | D | 8 | % | 1,500 | 30,756 | 33,495 | |||||||||||||||
Istar Financial, Inc. | E | 7.875 | % | 11,000 | 203,221 | 243,430 | |||||||||||||||
Kilroy Realty Corp | G | 6.875 | % | 20,000 | 500,000 | 518,200 | |||||||||||||||
Kite Realty Group Trust | A | 8.25 | % | 62,000 | 1,527,328 | 1,590,300 | |||||||||||||||
Lasalle Hotel Properties | H | 7.5 | % | 32,000 | 784,172 | 824,000 | |||||||||||||||
Lexington Realty Trust | C | 6.5 | % | 6,000 | 247,860 | 284,701 | |||||||||||||||
Lexington Realty Trust | D | 7.75 | % | 1,500 | 36,329 | 37,650 | |||||||||||||||
MPG Office Trust, Inc. | A | 7.625 | % | 12,000 | 13,560 | 253,200 | |||||||||||||||
Parkway Properties, Inc. | D | 8 | % | 13,400 | 331,241 | 335,243 | |||||||||||||||
Pennsylvania Real Estate Trust | A | 8.25 | % | 94,000 | 2,350,885 | 2,470,320 | |||||||||||||||
Pennsylvania Real Estate Trust | B | 7.375 | % | 40,000 | 1,000,000 | 1,010,940 | |||||||||||||||
Retail Properties of America | A | 7 | % | 10,000 | 250,000 | 246,500 | |||||||||||||||
Stag Industrial, Inc. | A | 9 | % | 9,000 | 224,885 | 242,595 | |||||||||||||||
Summit Hotel Properties, Inc | B | 7.875 | % | 20,000 | 500,000 | 506,200 | |||||||||||||||
Sun Communities, Inc. | A | 7.125 | % | 20,000 | 500,000 | 501,998 | |||||||||||||||
Terreno Realty Corp. | A | 7.75 | % | 20,000 | 500,000 | 518,600 | |||||||||||||||
Urstadt Biddle Properties, Inc. | F | 7.125 | % | 15,000 | 375,000 | 389,370 | |||||||||||||||
Vornado Realty Trust | D | 7.875 | % | 4,000 | 96,112 | 108,319 | |||||||||||||||
Total Preferred Stock | $ | 16,227,932 | $ | 18,300,970 | |||||||||||||||||
Common Stock: | |||||||||||||||||||||
Getty Realty Corp. | 135,700 | $ | 2,833,601 | $ | 2,450,742 | ||||||||||||||||
Gladstone Commercial Corp. | 80,500 | 1,404,133 | 1,444,975 | ||||||||||||||||||
Government Properties Income Trust | 30,000 | 681,529 | 719,100 | ||||||||||||||||||
Commonwealth REIT | 300,000 | 5,523,942 | 4,752,000 | ||||||||||||||||||
Mack-Cali Realty Group | 40,000 | 1,103,392 | 1,044,400 | ||||||||||||||||||
Medical Properties Trust Inc | 67,000 | 630,427 | 801,320 | ||||||||||||||||||
Monmouth Real Estate Investment Corp. (1) | 1,767,147 | 14,521,198 | 18,307,641 | ||||||||||||||||||
Nobility Homes | 20,000 | 158,200 | 98,000 | ||||||||||||||||||
Omega Healthcare REIT Investors | 45,000 | 746,936 | 1,073,250 | ||||||||||||||||||
One Liberty Properties, Inc. | 30,000 | 446,025 | 608,700 | ||||||||||||||||||
Interest | Number | Market | |||||||||||||||||||
Series | Rate | Of Shares | Cost | Value | |||||||||||||||||
Parkway Properties, Inc. | 10,000 | 134,799 | 139,900 | ||||||||||||||||||
Pennsylvania Real Estate Investment Trust | 140,000 | $ | 1,460,129 | $ | 2,469,600 | ||||||||||||||||
Select Income Real Estate Investment Trust | 132,387 | 3,204,612 | 3,279,226 | ||||||||||||||||||
Senior Housing Properties Trust | 60,000 | 1,291,280 | 1,418,400 | ||||||||||||||||||
Urstadt Biddle Properties, Inc. | 21,200 | 343,350 | 417,216 | ||||||||||||||||||
Total Common Stock | $ | 34,483,553 | $ | 39,024,470 | |||||||||||||||||
Total Securities Available for Sale | $ | 50,711,485 | $ | 57,325,440 | |||||||||||||||||
(1) Related entity – See Note 8. | |||||||||||||||||||||
Summary of temporarily impaired securities | ' | ||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||
Preferred Stock | $ | 16,046,133 | $ | (1,178,316 | ) | $ | -0- | $ | -0- | ||||||||||||
Common Stock | 3,448,000 | (263,235 | ) | -0- | -0- | ||||||||||||||||
Total | $ | 19,494,133 | $ | (1,441,551 | ) | $ | -0- | $ | -0- | ||||||||||||
Summary of the range of the losses | ' | ||||||||||||||||||||
Number of | Fair Value | Unrealized Loss | |||||||||||||||||||
Individual Securities | Range of Loss | ||||||||||||||||||||
27 | $ | 15,690,469 | $ | (918,603 | ) | Less than or equal to 10% | |||||||||||||||
7 | 3,803,664 | (522,948 | ) | Less than or equal to 20% | |||||||||||||||||
34 | $ | 19,494,133 | $ | (1,441,551 | ) | ||||||||||||||||
Summary of gain (loss) on securities transactions | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Gross realized gains | $ | 4,284,934 | $ | 4,092,585 | $ | 2,692,649 | |||||||||||||||
Gross realized losses | (229,122 | ) | -0- | -0- | |||||||||||||||||
Impairment loss | -0- | -0- | -0- | ||||||||||||||||||
Total Gains realized on Sale of Securities Transactions, net | $ | 4,055,812 | $ | 4,092,585 | $ | 2,692,649 |
Loans_and_Mortgages_Payable_Ta
Loans and Mortgages Payable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Loans and Mortgages Payable [Abstract] | ' | |||||||||||||
Summary of mortgages payable | ' | |||||||||||||
At December 31, 2013 | Balance at December 31, | |||||||||||||
Property | Due Date | Interest Rate | 2013 | 2012 | ||||||||||
Allentown and Clinton Mobile Home Resort | 2/1/17 | LIBOR + 3.25% | $ | 10,799,401 | $ | 11,112,757 | ||||||||
Cedarcrest | 4/1/21 | 5.125 | % | 9,124,838 | 9,275,010 | |||||||||
Cranberry Village | 12/1/18 | 6.8 | % | -0- | 2,894,029 | |||||||||
D & R Village and Waterfalls Village | 2/27/15 | LIBOR + 2.25% | 7,089,610 | 7,376,497 | ||||||||||
Fairview Manor | 2/1/17 | 5.785 | % | 10,345,239 | 10,539,333 | |||||||||
Forest Park Village | 12/1/18 | 6.8 | % | -0- | 2,894,029 | |||||||||
Heather Highlands | 8/28/18 | Prime + 1.0% | 1,288,149 | 1,573,968 | ||||||||||
Highland Estates | 9/1/17 | 6.175 | % | 9,578,574 | 9,738,702 | |||||||||
Oxford Village | 1/1/20 | 5.94 | % | 7,527,426 | 7,694,260 | |||||||||
Somerset Estates and Whispering Pines | 2/26/19 | 4.89 | % | 891,382 | 1,044,107 | |||||||||
Southwind Village | 1/1/20 | 5.94 | % | 6,012,690 | 6,145,953 | |||||||||
Suburban Estates and Sunny Acres | 6/1/18 | 4 | % | 6,711,306 | 6,968,277 | |||||||||
Twin Oaks | 12/1/19 | 5.75 | % | 2,702,771 | 2,764,752 | |||||||||
Various (5 properties) | 1/1/22 | 4.25 | % | 14,964,116 | 15,236,831 | |||||||||
Various (5 properties) | 12/6/22 | 4.75 | % | 7,675,595 | -0- | |||||||||
Various (11 properties) | 8/1/17 | LIBOR + 3.0% | 12,909,520 | 13,612,847 | ||||||||||
Various (13 properties) | 3/1/23 | 4.065 | % | 53,019,327 | -0- | |||||||||
Total Mortgages | Payable | $ | 160,639,944 | $ | 108,871,352 | |||||||||
Aggregate principal payments of all mortgages payable | ' | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | $ | 4,434,099 | ||||||||||||
2015 | 11,089,066 | |||||||||||||
2016 | 4,429,688 | |||||||||||||
2017 | 42,382,196 | |||||||||||||
2018 | 7,530,449 | |||||||||||||
Thereafter | 90,774,446 | |||||||||||||
Total | $ | 160,639,944 |
Stock_Compensation_Plan_Tables
Stock Compensation Plan (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Stock Compensation Plan [Abstract] | ' | ||||||||||||||||||||||||
Assumptions for weighted average fair value of stock options | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Dividend yield | 6.67 | % | 7.08 | % | 7 | % | |||||||||||||||||||
Expected volatility | 32.37 | % | 26.19 | % | 24.81 | % | |||||||||||||||||||
Risk-free interest rate | 1.96 | % | 1.11 | % | 2.46 | % | |||||||||||||||||||
Expected lives | 8 | 8 | 8 | ||||||||||||||||||||||
Estimated forfeitures | -0- | -0- | -0- | ||||||||||||||||||||||
Schedule of change in stock options plans | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Outstanding at | 785,000 | $ | 11.71 | 750,000 | $ | 12.03 | 731,000 | $ | 12.33 | ||||||||||||||||
beginning of year | |||||||||||||||||||||||||
Granted | 392,000 | 10.08 | 94,000 | 11.29 | 80,000 | 11.16 | |||||||||||||||||||
Exercised | -0- | -0- | (4,000 | ) | 7.56 | (10,000 | ) | 7.56 | |||||||||||||||||
Expired | (84,000 | ) | 15.51 | (55,000 | ) | 15.58 | (51,000 | ) | 15.94 | ||||||||||||||||
Outstanding at end of | 1,093,000 | 10.86 | 785,000 | 11.71 | 750,000 | 12.03 | |||||||||||||||||||
year | |||||||||||||||||||||||||
Options exercisable at | 701,000 | 691,000 | 670,000 | ||||||||||||||||||||||
end of year | |||||||||||||||||||||||||
Weighted-average fair | $ | 1.42 | $ | 0.92 | $ | 1.01 | |||||||||||||||||||
value of options | |||||||||||||||||||||||||
granted during the year | |||||||||||||||||||||||||
Summary of stock options outstanding | ' | ||||||||||||||||||||||||
Date of Grant | Number of Employees | Number of Shares | Option Price | Expiration Date | |||||||||||||||||||||
1/9/06 | 1 | 44,200 | 15.62 | 1/9/14 | |||||||||||||||||||||
1/9/06 | 1 | 5,800 | 17.21 | 1/9/14 | |||||||||||||||||||||
7/21/06 | 9 | 34,000 | 15.15 | 7/21/14 | |||||||||||||||||||||
1/3/07 | 1 | 44,200 | 15.51 | 1/3/15 | |||||||||||||||||||||
1/3/07 | 1 | 5,800 | 17.06 | 1/3/15 | |||||||||||||||||||||
7/16/07 | 12 | 51,000 | 14.21 | 7/16/15 | |||||||||||||||||||||
9/20/07 | 2 | 7,000 | 13.19 | 9/20/15 | |||||||||||||||||||||
1/8/08 | 1 | 42,300 | 11.79 | 1/8/16 | |||||||||||||||||||||
1/8/08 | 1 | 7,700 | 12.97 | 1/8/16 | |||||||||||||||||||||
9/25/08 | 12 | 43,000 | 7.55 | 9/25/16 | |||||||||||||||||||||
1/7/09 | 1 | 14,000 | 7.12 | 1/7/17 | |||||||||||||||||||||
1/7/09 | 1 | 61,000 | 6.47 | 1/7/17 | |||||||||||||||||||||
3/3/09 | 1 | 3,000 | 5.42 | 3/3/17 | |||||||||||||||||||||
6/22/09 | 13 | 53,000 | 7.57 | 6/22/17 | |||||||||||||||||||||
1/8/10 | 1 | 10,900 | 9.13 | 1/8/18 | |||||||||||||||||||||
1/8/10 | 1 | 14,100 | 8.3 | 1/8/18 | |||||||||||||||||||||
7/27/10 | 12 | 80,000 | 11.4 | 7/27/18 | |||||||||||||||||||||
8/11/10 | 1 | 6,000 | 11.23 | 8/11/18 | |||||||||||||||||||||
7/5/11 | 12 | 80,000 | 11.16 | 7/5/19 | |||||||||||||||||||||
8/29/12 | 15 | 94,000 | 11.29 | 8/29/20 | |||||||||||||||||||||
2/28/13 | 1 | 10,000 | * | 10.02 | 2/28/21 | ||||||||||||||||||||
6/26/13 | 24 | 382,000 | * | 10.08 | 6/26/21 | ||||||||||||||||||||
1,093,000 | |||||||||||||||||||||||||
* Unexercisable | |||||||||||||||||||||||||
Schedule of nonvested restricted stock awards | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | ||||||||||||||||||||
Nonvested at beginning of year | 187,470 | $ | 10.9 | 130,974 | $ | 11.14 | 62,299 | $ | 11.44 | ||||||||||||||||
Granted | -0- | -0- | 75,000 | 10.72 | 74,000 | 11.16 | |||||||||||||||||||
Dividend Reinvested Shares | 12,992 | 9.33 | 11,470 | 9.9 | 7,611 | 8.98 | |||||||||||||||||||
Vested | (48,170 | ) | (10.90 | ) | (29,974 | ) | (11.10 | ) | (12,936 | ) | (11.36 | ) | |||||||||||||
Forfeited | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | (-0- | ) | |||||||||||||
Nonvested at end of year | 152,292 | $ | 10.77 | 187,470 | $ | 10.9 | 130,974 | $ | 11.14 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Shareholders' Equity [Abstract] | ' | ||||||||||||
Shares issued in connection with DRIP | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amounts Received/Dividends | |||||||||||||
Reinvested | $ | 35,192,639 | $ | 18,058,038 | $ | 13,938,991 | |||||||
Number of Shares Issued | 3,658,010 | 1,780,043 | 1,467,214 |
Distributions_Tables
Distributions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Distributions [Abstract] | ' | ||||||||||||||||||||||||
Summary of payment of distributions to shareholders | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Quarter Ended | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||
31-Mar | $ | 3,155,607 | $ | 0.18 | $ | 2,809,868 | $ | 0.18 | $ | 2,523,564 | $ | 0.18 | |||||||||||||
30-Jun | 3,294,938 | 0.18 | 2,902,806 | 0.18 | 2,595,832 | 0.18 | |||||||||||||||||||
30-Sep | 3,456,304 | 0.18 | 2,954,616 | 0.18 | 2,652,386 | 0.18 | |||||||||||||||||||
31-Dec | 3,656,622 | 0.18 | 3,062,506 | 0.18 | 2,723,255 | 0.18 | |||||||||||||||||||
$ | 13,563,471 | $ | 0.72 | $ | 11,729,796 | $ | 0.72 | $ | 10,495,037 | $ | 0.72 | ||||||||||||||
Summary of payment of dividends to preferred shareholders | ' | ||||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
1/16/13 | 2/15/13 | 3/15/13 | $ | 1,889,147 | $ | 0.515625 | |||||||||||||||||||
4/8/13 | 5/15/13 | 6/17/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
7/1/13 | 8/15/13 | 9/16/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
10/1/13 | 11/15/13 | 12/16/13 | 1,889,147 | 0.515625 | |||||||||||||||||||||
$ | 7,556,588 | $ | 2.0625 | ||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
1/18/12 | 2/15/12 | 3/15/12 | $ | 690,319 | $ | 0.515625 | |||||||||||||||||||
4/17/12 | 5/15/12 | 6/15/12 | 930,716 | 0.515625 | |||||||||||||||||||||
7/9/12 | 8/15/12 | 9/17/12 | 1,244,616 | 0.515625 | |||||||||||||||||||||
10/1/12 | 11/15/12 | 12/17/12 | 1,459,458 | 0.515625 | |||||||||||||||||||||
$ | 4,325,109 | $ | 2.0625 | ||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend | Dividend per Share | |||||||||||||||||||||
7/5/11 | 8/15/11 | 9/15/11 | $ | 736,341 | $ | 0.55 | |||||||||||||||||||
10/4/11 | 11/15/11 | 12/15/11 | 690,318 | 0.515625 | |||||||||||||||||||||
$ | 1,426,659 | $ | 1.065625 |
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Federal Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
Reconciliation of U.S. GAAP net income to taxable income | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Estimate | Actual | Actual | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
U.S. GAAP net income | $ | 5,836,823 | $ | 6,474,057 | $ | 3,696,263 | |||||||||||||||||||
Add: U.S. GAAP net loss of taxable REIT subsidiary included above | 2,746,526 | 3,081,837 | 3,135,742 | ||||||||||||||||||||||
U.S. GAAP net income from REIT operations | 8,583,349 | 9,555,894 | 6,832,005 | ||||||||||||||||||||||
Stock compensation expense | 850,349 | 573,244 | 295,042 | ||||||||||||||||||||||
Acquisition costs and other book / tax | 1,641,635 | (344,027 | ) | (1,418,553 | ) | ||||||||||||||||||||
differences, net | |||||||||||||||||||||||||
Taxable income before adjustments | 11,075,333 | 9,785,111 | 5,708,494 | ||||||||||||||||||||||
Less: Capital gains | (3,460,000 | ) | (4,146,773 | ) | (1,750,781 | ) | |||||||||||||||||||
Adjusted taxable income subject to 90% dividend requirement | $ | 7,615,333 | $ | 5,638,338 | $ | 3,957,713 | |||||||||||||||||||
Reconciliation between cash dividends paid and dividends paid deduction | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Estimate | Actual | Actual | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Cash dividends paid | $ | 21,120,059 | $ | 16,798,495 | $ | 11,921,695 | |||||||||||||||||||
Less: Portion designated as capital gains distributions | (3,460,000 | ) | (4,146,773 | ) | (1,750,781 | ) | |||||||||||||||||||
Less: Return of capital | (10,044,726 | ) | (7,013,384 | ) | (6,213,201 | ) | |||||||||||||||||||
$ | 7,615,333 | $ | 5,638,338 | $ | 3,957,713 | ||||||||||||||||||||
Dividends paid deduction | |||||||||||||||||||||||||
Characterization of distributions paid per share | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Ordinary income | $ | 0.12844 | 17.84 | % | $ | 0.07892 | 10.96 | % | $ | 0.2909 | 40.4 | % | |||||||||||||
Capital gains | 0.05835 | 8.1 | % | 0.08391 | 11.65 | % | 0.08205 | 11.4 | % | ||||||||||||||||
Return of capital | 0.53321 | 74.06 | % | 0.55717 | 77.39 | % | 0.34705 | 48.2 | % | ||||||||||||||||
$ | 0.72 | 100 | % | $ | 0.72 | 100 | % | $ | 0.72 | 100 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Equity Securities - Preferred Stock | $ | 24,536,942 | $ | 24,536,942 | $ | -0- | $ | -0- | |||||||||
Equity Securities - Common Stock | 34,718,000 | 34,718,000 | -0- | -0- | |||||||||||||
Interest Rate Swap (1) | (39,840 | ) | -0- | (39,840 | ) | -0- | |||||||||||
Total | $ | 59,215,102 | $ | 59,254,942 | $ | (39,840 | ) | $ | -0- | ||||||||
December 31, 2012: | |||||||||||||||||
Equity Securities - Preferred Stock | $ | 18,300,970 | $ | 18,300,970 | $ | -0- | $ | -0- | |||||||||
Equity Securities - Common Stock | 39,024,470 | 39,024,470 | -0- | -0- | |||||||||||||
Interest Rate Swap (1) | (377,795 | ) | -0- | (377,795 | ) | -0- | |||||||||||
Total | $ | 56,947,645 | $ | 57,325,440 | $ | (377,795 | ) | $ | -0- | ||||||||
(1) | Included in accrued liabilities and deposits |
Pro_Forma_Financial_Informatio1
Pro Forma Financial Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Pro Forma Financial Information (Unaudited) [Abstract] | ' | ||||||||
Pro Forma financial information | ' | ||||||||
For the years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Rental and Related Income | $ | 56,640,000 | $ | 54,528,000 | |||||
Community Operating Expenses | 30,759,000 | 12,198,000 | |||||||
Net Income Attributable to Common Shareholders | 5,755,000 | 1,991,000 | |||||||
Net Income Attributable to Common Shareholders per Share: | |||||||||
Basic | 0.31 | 0.12 | |||||||
Diluted | 0.31 | 0.12 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Summary of selected quarterly financial data | ' | ||||||||||||||||
2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Total Income | $ | 13,426,295 | $ | 16,097,925 | $ | 16,253,966 | $ | 16,426,921 | |||||||||
Total Expenses | 12,240,957 | 14,196,653 | 14,935,457 | 16,636,587 | |||||||||||||
Other Income (Expense) (1) | 2,977,034 | (229,785 | ) | (600,121 | ) | (524,561 | ) | ||||||||||
Net Income | 4,149,511 | 1,619,439 | 800,877 | (733,004 | ) | ||||||||||||
Net Income (Loss) Attributable | |||||||||||||||||
to Common Shareholders | 2,260,364 | (269,708 | ) | (1,088,270 | ) | (2,622,151 | ) | ||||||||||
Net Income (Loss) Attributable to Common Shareholders per Share – | |||||||||||||||||
Basic | 0.13 | (0.02 | ) | (0.06 | ) | (0.14 | ) | ||||||||||
Diluted | 0.13 | (0.02 | ) | (0.06 | ) | (0.14 | ) | ||||||||||
2012 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Total Income | $ | 10,890,946 | $ | 11,144,029 | $ | 12,186,668 | $ | 12,606,121 | |||||||||
Total Expenses | 10,143,701 | 10,692,049 | 11,617,310 | 11,761,448 | |||||||||||||
Other Income (Expense) (1) | 989,320 | 1,591,029 | 846,764 | 475,169 | |||||||||||||
Net Income | 1,749,697 | 2,019,036 | 1,405,754 | 1,299,570 | |||||||||||||
Net Income (Loss) Attributable | |||||||||||||||||
to Common Shareholders | 1,059,378 | 1,088,321 | 161,138 | (559,498 | ) | ||||||||||||
Net Income (Loss) Attributable to Common Shareholders per Share – | |||||||||||||||||
Basic | 0.07 | 0.07 | -0- | (0.03 | ) | ||||||||||||
Diluted | 0.07 | 0.07 | -0- | (0.03 | ) | ||||||||||||
-1 | Fluctuations are primarily due to the $499,471 bonus payment received in the second quarter of 2012 for rights to drill for oil and gas in one of our communities and to Gain on Sale of Securities Transactions, net. | ||||||||||||||||
-2 | Includes loss relating to unusual flood at Memphis Mobile City. | ||||||||||||||||
Organization_Details
Organization (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Home_Site | |
Organization Textual [Abstract] | ' |
Number of manufactured home communities company own and operates | 74 |
Number of developed home sites company own and operates | 13,500 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Swap Agreements One [Member] | ' |
Summary of interest rate swap agreement | ' |
Mortgage | 'Allentown/Clinton |
Due Date | 1-Feb-17 |
Mortgage Interest Rate | 'LIBOR + 3.25 |
Effective Fixed Rate | 4.39% |
Balance 12/31/12 | $10,799,401 |
Swap Agreements Two [Member] | ' |
Summary of interest rate swap agreement | ' |
Mortgage | 'Various 11 properties |
Due Date | 1-Aug-17 |
Mortgage Interest Rate | 'LIBOR + 3.00 |
Effective Fixed Rate | 3.89% |
Balance 12/31/12 | $12,909,520 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Home_Site | |||
Rental_Unit | |||
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Number of manufactured home communities company own and operates | 74 | ' | ' |
Number of developed home sites company own and operates | 13,500 | ' | ' |
Ownership percentage in subsidiaries | 100.00% | ' | ' |
Bank repurchase agreements original maturities | '90 days or less | ' | ' |
Description of other than temporary impairment security | 'If the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to not be other than temporarily impaired. | ' | ' |
Note receivables | $23,630,159 | $21,941,912 | ' |
Reserves for uncollectible accounts, notes and other receivables | 1,097,387 | 937,995 | ' |
Provisions for uncollectible notes and other receivables | 760,570 | 745,993 | 461,668 |
Charge-offs and other adjustments related to repossessed homes | 601,178 | 620,519 | 522,841 |
Average interest rate on loan | 9.50% | ' | ' |
Average maturity of loan | '10 years | ' | ' |
Accumulated amortization of deferred finance cost | 1,023,893 | 818,120 | ' |
Estimated amortization expense of finance cost for 2014 | 393,000 | ' | ' |
Estimated amortization expense of finance cost for 2015 | 378,000 | ' | ' |
Estimated amortization expense of finance cost for 2016 | 339,000 | ' | ' |
Estimated amortization expense of finance cost for 2017 | 233,000 | ' | ' |
Estimated amortization expense of finance cost for 2018 | 194,000 | ' | ' |
Number of rental units owned | 1,720 | ' | ' |
Rental and related income recognition | 'Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. | ' | ' |
Weighted-average number of common shares outstanding, basic | 18,724,321 | 16,197,339 | 14,506,679 |
Weighted-average number of common shares outstanding, diluted | 18,789,662 | 16,260,225 | 14,562,018 |
Compensation costs | 850,349 | 573,244 | 295,042 |
Description for applicable income tax provisions | 'The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. | ' | ' |
Uncertain tax positions | ' | 0 | ' |
Unrecognized tax benefits | ' | 0 | ' |
Swap [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Interest rate swap, description of variable rate basis | '30-day LIBOR | ' | ' |
Number of interest rate swap agreements | 2 | ' | ' |
Fair value of interest rate swaps | ($39,840) | ($377,795) | ' |
Option [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Antidilutive securities | 502,000 | 586,000 | 547,000 |
Weighted-average number of common shares outstanding, diluted | 65,341 | 62,886 | 55,339 |
Sites and Building [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Investment Property and Equipment, estimated useful lives | '15 to 27.5 years | ' | ' |
Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Investment Property and Equipment, estimated useful lives | '3 to 27.5 years | ' | ' |
Investment_Property_and_Equipm2
Investment Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of accumulated depreciation by major classes of assets | ' | ' |
Total Accumulated Depreciation | $84,655,017 | $73,270,257 |
Site and Land Improvements [Member] | ' | ' |
Summary of accumulated depreciation by major classes of assets | ' | ' |
Total Accumulated Depreciation | 64,292,239 | 56,262,656 |
Buildings and Improvements [Member] | ' | ' |
Summary of accumulated depreciation by major classes of assets | ' | ' |
Total Accumulated Depreciation | 3,036,082 | 2,685,623 |
Rental Homes and Accessories [Member] | ' | ' |
Summary of accumulated depreciation by major classes of assets | ' | ' |
Total Accumulated Depreciation | 9,107,422 | 6,710,323 |
Equipment and Vehicles [Member] | ' | ' |
Summary of accumulated depreciation by major classes of assets | ' | ' |
Total Accumulated Depreciation | $8,219,274 | $7,611,655 |
Investment_Property_and_Equipm3
Investment Property and Equipment (Details Textual) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||
Nov. 06, 2013 | 23-May-12 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2012 | Aug. 01, 2012 | Aug. 01, 2012 | Aug. 01, 2012 | Nov. 06, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Apr. 02, 2013 | Oct. 02, 2013 | Jan. 12, 2012 | Jul. 26, 2012 | Sep. 12, 2012 | Dec. 03, 2012 | Dec. 19, 2012 | |
Home_Community | Home_Site | Pennsylvania and New York [Member] | Pennsylvania [Member] | New York [Member] | Manufactured Home Community [Member] | Manufactured Home Community [Member] | Manufactured Home Community [Member] | Manufactured Home Community [Member] | Manufactured Home Community [Member] | Holiday Mobile Village [Member] | Rolling Hills Estates [Member] | Countryside Estates [Member] | Meadowood Estates manufactured home community [Member] | Other manufactured home community [Member] | Twin Oaks [Member] | Olmsted Falls [Member] | ||||
acre | Home_Community | Home_Community | acre | acre | Indiana [Member] | Pennsylvania [Member] | Michigan [Member] | acre | acre | acre | acre | acre | acre | acre | ||||||
Home_Community | Home_Site | Home_Site | Home_Community | Home_Community | Home_Community | Home_Site | Home_Community | Home_Site | Home_Site | Home_Community | Home_Community | Home_Site | ||||||||
Home_Site | Home_Community | Home_Community | Home_Community | Home_Site | Home_Community | Home_Community | Home_Site | Home_Site | Home_Community | |||||||||||
Investment Property and Equipment (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of manufactured home communities acquired | 5 | ' | ' | ' | ' | 11 | 10 | 1 | 5 | 10 | 5 | 4 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
Number of developed home sites company own and operates | ' | ' | 13,500 | ' | ' | 968 | ' | ' | 519 | 1,854 | ' | ' | ' | 274 | 91 | 90 | 123 | 280 | 141 | 125 |
Area of acquired real estate property (in acres) | ' | ' | ' | ' | ' | 200 | ' | ' | 200 | 400 | ' | ' | ' | 68 | 32 | 64 | 20 | 62 | 21 | 14 |
Purchase price of acquired entity | ' | ' | ' | ' | ' | $28,250,000 | ' | ' | $11,800,000 | $67,500,000 | ' | ' | ' | $7,250,000 | $1,720,000 | $2,100,000 | $3,400,000 | $5,900,000 | $4,350,000 | $3,600,000 |
Percentage of average occupancy | ' | ' | ' | ' | ' | 92.00% | ' | ' | 82.00% | 85.00% | ' | ' | ' | 82.00% | 91.00% | 79.00% | 88.00% | 89.00% | 89.00% | 96.00% |
Mortgage loan | 7,700,000 | ' | 160,639,944 | 53,760,000 | 108,871,352 | 13,980,000 | ' | ' | 7,700,000 | 53,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,774,660 | ' |
Borrowed on margin Line | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate on Mortgage | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 4.06% | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' |
Maturity date of mortgage | 6-Dec-22 | ' | ' | ' | ' | ' | ' | ' | 6-Dec-22 | 1-Mar-23 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-19 | ' |
Estimated number of real estate site licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Over 200 sites. | ' | ' | ' | ' |
Completion size of acquired real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Approximately 205 sites. | ' | ' | ' | ' |
Lease term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to extend lease term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from lease signing with Oil and Gas community | ' | $499,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty received from oil and gas, percentage | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities_Available_for_Sale_1
Securities Available for Sale (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Summary of listing of securities available for sale | ' | ' | ||
Cost | $58,138,204 | $50,711,485 | ||
Market Value | 59,254,942 | 57,325,440 | ||
Preferred Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Cost | 25,057,972 | 16,227,932 | ||
Market Value | 24,536,942 | 18,300,970 | ||
Alexandria Real Estate Stock Series E [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.45% | ' | ||
Number of Shares | 2,000 | ' | ||
Cost | 45,425 | ' | ||
Market Value | 42,400 | ' | ||
American Land Lease Inc Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.75% | 7.75% | ||
Number of Shares | 31,200 | 46,200 | ||
Cost | 275,297 | 397,547 | ||
Market Value | 756,600 | 1,113,420 | ||
Ashford Hospitality Trust Preferred Stock Series E [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 9.00% | ||
Number of Shares | ' | 21,600 | ||
Cost | ' | 540,021 | ||
Market Value | ' | 578,880 | ||
Ashford Hospitality Trust Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 8.55% | 8.55% | ||
Number of Shares | 10,000 | 10,000 | ||
Cost | 251,205 | 251,205 | ||
Market Value | 252,490 | 252,500 | ||
Campus Crest Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 8.00% | 8.00% | ||
Number of Shares | 30,000 | 10,000 | ||
Cost | 751,222 | 250,000 | ||
Market Value | 741,000 | 259,200 | ||
CapLease Inc. Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 8.13% | ||
Number of Shares | ' | 14,000 | ||
Cost | ' | 293,473 | ||
Market Value | ' | 350,700 | ||
CapLease Inc. Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 8.38% | ||
Number of Shares | ' | 48,000 | ||
Cost | ' | 1,200,752 | ||
Market Value | ' | 1,257,120 | ||
CBL & Associates Properties Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.38% | 7.38% | ||
Number of Shares | 2,000 | 3,000 | ||
Cost | 50,269 | 68,126 | ||
Market Value | 47,500 | 75,150 | ||
Cedar Realty Trust Inc. Preferred Stock A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 8.88% | ||
Number of Shares | ' | 2,268 | ||
Cost | ' | 56,976 | ||
Market Value | ' | 57,403 | ||
Cedar Realty Trust Inc. Preferred Stock B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.25% | 7.25% | ||
Number of Shares | 47,355 | 20,370 | ||
Cost | 1,127,208 | 483,594 | ||
Market Value | 1,089,157 | 498,054 | ||
Chesapeake Lodging Preferred Stock A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.75% | 7.75% | ||
Number of Shares | 20,000 | 20,000 | ||
Cost | 500,000 | 500,000 | ||
Market Value | 491,800 | 529,000 | ||
Commonwealth REIT Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.50% | 6.50% | ||
Number of Shares | 74,000 | 35,000 | ||
Cost | 1,660,828 | 431,643 | ||
Market Value | 1,517,740 | 807,800 | ||
Corporate Office Properties Trust Preferred Stock L [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.38% | 7.38% | ||
Number of Shares | 26,000 | 20,000 | ||
Cost | 650,330 | 502,800 | ||
Market Value | 612,040 | 502,800 | ||
Cousins Properties Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 7.50% | ||
Number of Shares | ' | 3,500 | ||
Cost | ' | 82,146 | ||
Market Value | ' | 87,570 | ||
Cubesmart Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.75% | ' | ||
Number of Shares | 2,000 | ' | ||
Cost | 52,153 | ' | ||
Market Value | 50,300 | ' | ||
Digital Realty Trust Inc. Preferred Stock Series E [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.00% | 7.00% | ||
Number of Shares | 4,000 | 4,000 | ||
Cost | 100,000 | 100,000 | ||
Market Value | 86,840 | 106,680 | ||
Digital Realty Trust Inc Preferred Stock Series F [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.63% | ' | ||
Number of Shares | 2,000 | ' | ||
Cost | 44,870 | ' | ||
Market Value | 41,160 | ' | ||
Dupont Fabros Technology, Inc. Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.88% | 7.88% | ||
Number of Shares | 26,412 | 26,412 | ||
Cost | 657,703 | 657,703 | ||
Market Value | 632,303 | 703,877 | ||
Dupont Fabros Technology Inc. Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.63% | 7.63% | ||
Number of Shares | 20,000 | 20,000 | ||
Cost | 500,000 | 500,000 | ||
Market Value | 455,400 | 531,380 | ||
EPR Properties Preferred Stock Series F [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.63% | 6.63% | ||
Number of Shares | 20,000 | 10,000 | ||
Cost | 472,680 | 250,000 | ||
Market Value | 423,800 | 246,000 | ||
General Growth Properties Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.38% | ' | ||
Number of Shares | 10,000 | ' | ||
Cost | 250,000 | ' | ||
Market Value | 201,500 | ' | ||
Glimcher Realty Preferred Stock Series I [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.88% | ' | ||
Number of Shares | 39,738 | ' | ||
Cost | 964,267 | ' | ||
Market Value | 858,341 | ' | ||
Istar Financial Inc. Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 8.00% | 8.00% | ||
Number of Shares | 26,600 | 1,500 | ||
Cost | 636,609 | 30,756 | ||
Market Value | 635,447 | 33,495 | ||
Istar Financial Inc. Preferred Stock Series E [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.88% | 7.88% | ||
Number of Shares | 38,342 | 11,000 | ||
Cost | 851,903 | 203,221 | ||
Market Value | 896,819 | 243,430 | ||
Istar Financial Inc. Preferred Stock Series I [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.50% | 7.50% | ||
Number of Shares | 59,600 | 10,500 | ||
Cost | 1,325,647 | 190,597 | ||
Market Value | 1,363,648 | 228,375 | ||
Kilroy Realty Corp Preferred Stock Series G [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.88% | 6.88% | ||
Number of Shares | 34,948 | 20,000 | ||
Cost | 844,770 | 500,000 | ||
Market Value | 766,410 | 518,200 | ||
Kilroy Realty Corp Preferred Stock Series H [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.38% | ' | ||
Number of Shares | 10,000 | ' | ||
Cost | 235,486 | ' | ||
Market Value | 205,700 | ' | ||
Kimco Realty Preferred Stock Series I [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.00% | ' | ||
Number of Shares | 2,000 | ' | ||
Cost | 43,026 | ' | ||
Market Value | 41,740 | ' | ||
Kite Realty Group Trust Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 8.25% | 8.25% | ||
Number of Shares | 50,000 | 62,000 | ||
Cost | 1,227,138 | 1,527,328 | ||
Market Value | 1,262,500 | 1,590,300 | ||
LaSalle Hotel Properties Preferred Stock Series H [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.50% | 7.50% | ||
Number of Shares | 40,000 | 32,000 | ||
Cost | 982,589 | 784,172 | ||
Market Value | 986,000 | 824,000 | ||
Pebblebrook Hotel Preferred Stock Series C [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.50% | ' | ||
Number of Shares | 19,000 | ' | ||
Cost | 400,742 | ' | ||
Market Value | 387,062 | ' | ||
Pennsylvania Real Estate Trust Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 8.25% | 8.25% | ||
Number of Shares | 94,000 | 94,000 | ||
Cost | 2,350,885 | 2,350,885 | ||
Market Value | 2,364,852 | 2,470,320 | ||
Lexington Realty Trust Preferred Stock Series C [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.50% | 6.50% | ||
Number of Shares | 6,000 | 6,000 | ||
Cost | 247,860 | 247,860 | ||
Market Value | 264,900 | 284,701 | ||
Lexington Realty Trust Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 7.75% | ||
Number of Shares | ' | 1,500 | ||
Cost | ' | 36,329 | ||
Market Value | ' | 37,650 | ||
MPG Office Trust, Inc. Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 7.63% | ||
Number of Shares | ' | 12,000 | ||
Cost | ' | 13,560 | ||
Market Value | ' | 253,200 | ||
Parkway Properties, Inc. Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | ' | 8.00% | ||
Number of Shares | ' | 13,400 | ||
Cost | ' | 331,241 | ||
Market Value | ' | 335,243 | ||
Pennsylvania Real Estate Trust Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.38% | 7.38% | ||
Number of Shares | 40,000 | 40,000 | ||
Cost | 1,000,000 | 1,000,000 | ||
Market Value | 949,200 | 1,010,940 | ||
Retail Properties of America Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.00% | 7.00% | ||
Number of Shares | 20,000 | 10,000 | ||
Cost | 481,949 | 250,000 | ||
Market Value | 421,600 | 246,500 | ||
SL Green Realty Corpl Preferred Stock Series I [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.50% | ' | ||
Number of Shares | 20,000 | ' | ||
Cost | 460,169 | ' | ||
Market Value | 426,200 | ' | ||
Stag Industrial, Inc. Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 9.00% | 9.00% | ||
Number of Shares | 9,000 | 9,000 | ||
Cost | 224,885 | 224,885 | ||
Market Value | 239,040 | 242,595 | ||
Stag Industrial Inc Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.63% | ' | ||
Number of Shares | 20,100 | ' | ||
Cost | 470,007 | ' | ||
Market Value | 418,683 | ' | ||
Summit Hotel Properties, Inc. Preferred Stock Series B [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.88% | 7.88% | ||
Number of Shares | 20,000 | 20,000 | ||
Cost | 500,000 | 500,000 | ||
Market Value | 477,002 | 506,200 | ||
Sun Communities Inc. Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.13% | 7.13% | ||
Number of Shares | 45,000 | 20,000 | ||
Cost | 1,117,377 | 500,000 | ||
Market Value | 1,059,750 | 501,998 | ||
Terreno Realty Corporation Preferred Stock Series A [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.75% | 7.75% | ||
Number of Shares | 20,300 | 20,000 | ||
Cost | 507,791 | 500,000 | ||
Market Value | 497,350 | 518,600 | ||
Urstadt Biddle Preferred Stock Series F [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.13% | 7.13% | ||
Number of Shares | 30,421 | 15,000 | ||
Cost | 756,305 | 375,000 | ||
Market Value | 700,596 | 389,370 | ||
Vornado Realty Trust Preferred Stock Series D [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 7.88% | 7.88% | ||
Number of Shares | 4,000 | 4,000 | ||
Cost | 96,114 | 96,112 | ||
Market Value | 103,960 | 108,319 | ||
Cbl And Associates Properties Preferred Stock Series E [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.63% | ' | ||
Number of Shares | 65,000 | ' | ||
Cost | 1,543,385 | ' | ||
Market Value | 1,381,900 | ' | ||
Equity Lifestyle Properties Preferred Stock Series C [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.75% | ' | ||
Number of Shares | 2,000 | ' | ||
Cost | 46,885 | ' | ||
Market Value | 46,200 | ' | ||
Lasalle Hotel Properties Preferred Stocks Series I [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.38% | ' | ||
Number of Shares | 6,000 | ' | ||
Cost | 124,984 | ' | ||
Market Value | 121,080 | ' | ||
Taubman Centers Preferred Stock Series K [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Interest Rate | 6.25% | ' | ||
Number of Shares | 11,000 | ' | ||
Cost | 228,009 | ' | ||
Market Value | 218,932 | ' | ||
Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Cost | 33,080,232 | 34,483,553 | ||
Market Value | 34,718,000 | 39,024,470 | ||
Getty Realty Corp. Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 100,000 | 135,700 | ||
Cost | 1,886,332 | 2,833,601 | ||
Market Value | 1,837,000 | 2,450,742 | ||
Gladstone Commercial Corporation Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 60,000 | 80,500 | ||
Cost | 1,031,950 | 1,404,133 | ||
Market Value | 1,078,200 | 1,444,975 | ||
Government Properties Income Trust Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 110,000 | 30,000 | ||
Cost | 2,664,307 | 681,529 | ||
Market Value | 2,733,500 | 719,100 | ||
Commonwealth REIT Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 300,000 | ||
Cost | ' | 5,523,942 | ||
Market Value | ' | 4,752,000 | ||
Mack Cali Realty Group Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 75,000 | 40,000 | ||
Cost | 1,824,903 | 1,103,392 | ||
Market Value | 1,611,000 | 1,044,400 | ||
Medical Properties Trust Inc Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 67,000 | ||
Cost | ' | 630,427 | ||
Market Value | ' | 801,320 | ||
Monmouth Real Estate Investment Corporation Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 1,875,147 | [1] | 1,767,147 | [1] |
Cost | 15,491,475 | [1] | 14,521,198 | [1] |
Market Value | 17,045,082 | [1] | 18,307,641 | [1] |
Nobility Homes, Inc. Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 20,000 | 20,000 | ||
Cost | 158,200 | 158,200 | ||
Market Value | 180,200 | 98,000 | ||
Omega Healthcare REIT Investors Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 45,000 | ||
Cost | ' | 746,936 | ||
Market Value | ' | 1,073,250 | ||
One Liberty Properties, Inc. Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 30,000 | ||
Cost | ' | 446,025 | ||
Market Value | ' | 608,700 | ||
Parkway Properties Inc. Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 10,000 | 10,000 | ||
Cost | 134,799 | 134,799 | ||
Market Value | 192,900 | 139,900 | ||
Pennsylvania Real Estate Investment Trust Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 140,000 | ||
Cost | ' | 1,460,129 | ||
Market Value | ' | 2,469,600 | ||
Select Income Real Estate Investment Trust Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 340,973 | 132,387 | ||
Cost | 8,976,023 | 3,204,612 | ||
Market Value | 9,117,618 | 3,279,226 | ||
Senior Housing Properties Trust Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | ' | 60,000 | ||
Cost | ' | 1,291,280 | ||
Market Value | ' | 1,418,400 | ||
Urstadt Biddle Properties Incorporated Common Stock [Member] | ' | ' | ||
Summary of listing of securities available for sale | ' | ' | ||
Number of Shares | 50,000 | 21,200 | ||
Cost | 912,243 | 343,350 | ||
Market Value | $922,500 | $417,216 | ||
[1] | (1) Related entity See Note 8. |
Securities_Available_for_Sale_2
Securities Available for Sale (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of temporarily impaired securities | ' |
Less Than 12 Months, Fair Value | $19,494,133 |
Less Than 12 Months, Unrealized Loss | -1,441,551 |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | 0 |
Preferred Stock [Member] | ' |
Summary of temporarily impaired securities | ' |
Less Than 12 Months, Fair Value | 16,046,133 |
Less Than 12 Months, Unrealized Loss | -1,178,316 |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | 0 |
Common Stock [Member] | ' |
Summary of temporarily impaired securities | ' |
Less Than 12 Months, Fair Value | 3,448,000 |
Less Than 12 Months, Unrealized Loss | -263,235 |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | $0 |
Securities_Available_for_Sale_3
Securities Available for Sale (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Security | |
Summary of the range of the losses | ' |
Number of Individual Securities | 34 |
Fair Value | $19,494,133 |
Unrealized Loss | -1,441,551 |
Security group one [Member] | ' |
Summary of the range of the losses | ' |
Number of Individual Securities | 27 |
Fair Value | 15,690,469 |
Unrealized Loss | -918,603 |
Range of Loss | 'Less than or equal to 10 |
Security group two [Member] | ' |
Summary of the range of the losses | ' |
Number of Individual Securities | 7 |
Fair Value | 3,803,664 |
Unrealized Loss | ($522,948) |
Range of Loss | 'Less than or equal to 20 |
Securities_Available_for_Sale_4
Securities Available for Sale (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of gain (Loss) on securities transactions | ' | ' | ' |
Gross realized gains | $4,284,934 | $4,092,585 | $2,692,649 |
Gross realized losses | -229,122 | 0 | 0 |
Impairment loss | 0 | 0 | 0 |
Total Gains realized on Sale of Securities Transactions, net | $4,055,812 | $4,092,585 | $2,692,649 |
Securities_Available_for_Sale_5
Securities Available for Sale (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Security | |||
Securities Available For Sale [Abstract] | ' | ' | ' |
Maximum percentage of available for sale securities not held by company | 10.00% | ' | ' |
Number of securities that had unrealized losses | 34 | ' | ' |
Total net unrealized gains in REIT securities portfolio | $1,116,738 | $6,613,956 | $2,461,305 |
Proceeds from sales or redemptions of securities available for sale | 18,981,468 | 16,159,894 | 5,263,695 |
Margin loan, outstanding | $18,574,228 | $0 | ' |
Loans_and_Mortgages_Payable_De
Loans and Mortgages Payable (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Nov. 06, 2013 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allentown and Clinton Mobile Home Resort [Member] | Allentown and Clinton Mobile Home Resort [Member] | Cedarcrest [Member] | Cedarcrest [Member] | Cranberry Village [Member] | Cranberry Village [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | Fairview Manor [Member] | Fairview Manor [Member] | Forest Park Village [Member] | Forest Park Village [Member] | Heather Highlands [Member] | Heather Highlands [Member] | Highland Estates [Member] | Highland Estates [Member] | Oxford Village [Member] | Oxford Village [Member] | Port Royal Village [Member] | Sandy Valley Estates [Member] | Somerset Estates/Whispering Pines [Member] | Somerset Estates/Whispering Pines [Member] | Southwind Village [Member] | Southwind Village [Member] | Suburban Estates and Sunny Acres [Member] | Suburban Estates and Sunny Acres [Member] | Twin Oaks [Member] | Twin Oaks [Member] | Various (5 properties) [Member] | Various (5 properties) [Member] | Various (11 properties) [Member] | Various (11 properties) [Member] | Various (5 properties) [Member] | Various (5 properties) [Member] | Various (13 properties) [Member] | Various (13 properties) [Member] | |||||
Summary of mortgages payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due Date of mortgage | 6-Dec-22 | ' | ' | ' | 1-Feb-17 | ' | 1-Apr-21 | ' | 1-Dec-18 | ' | 27-Feb-15 | ' | 27-Feb-15 | ' | 1-Feb-17 | ' | 1-Dec-18 | ' | 28-Aug-18 | ' | 1-Sep-17 | ' | 1-Jan-20 | ' | ' | ' | 26-Feb-19 | ' | 1-Jan-20 | ' | 1-Jun-18 | ' | 1-Dec-19 | ' | 1-Jan-22 | ' | 1-Aug-17 | ' | 6-Dec-22 | ' | 1-Mar-23 | ' |
Interest rate on mortgage | ' | ' | ' | ' | ' | ' | 5.13% | ' | 6.80% | ' | ' | ' | ' | ' | 5.79% | ' | 6.80% | ' | ' | ' | 6.18% | ' | 5.94% | ' | ' | ' | 4.89% | ' | 5.94% | ' | 4.00% | ' | 5.75% | ' | 4.25% | ' | ' | ' | 4.75% | ' | 4.07% | ' |
Total mortgage loan | $7,700,000 | $160,639,944 | $53,760,000 | $108,871,352 | $10,799,401 | $11,112,757 | $9,124,838 | $9,275,010 | $0 | $2,894,029 | $7,400,000 | ' | $7,089,610 | $7,376,497 | $10,345,239 | $10,539,333 | $0 | $2,894,029 | $1,288,149 | $1,573,968 | $9,578,574 | $9,738,702 | $7,527,426 | $7,694,260 | $0 | $0 | $891,382 | $1,044,107 | $6,012,690 | $6,145,953 | $6,711,306 | $6,968,277 | $2,702,771 | $2,764,752 | $14,964,116 | $15,236,831 | $12,909,520 | $13,612,847 | $7,675,595 | $0 | $53,019,327 | $0 |
Variable rate on mortgage | ' | ' | ' | ' | 'LIBOR + 3.25 | ' | ' | ' | ' | ' | ' | 'LIBOR plus 225 basis points. | 'LIBOR + 2.25 | ' | ' | ' | ' | ' | 'Prime + 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR + 3.0 | ' | ' | ' | ' | ' |
Loans_and_Mortgages_Payable_De1
Loans and Mortgages Payable (Details 1) (USD $) | Dec. 31, 2013 |
Aggregate principal payments of all mortgages payable | ' |
2014 | $4,434,099 |
2015 | 11,089,066 |
2016 | 4,429,688 |
2017 | 42,382,196 |
2018 | 7,530,449 |
Thereafter | 90,774,446 |
Total | $160,639,944 |
Loans_and_Mortgages_Payable_De2
Loans and Mortgages Payable (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Nov. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2012 | Oct. 11, 2012 | Dec. 31, 2012 | Mar. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2012 | Feb. 02, 2012 | Dec. 31, 2012 | Feb. 28, 2012 | Dec. 31, 2012 | Jul. 02, 2012 | Jun. 01, 2011 | Feb. 27, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | |
Home_Community | GE Commercial Distribution Finance Corporation [Member] | GE Commercial Distribution Finance Corporation [Member] | Sun National Bank [Member] | Sun National Bank [Member] | Sun National Bank [Member] | Sun National Bank [Member] | Bank of America [Member] | Twin Oaks [Member] | Bank of Montreal [Member] | Bank of Montreal [Member] | Bank of Montreal [Member] | Jp Morgan Chase Bank [Member] | Sunny Acres And Suburban Estates [Member] | Allentown and Clinton Mobile Home Resort [Member] | Allentown and Clinton Mobile Home Resort [Member] | Allentown and Clinton Mobile Home Resort [Member] | Allentown and Clinton Mobile Home Resort [Member] | Port Royal Village [Member] | Port Royal Village [Member] | Sandy Valley Estates [Member] | Sandy Valley Estates [Member] | Weatherly Estates [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | D and R Village and Waterfalls Village [Member] | Cranberry Village and Forest Park [Member] | |||||
Home_Community | Bank of America [Member] | Bank of America [Member] | ||||||||||||||||||||||||||||||
Loans and Mortgages Payable (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum revolving credit agreement | ' | ' | ' | ' | ' | $13,500,000 | ' | ' | $10,000,000 | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility interest rate, Description | ' | 'Interest on this borrowing is at LIBOR plus 225 basis points which was 2.42%. | ' | ' | ' | 'Interest rates on these agreements range from prime with a minimum of 6% to prime plus 2% with a minimum of 8% after 18 months. | ' | ' | 'Interest rate was modified from prime to LIBOR plus 350 basis points. | ' | ' | ' | ' | 'Borrowings will bear interest at the Company's option of LIBOR plus 2.00% to 2.75% or BMO's prime lending rate plus 1.00% to 1.75%, based on the Company's overall leverage. | 'LIBOR plus 375 basis points. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 225 basis points which was 2.41%. | ' | ' |
Lines of credit, outstanding amount | ' | ' | ' | ' | ' | 5,624,569 | 5,521,406 | ' | 4,920,199 | 4,920,199 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | ' | ' | 31-Aug-13 | ' | 29-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility expiration date before modification | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior percentage of eligible notes receivables secured by manufactured home loans | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increased percentage of eligible notes receivables secured by manufactured home loans | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of line of credit | ' | 2.42% | ' | ' | ' | ' | ' | ' | 3.67% | 3.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.41% | ' | ' |
Mortgage obtained by the company | ' | ' | ' | ' | ' | ' | ' | 13,980,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point on mortgage in addition to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' |
Variable rate on mortgage | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 3.00 | ' | ' | ' | 'Interest rate was modified from LIBOR plus 400 basis points to LIBOR plus 375 basis points. | ' | ' | ' | ' | ' | ' | 'LIBOR + 3.25 | ' | 'LIBOR plus 3.25 | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 225 basis points. | 'LIBOR + 2.25 | ' | ' |
Mortgage loan | 7,700,000 | 160,639,944 | 108,871,352 | ' | 53,760,000 | ' | ' | ' | ' | ' | ' | ' | 2,774,660 | ' | ' | ' | 53,760,000 | ' | 10,799,401 | 11,112,757 | ' | ' | 0 | ' | 0 | ' | ' | 7,400,000 | ' | 7,089,610 | 7,376,497 | ' |
Loan Extended Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' |
Unsecured line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional extension of mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' |
Due Date of mortgage | 6-Dec-22 | ' | ' | ' | ' | ' | ' | 1-Aug-17 | ' | ' | ' | ' | 1-Dec-19 | ' | ' | ' | 1-Mar-23 | ' | 1-Feb-17 | ' | 1-Feb-17 | ' | ' | ' | ' | ' | ' | 27-Feb-15 | ' | 27-Feb-15 | ' | ' |
Net fixed interest rate on the mortgage | 4.75% | ' | ' | ' | 4.07% | ' | ' | ' | ' | ' | 3.89% | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | 4.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.07% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.80% |
Number of manufactured home communities acquired | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Additional Communities added to mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 |
Carrying value of fixed rate mortgages payable | ' | 235,685,401 | 143,383,848 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs on mortgages capitalized | ' | 247,186 | 269,891 | 294,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount repaid by company on mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | 1,900,000 | 3,800,000 | ' | ' | ' | ' | ' |
Percentage of mortgage repaid by company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing Capacity, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of unused commitment amount to be paid per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured line of credit amount replaced by new line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit facility amount borrowed in anticipation of the acquisition of Holiday Mobile Village and for other corporate purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of modified interest rate on mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate was reduced from a fixed rate of 6.5% to a fixed rate of 4.0%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of accelerated maturity period of Mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The maturity date was accelerated from June 1, 2020 to June 1, 2018. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on margin loan | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin loan, outstanding | ' | $18,574,228 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_Plan_Detail
Stock Compensation Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions for weighted average fair value of stock options | ' | ' | ' |
Dividend yield | 6.67% | 7.08% | 7.00% |
Expected volatility | 32.37% | 26.19% | 24.81% |
Risk-free interest rate | 1.96% | 1.11% | 2.46% |
Expected lives | '8 years | '8 years | '8 years |
Estimated forfeitures | $0 | $0 | $0 |
Stock_Compensation_Plan_Detail1
Stock Compensation Plan (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of change in stock options during the years | ' | ' | ' |
Outstanding at beginning of year, Shares | 785,000 | 750,000 | 731,000 |
Outstanding at beginning of year, Weighted Average Exercise Price | $11.71 | $12.03 | $12.33 |
Granted, Shares | 392,000 | 94,000 | 80,000 |
Granted, Weighted Average Exercise Price | $10.08 | $11.29 | $11.16 |
Exercised, Shares | ' | -4,000 | -10,000 |
Exercised, Weighted Average Exercise Price | $0 | $7.56 | $7.56 |
Expired, Shares | -84,000 | -55,000 | -51,000 |
Expired, Weighted Average Exercise Price | $15.51 | $15.58 | $15.94 |
Outstanding at end of year, Shares | 1,093,000 | 785,000 | 750,000 |
Outstanding at end of year, Weighted Average Exercise Price | $10.86 | $11.71 | $12.03 |
Options exercisable at end of year | 701,000 | 691,000 | 670,000 |
Weighted-average fair value of options granted during the year | $1.42 | $0.92 | $1.01 |
Stock_Compensation_Plan_Detail2
Stock Compensation Plan (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of stock options outstanding | ' | |
Number of Shares | 1,093,000 | |
Stock Options Grant [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 9-Jan-06 | |
Number of employees, shares granted | 1 | |
Number of Shares | 44,200 | |
Option Price | 15.62 | |
Expiration Date | 9-Jan-14 | |
Stock Options Grant One [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 9-Jan-06 | |
Number of employees, shares granted | 1 | |
Number of Shares | 5,800 | |
Option Price | 17.21 | |
Expiration Date | 9-Jan-14 | |
Stock Options Grant Two [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 21-Jul-06 | |
Number of employees, shares granted | 9 | |
Number of Shares | 34,000 | |
Option Price | 15.15 | |
Expiration Date | 21-Jul-14 | |
Stock Options Grant Three [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 3-Jan-07 | |
Number of employees, shares granted | 1 | |
Number of Shares | 44,200 | |
Option Price | 15.51 | |
Expiration Date | 3-Jan-15 | |
Stock Options Grant Four [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 3-Jan-07 | |
Number of employees, shares granted | 1 | |
Number of Shares | 5,800 | |
Option Price | 17.06 | |
Expiration Date | 3-Jan-15 | |
Stock Options Grant Five [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 16-Jul-07 | |
Number of employees, shares granted | 12 | |
Number of Shares | 51,000 | |
Option Price | 14.21 | |
Expiration Date | 16-Jul-15 | |
Stock Options Grant Six [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 20-Sep-07 | |
Number of employees, shares granted | 2 | |
Number of Shares | 7,000 | |
Option Price | 13.19 | |
Expiration Date | 20-Sep-15 | |
Stock Options Grant Seven [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 8-Jan-08 | |
Number of employees, shares granted | 1 | |
Number of Shares | 42,300 | |
Option Price | 11.79 | |
Expiration Date | 8-Jan-16 | |
Stock Options Grant Eight [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 8-Jan-08 | |
Number of employees, shares granted | 1 | |
Number of Shares | 7,700 | |
Option Price | 12.97 | |
Expiration Date | 8-Jan-16 | |
Stock Options Grant Nine [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 25-Sep-08 | |
Number of employees, shares granted | 12 | |
Number of Shares | 43,000 | |
Option Price | 7.55 | |
Expiration Date | 25-Sep-16 | |
Stock Options Grant Ten [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 7-Jan-09 | |
Number of employees, shares granted | 1 | |
Number of Shares | 14,000 | |
Option Price | 7.12 | |
Expiration Date | 7-Jan-17 | |
Stock Options Grant Eleven [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 7-Jan-09 | |
Number of employees, shares granted | 1 | |
Number of Shares | 61,000 | |
Option Price | 6.47 | |
Expiration Date | 7-Jan-17 | |
Stock Options Grant Twelve [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 3-Mar-09 | |
Number of employees, shares granted | 1 | |
Number of Shares | 3,000 | |
Option Price | 5.42 | |
Expiration Date | 3-Mar-17 | |
Stock Options Grant Thirteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 22-Jun-09 | |
Number of employees, shares granted | 13 | |
Number of Shares | 53,000 | |
Option Price | 7.57 | |
Expiration Date | 22-Jun-17 | |
Stock Options Grant Fourteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 8-Jan-10 | |
Number of employees, shares granted | 1 | |
Number of Shares | 10,900 | |
Option Price | 9.13 | |
Expiration Date | 8-Jan-18 | |
Stock Options Grant Fifteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 8-Jan-10 | |
Number of employees, shares granted | 1 | |
Number of Shares | 14,100 | |
Option Price | 8.3 | |
Expiration Date | 8-Jan-18 | |
Stock Options Grant Sixteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 27-Jul-10 | |
Number of employees, shares granted | 12 | |
Number of Shares | 80,000 | |
Option Price | 11.4 | |
Expiration Date | 27-Jul-18 | |
Stock Options Grant Seventeen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 11-Aug-10 | |
Number of employees, shares granted | 1 | |
Number of Shares | 6,000 | |
Option Price | 11.23 | |
Expiration Date | 11-Aug-18 | |
Stock Options Grant Eighteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 5-Jul-11 | |
Number of employees, shares granted | 12 | |
Number of Shares | 80,000 | |
Option Price | 11.16 | |
Expiration Date | 5-Jul-19 | |
Stock Options Grant Nineteen [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 29-Aug-12 | |
Number of employees, shares granted | 15 | |
Number of Shares | 94,000 | |
Option Price | 11.29 | |
Expiration Date | 29-Aug-20 | |
Stock Options Grant Twenty [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 28-Feb-13 | |
Number of employees, shares granted | 1 | |
Number of Shares | 10,000 | [1] |
Option Price | 10.02 | |
Expiration Date | 28-Feb-21 | |
Stock Options Grant Twenty One [Member] | ' | |
Summary of stock options outstanding | ' | |
Date of Grant | 26-Jun-13 | |
Number of employees, shares granted | 24 | |
Number of Shares | 382,000 | [1] |
Option Price | 10.08 | |
Expiration Date | 26-Jun-21 | |
[1] | * Unexercisable |
Stock_Compensation_Plan_Detail3
Stock Compensation Plan (Details 3) (Restricted stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock [Member] | ' | ' | ' |
Summary of the company's nonvested restricted stock awards | ' | ' | ' |
Nonvested at beginning of year, Shares | 187,470 | 130,974 | 62,299 |
Nonvested at beginning of year, Weighted Average Grant Date Fair Value | $10.90 | $11.14 | $11.44 |
Granted, Shares | ' | 75,000 | 74,000 |
Granted, Weighted Average Grant Date Fair Value | $0 | $10.72 | $11.16 |
Dividend Reinvested Shares, Shares | 12,992 | 11,470 | 7,611 |
Dividend Reinvested Shares, Weighted Average Grant Date Fair Value | $9.33 | $9.90 | $8.98 |
Vested | -48,170 | -29,974 | -12,936 |
Vested | ($10.90) | ($11.10) | ($11.36) |
Forfeited, Shares | 0 | 0 | 0 |
Forfeited, Weighted Average Grant Date Fair Value | $0 | $0 | $0 |
Nonvested at end of year, Shares | 152,292 | 187,470 | 130,974 |
Nonvested at end of year, Weighted Average Grant Date Fair Value | $10.77 | $10.90 | $11.14 |
Stock_Compensation_Plan_Detail4
Stock Compensation Plan (Details Textual) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 13, 2013 | Aug. 14, 2003 | ||
Employee | Employee | Employee | ||||
Security | ||||||
Employee Stock Options (Textual) | ' | ' | ' | ' | ' | |
Stock option authorized to grant to officers and key employees | ' | ' | ' | 3,000,000 | 1,500,000 | |
Number of shares available for grant | 2,618,000 | ' | ' | ' | 100,000 | |
Stock Compensation Expense | $411,017 | $69,253 | $74,338 | ' | ' | |
Number of Shares | 1,093,000 | ' | ' | ' | ' | |
Fair value of stock options | 556,000 | 87,000 | 81,000 | ' | ' | |
Stock awards vesting period | '1 year | ' | ' | ' | ' | |
Unamortized stock option expense | 202,437 | ' | ' | ' | ' | |
Exercised, Shares | ' | 4,000 | 10,000 | ' | ' | |
Number of employees to exercise options | ' | 1 | 1 | ' | ' | |
Expired, Shares | 84,000 | 55,000 | 51,000 | ' | ' | |
Number of employees whose option expired | 10 | 8 | 8 | ' | ' | |
Aggregate intrinsic value of options outstanding | 421,563 | 602,653 | 406,673 | ' | ' | |
Aggregate intrinsic value relate to options exercisable | 421,563 | 602,653 | 406,673 | ' | ' | |
Intrinsic value of options exercised | 0 | 18,000 | 28,200 | ' | ' | |
Weighted-average remaining contractual term | '4 years 9 months 18 days | '3 years 10 months 24 days | '4 years 1 month 6 days | ' | ' | |
Number of participants in restricted stock grants awarded | ' | 1 | ' | ' | ' | |
One-time charges included in compensation cost for restricted stock grants awarded to one participant | ' | 123,490 | ' | ' | ' | |
Stock Options Grant Twenty Five [Member] | ' | ' | ' | ' | ' | |
Employee Stock Options (Textual) | ' | ' | ' | ' | ' | |
Number of employees, shares granted | ' | 15 | 12 | ' | ' | |
Number of Shares | ' | 94,000 | 80,000 | ' | ' | |
Restricted stock [Member] | ' | ' | ' | ' | ' | |
Employee Stock Options (Textual) | ' | ' | ' | ' | ' | |
Stock Compensation Expense | 439,332 | 503,991 | 220,704 | ' | ' | |
Stock awards vesting period | '5 years | ' | ' | ' | ' | |
Granted | ' | 75,000 | 74,000 | ' | ' | |
Fair value of restricted stock grants | ' | 803,700 | 825,840 | ' | ' | |
Number of participants in restricted stock grants awarded | ' | 9 | 10 | ' | ' | |
Unrecognized restricted stock compensation | $1,098,563 | ' | ' | ' | ' | |
Remaining weighted average period of restricted stock compensation | '2 years 8 months 12 days | ' | ' | ' | ' | |
Stock Options Grant Twenty One [Member] | ' | ' | ' | ' | ' | |
Employee Stock Options (Textual) | ' | ' | ' | ' | ' | |
Number of employees, shares granted | 24 | ' | ' | ' | ' | |
Number of Shares | 382,000 | [1] | ' | ' | ' | ' |
[1] | * Unexercisable |
401k_Plan_Details
401(k) Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
401(k) Plan (Textual) | ' | ' | ' |
Eligibility age of employees for 401(k) Plan | '21 years | ' | ' |
Maximum annual contribution per employee in 401(k) plan | $17,500 | ' | ' |
Description of contribution in 401(k) Plan | 'Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. | ' | ' |
Total expense relating to 401(k) Plan | $162,304 | $126,224 | $118,454 |
Related_Party_Transactions_and1
Related Party Transactions and Other Matters (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | |
Home_Site | Eugene W. Landy [Member] | Eugene W. Landy [Member] | Eugene W. Landy [Member] | Samuel A. Landy [Member] | Anna T. Chew [Member] | Allison Nagelberg [Member] | ||
Related Party Transactions (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Employment Agreement | ' | ' | ' | ' | ' | 'Three-year | 'Three-year | 'Three-year |
Amount of annual base compensation | ' | ' | ' | $150,000 | ' | ' | ' | ' |
Total amount payable on severance | ' | ' | ' | 450,000 | ' | ' | ' | ' |
Amount of severance payable on severance | ' | ' | ' | 150,000 | ' | ' | ' | ' |
Amount payable on first and second anniversaries of severance | ' | ' | ' | 150,000 | ' | ' | ' | ' |
Period for compensation will continue in event of disability | ' | ' | ' | 'For a period of three years, payable monthly. | ' | ' | ' | ' |
Pension amount received on retirement | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Period for Pension amount received on retirement | ' | ' | ' | 'For ten years, payable in monthly installments. | ' | ' | ' | ' |
Amount received by beneficiary after thirty days in event of death | ' | ' | ' | 450,000 | ' | ' | ' | ' |
Amount received by beneficiary after one year in event of death | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Automatic renewal period of agreement | ' | ' | ' | 'Each year for successive one-year periods. | ' | ' | ' | ' |
Annual base compensation amount increased after amendment | ' | ' | ' | 175,000 | ' | ' | ' | ' |
Extended period of pension benefit | ' | ' | ' | 'Additional three years. | ' | ' | ' | ' |
Lump sum payment received under second amendment | ' | ' | ' | 1,200,000 | ' | ' | ' | ' |
Sale price per common stock share | ' | ' | ' | $16 | ' | ' | ' | ' |
Amount received as outstanding leadership achievement award | ' | ' | ' | 250,000 | ' | ' | ' | ' |
Period to receive amount as outstanding leadership achievement award | ' | ' | ' | '3 years | ' | ' | ' | ' |
Additional compensation received as being Director | ' | ' | 29,125 | 37,625 | 24,000 | ' | ' | ' |
Amount received as legal fees | ' | ' | 0 | 0 | 17,500 | ' | ' | ' |
Annual increase in fund from operations | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Aggregate increase in funds from operations over three year period | ' | ' | ' | ' | ' | 9.00% | ' | ' |
Annual Base Salary as per Employment Agreement, 2012 | ' | ' | ' | ' | ' | 378,000 | 287,385 | 250,000 |
Annual Base Salary as per Employment Agreement, 2013 | ' | ' | ' | ' | ' | 396,900 | 301,754 | 262,500 |
Annual Base Salary as per Employment Agreement, 2014 | ' | ' | ' | ' | ' | 416,745 | 316,841 | 275,625 |
Maximum bonus amount in percentage of salary | ' | ' | ' | ' | ' | 21.00% | ' | ' |
Annual vacation allowed, period | ' | ' | ' | 'Five weeks | ' | 'Four weeks | 'Four weeks | 'Four weeks |
Disability insurance benefits | ' | ' | ' | ' | ' | ' | 'Up to 60% of then-current salary. | 'Up to 60% of then-current salary. |
Minimum number of days for employee's disability to receive benefits | ' | ' | ' | ' | ' | ' | '90 days | '90 days |
Right of the employee in special events | ' | ' | ' | ' | ' | 'In the event of a merger, sale or change of voting control of the Company, excluding transactions between the Company and MREIC, Mr. Samuel Landy will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control, or the employee may terminate the employment agreement and be entitled to receive one year's compensation in accordance with the agreement. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year's compensation at the date of termination, paid monthly over the remaining term or life of the agreement. | 'In the event of a merger, sale or change of voting control of the Company, excluding transactions between the Company and MREIC, the employee will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control, or the employee may terminate the employment agreement and be entitled to receive one year's compensation in accordance with the agreement. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, other than a termination for cause as defined by the agreement, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year's compensation at the date of termination, paid monthly over the remaining term or life of the agreement. | 'In the event of a merger, sale or change of voting control of the Company, the employee will have the right to extend and renew this employment agreement so that the expiration date will be three years from the date of merger, sale or change of voting control. If there is a termination of employment by the Company for any reason, either involuntary or voluntary, including the death of the employee, other than a termination for cause as defined by the agreement, the employee shall be entitled to the greater of the salary due under the remaining term of the agreement or one year's compensation at the date of termination, paid monthly over the remaining term or life of the agreement. |
Number of directors in company who are directors and shareholders of MREIC | 6 | ' | ' | ' | ' | ' | ' | ' |
Number of shares owned in affiliate company (MREIC) | 1,875,147 | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares owned in affiliate company (MREIC) | 4.00% | ' | ' | ' | ' | ' | ' | ' |
Amounts accrued under employment agreements | 600,000 | 509,259 | ' | ' | ' | ' | ' | ' |
Lease payment reimbursed by MREIC | ' | ' | ' | ' | ' | ' | ' | ' |
Approximately 70% of the monthly lease payment. | ||||||||
Renewed lease term | '5 years | ' | ' | ' | ' | ' | ' | ' |
Lease payment through April 30, 2013 | 13,600 | ' | ' | ' | ' | ' | ' | ' |
Lease payment through April 30, 2015 | $14,000 | ' | ' | ' | ' | ' | ' | ' |
Lease payment reimbursed by MREI under renewed lease agreement | 'Approximately 70% of the monthly lease payment plus its proportionate share of real estate taxes and common area maintenance. | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Shares issued under dividend reinvestment plan | ' | ' | ' | |||
Amounts Received/Dividends Reinvested | $35,192,639 | [1] | $18,058,038 | [1] | $13,938,991 | [1] |
Common Stock Issued with the DRIP, (Shares) | 3,658,010 | 1,780,043 | 1,467,214 | |||
[1] | Dividend Reinvestment and Stock Purchase Plan |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2012 | 31-May-11 | Dec. 31, 2013 | Apr. 10, 2012 | 31-May-11 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||
Shareholders Equity (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate on weighted average purchase price under dividend reinvestment plan | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of optional cash payments | ' | ' | ' | ' | $500 | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Reinvestment of dividends | 1,861,987 | 1,390,899 | 1,628,507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock offering | ' | ' | ' | ' | ' | ' | 1,250,000 | 1,075,000 | 1,338,800 | ' | ' | ' | ' |
Preferred stock public offering price | ' | ' | ' | ' | ' | ' | $25.50 | ' | ' | ' | $25.29 | ' | ' |
Rate of voting power | 'more than 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 |
Cumulative redeemable preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 8.25% | ' | ' | ' |
Annual rate on dividend per share payable quarterly | ' | ' | ' | ' | ' | ' | $0.34 | ' | ' | $2.06 | $0.29 | ' | ' |
Proceeds from Issuance of Preferred Stock, net of offering costs | 0 | 56,996,101 | 31,854,328 | ' | ' | ' | 30,600,000 | 25,700,000 | 31,854,328 | ' | ' | ' | ' |
Amount of discount under underwriting activities | ' | ' | ' | ' | ' | ' | 638,000 | 847,000 | 1,054,305 | ' | ' | ' | ' |
Other expenses including legal and other professional fees | ' | ' | ' | ' | ' | ' | $258,000 | $326,000 | $561,367 | ' | ' | ' | ' |
Stock issued to MREIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Description of preferred stock dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual dividend of $2.0625 per share or 8.25% of the $25.00 per share liquidation value, is payable quarterly in arrears on March 15, June 15, September 15, and December 15 | |||||||||||||
Preferred stock redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-May-16 |
Description for redemption of preferred stock after redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On and after May 26, 2016, the Series A Preferred Stock will be redeemable at the Company's option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared), if any, to, but not including, the redemption date, on each share of Series A Preferred Stock to be redeemed. |
Description for voting right to holders of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. |
Number of share authorized to repurchase under Share Repurchase Program | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions_Details
Distributions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of payment of distributions to shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions including dividends reinvested paid to common shareholders | $3,656,622 | $3,456,304 | $3,294,938 | $3,155,607 | $3,062,506 | $2,954,616 | $2,902,806 | $2,809,868 | $2,723,255 | $2,652,386 | $2,595,832 | $2,523,564 | $13,563,471 | $11,729,796 | $10,495,037 |
Dividend declared per share, paid | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.72 | $0.72 | $0.72 |
Distributions_Details_1
Distributions (Details 1) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | 15-Jan-14 | ' | ' | ' |
Record Date | 18-Feb-14 | ' | ' | ' |
Payment Date | 17-Mar-14 | ' | ' | ' |
Amount of distributions paid for preferred stock | ' | $7,556,588 | $4,325,109 | $1,426,659 |
Preferred stock, dividend declared per share, paid | ' | $2.06 | $2.06 | $1.07 |
7/5/2011 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | ' | 5-Jul-11 |
Record Date | ' | ' | ' | 15-Aug-11 |
Payment Date | ' | ' | ' | 15-Sep-11 |
Amount of distributions paid for preferred stock | ' | ' | ' | 736,341 |
Preferred stock, dividend declared per share, paid | ' | ' | ' | $0.55 |
10/4/2011 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | ' | 4-Oct-11 |
Record Date | ' | ' | ' | 15-Nov-11 |
Payment Date | ' | ' | ' | 15-Dec-11 |
Amount of distributions paid for preferred stock | ' | ' | ' | 690,318 |
Preferred stock, dividend declared per share, paid | ' | ' | ' | $0.52 |
1/18/2012 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | 18-Jan-12 | ' |
Record Date | ' | ' | 15-Feb-12 | ' |
Payment Date | ' | ' | 15-Mar-12 | ' |
Amount of distributions paid for preferred stock | ' | ' | 690,319 | ' |
Preferred stock, dividend declared per share, paid | ' | ' | $0.52 | ' |
4/17/2012 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | 17-Apr-12 | ' |
Record Date | ' | ' | 15-May-12 | ' |
Payment Date | ' | ' | 15-Jun-12 | ' |
Amount of distributions paid for preferred stock | ' | ' | 930,716 | ' |
Preferred stock, dividend declared per share, paid | ' | ' | $0.52 | ' |
7/9/2012 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | 9-Jul-12 | ' |
Record Date | ' | ' | 15-Aug-12 | ' |
Payment Date | ' | ' | 17-Sep-12 | ' |
Amount of distributions paid for preferred stock | ' | ' | 1,244,616 | ' |
Preferred stock, dividend declared per share, paid | ' | ' | $0.52 | ' |
10/1/2012 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | ' | 1-Oct-12 | ' |
Record Date | ' | ' | 15-Nov-12 | ' |
Payment Date | ' | ' | 17-Dec-12 | ' |
Amount of distributions paid for preferred stock | ' | ' | 1,459,458 | ' |
Preferred stock, dividend declared per share, paid | ' | ' | $0.52 | ' |
1/16/2013 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | 16-Jan-13 | ' | ' |
Record Date | ' | 15-Feb-13 | ' | ' |
Payment Date | ' | 15-Mar-13 | ' | ' |
Amount of distributions paid for preferred stock | ' | 1,889,147 | ' | ' |
Preferred stock, dividend declared per share, paid | ' | $0.52 | ' | ' |
4/8/2013 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | 8-Apr-13 | ' | ' |
Record Date | ' | 15-May-13 | ' | ' |
Payment Date | ' | 17-Jun-13 | ' | ' |
Amount of distributions paid for preferred stock | ' | 1,889,147 | ' | ' |
Preferred stock, dividend declared per share, paid | ' | $0.52 | ' | ' |
7/1/2013 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | 1-Jul-13 | ' | ' |
Record Date | ' | 15-Aug-13 | ' | ' |
Payment Date | ' | 16-Sep-13 | ' | ' |
Amount of distributions paid for preferred stock | ' | 1,889,147 | ' | ' |
Preferred stock, dividend declared per share, paid | ' | $0.52 | ' | ' |
10/1/2013 [Member] | ' | ' | ' | ' |
Summary of payment of dividends to preferred shareholders | ' | ' | ' | ' |
Declaration Date | ' | 1-Oct-13 | ' | ' |
Record Date | ' | 15-Nov-13 | ' | ' |
Payment Date | ' | 16-Dec-13 | ' | ' |
Amount of distributions paid for preferred stock | ' | $1,889,147 | ' | ' |
Preferred stock, dividend declared per share, paid | ' | $0.52 | ' | ' |
Distributions_Details_Textual
Distributions (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Jan. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Apr. 10, 2012 | |
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | |||||
Distributions (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Declaration Date | 15-Jan-14 | ' | ' | ' | ' | 15-Jan-14 | 16-Jan-13 | 18-Jan-12 | ' | ' |
Record Date | 18-Feb-14 | ' | ' | ' | ' | ' | ' | 15-Feb-12 | ' | ' |
Payment Date | 17-Mar-14 | ' | ' | ' | ' | 17-Mar-14 | 15-Mar-13 | 15-Mar-12 | ' | ' |
Dividends declared per share | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend declared per share, paid | ' | $2.06 | $2.06 | $1.07 | ' | $0.52 | $0.52 | ' | ' | ' |
Cumulative redeemable preferred stock, dividend rate, percentage | ' | ' | ' | ' | 8.25% | 8.25% | ' | ' | ' | ' |
Annual rate on dividend per share payable quarterly | ' | ' | ' | ' | ' | $2.06 | ' | ' | $0.34 | $0.29 |
Loss_Relating_To_Flood_Details
Loss Relating To Flood (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loss Relating to Flood (Textual) | ' | ' | ' |
Loss relating to flood net of insurance proceeds | $0 | $0 | $984,701 |
Federal_Income_Taxes_Details
Federal Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of U.S. GAAP net income to taxable income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. GAAP net income | ($733,004) | $800,877 | $1,619,439 | $4,149,511 | $1,299,570 | $1,405,754 | $2,019,036 | $1,749,697 | $5,836,823 | $6,474,057 | $3,696,263 |
Add: U.S. GAAP net loss of taxable REIT subsidiary included above | ' | ' | ' | ' | ' | ' | ' | ' | 2,746,526 | 3,081,837 | 3,135,742 |
U.S. GAAP net income from REIT operations | ' | ' | ' | ' | ' | ' | ' | ' | 8,583,349 | 9,555,894 | 6,832,005 |
Stock option expense | ' | ' | ' | ' | ' | ' | ' | ' | 850,349 | 573,244 | 295,042 |
Acquisition costs and other book / tax differences, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,641,635 | -344,027 | -1,418,553 |
Taxable income before adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 11,075,333 | 9,785,111 | 5,708,494 |
Less: Capital gains | ' | ' | ' | ' | ' | ' | ' | ' | -3,460,000 | -4,146,773 | -1,750,781 |
Adjusted taxable income subject to 90% dividend requirement | ' | ' | ' | ' | ' | ' | ' | ' | $7,615,333 | $5,638,338 | $3,957,713 |
Federal_Income_Taxes_Details_1
Federal Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation for cash dividends paid with dividends paid deduction | ' | ' | ' |
Cash dividends paid | $21,120,059 | $16,798,495 | $11,921,695 |
Less: Portion designated as capital gains distributions | -3,460,000 | -4,146,773 | -1,750,781 |
Less: Return of capital | -10,044,726 | -7,013,384 | -6,213,201 |
Dividends paid deduction | $7,615,333 | $5,638,338 | $3,957,713 |
Federal_Income_Taxes_Details_2
Federal Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Characterization of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of distributions paid per common share | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.72 | $0.72 | $0.72 |
Percentage of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Ordinary Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Characterization of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.08 | $0.29 |
Percentage of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.84% | 10.96% | 40.40% |
Capital Gains [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Characterization of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | $0.08 | $0.08 |
Percentage of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.10% | 11.65% | 11.40% |
Return of Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Characterization of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.53 | $0.56 | $0.35 |
Percentage of distributions paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74.06% | 77.39% | 48.20% |
Federal_Income_Taxes_Details_T
Federal Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal Income Taxes (Textual) | ' | ' | ' |
Percentage of adjusted taxable income require to distribute among shareholders, Minimum | 90.00% | ' | ' |
Preferred Dividends Paid, net | $7,556,588 | $5,068,697 | $1,426,659 |
Preferred stock, dividend declared per share, paid | $2.06 | $2.06 | $1.07 |
Percentage of distributions taxed as ordinary income | $1.42 | $1.00 | ' |
Percentage of distributions taxed as capital gains | $0.64 | $1.06 | ' |
Amount of operating losses of S&F | 2,746,526 | 3,081,837 | 3,135,742 |
Federal state and franchise taxes included in general and administrative expenses | $5,000 | $5,000 | $5,000 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Legal Matters (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Dec. 31, 2013 | |
Commitments Contingencies and Legal Matters (Textual) | ' | ' |
Number Of Property Site | ' | 1,340 |
Definitive Agreements [Member] | ' | ' |
Commitments Contingencies and Legal Matters (Textual) | ' | ' |
Number Of Acquired Manufactured Home Communities | ' | 12 |
Purchase price of acquired entity | ' | 37,200,000 |
Assumed mortgages | ' | 27,000,000 |
Repurchase of amount | ' | 4,200,000 |
Deposit of notes and other receivables | ' | 800,000 |
Definitive Agreements [Member] | Minimum [Member] | ' | ' |
Commitments Contingencies and Legal Matters (Textual) | ' | ' |
Range of purchase price repossessed | 80.00% | 55.00% |
Definitive Agreements [Member] | Maximum [Member] | ' | ' |
Commitments Contingencies and Legal Matters (Textual) | ' | ' |
Range of purchase price repossessed | 95.00% | 100.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Interest Rate Swap (1) | ($39,840) | [1] | ($377,795) | [1] |
Total | 59,215,102 | 56,947,645 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Interest Rate Swap (1) | 0 | [1] | 0 | [1] |
Total | 59,254,942 | 57,325,440 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Interest Rate Swap (1) | -39,840 | [1] | -377,795 | [1] |
Total | -39,840 | -377,795 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Interest Rate Swap (1) | 0 | [1] | 0 | [1] |
Total | 0 | 0 | ||
Preferred Stock [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 24,536,942 | 18,300,970 | ||
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 24,536,942 | 18,300,970 | ||
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 0 | 0 | ||
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 0 | 0 | ||
Common Stock [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 34,718,000 | 39,024,470 | ||
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 34,718,000 | 39,024,470 | ||
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | 0 | 0 | ||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Securities Available for Sale at Fair Value | $0 | $0 | ||
[1] | (1) Included in accrued liabilities and deposits |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements (Textual) | ' | ' |
Fair value of fixed rate mortgages payable | $127,869,529 | $85,875,242 |
Carrying value of fixed rate mortgages payable | $128,553,264 | $82,571,781 |
Supplemental_Cash_Flow_and_Com1
Supplemental Cash Flow and Comprehensive Income (Loss) Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Cash Flow And Comprehensive Income (Loss) Information (Textual) | ' | ' | ' |
Cash paid for interest | $8,185,305 | $4,715,898 | $4,823,821 |
Acquisition Of Communities | 7,700,000 | 2,800,000 | ' |
Land development costs transferred to investment property and equipment | 77,562 | 85,193 | 79,901 |
Reinvestment of dividends | $1,861,987 | $1,390,899 | $1,628,507 |
Pro_Forma_Financial_Informatio2
Pro Forma Financial Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pro forma financial information | ' | ' |
Rental and Related Income | $56,640,000 | $54,528,000 |
Community Operating Expenses | 30,759,000 | 12,198,000 |
Net Income Attributable to Common Shareholders | $5,755,000 | $1,991,000 |
Net Income Attributable to Common Shareholders per Share: | ' | ' |
Basic | $0.31 | $0.12 |
Diluted | $0.31 | $0.12 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Summary of Selected Quarterly Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total Income | $16,426,921 | $16,253,966 | $16,097,925 | $13,426,295 | $12,606,121 | $12,186,668 | $11,144,029 | $10,890,946 | $62,205,107 | $46,827,764 | $39,313,354 | ||||||||
Total Expenses | 16,636,587 | 14,935,457 | 14,196,653 | 12,240,957 | 11,761,448 | 11,617,310 | 10,692,049 | 10,143,701 | 58,009,654 | 44,214,508 | 36,797,740 | ||||||||
Other Income (Expense) (1) | -524,561 | [1] | -600,121 | [1] | -229,785 | [1] | 2,977,034 | [1] | 475,169 | [1] | 846,764 | [1] | 1,591,029 | [1] | 989,320 | [1] | 1,622,567 | 3,902,282 | 1,151,776 |
Net Income | -733,004 | 800,877 | 1,619,439 | 4,149,511 | 1,299,570 | 1,405,754 | 2,019,036 | 1,749,697 | 5,836,823 | 6,474,057 | 3,696,263 | ||||||||
Net Income (Loss) Attributable to Common Shareholders | ($2,622,151) | ($1,088,270) | ($269,708) | $2,260,364 | ($559,498) | $161,138 | $1,088,321 | $1,059,378 | ($1,719,765) | $1,749,339 | $2,039,497 | ||||||||
Net Income (Loss) Attributable to Common Shareholders per Share - | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic | ($0.14) | ($0.06) | ($0.02) | $0.13 | ($0.03) | $0 | $0.07 | $0.07 | ($0.09) | $0.11 | $0.14 | ||||||||
Diluted | ($0.14) | ($0.06) | ($0.02) | $0.13 | ($0.03) | $0 | $0.07 | $0.07 | ($0.09) | $0.11 | $0.14 | ||||||||
[1] | (1) Fluctuations are primarily due to the $499,471 bonus payment received in the second quarter of 2012 for rights to drill for oil and gas in one of our communities and to Gain on Sale of Securities Transactions, net. |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) (Details Textual) (USD $) | 3 Months Ended |
Jun. 30, 2012 | |
Home_Community | |
Selected Quarterly Financial Data Textual [Abstract] | ' |
Amount of bonus payment received for rights to drill for oil and gas | $499,471 |
Number of communities | 1 |
Real_Estate_And_Accumulated_De1
Real Estate And Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | $160,639,944 | |
Land | 29,669,019 | |
Site, Land & Building Improvements and Rental Homes | 211,994,739 | |
Capitalization Subsequent to Acquisition | 124,160,654 | |
Memphis, TN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 10,799,401 | [1] |
Land | 250,000 | |
Site, Land & Building Improvements and Rental Homes | 2,569,101 | |
Capitalization Subsequent to Acquisition | 6,987,622 | |
Orrville, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 7,675,595 | [2] |
Land | 114,000 | |
Site, Land & Building Improvements and Rental Homes | 1,174,000 | |
Capitalization Subsequent to Acquisition | 0 | |
Birch Run, MI [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 53,019,327 | [3] |
Land | 70,000 | |
Site, Land & Building Improvements and Rental Homes | 2,797,000 | |
Capitalization Subsequent to Acquisition | 185,264 | |
Goshen, IN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 1,120,000 | |
Site, Land & Building Improvements and Rental Homes | 11,136,000 | |
Capitalization Subsequent to Acquisition | 488,834 | |
Berwick, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 14,964,116 | [2] |
Land | 372,000 | |
Site, Land & Building Improvements and Rental Homes | 4,776,000 | |
Capitalization Subsequent to Acquisition | 220,190 | |
Greenfield, Ctr NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 37,500 | |
Site, Land & Building Improvements and Rental Homes | 232,547 | |
Capitalization Subsequent to Acquisition | 3,253,586 | |
Chambersburg, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 12,909,520 | [4] |
Land | 176,000 | |
Site, Land & Building Improvements and Rental Homes | 2,411,000 | |
Capitalization Subsequent to Acquisition | 56,051 | |
Vineland, NJ [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 9,124,838 | |
Land | 320,000 | |
Site, Land & Building Improvements and Rental Homes | 1,866,323 | |
Capitalization Subsequent to Acquisition | 1,816,362 | |
Chambersburg, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 108,000 | |
Site, Land & Building Improvements and Rental Homes | 2,397,000 | |
Capitalization Subsequent to Acquisition | 170,683 | |
Sayre, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 124,000 | |
Site, Land & Building Improvements and Rental Homes | 2,049,000 | |
Capitalization Subsequent to Acquisition | 27,624 | |
Lewistown, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 137,000 | |
Site, Land & Building Improvements and Rental Homes | 613,000 | |
Capitalization Subsequent to Acquisition | 416,835 | |
Tiffin, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [1] |
Land | 142,000 | |
Site, Land & Building Improvements and Rental Homes | 3,301,800 | |
Capitalization Subsequent to Acquisition | 48,940 | |
Horseheads, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 196,000 | |
Site, Land & Building Improvements and Rental Homes | 2,317,500 | |
Capitalization Subsequent to Acquisition | 141,878 | |
Wintersville, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 67,000 | |
Site, Land & Building Improvements and Rental Homes | 2,383,000 | |
Capitalization Subsequent to Acquisition | 1,144,464 | |
Muncie, IN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 174,000 | |
Site, Land & Building Improvements and Rental Homes | 1,926,000 | |
Capitalization Subsequent to Acquisition | 730,451 | |
Columbia, TN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 394,000 | |
Site, Land & Building Improvements and Rental Homes | 6,916,500 | |
Capitalization Subsequent to Acquisition | 1,546,470 | |
Cranberry Twp, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 181,930 | |
Site, Land & Building Improvements and Rental Homes | 1,922,931 | |
Capitalization Subsequent to Acquisition | 2,130,669 | |
Athens, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 188,000 | |
Site, Land & Building Improvements and Rental Homes | 2,258,000 | |
Capitalization Subsequent to Acquisition | 93,602 | |
Duncansville, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 60,774 | |
Site, Land & Building Improvements and Rental Homes | 378,093 | |
Capitalization Subsequent to Acquisition | 2,116,271 | |
Clifton Park, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 7,089,610 | [1] |
Land | 391,724 | |
Site, Land & Building Improvements and Rental Homes | 704,021 | |
Capitalization Subsequent to Acquisition | 2,291,016 | |
Millville, NJ [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 10,345,239 | |
Land | 216,000 | |
Site, Land & Building Improvements and Rental Homes | 1,166,517 | |
Capitalization Subsequent to Acquisition | 8,679,046 | |
Elkhart, IN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 440,000 | |
Site, Land & Building Improvements and Rental Homes | 7,004,000 | |
Capitalization Subsequent to Acquisition | 276,526 | |
Cranberry Twp, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 75,000 | |
Site, Land & Building Improvements and Rental Homes | 977,225 | |
Capitalization Subsequent to Acquisition | 3,831,435 | |
Schuylkill Haven, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 643,000 | |
Site, Land & Building Improvements and Rental Homes | 5,293,500 | |
Capitalization Subsequent to Acquisition | 242,066 | |
Chambersburg, PA 2 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 63,000 | |
Site, Land & Building Improvements and Rental Homes | 584,000 | |
Capitalization Subsequent to Acquisition | 1,275 | |
Honey Brook, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 370,000 | |
Site, Land & Building Improvements and Rental Homes | 1,220,000 | |
Capitalization Subsequent to Acquisition | 12,547 | |
Inkerman, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 1,288,149 | |
Land | 572,500 | |
Site, Land & Building Improvements and Rental Homes | 2,151,569 | |
Capitalization Subsequent to Acquisition | 5,012,458 | |
Elkhart, IN 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 510,000 | |
Site, Land & Building Improvements and Rental Homes | 7,084,000 | |
Capitalization Subsequent to Acquisition | 262,128 | |
Kutztown, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 9,578,574 | |
Land | 145,000 | |
Site, Land & Building Improvements and Rental Homes | 1,695,041 | |
Capitalization Subsequent to Acquisition | 9,589,458 | |
Nashville, TN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 1,632,000 | |
Site, Land & Building Improvements and Rental Homes | 5,618,000 | |
Capitalization Subsequent to Acquisition | 604,932 | |
Monticello, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 235,600 | |
Site, Land & Building Improvements and Rental Homes | 1,402,572 | |
Capitalization Subsequent to Acquisition | 6,770,007 | |
Navarre, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 290,000 | |
Site, Land & Building Improvements and Rental Homes | 1,457,673 | |
Capitalization Subsequent to Acquisition | 5,530,530 | |
Cresson, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 432,700 | |
Site, Land & Building Improvements and Rental Homes | 2,070,426 | |
Capitalization Subsequent to Acquisition | 1,994,136 | |
Orrville, OH 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 113,000 | |
Site, Land & Building Improvements and Rental Homes | 1,135,000 | |
Capitalization Subsequent to Acquisition | 854 | |
Taylor, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 674,000 | |
Site, Land & Building Improvements and Rental Homes | 9,432,800 | |
Capitalization Subsequent to Acquisition | 645,249 | |
New Middletown, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 152,000 | |
Site, Land & Building Improvements and Rental Homes | 3,191,000 | |
Capitalization Subsequent to Acquisition | 600,527 | |
Wooster, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 767,000 | |
Site, Land & Building Improvements and Rental Homes | 5,429,000 | |
Capitalization Subsequent to Acquisition | 404 | |
Wooster, OH 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 94,000 | |
Site, Land & Building Improvements and Rental Homes | 1,040,000 | |
Capitalization Subsequent to Acquisition | 0 | |
Memphis, TN 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 78,435 | |
Site, Land & Building Improvements and Rental Homes | 810,477 | |
Capitalization Subsequent to Acquisition | 951,463 | |
Jonestown, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 114,000 | |
Site, Land & Building Improvements and Rental Homes | 994,000 | |
Capitalization Subsequent to Acquisition | 130,382 | |
Avoca, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 330,000 | |
Site, Land & Building Improvements and Rental Homes | 3,794,100 | |
Capitalization Subsequent to Acquisition | 221,006 | |
Narvon, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 134,000 | |
Site, Land & Building Improvements and Rental Homes | 1,665,000 | |
Capitalization Subsequent to Acquisition | 154,362 | |
Coxsackie, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 1,757,800 | |
Site, Land & Building Improvements and Rental Homes | 0 | |
Capitalization Subsequent to Acquisition | 1,359,407 | |
Elkhart, IN 2 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 500,000 | |
Site, Land & Building Improvements and Rental Homes | 7,524,000 | |
Capitalization Subsequent to Acquisition | 414,594 | |
Tunkhannock, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 379,000 | |
Site, Land & Building Improvements and Rental Homes | 1,639,000 | |
Capitalization Subsequent to Acquisition | 174,814 | |
Olmsted Falls, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 569,000 | |
Site, Land & Building Improvements and Rental Homes | 3,031,000 | |
Capitalization Subsequent to Acquisition | 370,889 | |
West Grove, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 7,527,426 | |
Land | 175,000 | |
Site, Land & Building Improvements and Rental Homes | 990,515 | |
Capitalization Subsequent to Acquisition | 1,389,153 | |
Carlisle, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 37,540 | |
Site, Land & Building Improvements and Rental Homes | 198,321 | |
Capitalization Subsequent to Acquisition | 5,927,470 | |
Apollo, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 670,000 | |
Site, Land & Building Improvements and Rental Homes | 1,336,600 | |
Capitalization Subsequent to Acquisition | 2,723,260 | |
Bloomsburg, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 282,000 | |
Site, Land & Building Improvements and Rental Homes | 2,174,800 | |
Capitalization Subsequent to Acquisition | 436,817 | |
Belle Vernon, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 150,000 | |
Site, Land & Building Improvements and Rental Homes | 2,491,796 | |
Capitalization Subsequent to Acquisition | 8,249,798 | |
Marion, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 236,000 | |
Site, Land & Building Improvements and Rental Homes | 785,293 | |
Capitalization Subsequent to Acquisition | 4,695,899 | |
Carlisle, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 301,000 | |
Site, Land & Building Improvements and Rental Homes | 1,419,013 | |
Capitalization Subsequent to Acquisition | 37,526 | |
Magnolia, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 270,000 | |
Site, Land & Building Improvements and Rental Homes | 1,941,430 | |
Capitalization Subsequent to Acquisition | 5,063,379 | |
Nashville, TN 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 337,000 | |
Site, Land & Building Improvements and Rental Homes | 3,379,000 | |
Capitalization Subsequent to Acquisition | 973,116 | |
Somerset, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 891,382 | |
Land | 1,485,000 | |
Site, Land & Building Improvements and Rental Homes | 2,050,400 | |
Capitalization Subsequent to Acquisition | 5,147,022 | |
Columbiana, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 63,000 | |
Site, Land & Building Improvements and Rental Homes | 3,387,000 | |
Capitalization Subsequent to Acquisition | 126,362 | |
Jackson, NJ [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 6,012,690 | |
Land | 100,095 | |
Site, Land & Building Improvements and Rental Homes | 602,820 | |
Capitalization Subsequent to Acquisition | 2,449,632 | |
Athens, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 67,000 | |
Site, Land & Building Improvements and Rental Homes | 1,326,800 | |
Capitalization Subsequent to Acquisition | 1,599,747 | |
Greensburg, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 6,711,306 | [1] |
Land | 299,000 | |
Site, Land & Building Improvements and Rental Homes | 5,837,272 | |
Capitalization Subsequent to Acquisition | 395,564 | |
Somerset, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [1] |
Land | 287,000 | |
Site, Land & Building Improvements and Rental Homes | 6,113,528 | |
Capitalization Subsequent to Acquisition | 155,305 | |
Eagleville, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 450,000 | |
Site, Land & Building Improvements and Rental Homes | 2,674,000 | |
Capitalization Subsequent to Acquisition | 23,132 | |
Goodlettsville, TN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 411,000 | |
Site, Land & Building Improvements and Rental Homes | 1,867,000 | |
Capitalization Subsequent to Acquisition | 978,908 | |
Olmsted Falls, OH 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 2,702,771 | |
Land | 823,000 | |
Site, Land & Building Improvements and Rental Homes | 3,527,000 | |
Capitalization Subsequent to Acquisition | 579,415 | |
Goshen, IN 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 650,000 | |
Site, Land & Building Improvements and Rental Homes | 6,307,000 | |
Capitalization Subsequent to Acquisition | 275,766 | |
Ephrata, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 191,000 | |
Site, Land & Building Improvements and Rental Homes | 4,359,000 | |
Capitalization Subsequent to Acquisition | 78,567 | |
Ephrata, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [4] |
Land | 72,000 | |
Site, Land & Building Improvements and Rental Homes | 1,746,000 | |
Capitalization Subsequent to Acquisition | 1,035 | |
Doylestown, PA [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 2,650,000 | |
Site, Land & Building Improvements and Rental Homes | 8,266,000 | |
Capitalization Subsequent to Acquisition | -49,595 | |
Honey Brook, PA 1 [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [3] |
Land | 1,380,000 | |
Site, Land & Building Improvements and Rental Homes | 5,348,000 | |
Capitalization Subsequent to Acquisition | 18,245 | |
Hamburg, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [1] |
Land | 424,000 | |
Site, Land & Building Improvements and Rental Homes | 3,812,000 | |
Capitalization Subsequent to Acquisition | 2,127,707 | |
Lebanon, TN [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 1,184,000 | |
Site, Land & Building Improvements and Rental Homes | 4,034,480 | |
Capitalization Subsequent to Acquisition | 3,806,569 | |
West Monroe, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 77,000 | |
Site, Land & Building Improvements and Rental Homes | 841,000 | |
Capitalization Subsequent to Acquisition | 1,185,676 | |
Eatontown, NJ [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 157,421 | |
Site, Land & Building Improvements and Rental Homes | 280,749 | |
Capitalization Subsequent to Acquisition | 909,735 | |
Caledonia, OH [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | 0 | |
Land | 260,000 | |
Site, Land & Building Improvements and Rental Homes | 1,753,206 | |
Capitalization Subsequent to Acquisition | 3,156,015 | |
Youngstown, NY [Member] | ' | |
Summary of real estate and accumulated depreciation on real estate | ' | |
Encumbrances | ' | [2] |
Land | 269,000 | |
Site, Land & Building Improvements and Rental Homes | 1,606,000 | |
Capitalization Subsequent to Acquisition | $2,122 | |
[1] | Represents one mortgage note payable secured by two properties. | |
[2] | Represents one mortgage note payable secured by five properties. | |
[3] | Represents one mortgage not payable secured by thirteen properties. | |
[4] | Represents one mortgage note payable secured by eleven properties. |
Real_Estate_And_Accumulated_De2
Real Estate And Accumulated Depreciation (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | $33,973,214 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 331,851,198 | [1],[2] | ' | ' | ' |
Total | 365,824,412 | 253,490,055 | 191,252,542 | 168,590,072 | |
Accumulated Depreciation | 76,435,743 | 65,658,602 | 58,994,093 | 53,950,873 | |
Memphis, TN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 480,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 9,326,723 | [1],[2] | ' | ' | ' |
Total | 9,806,723 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 4,102,000 | ' | ' | ' | |
Orrville, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 114,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,174,000 | [1],[2] | ' | ' | ' |
Total | 1,288,000 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 7,253 | ' | ' | ' | |
Birch Run, MI [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 70,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,982,264 | [1],[2] | ' | ' | ' |
Total | 3,052,264 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 105,779 | ' | ' | ' | |
Goshen, IN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 1,120,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 11,624,834 | [1],[2] | ' | ' | ' |
Total | 12,744,834 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 383,184 | ' | ' | ' | |
Berwick, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 372,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,996,190 | [1],[2] | ' | ' | ' |
Total | 5,368,190 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 542,690 | ' | ' | ' | |
Greenfield, Ctr NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 122,865 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,400,769 | [1],[2] | ' | ' | ' |
Total | 3,523,634 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,847,750 | ' | ' | ' | |
Chambersburg, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 176,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,467,051 | [1],[2] | ' | ' | ' |
Total | 2,643,051 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 125,621 | ' | ' | ' | |
Vineland, NJ [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 408,206 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,594,479 | [1],[2] | ' | ' | ' |
Total | 4,002,685 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,517,291 | ' | ' | ' | |
Chambersburg, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 108,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,567,683 | [1],[2] | ' | ' | ' |
Total | 2,675,683 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 125,514 | ' | ' | ' | |
Sayre, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 124,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,076,624 | [1],[2] | ' | ' | ' |
Total | 2,200,624 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 106,142 | ' | ' | ' | |
Lewistown, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 137,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,029,835 | [1],[2] | ' | ' | ' |
Total | 1,166,835 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 59,522 | ' | ' | ' | |
Tiffin, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 142,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,350,740 | [1],[2] | ' | ' | ' |
Total | 3,492,740 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 273,000 | ' | ' | ' | |
Horseheads, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 196,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,459,378 | [1],[2] | ' | ' | ' |
Total | 2,655,378 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 122,132 | ' | ' | ' | |
Wintersville, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 67,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,527,464 | [1],[2] | ' | ' | ' |
Total | 3,594,464 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 145,321 | ' | ' | ' | |
Muncie, IN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 174,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,656,451 | [1],[2] | ' | ' | ' |
Total | 2,830,451 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 163,583 | ' | ' | ' | |
Columbia, TN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 394,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 8,462,970 | [1],[2] | ' | ' | ' |
Total | 8,856,970 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 770,042 | ' | ' | ' | |
Cranberry Twp, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 181,930 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,053,600 | [1],[2] | ' | ' | ' |
Total | 4,235,530 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,375,871 | ' | ' | ' | |
Athens, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 188,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,351,602 | [1],[2] | ' | ' | ' |
Total | 2,539,602 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 118,198 | ' | ' | ' | |
Duncansville, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 60,774 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,494,364 | [1],[2] | ' | ' | ' |
Total | 2,555,138 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 949,609 | ' | ' | ' | |
Clifton Park, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 391,724 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,995,037 | [1],[2] | ' | ' | ' |
Total | 3,386,761 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,630,167 | ' | ' | ' | |
Millville, NJ [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 2,534,892 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,526,671 | [1],[2] | ' | ' | ' |
Total | 10,061,563 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 4,028,517 | ' | ' | ' | |
Elkhart, IN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 440,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,280,526 | [1],[2] | ' | ' | ' |
Total | 7,720,526 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 254,661 | ' | ' | ' | |
Cranberry Twp, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 75,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,808,660 | [1],[2] | ' | ' | ' |
Total | 4,883,660 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,288,396 | ' | ' | ' | |
Schuylkill Haven, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 643,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 5,535,566 | [1],[2] | ' | ' | ' |
Total | 6,178,566 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 279,769 | ' | ' | ' | |
Chambersburg, PA 2 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 63,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 585,275 | [1],[2] | ' | ' | ' |
Total | 648,275 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 30,096 | ' | ' | ' | |
Honey Brook, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 370,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,232,547 | [1],[2] | ' | ' | ' |
Total | 1,602,547 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 38,219 | ' | ' | ' | |
Inkerman, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 572,500 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,164,027 | [1],[2] | ' | ' | ' |
Total | 7,736,527 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 3,745,355 | ' | ' | ' | |
Elkhart, IN 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 510,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,346,128 | [1],[2] | ' | ' | ' |
Total | 7,856,128 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 251,677 | ' | ' | ' | |
Kutztown, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 404,239 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 11,025,260 | [1],[2] | ' | ' | ' |
Total | 11,429,499 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 4,913,520 | ' | ' | ' | |
Nashville, TN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 1,632,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,222,932 | [1],[2] | ' | ' | ' |
Total | 7,854,932 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 166,031 | ' | ' | ' | |
Monticello, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 352,972 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 8,055,206 | [1],[2] | ' | ' | ' |
Total | 8,408,178 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 3,480,802 | ' | ' | ' | |
Navarre, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 290,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,988,203 | [1],[2] | ' | ' | ' |
Total | 7,278,203 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,607,441 | ' | ' | ' | |
Cresson, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 432,700 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,064,562 | [1],[2] | ' | ' | ' |
Total | 4,497,262 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,384,271 | ' | ' | ' | |
Orrville, OH 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 113,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,135,854 | [1],[2] | ' | ' | ' |
Total | 1,248,854 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 3,454 | ' | ' | ' | |
Taylor, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 674,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 10,078,049 | [1],[2] | ' | ' | ' |
Total | 10,752,049 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,093,007 | ' | ' | ' | |
New Middletown, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 152,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,791,527 | [1],[2] | ' | ' | ' |
Total | 3,943,527 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 195,700 | ' | ' | ' | |
Wooster, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 767,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 5,429,404 | [1],[2] | ' | ' | ' |
Total | 6,196,404 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 16,495 | ' | ' | ' | |
Wooster, OH 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 94,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,040,000 | [1],[2] | ' | ' | ' |
Total | 1,134,000 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 3,152 | ' | ' | ' | |
Memphis, TN 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 335,935 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,504,440 | [1],[2] | ' | ' | ' |
Total | 1,840,375 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,136,878 | ' | ' | ' | |
Jonestown, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 114,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,124,382 | [1],[2] | ' | ' | ' |
Total | 1,238,382 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 55,954 | ' | ' | ' | |
Avoca, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 330,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,015,106 | [1],[2] | ' | ' | ' |
Total | 4,345,106 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 437,000 | ' | ' | ' | |
Narvon, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 134,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,819,362 | [1],[2] | ' | ' | ' |
Total | 1,953,362 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 87,593 | ' | ' | ' | |
Coxsackie, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 2,218,800 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 898,407 | [1],[2] | ' | ' | ' |
Total | 3,117,207 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 107,530 | ' | ' | ' | |
Elkhart, IN 2 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 500,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,938,594 | [1],[2] | ' | ' | ' |
Total | 8,438,594 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 279,650 | ' | ' | ' | |
Tunkhannock, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 379,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,813,814 | [1],[2] | ' | ' | ' |
Total | 2,192,814 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 197,704 | ' | ' | ' | |
Olmsted Falls, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 569,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,401,889 | [1],[2] | ' | ' | ' |
Total | 3,970,889 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 128,748 | ' | ' | ' | |
West Grove, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 155,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,399,668 | [1],[2] | ' | ' | ' |
Total | 2,554,668 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,812,334 | ' | ' | ' | |
Carlisle, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 145,473 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,017,859 | [1],[2] | ' | ' | ' |
Total | 6,163,332 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,943,809 | ' | ' | ' | |
Apollo, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 732,089 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,997,771 | [1],[2] | ' | ' | ' |
Total | 4,729,860 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,707,088 | ' | ' | ' | |
Bloomsburg, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 282,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,611,617 | [1],[2] | ' | ' | ' |
Total | 2,893,617 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 263,393 | ' | ' | ' | |
Belle Vernon, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 505,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 10,386,594 | [1],[2] | ' | ' | ' |
Total | 10,891,594 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 4,895,376 | ' | ' | ' | |
Marion, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 236,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 5,481,192 | [1],[2] | ' | ' | ' |
Total | 5,717,192 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,619,902 | ' | ' | ' | |
Carlisle, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 301,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,456,539 | [1],[2] | ' | ' | ' |
Total | 1,757,539 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 16,958 | ' | ' | ' | |
Magnolia, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 270,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,004,809 | [1],[2] | ' | ' | ' |
Total | 7,274,809 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 3,649,839 | ' | ' | ' | |
Nashville, TN 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 337,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,352,116 | [1],[2] | ' | ' | ' |
Total | 4,689,116 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 375,156 | ' | ' | ' | |
Somerset, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 1,488,600 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,193,822 | [1],[2] | ' | ' | ' |
Total | 8,682,422 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,932,000 | ' | ' | ' | |
Columbiana, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 63,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,513,362 | [1],[2] | ' | ' | ' |
Total | 3,576,362 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 167,820 | ' | ' | ' | |
Jackson, NJ [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 100,095 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 3,052,452 | [1],[2] | ' | ' | ' |
Total | 3,152,547 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,797,560 | ' | ' | ' | |
Athens, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 67,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,926,547 | [1],[2] | ' | ' | ' |
Total | 2,993,547 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,140,247 | ' | ' | ' | |
Greensburg, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 299,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,232,836 | [1],[2] | ' | ' | ' |
Total | 6,531,836 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 770,224 | ' | ' | ' | |
Somerset, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 287,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,268,833 | [1],[2] | ' | ' | ' |
Total | 6,555,833 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 813,402 | ' | ' | ' | |
Eagleville, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 450,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,697,132 | [1],[2] | ' | ' | ' |
Total | 3,147,132 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 81,736 | ' | ' | ' | |
Goodlettsville, TN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 411,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,845,908 | [1],[2] | ' | ' | ' |
Total | 3,256,908 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 237,420 | ' | ' | ' | |
Olmsted Falls, OH 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 823,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,106,415 | [1],[2] | ' | ' | ' |
Total | 4,929,415 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 153,411 | ' | ' | ' | |
Goshen, IN 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 650,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 6,582,766 | [1],[2] | ' | ' | ' |
Total | 7,232,766 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 207,135 | ' | ' | ' | |
Ephrata, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 191,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,437,567 | [1],[2] | ' | ' | ' |
Total | 4,628,567 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 229,000 | ' | ' | ' | |
Ephrata, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 72,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,747,035 | [1],[2] | ' | ' | ' |
Total | 1,819,035 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 89,980 | ' | ' | ' | |
Doylestown, PA [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 2,650,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 8,216,405 | [1],[2] | ' | ' | ' |
Total | 10,866,405 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 250,580 | ' | ' | ' | |
Honey Brook, PA 1 [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 1,380,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 5,366,245 | [1],[2] | ' | ' | ' |
Total | 6,746,245 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 176,825 | ' | ' | ' | |
Hamburg, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 424,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 5,939,707 | [1],[2] | ' | ' | ' |
Total | 6,363,707 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 2,682,069 | ' | ' | ' | |
Lebanon, TN [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 1,184,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 7,841,049 | [1],[2] | ' | ' | ' |
Total | 9,025,049 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,588,498 | ' | ' | ' | |
West Monroe, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 77,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 2,026,676 | [1],[2] | ' | ' | ' |
Total | 2,103,676 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 578,668 | ' | ' | ' | |
Eatontown, NJ [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 135,420 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,212,485 | [1],[2] | ' | ' | ' |
Total | 1,347,905 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 574,000 | ' | ' | ' | |
Caledonia, OH [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 260,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 4,909,221 | [1],[2] | ' | ' | ' |
Total | 5,169,221 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 1,994,158 | ' | ' | ' | |
Youngstown, NY [Member] | ' | ' | ' | ' | |
Summary of real estate and accumulated depreciation | ' | ' | ' | ' | |
Land | 269,000 | [1],[2] | ' | ' | ' |
Site, Land & Building Improvements and Rental Homes | 1,608,121 | [1],[2] | ' | ' | ' |
Total | 1,877,121 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | $4,902 | ' | ' | ' | |
[1] | Represents one mortgage note payable secured by two properties. | ||||
[2] | Represents one mortgage not payable secured by thirteen properties. |
Real_Estate_And_Accumulated_De3
Real Estate And Accumulated Depreciation (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Memphis, TN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1986 |
Depreciable Life (in years) | '5 to 27.5 |
Berwick, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1973-1976 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Greenfield, Ctr NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1970 |
Date Acquired | '1977 |
Depreciable Life (in years) | '5 to 27.5 |
Chambersburg, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1963 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Vineland, NJ [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1973 |
Date Acquired | '1986 |
Depreciable Life (in years) | '27.5 |
Chambersburg, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1955 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Sayre, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Lewistown, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '2011 |
Depreciable Life (in years) | '5 to 27.5 |
Tiffin, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1968/1987 |
Date Acquired | '2011 |
Depreciable Life (in years) | '27.5 |
Horseheads, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Wintersville, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Muncie, IN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1996 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Columbia, TN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1988/1992 |
Date Acquired | '2011 |
Depreciable Life (in years) | '5 to 27.5 |
Cranberry Twp, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1974 |
Date Acquired | '1986 |
Depreciable Life (in years) | '5 to 27.5 |
Athens, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1964 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Duncansville, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1961 |
Date Acquired | '1979 |
Depreciable Life (in years) | '5 to 27.5 |
Clifton Park, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '1978 |
Depreciable Life (in years) | '5 to 27.5 |
Millville, NJ [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1985 |
Depreciable Life (in years) | '5 to 27.5 |
Cranberry Twp, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1982 |
Depreciable Life (in years) | '5 to 27.5 |
Schuylkill Haven, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1969 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Chambersburg, PA 2 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1978 |
Date Acquired | '2012 |
Depreciable Life (in years) | '27.5 |
Inkerman, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970 |
Date Acquired | '1992 |
Depreciable Life (in years) | '5 to 27.5 |
Kutztown, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1971 |
Date Acquired | '1979 |
Depreciable Life (in years) | '5 to 27.5 |
Nashville, TN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1967 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Monticello, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '1988 |
Depreciable Life (in years) | '5 to 27.5 |
Navarre, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1987 |
Depreciable Life (in years) | '5 to 27.5 |
Cresson, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '2001 |
Depreciable Life (in years) | '5 to 27.5 |
Taylor, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
New Middletown, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1957 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Wooster, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970-1978 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Wooster, OH 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1995 |
Date Acquired | '2013 |
Depreciable Life (in years) | '27.5 |
Memphis, TN 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1955 |
Date Acquired | '1985 |
Depreciable Life (in years) | '27.5 |
Jonestown, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1969 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Avoca, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Narvon, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Coxsackie, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date Acquired | '2005 |
Depreciable Life (in years) | '5 to 27.5 |
Tunkhannock, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Olmsted Falls, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1953/1970 |
Date Acquired | '2012 |
Depreciable Life (in years) | '27.5 |
West Grove, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1971 |
Date Acquired | '1974 |
Depreciable Life (in years) | '5 to 27.5 |
Carlisle, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1961 |
Date Acquired | '1969 |
Depreciable Life (in years) | '5 to 27.5 |
Bloomsburg, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1960's |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Belle Vernon, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1973 |
Date Acquired | '1983 |
Depreciable Life (in years) | '5 to 27.5 |
Marion, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1950 |
Date Acquired | '1986 |
Depreciable Life (in years) | '5 to 27.5 |
Magnolia, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1985 |
Depreciable Life (in years) | '5 to 27.5 |
Somerset, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '2004 |
Depreciable Life (in years) | '27.5 |
Columbiana, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1983 |
Date Acquired | '2012 |
Depreciable Life (in years) | '27.5 |
Jackson, NJ [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1969 |
Date Acquired | '1969 |
Depreciable Life (in years) | '5 to 27.5 |
Athens, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1996 |
Depreciable Life (in years) | '5 to 27.5 |
Greensburg, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1968/1980 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Somerset, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970 |
Date Acquired | '2010 |
Depreciable Life (in years) | '5 to 27.5 |
Goodlettsville, TN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1964 |
Date Acquired | '2011 |
Depreciable Life (in years) | '5 to 27.5 |
Olmsted Falls, OH 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1952/1997 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Apollo, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1995 |
Depreciable Life (in years) | '5 to 27.5 |
Ephrata, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1961 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Ephrata, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1999 |
Date Acquired | '2012 |
Depreciable Life (in years) | '5 to 27.5 |
Hamburg, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1997 |
Depreciable Life (in years) | '5 to 27.5 |
West Monroe, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '2003 |
Depreciable Life (in years) | '5 to 27.5 |
Lebanon, TN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1997 |
Date Acquired | '2006 |
Depreciable Life (in years) | '5 to 27.5 |
Eatontown, NJ [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1964 |
Date Acquired | '1978 |
Depreciable Life (in years) | '5 to 27.5 |
Caledonia, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | 'prior to 1980 |
Date Acquired | '1996 |
Depreciable Life (in years) | '5 to 27.5 |
Orrville, OH [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1971/1985/1995 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Birch Run, MI [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1976-1977 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Goshen, IN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1950/1990 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Elkhart, IN [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1996-1997 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Honey Brook, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Elkhart, IN 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1969 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Orrville, OH 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1968 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Elkhart, IN 2 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1990 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Carlisle, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1972-1975 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Nashville, TN 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1954 |
Date Acquired | '2011 |
Depreciable Life (in years) | '5 to 27.5 |
Eagleville, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1960 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Goshen, IN 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1956/1990 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Doylestown, PA [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1959 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Honey Brook, PA 1 [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1970 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Youngstown, NY [Member] | ' |
Summary of real estate and accumulated depreciation | ' |
Date of Construction | '1963 |
Date Acquired | '2013 |
Depreciable Life (in years) | '5 to 27.5 |
Real_Estate_And_Accumulated_De4
Real Estate And Accumulated Depreciation (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of reconciliation of fixed assets | ' | ' | ' |
Balance - Beginning of Year | $253,490,055 | $191,252,542 | $168,590,072 |
Additions: | ' | ' | ' |
Acquisitions | 88,211,013 | 47,376,000 | 17,498,300 |
Improvements | 26,041,264 | 16,121,717 | 5,935,642 |
Total Additions | 114,252,277 | 63,497,717 | 23,433,942 |
Deletions | -1,917,920 | -1,260,204 | -771,472 |
Balance - End of Year | $365,824,412 | $253,490,055 | $191,252,542 |
Real_Estate_And_Accumulated_De5
Real Estate And Accumulated Depreciation (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of reconciliation of accumulated depreciation | ' | ' | ' |
Balance - Beginning of Year | $65,658,602 | $58,994,093 | $53,950,873 |
Additions: | ' | ' | ' |
Depreciation | 11,318,194 | 6,869,251 | 5,273,809 |
Total Additions | 11,318,194 | 6,869,251 | 5,273,809 |
Deletions | -541,053 | -204,742 | -230,589 |
Balance - End of Year | $76,435,743 | $65,658,602 | $58,994,093 |
Real_Estate_And_Accumulated_De6
Real Estate And Accumulated Depreciation (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Property | |
Home_Site | |
Memphis, TN [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Berwick, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Chambersburg, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Chambersburg, PA 1 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Sayre, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Tiffin, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Horseheads, NY [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Athens, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Clifton Park, NY [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Schuylkill Haven, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Chambersburg, PA 2 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Taylor, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Jonestown, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Avoca, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Narvon, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Bloomsburg, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Greensburg, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Ephrata, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Ephrata, PA 1 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 11 |
Hamburg, NY [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Tunkhannock, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Birch Run, MI [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Orrville, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Goshen, IN [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Wintersville, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Elkhart, IN [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Honey Brook, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
New Middletown, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Wooster, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Wooster, OH 1 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Columbiana, OH [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Somerset, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 2 |
Eagleville, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Doylestown, PA [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |
Youngstown, NY [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Orrville, OH 1 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 5 |
Elkhart, IN 1 [Member] | ' |
Real Estate and Accumulated Depreciation (Textual) | ' |
Number of mortgage note payable secured by properties | 1 |
Number of properties placed for mortgage note payable | 13 |