UMH Properties (UMH) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	UMH PROPERTIES, INC.
Entity Central Index Key	752,642
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,250,545

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
INVESTMENT PROPERTY AND EQUIPMENT
Land	$ 40,811,514	$ 39,133,514
Site and Land Improvements	314,349,213	299,776,250
Buildings and Improvements	18,033,386	17,534,698
Rental Homes and Accessories	106,739,856	91,719,997
Total Investment Property	479,933,969	448,164,459
Equipment and Vehicles	12,858,037	12,242,086
Total Investment Property and Equipment	492,792,006	460,406,545
Accumulated Depreciation	(107,952,810)	(99,522,180)
Net Investment Property and Equipment	384,839,196	360,884,365
OTHER ASSETS
Cash and Cash Equivalents	9,030,833	8,082,792
Securities Available for Sale at Fair Value	63,347,985	63,555,961
Inventory of Manufactured Homes	14,117,326	12,306,715
Notes and Other Receivables, net	20,228,331	21,992,566
Unamortized Financing Costs	3,174,403	2,228,779
Prepaid Expenses and Other Assets	5,149,091	3,356,034
Land Development Costs	6,124,992	5,861,764
Total Other Assets	121,172,961	117,384,611
TOTAL ASSETS	506,012,157	478,268,976
LIABILITIES:
Mortgages Payable	224,311,606	182,670,854
OTHER LIABILITIES
Accounts Payable	2,756,693	1,824,293
Loans Payable	64,936,340	77,439,230
Accrued Liabilities and Deposits	5,392,905	4,757,604
Tenant Security Deposits	3,069,217	2,749,890
Total Other Liabilities	76,155,155	86,771,017
Total Liabilities	$ 300,466,761	$ 269,441,871
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 3,663,800 shares authorized, issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 91,595,000	$ 91,595,000
Common Stock - $0.10 par value per share, 42,000,000 shares authorized, 26,026,755 and 24,372,083 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	2,602,676	2,437,208
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding	0	0
Additional Paid-In Capital	113,852,090	110,422,454
Accumulated Other Comprehensive Income (Loss)	(1,836,577)	5,040,236
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders' Equity	205,545,396	208,827,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 506,012,157	$ 478,268,976

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	26,026,755	24,372,083
Common Stock, shares outstanding	26,026,755	24,372,083
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 Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INCOME:
Rental and Related Income	$ 17,937,342	$ 15,768,908	$ 35,153,028	$ 30,615,684
Sales of Manufactured Homes	1,616,101	2,379,824	2,744,501	3,382,229
Total Income	19,553,443	18,148,732	37,897,529	33,997,913
EXPENSES:
Community Operating Expenses	9,139,539	8,341,946	17,952,028	16,629,555
Cost of Sales of Manufactured Homes	1,238,854	1,944,233	2,119,524	2,710,612
Selling Expenses	658,028	752,136	1,343,567	1,472,815
General and Administrative Expenses	1,808,958	1,779,056	3,465,658	3,382,979
Acquisition Costs	188,248	0	294,379	285,179
Depreciation Expense	4,451,195	3,672,454	8,679,469	7,110,126
Total Expenses	17,484,822	16,489,825	33,854,625	31,591,266
OTHER INCOME (EXPENSE):
Interest Income	466,129	537,771	944,462	1,085,014
Dividend Income	1,006,876	1,004,610	2,101,654	2,064,075
Gain on Sales of Securities Transactions, net	21,548	707,054	79,748	1,215,457
Other Income	88,692	191,577	138,556	244,264
Interest Expense	(3,238,109)	(2,530,528)	(6,049,720)	(4,738,653)
Amortization of Financing Costs	(135,846)	(138,861)	(265,889)	(255,441)
Total Other Income (Expense)	(1,790,710)	(228,377)	(3,051,189)	(385,284)
Income before Gain (Loss) on Sales of Investment Property and Equipment	277,911	1,430,530	991,715	2,021,363
Gain (Loss) on Sales of Investment Property and Equipment	(73,929)	46,195	(69,216)	23,551
Net Income	203,982	1,476,725	922,499	2,044,914
Less: Preferred Dividend	1,889,147	1,889,147	3,778,294	3,778,294
Net Loss Attributable to Common Shareholders	$ (1,685,165)	$ (412,422)	$ (2,855,795)	$ (1,733,380)
Basic Income Per Share:
Net Income	$ 0.01	$ 0.06	$ 0.04	$ 0.09
Less: Preferred Dividend	0.07	0.08	0.15	0.17
Net Loss Attributable to Common Shareholders	(0.06)	(0.02)	(0.11)	(0.08)
Diluted Income Per Share:
Net Income	0.01	0.06	0.04	0.09
Less: Preferred Dividend	0.07	0.08	0.15	0.17
Net Loss Attributable to Common Shareholders	$ (0.06)	$ (0.02)	$ (0.11)	$ (0.08)
Weighted Average Common Shares Outstanding:
Basic	25,645,978	22,054,132	25,210,785	21,655,236
Diluted	25,702,375	22,104,120	25,262,049	21,700,948

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statements Of Comprehensive Income (Loss)
Net Income	$ 203,982	$ 1,476,725	$ 922,499	$ 2,044,914
Other Comprehensive Income (Loss):
Unrealized Holding Gain (Loss) Arising During the Period	(7,208,908)	1,807,017	(6,724,945)	5,637,361
Reclassification Adjustment for Net Gains Realized in Income	(21,548)	(707,054)	(79,748)	(1,215,457)
Change in Fair Value of Interest Rate Swap Agreements	16,962	(66,230)	(72,120)	(61,742)
Comprehensive Income (Loss)	(7,009,512)	2,510,458	(5,954,314)	6,405,076
Less: Preferred Dividend	(1,889,147)	(1,889,147)	(3,778,294)	(3,778,294)
Comprehensive Income (Loss) Attributable to Common Shareholders	$ (8,898,659)	$ 621,311	$ (9,732,608)	$ 2,626,782

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 922,499	$ 2,044,914
Non-Cash Adjustments:
Depreciation	8,679,469	7,110,126
Amortization of Financing Costs	265,889	255,441
Stock Compensation Expense	453,678	562,896
Increase in Provision for Uncollectible Notes and Other Receivables	532,530	455,913
Gain on Sales of Securities Transactions, net	(79,748)	(1,215,457)
(Gain) Loss on Sales of Investment Property and Equipment	69,216	(23,551)
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(1,810,611)	(3,141,207)
Notes and Other Receivables	1,231,705	116,946
Prepaid Expenses and Other Assets	(1,793,057)	300,138
Accounts Payable	932,400	894,012
Accrued Liabilities and Deposits	523,496	231,913
Tenant Security Deposits	319,327	354,608
Net Cash Provided by Operating Activities	10,246,793	7,946,692
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of mortgages assumed	(10,326,524)	(6,837,261)
Purchase of Investment Property and Equipment	(20,349,094)	(15,126,286)
Proceeds from Sales of Assets	262,578	511,514
Additions to Land Development	(263,228)	(162,832)
Purchase of Securities Available for Sale	(7,528,787)	(5,018,926)
Proceeds from Sales of Securities Available for Sale	1,051,503	7,088,440
Net Cash Used in Investing Activities	(37,153,552)	(19,545,351)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed	57,655,000	0
Net Proceeds (Payments) on Short Term Borrowings	(12,502,890)	13,874,850
Principal Payments of Mortgages	(18,304,724)	(2,268,260)
Financing Costs on Debt	(1,211,513)	(241,177)
Proceeds from Issuance of Common Stock, net of reinvestments	13,973,648	14,336,379
Proceeds from Exercise of Stock Options	151,200	0
Preferred Dividends Paid	(3,778,294)	(3,778,294)
Common Dividends Paid, net of reinvestments	(8,127,627)	(6,931,849)
Net Cash Provided by Financing Activities	27,854,800	14,991,649
Net Increase In Cash and Cash Equivalents	948,041	3,392,990
Cash and Cash Equivalents at Beginning of Period	8,082,792	7,615,143
CASH AND CASH EQUIVALENTS-END OF PERIOD	$ 9,030,833	$ 11,008,133

Organization and Accounting Pol

Organization and Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization and Accounting Policies [Abstract]
ORGANIZATION AND ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc. (“we”, “our”, “us” or “the Company”) owns and operates ninety-two manufactured home communities containing approximately 15,700 developed homesites. 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. S&F was established to enhance the occupancy of the communities. The consolidated financial statements of the Company include S&F and all of its other wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company also invests in securities of other Real Estate Investment Trusts (“REITs”) which the Company generally limits to no more than approximately 15% of its undepreciated assets. The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the Code), and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim Consolidated Financial Statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Use of Estimates In preparing the Consolidated Financial Statements in accordance with U.S. GAAP, 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. Actual results could differ significantly from these estimates and assumptions. Stock Based Compensation 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 of $275,877 and $453,678 have been recognized for the three and six months ended June 30, 2015, respectively and $339,099 and $562,896 for the three and six months ended June 30, 2014, respectively. On February 2, 2015, the Company awarded to Samuel A. Landy a restricted stock award of 25,000 shares in accordance with his employment agreement. The grant date fair value of this restricted stock grant was $243,250. This grant vests ratably over 5 years. On June 24, 2015, the Company granted options to purchase 425,000 shares of common stock to twenty-four participants in the Plan, including an option to purchase 100,000 shares to Eugene W. Landy. The exercise price is $9.82 and the expiration date is June 24, 2023. The grant date fair value of these options amounted to $393,265. These grants vest over 1 year. Compensation costs for grants issued to a participant who is of retirement age were recognized at the time of the grant. 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 during the six months ended June 30, 2015 and 2014: 2015 2014 Dividend yield 7.37% 7.14% Expected volatility 27.17% 27.12% Risk-free interest rate 2.12% 2.23% Expected lives 8 8 Estimated forfeitures -0- -0- The weighted-average fair value of options granted during the six months ended June 30, 2015 and 2014 was $0.93 and $0.98, respectively. As of June 30, 2015, there were options outstanding to purchase 1,620,000 shares. There were 1,832,000 shares available for grant under the 2013 Stock Option and Stock Award Plan. During the six months ended June 30, 2015, options to five participants to purchase a total of 20,000 shares were exercised. During the six months ended June 30, 2015, options to two participants to purchase a total of 86,000 shares expired or forfeited. The aggregate intrinsic value of options outstanding as of June 30, 2015 was $394,443. As of June 30, 2014, there were options outstanding to purchase 1,355,000 shares and 2,254,000 shares were available for grant under the Company’s 2013 Stock Option and Stock Award Plan. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts 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 Interest Rate Effective Fixed Rate Balance 6/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,329,367 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,797,017 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 has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 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 (Loss) in the Company’s 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 June 30, 2015 and December 31, 2014, 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 $(111,805) and $(39,685), respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of December 15, 2016 (including interim reporting periods within those periods). The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the method of adoption. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. ASU 2015-11 applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the potential impact of impact this standard may have on the consolidated financial statements. 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. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Net Income (Loss) Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. 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. Common stock equivalents resulting from stock options in the amount of 56,397 and 51,264 shares for the three and six months ended June 30, 2015, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents resulting from stock options in the amount of 49,988 and 45,712 shares for the three and six months ended June 30, 2014, respectively, are included in the diluted weighted shares outstanding. For the six months ended June 30, 2015 and 2014, options to purchase 712,000 and 1,159,000 shares, respectively, were antidilutive.

Investment Property and Equipme

Investment Property and Equipment	6 Months Ended
	Jun. 30, 2015
Investment Property and Equipment [Abstract]
INVESTMENT PROPERTY AND EQUIPMENT	NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania for $3,800,000. This all-age community contains a total of 141 developed home sites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021. On April 23, 2015, the Company acquired Voyager Estates and Huntingdon Pointe for a total purchase price of $5,300,000. These two all-age communities are located in western Pennsylvania and contain a total of 324 developed home sites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%. On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%. These acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the result of the acquired assets are included in the statements of income (loss) from the dates of acquisition. The following table summarizes the estimated fair value of the assets acquired for the six months ended June 30, 2015: At Acquisition Date Assets Acquired: Land $1,658,000 Notes Receivable 60,000 Depreciable Property 10,899,000 Total Assets Acquired $12,617,000 The purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined.

Securities Available for Sale

Securities Available for Sale	6 Months Ended
	Jun. 30, 2015
Securities Available For Sale [Abstract]
SECURITIES AVAILABLE FOR SALE	NOTE 4 – SECURITIES AVAILABLE FOR SALE The Company’s Securities Available for Sale at Fair Value consist primarily of marketable common and preferred stock of other REITs with a fair value of $63,347,985 as of June 30, 2015. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with liquidity as well as dividend income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. During the six months ended June 30, 2015, the Company sold securities with a cost of $971,755 and recognized a Gain on Sale of $79,748. The Company also made purchases of $7,528,787 in Securities Available for Sale. Of this amount, the Company made total purchases of 60,022 common shares of Monmouth Real Estate Investment Corporation (MREIC), a related REIT, through MREIC’s Dividend Reinvestment and Stock Purchase Plan for a total cost of $577,462 or weighted average cost of $9.62 per share. The Company owned a total of 2,055,831 MREIC common shares as of June 30, 2015 at a total cost of $17,221,971 and a fair value of $19,982,670. As of June 30, 2015, the Company had total net unrealized loss of ($1,724,773) in its REIT securities portfolio. The Company held twelve securities that had unrealized losses as of June 30, 2015. 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 June 30, 2015: Less Than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Value Loss Value Loss Preferred Stock $ 792,760 $ (8,731) $ -0- $ -0- Common Stock 23,324,483 (5,040,852) 1,750,850 (451,864) Total $ 24,117,243 $ (5,049,583) $ 1,750,850 $ (451,864) The following is a summary of the range of the losses on these temporarily impaired securities: Number of Individual Securities Fair Value Unrealized Loss Range of Loss 5 $ 4,580,360 $ (187,276) 1-5% 1 280,200 (18,098) 6% 2 3,423,600 (518,534) 11-15% 1 702,000 (163,180) 19% 3 16,881,933 (4,614,359) 21-25% 12 $ 25,868,093 $ (5,501,447) The Company has determined that these securities are temporarily impaired as of June 30, 2015. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery.

Loans and Mortgages Payable

Loans and Mortgages Payable	6 Months Ended
	Jun. 30, 2015
Loans and Mortgages Payable [Abstract]
LOANS AND MORTGAGES PAYABLE	NOTE 5 – LOANS AND MORTGAGES PAYABLE On January 21, 2015, the Company assumed a mortgage loan of approximately $2.3 million in conjunction with its acquisition of Holly Acres. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021. On February 27, 2015, the Company obtained an $8,100,000 Federal Home Loan Mortgage Corporation (Freddie Mac) mortgage through Wells Fargo Bank, N.A. (Wells Fargo) on D&R Village. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures on March 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the D&R Village and Waterfalls Village mortgage of approximately $6.8 million. On March 6, 2015, the Company obtained a $2,200,000 Freddie Mac mortgage through Wells Fargo on Olmsted Falls. The interest rate on this mortgage is fixed at 3.98%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. On March 20, 2015, the Company obtained seven Freddie Mac mortgages totaling $34,685,000 through Wells Fargo on the following communities: Brookview Village, Cranberry Village, Hayden Heights, Kinnebrook, Shady Hills, Trailmont and Weatherly Estates. The interest rates on these mortgages are fixed at 3.92%. These mortgages mature on May 1, 2025, with principal repayments based on a 30-year amortization schedule. On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest Village. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on May 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing mortgage of approximately $8.9 million. The Company incurred a prepayment penalty of approximately $89,000 on this repayment.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 6 - SHAREHOLDERS’ EQUITY Common Stock On June 15, 2015, the Company paid total cash dividends of $4,633,651 or $0.18 per share to common shareholders of record as of close of business on May 15, 2015, of Total dividends paid to our common shareholders for the six months ended June 30, 2015 amounted to $9,115,626 of which $ was reinvested. During the six months ended June 30, 2015, t he Company received, including dividends reinvested of $987,999, a total of $14,961,647 from its DRIP. There were 1,609,672 new shares issued under the DRIP. On July 1, 2015, the Company declared a dividend of $0.18 per share to be paid September 15, 2015 to common shareholders of record as of close of business on August 17, 2015. 8.25% Series A Cumulative Redeemable Preferred Stock On June 15, 2015 Total dividends paid to our preferred shareholders for the six months ended June 30, 2015 amounted to $3,778,294. On July 1, 2015, the Company declared September 15, 2015 to preferred shareholders of record as of close of business on August 17, 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 7 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, Fair Value Measurements and Disclosures, the Company measures certain financial Assets and Liabilities at fair value on a recurring basis, including Securities Available for Sale. The fair value of these financial Assets and Liabilities was determined using the following inputs at June 30, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2015: Securities Available for Sale - Preferred stock $18,085,982 $18,085,982 $-0- $-0- Securities Available for Sale - Common stock 45,262,003 45,262,003 -0- -0- Interest Rate Swap (1) (111,805) -0- (111,805) -0- Total $63,236,180 $63,347,985 $(111,805) $-0- As of December 31, 2014: Securities Available for Sale - Preferred stock $19,045,983 $19,045,983 $-0- $-0- Securities Available for Sale - Common stock 44,509,978 44,509,978 -0- -0- Interest Rate Swap (1) (39,685) -0- (39,685) -0- Total $63,516,276 $63,555,961 $(39,685) $-0- (1) Included in accrued liabilities and deposits In addition to the Company’s investments in securities available for sale and interest rate swaps, the Company is required to disclose certain information about the fair values of its other 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. All of the Company’s Securities Available for Sale have quoted market prices and are therefore classified in Level 1 of the fair value hierarchy. A quoted market price is indirectly available for our interest rate swap. This price is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows, and reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs. As such, we have determined that the valuation of this interest rate swap is classified in Level 2 of the fair value hierarchy. The fair value of Cash and Cash Equivalents and Notes Receivable approximates their current carrying amounts since all such items are short-term in nature. 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. As of June 30, 2015, the fair and carrying value of Fixed Rate Mortgages Payable amounted to $201,885,074 and $201,349,570, respectively. The fair value of Mortgages Payable is estimated based upon discounted cash flows at current market rates for instruments with similar remaining terms.

Contingencies, Commitments and

Contingencies, Commitments and Other Matters	6 Months Ended
	Jun. 30, 2015
Contingencies, Commitments and Other Matters [Abstract]
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	NOTE 8 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation have a material adverse effect on the financial position or results of operations. In 2010, a rainstorm bringing 13 inches of rain in a two-hour period caused flooding at Memphis Mobile City. A lawsuit was filed by a purported class of individuals alleging various claims based on federal and state discrimination and consumer protection laws, seeking monetary damages and injunctive relief. This case has been settled. In conjunction with the settlement, the Company paid $125,000 to its insurance company for the Company’s share of the settlement and the Company will have no further liability. This amount has been included in the Company’s Community Operating Expenses for the six months ended June 30, 2015. The Company is in the process of constructing a new manufactured home community at the former Memphis Mobile City location, which is expected to cost approximately $5.4 million. The Company has entered into a definitive agreement to purchase six manufactured home communities with a total of approximately 2,200 developed home sites. These communities are located in Indiana, Ohio and Michigan. The aggregate purchase price of these communities totals approximately $68.6 million. Subject to satisfactory due diligence and other customary closing conditions, we anticipate completion of these acquisitions during the third and fourth quarters of 2015. The Company has an agreement with 21st Mortgage

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS On June 24, 2015, effective as of January 1, 2015, the Company and Mr. Samuel A. Landy entered into an amended and restated three-year Employment Agreement. The employment agreement is renewed automatically for a new three-year term as of the first day of each calendar quarter after the effective date unless otherwise terminated. Under the agreement, Mr. Landy is entitled to receive an annual base salary of $460,000 for 2015, $473,000 for 2016 and $488,000 for 2017. For calendar years after 2017, Mr. Landy’s base salary will be set by the Committee. Mr. Landy will also be entitled to equity awards of up to 25,000 shares of restricted stock each year based on achievement of performance objectives as determined by the Compensation Committee. If Mr. Landy’s employment is terminated for any reason, either involuntarily or voluntarily, including the death of Mr. Landy or termination for cause, Mr. Landy shall be entitled to the base salary plus base target bonuses due under the Employment Agreement for the remaining term of the Employment Agreement. the base salary plus base target bonuses and restricted stock awards he would have been entitled to receive during the remaining term of the Employment Agreement On June 24, 2015, effective as of January 1, 2015, the Company and Ms. Anna T. Chew, its Chief Financial Officer, entered into an amended and restated three-year Employment Agreement. The employment agreement is renewed automatically for a new three-year term as of the first day of each calendar quarter after the effective date unless otherwise terminated. Under the agreement, Ms. Chew is entitled to receive an annual base salary of $349,000 for 2015, $360,000 for 2016 and $371,000 for 2017. For calendar years after 2017, Ms. Chew’s base salary will be set by the Compensation Committee of the Company’s Board of Directors but will be no less than her base salary for the preceding year. Ms. Chew will be eligible for annual cash bonuses based on the Company’s achievement of certain performance objectives specified in the Employment Agreement as determined by the Compensation Committee. Ms. Chew will also be entitled to equity awards of up to 20,000 shares of restricted stock each year based on achievement of performance objectives as determined by the Compensation Committee. Under the Employment Agreement, if Ms. Chew’s employment is terminated for any reason, either involuntarily or voluntarily, including the death of Ms. Chew or termination for cause, Ms. Chew shall be entitled to the base salary plus base target bonuses due under the Employment Agreement for the remaining term of the Employment Agreement. Chew the base salary plus base target bonuses and restricted stock awards she would have been entitled to receive during the remaining term of the Employment Agreement Chew Chew Chew

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 10 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the six months ended June 30, 2015 and 2014 was $6,107,203 and $4,559,377, respectively. Interest cost capitalized to Land Development was $143,114 and $128,806 for the six months ended June 30, 2015 and 2014, respectively. During the six months ended June 30, 2015, the Company assumed mortgages totaling approximately $2.3 million for the acquisition of one community. During the six months ended June 30, 2015 and 2014, the Company had Dividend Reinvestments of $987,999 and $912,856, respectively, which required no cash transfers.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – 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.

Proforma Financial Information

Proforma Financial Information (Unaudited)	6 Months Ended
	Jun. 30, 2015
Proforma Financial Information (Unaudited) [Abstract]
PROFORMA FINANCIAL INFORMATION (UNAUDITED)	NOTE 12 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2014 and through June 30, 2015. 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 this period assuming that the acquisitions had occurred as of January 1, 2014, 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; (d) Depreciation Expense related to the new acquisitions; and (e) Net Income (Loss) Attributable to Common Shareholders which has 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. Three Months Ended Six Months Ended 6/30/15 6/30/14 6/30/15 6/30/14 Rental and Related Income $18,041,000 $16,673,000 $35,577,000 $33,038,000 Community Operating Expenses 9,181,000 8,841,000 18,124,000 17,944,000 Net Loss Attributable to Common Shareholders (1,710,000) (644,000) (2,896,000) (2,308,000) Net Loss Attributable to Common Shareholders per Share: Basic $(0.07) $(0.03) $(0.11) $(0.11) Diluted $(0.07) $(0.03) $(0.11) $(0.11)

Organization and Accounting P19

Organization and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Use of Estimates	Use of Estimates In preparing the Consolidated Financial Statements in accordance with U.S. GAAP, 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. Actual results could differ significantly from these estimates and assumptions.
Stock Based Compensation	Stock Based Compensation 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 of $275,877 and $453,678 have been recognized for the three and six months ended June 30, 2015, respectively and $339,099 and $562,896 for the three and six months ended June 30, 2014, respectively. On February 2, 2015, the Company awarded to Samuel A. Landy a restricted stock award of 25,000 shares in accordance with his employment agreement. The grant date fair value of this restricted stock grant was $243,250. This grant vests ratably over 5 years. On June 24, 2015, the Company granted options to purchase 425,000 shares of common stock to twenty-four participants in the Plan, including an option to purchase 100,000 shares to Eugene W. Landy. The exercise price is $9.82 and the expiration date is June 24, 2023. The grant date fair value of these options amounted to $393,265. These grants vest over 1 year. Compensation costs for grants issued to a participant who is of retirement age were recognized at the time of the grant. 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 during the six months ended June 30, 2015 and 2014: 2015 2014 Dividend yield 7.37% 7.14% Expected volatility 27.17% 27.12% Risk-free interest rate 2.12% 2.23% Expected lives 8 8 Estimated forfeitures -0- -0- The weighted-average fair value of options granted during the six months ended June 30, 2015 and 2014 was $0.93 and $0.98, respectively. As of June 30, 2015, there were options outstanding to purchase 1,620,000 shares. There were 1,832,000 shares available for grant under the 2013 Stock Option and Stock Award Plan. During the six months ended June 30, 2015, options to five participants to purchase a total of 20,000 shares were exercised. During the six months ended June 30, 2015, options to two participants to purchase a total of 86,000 shares expired or forfeited. The aggregate intrinsic value of options outstanding as of June 30, 2015 was $394,443. As of June 30, 2014, there were options outstanding to purchase 1,355,000 shares and 2,254,000 shares were available for grant under the Company’s 2013 Stock Option and Stock Award Plan.
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 its variable rate debt. The Company attempts 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 Interest Rate Effective Fixed Rate Balance 6/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,329,367 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,797,017 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 has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 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 (Loss) in the Company’s 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 June 30, 2015 and December 31, 2014, 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 $(111,805) and $(39,685), respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits.
Reclassifications	Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.
ASU No. 2014-09, "Revenue from Contracts with Customers" as a new Topic, Accounting Standards Codification ("ASC") Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recent Accounting Pronouncements	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of December 15, 2016 (including interim reporting periods within those periods). The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the method of adoption.
ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recent Accounting Pronouncements	In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.
ASU No. 2015-11, Simplifying the Measurement of Inventory [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recent Accounting Pronouncements	In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. ASU 2015-11 applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the potential impact of impact this standard may have on the consolidated financial statements. 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.

Organization and Accounting P20

Organization and Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Organization and Accounting Policies [Abstract]
Summary of assumptions for weighted average fair value of stock options	2015 2014 Dividend yield 7.37% 7.14% Expected volatility 27.17% 27.12% Risk-free interest rate 2.12% 2.23% Expected lives 8 8 Estimated forfeitures -0- -0-
Summary of interest rate swap agreement	Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 6/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,329,367 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,797,017

Investment Property and Equip21

Investment Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Investment Property and Equipment [Abstract]
Summary of estimated fair value of the assets acquired	At Acquisition Date Assets Acquired: Land $1,658,000 Notes Receivable 60,000 Depreciable Property 10,899,000 Total Assets Acquired $12,617,000

Securities Available for Sale (

Securities Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Securities Available For Sale [Abstract]
Summary of temporarily impaired securities	Less Than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Value Loss Value Loss Preferred Stock $ 792,760 $ (8,731) $ -0- $ -0- Common Stock 23,324,483 (5,040,852) 1,750,850 (451,864) Total $ 24,117,243 $ (5,049,583) $ 1,750,850 $ (451,864)
Summary of the range of the losses	Number of Individual Securities Fair Value Unrealized Loss Range of Loss 5 $ 4,580,360 $ (187,276) 1-5% 1 280,200 (18,098) 6% 2 3,423,600 (518,534) 11-15% 1 702,000 (163,180) 19% 3 16,881,933 (4,614,359) 21-25% 12 $ 25,868,093 $ (5,501,447)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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 Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2015: Securities Available for Sale - Preferred stock $18,085,982 $18,085,982 $-0- $-0- Securities Available for Sale - Common stock 45,262,003 45,262,003 -0- -0- Interest Rate Swap (1) (111,805) -0- (111,805) -0- Total $63,236,180 $63,347,985 $(111,805) $-0- As of December 31, 2014: Securities Available for Sale - Preferred stock $19,045,983 $19,045,983 $-0- $-0- Securities Available for Sale - Common stock 44,509,978 44,509,978 -0- -0- Interest Rate Swap (1) (39,685) -0- (39,685) -0- Total $63,516,276 $63,555,961 $(39,685) $-0- (1) Included in accrued liabilities and deposits

Proforma Financial Informatio24

Proforma Financial Information (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Proforma Financial Information (Unaudited) [Abstract]
Summary of proforma financial information	Three Months Ended Six Months Ended 6/30/15 6/30/14 6/30/15 6/30/14 Rental and Related Income $18,041,000 $16,673,000 $35,577,000 $33,038,000 Community Operating Expenses 9,181,000 8,841,000 18,124,000 17,944,000 Net Loss Attributable to Common Shareholders (1,710,000) (644,000) (2,896,000) (2,308,000) Net Loss Attributable to Common Shareholders per Share: Basic $(0.07) $(0.03) $(0.11) $(0.11) Diluted $(0.07) $(0.03) $(0.11) $(0.11)

Organization and Accounting P25

Organization and Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Organization and Accounting Policies [Abstract]
Dividend yield	7.37%	7.14%
Expected volatility	27.17%	27.12%
Risk-free interest rate	2.12%	2.23%
Expected lives	8 years	8 years
Estimated forfeitures	$ 0	$ 0

Organization and Accounting P26

Organization and Accounting Policies (Details 1) - Jun. 30, 2015 - USD ($)	Total
Swap Agreements One [Member]
Summary of interest rate swap agreement
Mortgage	Allentown/Clinton
Due Date	Feb. 1, 2017
Mortgage Interest Rate	LIBOR + 3.25
Effective Fixed Rate	4.39%
Balance 6/30/15	$ 10,329,367
Swap Agreements Two [Member]
Summary of interest rate swap agreement
Mortgage	Various - 11 properties
Due Date	Aug. 1, 2017
Mortgage Interest Rate	LIBOR + 3.00
Effective Fixed Rate	3.89%
Balance 6/30/15	$ 11,797,017

Organization and Accounting P27

Organization and Accounting Policies (Details Textual)	Feb. 02, 2015USD ($)shares	Jun. 24, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)homesitesshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)homesitesHome_Community$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014USD ($)
Organization and Accounting Policies (Textual)
Number of developed home sites company own and operates | homesites			15,700		15,700
Number of manufactured home communities company own and operates | Home_Community					92
Compensation costs | $			$ 275,877	$ 339,099	$ 453,678	$ 562,896
Real Estate Investment Trusts, Description					The Company generally limits to no more than approximately 15% of its undepreciated assets.
Common shares purchase due to option granted		425,000
Weighted-average fair value of options granted during the year | $ / shares					$ 0.93	$ 0.98
2013 Stock Option and Stock Award Plan [Member]
Organization and Accounting Policies (Textual)
Number of shares purchase due to option outstanding			1,620,000	1,355,000	1,620,000	1,355,000
Number of shares available for grant under the Plan			1,832,000	2,254,000	1,832,000	2,254,000
Number of expired shares					86,000
Aggregate intrinsic value of options outstanding | $			$ 394,443		$ 394,443
Number of exercised shares					20,000
Swap [Member]
Organization and Accounting Policies (Textual)
Interest rate swap, description of variable rate basis					30-day LIBOR
Fair value of interest rate swaps | $			$ (111,805)		$ (111,805)		$ (39,685)
Samuel A. Landy [Member]
Organization and Accounting Policies (Textual)
Option vesting period	5 years
Restricted stock award	25,000
Fair value restricted stock grant | $	$ 243,250
Eugene W. Landy [Member]
Organization and Accounting Policies (Textual)
Option vesting period		1 year
Common shares purchase due to option granted		100,000
Stock options exercise price | $ / shares		$ 9.82
Expiration Date		Jun. 24, 2023
Grant date fair value of option | $		$ 393,265

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income Per Share (Textual)
Common stock equivalents resulting from stock options	25,702,375	22,104,120	25,262,049	21,700,948
Option [Member]
Net Income Per Share (Textual)
Common stock equivalents resulting from stock options	56,397	49,988	51,264	45,712
Antidilutive securities			712,000	1,159,000

Investment Property and Equip29

Investment Property and Equipment (Details)	Jun. 30, 2015USD ($)
Assets Acquired:
Land	$ 1,658,000
Notes Receivable	60,000
Depreciable Property	10,899,000
Total Assets Acquired	$ 12,617,000

Investment Property and Equip30

Investment Property and Equipment (Details Textual)	1 Months Ended
	May. 27, 2015USD ($)ahomesites	Apr. 23, 2015USD ($)ahomesites	Jan. 21, 2015USD ($)ahomesites	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Investment Property and Equipment (Textual)
Mortgage loan				$ 224,311,606	$ 182,670,854
Holly Acres [Member]
Investment Property and Equipment (Textual)
Total communities sites | homesites			141
Area of acquired real estate property (in acres) | a			40
Percentage of average occupancy			96.00%
Purchase price of acquired entity			$ 3,800,000
Mortgage loan			$ 2,300,000
Interest rate on mortgage			6.50%
Due date of mortgage			Oct. 5, 2021
Voyager Estates and Huntingdon Pointe [Member]
Investment Property and Equipment (Textual)
Total communities sites | homesites		324
Area of acquired real estate property (in acres) | a		141
Percentage of average occupancy		63.00%
Purchase price of acquired entity		$ 5,300,000
Valley Stream [Member]
Investment Property and Equipment (Textual)
Total communities sites | homesites	158
Area of acquired real estate property (in acres) | a	43
Percentage of average occupancy	64.00%
Purchase price of acquired entity	$ 3,517,000

Securities Available for Sale31

Securities Available for Sale (Details) - Jun. 30, 2015 - USD ($)	Total
Summary of temporarily impaired securities
Less Than 12 Months, Fair Value	$ 24,117,243
Less Than 12 Months, Unrealized Loss	(5,049,583)
12 Months or Longer, Fair Value	1,750,850
12 Months or Longer, Unrealized Loss	(451,864)
Preferred Stock [Member]
Summary of temporarily impaired securities
Less Than 12 Months, Fair Value	792,760
Less Than 12 Months, Unrealized Loss	(8,731)
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	23,324,483
Less Than 12 Months, Unrealized Loss	(5,040,852)
12 Months or Longer, Fair Value	1,750,850
12 Months or Longer, Unrealized Loss	$ (451,864)

Securities Available for Sale32

Securities Available for Sale (Details 1) - Jun. 30, 2015	USD ($)Security
Summary of the range of the losses
Number of Individual Securities | Security	12
Fair Value	$ 25,868,093
Unrealized Loss	$ (5,501,447)
Security group one [Member]
Summary of the range of the losses
Number of Individual Securities | Security	5
Fair Value	$ 4,580,360
Unrealized Loss	$ (187,276)
Security group two [Member]
Summary of the range of the losses
Number of Individual Securities | Security	1
Fair Value	$ 280,200
Unrealized Loss	$ (18,098)
Range of Loss	6.00%
Security group three [Member]
Summary of the range of the losses
Number of Individual Securities | Security	2
Fair Value	$ 3,423,600
Unrealized Loss	$ (518,534)
Security group four [Member]
Summary of the range of the losses
Number of Individual Securities | Security	1
Fair Value	$ 702,000
Unrealized Loss	$ (163,180)
Range of Loss	19.00%
Security group five [Member]
Summary of the range of the losses
Number of Individual Securities | Security	3
Fair Value	$ 16,881,933
Unrealized Loss	$ (4,614,359)
Maximum [Member] | Security group one [Member]
Summary of the range of the losses
Range of Loss	5.00%
Maximum [Member] | Security group three [Member]
Summary of the range of the losses
Range of Loss	15.00%
Maximum [Member] | Security group five [Member]
Summary of the range of the losses
Range of Loss	25.00%
Minimum [Member] | Security group one [Member]
Summary of the range of the losses
Range of Loss	1.00%
Minimum [Member] | Security group three [Member]
Summary of the range of the losses
Range of Loss	11.00%
Minimum [Member] | Security group five [Member]
Summary of the range of the losses
Range of Loss	21.00%

Securities Available for Sale33

Securities Available for Sale (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Securities Available for Sale (Textual)
Available for sale securities	$ 63,347,985		$ 63,347,985		$ 63,555,961
Limitation of investment description			The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets.
Securities sold			$ 971,755
Gain on sale of securities available for sale	$ 21,548	$ 707,054	79,748	$ 1,215,457
Purchases of securities available for sale			$ 7,528,787	$ 5,018,926
Common stock purchased from Monmouth Real Estate Investment Corporation			60,022
Common stock purchased from Monmouth Real Estate Investment Corporation, value			$ 577,462
Company owns total number of shares in MREIC			2,055,831
Total net unrealized loss in REIT securities portfolio			$ (1,724,773)
Weighted average cost per shares			$ 9.62
Cost of common stock owned by the Company for MREIC shares			$ 17,221,971
Fair Value of common stock owned by the Company for MREIC shares			$ 19,982,670

Loans and Mortgages Payable (De

Loans and Mortgages Payable (Details)	Mar. 06, 2015USD ($)	Apr. 01, 2015USD ($)	Mar. 20, 2015USD ($)Mortgages	Feb. 27, 2015USD ($)	Jan. 21, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Loans and Mortgages Payable (Textual)
Mortgage loan						$ 224,311,606		$ 182,670,854
Repayment of mortgage loan						$ 18,304,724	$ 2,268,260
Holly Acres [Member]
Loans and Mortgages Payable (Textual)
Mortgage loan					$ 2,300,000
Interest rate on mortgage					6.50%
Due date of mortgage					Oct. 5, 2021
Freddie Mac [Member]
Loans and Mortgages Payable (Textual)
Mortgage loan	$ 2,200,000	$ 12,670,000	$ 34,685,000	$ 8,100,000
Interest rate on mortgage	3.98%	3.71%	3.92%	3.85%
Due date of mortgage	Apr. 1, 2025	May 1, 2025	May 1, 2025	Mar. 1, 2025
Mortgage loan repayment terms	Principal repayments based on a 30-year amortization schedule.	principal repayments based on a 30-year amortization schedule.	Principal repayments based on a 30-year amortization schedule.	Principal repayments based on a 30-year amortization schedule.
Repayment of mortgage loan		$ 8,900,000
Number of mortgages | Mortgages			7
Prepayment penalty		$ 89,000
D And R Village And Waterfalls Village [Member]
Loans and Mortgages Payable (Textual)
Repayment of mortgage loan				$ 6,800,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	May. 15, 2015	Jun. 15, 2015	Jun. 30, 2015	Jun. 30, 2014
Shareholders Equity (Textual)
Dividends paid			$ 9,115,626
Reinvestment of dividends			987,999	$ 912,856
Payment of preferred dividend			3,778,294	$ 3,778,294
Common Stock [Member]
Shareholders Equity (Textual)
Dividends paid	$ 4,633,651
Reinvestment of dividends			987,999
Dividend declared per share, paid	$ 0.18
Proceed from dividend reinvestment and stock purchase plan (DRIP)	$ 498,158		$ 14,961,647
New shares issued under DRIP			1,609,672
Declaration date on dividend			Apr. 1, 2015
Record date of dividend	May 15, 2015
Common Stock [Member] | MREIC [Member]
Shareholders Equity (Textual)
New shares issued under DRIP			34,234
New shares issued under DRIP, value			$ 312,383
Weighted average cost under DRIP			$ 9.13
Dividends declared per share			$ 0.18
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Shareholders Equity (Textual)
Dividends paid		$ 1,889,147
Dividend declared per share, paid		$ 0.515625
Declaration date on dividend		Jul. 1, 2015
Record date of dividend		Aug. 17, 2015
Payment of preferred dividend		$ 1,889,147
Preferred stock, dividend declared per share, paid		$ 0.515625
Annual rate on dividend per share payable quarterly		$ 2.0625

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Summary of financial assets and liabilities measured at fair value on a recurring basis
Interest Rate Swap (1)	[1]	$ (111,805)	$ (39,685)
Total		63,236,180	63,516,276
Fair Value, Inputs, Level 1 [Member]
Summary of financial assets and liabilities measured at fair value on a recurring basis
Interest Rate Swap (1)	[1]	0	0
Total		63,347,985	63,555,961
Fair Value, Inputs, Level 2 [Member]
Summary of financial assets and liabilities measured at fair value on a recurring basis
Interest Rate Swap (1)	[1]	(111,805)	(39,685)
Total		(111,805)	(39,685)
Fair Value, Inputs, Level 3 [Member]
Summary of financial assets and liabilities measured at fair value on a recurring basis
Interest Rate Swap (1)	[1]	0	0
Total		0	0
Preferred Stock [Member]
Summary of financial assets and liabilities measured at fair value on a recurring basis
Securities available for sale		18,085,982	19,045,983
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		18,085,982	19,045,983
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		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		0	0
Common Stock [Member]
Summary of financial assets and liabilities measured at fair value on a recurring basis
Securities available for sale		45,262,003	44,509,978
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		45,262,003	44,509,978
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		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		$ 0	$ 0
[1]	Included in accrued liabilities and deposits

Fair Value Measurements (Deta37

Fair Value Measurements (Details Textual)	Jun. 30, 2015USD ($)
Fair Value Measurements (Textual)
Fair value of fixed rate mortgages payable	$ 201,885,074
Carrying value of fixed rate mortgages payable	$ 201,349,570

Contingencies, Commitments an38

Contingencies, Commitments and Other Matters (Details) - Jun. 30, 2015	USD ($)Home_CommunityTransaction
Contingencies and Commitments (Textual)
Settlement amount	$ 125,000
Aggregate purchase price of manufactured home communities	68,600,000
Total loan balance	2,600,000
Total original loan amount	4,900,000
Expected cost for new manufactured home community	$ 5,400,000
Minimum [Member]
Contingencies and Commitments (Textual)
Range of purchase price repossessed	80.00%
Maximum [Member]
Contingencies and Commitments (Textual)
Range of purchase price repossessed	95.00%
Definitive Agreements [Member]
Contingencies and Commitments (Textual)
Number of developed home sites | Home_Community	2,200
Definitive Agreements [Member] | Minimum [Member]
Contingencies and Commitments (Textual)
Range of purchase price repossessed	55.00%
Definitive Agreements [Member] | Maximum [Member]
Contingencies and Commitments (Textual)
Range of purchase price repossessed	100.00%
21st Mortgage Corp [Member]
Contingencies and Commitments (Textual)
Number of Transaction | Transaction	102

Related Party Transactions (Det

Related Party Transactions (Details) - 1 months ended Jun. 24, 2015 - USD ($)	Total
Mr. Landy [Member]
Related Party Agreement [Textual]
Annual Base Salary as per Employment Agreement, 2015	$ 460,000
Annual Base Salary as per Employment Agreement, 2016	473,000
Annual Base Salary as per Employment Agreement, 2017	$ 488,000
Restricted Stock Award	25,000
Ms. Chew [Member]
Related Party Agreement [Textual]
Annual Base Salary as per Employment Agreement, 2015	$ 349,000
Annual Base Salary as per Employment Agreement, 2016	360,000
Annual Base Salary as per Employment Agreement, 2017	$ 371,000
Restricted Stock Award	20,000

Supplemental Cash Flow Inform40

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information (Textual)
Cash paid for interest	$ 6,107,203	$ 4,559,377
Interest cost capitalized to land development	143,114	128,806
Reinvestment of dividends	987,999	$ 912,856
Acquisition of communities	$ 2,300,000

Proforma Financial Informatio41

Proforma Financial Information (Unaudited) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pro forma financial information
Rental and Related Income	$ 18,041,000	$ 16,673,000	$ 35,577,000	$ 33,038,000
Community Operating Expenses	9,181,000	8,841,000	18,124,000	17,944,000
Net Income (Loss) Attributable to Common Shareholders	$ (1,710,000)	$ (644,000)	$ (2,896,000)	$ (2,308,000)
Net Income (Loss) Attributable to Common Shareholders per Share:
Basic	$ (0.07)	$ (0.03)	$ (0.11)	$ (0.11)
Diluted	$ (0.07)	$ (0.03)	$ (0.11)	$ (0.11)