UMH Properties (UMH) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		27,011,797

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
INVESTMENT PROPERTY AND EQUIPMENT
Land	$ 42,415,514	$ 39,133,514
Site and Land Improvements	344,269,874	299,776,250
Buildings and Improvements	19,434,910	17,534,698
Rental Homes and Accessories	122,561,676	91,719,997
Total Investment Property	528,681,974	448,164,459
Equipment and Vehicles	13,185,098	12,242,086
Total Investment Property and Equipment	541,867,072	460,406,545
Accumulated Depreciation	(112,634,111)	(99,522,180)
Net Investment Property and Equipment	429,232,961	360,884,365
OTHER ASSETS
Cash and Cash Equivalents	7,900,436	8,082,792
Securities Available for Sale at Fair Value	61,436,212	63,555,961
Inventory of Manufactured Homes	13,468,373	12,306,715
Notes and Other Receivables, net	20,134,541	21,992,566
Unamortized Financing Costs	4,238,993	2,228,779
Prepaid Expenses and Other Assets	8,436,630	3,356,034
Land Development Costs	6,287,120	5,861,764
Total Other Assets	121,902,305	117,384,611
TOTAL ASSETS	551,135,266	478,268,976
LIABILITIES:
Mortgages Payable	265,965,805	182,670,854
OTHER LIABILITIES
Accounts Payable	2,726,181	1,824,293
Loans Payable	69,157,832	77,439,230
Accrued Liabilities and Deposits	5,284,797	4,757,604
Tenant Security Deposits	3,385,024	2,749,890
Total Other Liabilities	80,553,834	86,771,017
Total Liabilities	$ 346,519,639	$ 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 September 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, 26,791,988 and 24,372,083 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	2,679,199	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	115,240,854	110,422,454
Accumulated Other Comprehensive Income	(4,231,633)	5,040,236
Accumulated Deficit	(667,793)	(667,793)
Total Shareholders' Equity	204,615,627	208,827,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 551,135,266	$ 478,268,976

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 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 B - 8.00% 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	26,791,988	24,372,083
Common Stock, shares outstanding	26,791,988	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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INCOME:
Rental and Related Income	$ 18,970,407	$ 16,356,269	$ 54,123,435	$ 46,971,953
Sales of Manufactured Homes	2,724,592	2,198,513	5,469,093	5,580,742
Total Income	21,694,999	18,554,782	59,592,528	52,552,695
EXPENSES:
Community Operating Expenses	9,337,742	8,608,897	27,289,770	25,238,452
Cost of Sales of Manufactured Homes	2,089,602	1,678,733	4,209,126	4,389,345
Selling Expenses	798,126	856,784	2,141,693	2,329,599
General and Administrative Expenses	1,799,181	1,500,920	5,264,839	4,883,899
Acquisition Costs	154,959	190,942	449,338	476,121
Depreciation Expense	4,786,090	3,941,218	13,465,559	11,051,344
Total Expenses	18,965,700	16,777,494	52,820,325	48,368,760
OTHER INCOME (EXPENSE):
Interest Income	442,600	518,699	1,387,062	1,603,713
Dividend Income	1,121,274	995,284	3,222,928	3,059,359
Gain on Sales of Securities Transactions, net	47,671	57,346	127,419	1,272,803
Other Income	154,488	199,954	293,044	444,218
Interest Expense	(3,309,322)	(2,763,511)	(9,359,042)	(7,502,164)
Amortization of Financing Costs	(141,592)	(128,946)	(407,481)	(384,387)
Total Other Income (Expense)	(1,684,881)	(1,121,174)	(4,736,070)	(1,506,458)
Income before Gain (Loss) on Sales of Investment Property and Equipment	1,044,418	656,114	2,036,133	2,677,477
Gain (Loss) on Sales of Investment Property and Equipment	2,827	(26,843)	(66,389)	(3,292)
Net Income	1,047,245	629,271	1,969,744	2,674,185
Less: Preferred Dividend	1,889,147	1,889,147	5,667,441	5,667,441
Net Loss Attributable to Common Shareholders	$ (841,902)	$ (1,259,876)	$ (3,697,697)	$ (2,993,256)
Basic Income Per Share:
Net Income	$ 0.04	$ 0.03	$ 0.08	$ 0.12
Less: Preferred Dividend	0.07	0.09	0.22	0.26
Net Loss Attributable to Common Shareholders	(0.03)	(0.06)	(0.14)	(0.14)
Diluted Income Per Share:
Net Income	0.04	0.03	0.08	0.12
Less: Preferred Dividend	0.07	0.09	0.22	0.26
Net Loss Attributable to Common Shareholders	$ (0.03)	$ (0.06)	$ (0.14)	$ (0.14)
Weighted Average Common Shares Outstanding:
Basic	26,388,589	22,838,726	25,600,310	22,048,173
Diluted	26,425,808	22,889,354	25,641,070	22,096,206

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statements Of Comprehensive Income (Loss)
Net Income	$ 1,047,245	$ 629,271	$ 1,969,744	$ 2,674,185
Other Comprehensive Income (Loss):
Unrealized Holding Gain (Loss) Arising During the Period	(2,309,066)	(2,907,167)	(9,034,011)	2,730,194
Reclassification Adjustment for Net Gains Realized in Income	(47,671)	(57,346)	(127,419)	(1,272,803)
Change in Fair Value of Interest Rate Swap Agreements	(38,319)	101,140	(110,439)	39,398
Comprehensive Income (Loss)	(1,347,811)	(2,234,102)	(7,302,125)	4,170,974
Less: Preferred Dividend	(1,889,147)	(1,889,147)	(5,667,441)	(5,667,441)
Comprehensive Loss Attributable to Common Shareholders	$ (3,236,958)	$ (4,123,249)	$ (12,969,566)	$ (1,496,467)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 1,969,744	$ 2,674,185
Non-Cash Adjustments:
Depreciation	13,465,559	11,051,344
Amortization of Financing Costs	407,481	384,387
Stock Compensation Expense	657,230	742,920
Increase in Provision for Uncollectible Notes and Other Receivables	803,103	736,864
Gain on Sales of Securities Transactions, net	(127,419)	(1,272,803)
Loss on Sales of Investment Property and Equipment	66,389	3,292
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(1,161,658)	(1,833,084)
Notes and Other Receivables	1,054,922	657,506
Prepaid Expenses and Other Assets	(5,080,596)	73,444
Accounts Payable	901,888	668,354
Accrued Liabilities and Deposits	416,754	97,117
Tenant Security Deposits	635,134	528,093
Net Cash Provided by Operating Activities	14,008,531	14,511,619
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of mortgages assumed	(42,826,524)	(15,879,551)
Purchase of Investment Property and Equipment	(37,368,231)	(28,514,929)
Proceeds from Sales of Assets	604,687	680,198
Additions to Land Development	(425,356)	(216,093)
Purchase of Securities Available for Sale	(9,171,695)	(7,880,763)
Proceeds from Sales of Securities Available for Sale	2,257,433	7,498,778
Net Cash Used in Investing Activities	(86,929,686)	(44,312,360)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed	100,722,000	0
Net Proceeds (Payments) on Short Term Borrowing	(8,281,398)	23,229,143
Principal Payments of Mortgages	(19,717,525)	(3,448,553)
Financing Costs on Debt	(2,417,695)	(440,745)
Proceeds from Issuance of Common Stock, net of reinvestments	20,347,682	21,750,265
Proceeds from Exercise of Stock Options	151,200	16,260
Preferred Dividends Paid	(5,667,441)	(5,667,441)
Common Dividends Paid, net of reinvestments	(12,398,024)	(10,596,078)
Net Cash Provided by Financing Activities	72,738,799	24,842,851
Net Decrease In Cash and Cash Equivalents	(182,356)	(4,957,890)
Cash and Cash Equivalents at Beginning of Period	8,082,792	7,615,143
CASH AND CASH EQUIVALENTS-END OF PERIOD	$ 7,900,436	$ 2,657,253

Organization and Accounting Pol

Organization and Accounting Policies	9 Months Ended
	Sep. 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-five manufactured home communities containing approximately 16,600 developed homesites as of September 30, 2015. 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 nine months ended September 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. 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 has entered into various interest rate swap agreements that have 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 Effective Balance Mortgage Due Date Interest Rate Fixed Rate 9/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,277,141 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,606,663 The Company's interest rate swap agreements are based upon 30-day LIBOR. The repricing and scheduled maturity dates, payment dates, index and 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 8 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 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 September 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 $(150,124) 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 and timing of adoption. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs”. 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 and the timing of adoption. 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 this standard may have on the consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. ASU 2015-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. ASU 2015-16 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. 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	9 Months Ended
	Sep. 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 number of common 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 37,219 and 40,760 shares for the three and nine months ended September 30, 2015, respectively, are included in the diluted weighted shares outstanding for these periods. Common stock equivalents resulting from stock options in the amount of 50,628 and 48,033 shares for the three and nine months ended September 30, 2014, respectively, are included in the diluted weighted shares outstanding for these periods. For the nine months ended September 30, 2015 and 2014, options to purchase 982,000 and 1,125,000 shares, respectively, were antidilutive.

Investment Property and Equipme

Investment Property and Equipment	9 Months Ended
	Sep. 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 homesites 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 two manufactured home communities for $5,300,000. These all-age communities are located in western Pennsylvania and contain a total of 324 developed homesites 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%. On August 19, 2015, the Company acquired three manufactured home communities, two located in Ohio and one located in Michigan, for $32,500,000. These three all-age communities contain 897 developed homesites that are situated on approximately 177 total acres. At the date of acquisition, the average occupancy for these communities was approximately 69%. In conjunction with this acquisition, the Company completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43,100,000. See Note 5 for additional information relating to these mortgages. This acquisition was the first of two tranches of a total acquisition of six manufactured home communities, for a total purchase price of $68,600,000. The second tranche of the acquisition was completed on October 16, 2015 (See Note 12 – Subsequent Events). These acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the results of the acquired assets are included in the statements of operations from the dates of acquisition. The following table summarizes the estimated fair value of the assets acquired for the nine months ended September 30, 2015: At Acquisition Date Assets Acquired: Land $3,262,000 Depreciable Property 41,749,000 Notes Receivable 106,000 Total Assets Acquired $45,117,000 The purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined. See Note 13 for the Unaudited Pro Forma Financial Information relating to these acquisitions.

Securities Available for Sale

Securities Available for Sale	9 Months Ended
	Sep. 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 $61,436,212 as of September 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 additional 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 nine months ended September 30, 2015, the Company sold securities with a cost of $2,130,014 and recognized a Gain on Sale of $127,419. The Company also made purchases of $9,171,695 in Securities Available for Sale. Of this amount, the Company made total purchases of 95,414 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 $885,730 or weighted average cost of $9.28 per share. The Company owned a total of 2,091,223 MREIC common shares as of September 30, 2015 at a total cost of $17,530,239 and a fair value of $20,389,421. As of September 30, 2015, the Company had total net unrealized losses of $4,081,511 in its REIT securities portfolio. The Company held thirteen securities that had unrealized losses as of September 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 September 30, 2015: Less Than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Value Loss Value Loss Preferred Stock $2,055,973 $(31,424) $-0- $-0- Common Stock 22,550,022 (7,086,389) 1,793,600 (409,114) Total $24,605,995 $(7,117,813) $1,793,600 $(409,114) 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 4 $4,704,773 $(130,150) 1-5% 1 281,100 (17,198) 6% 1 233,400 (39,035) 14% 3 4,702,650 (990,732) 16-20% 2 1,816,750 (597,731) 21-25% 2 14,660,922 (5,752,081) 26-30% 13 $26,399,595 $(7,526,927) The Company has determined that these securities are temporarily impaired as of September 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	9 Months Ended
	Sep. 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 existing D&R Village and Waterfalls Village mortgage of approximately $6.8 million, which had a variable rate of LIBOR plus 2.25%. 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 Cedarcrest Village mortgage of approximately $8.9 million, which had an interest rate of 5.125%. The Company incurred a prepayment penalty of approximately $89,000 on this repayment. On August 19, 2015, the Company obtained five Freddie Mac mortgages totaling $37,067,000 through Wells Fargo for the following communities: Candlewick Courts, Forest Park Village, Holiday Village, Lake Sherman Village and Worthington Arms. The interest rate on these mortgages is fixed at 4.1%. These mortgages mature on September 1, 2025, with principal repayment based on a 30-year amortization schedule. On August 19, 2015, the Company obtained a $6,000,000 mortgage loan on Catalina from OceanFirst Bank. The interest rate on this mortgage is fixed at 4.2%. This mortgage matures on August 19, 2025.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Shareholders' Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 6 - SHAREHOLDERS’ EQUITY Common Stock On September 15, 2015, the Company paid total cash dividends of $4,767,459 or $0.18 per share to common shareholders of record as of close of business on August 15, 2015, of which $497,062 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP). Total dividends paid to our common shareholders for the nine months ended September 30, 2015 amounted to $13,883,085, of which $1,485,061 was reinvested. On October 1, 2015, the Company’s Board of Directors declared a dividend of $0.18 per share to be paid December 15, 2015 to common shareholders of record as of the close of business on November 16, 2015. During the nine months ended September 30, 2015, the Company received, including dividends reinvested of $1,485,061, a total of $21,832,743 from its DRIP. There were 2,364,905 new shares issued under the DRIP during this period. 8.25% Series A Cumulative Redeemable Preferred Stock On September 15, 2015, the Company paid $1,889,147 in dividends or $0.515625 per share for the period from June 1, 2015 through August 31, 2015 to preferred shareholders of record as of the close of business on August 17, 2015. Dividends on the Series A preferred shares are cumulative and payable quarterly at an annual rate of $2.0625 per share. Total dividends paid to our Series A preferred shareholders for the nine months ended September 30, 2015 amounted to $5,667,441. On October 1, 2015, the Company’s Board of Directors declared a dividend of $0.515625 per share for the period from September 1, 2015 through November 30, 2015 to be paid on December 15, 2015 to our Series A preferred shareholders of record as of the close of business on November 16, 2015. 8.0% Series B Cumulative Redeemable Preferred Stock On October 20, 2015, the Company issued and sold 1,801,200 shares of its new 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering after expenses of approximately $43.3 million and intends to use the net proceeds to purchase additional properties in the ordinary course of business and for general corporate purposes, including possible repayment of debt on a short-term basis. (See Note 12 – Subsequent Events).

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2015
Stock Based Compensation [Abstract]
STOCK BASED COMPENSATION	NOTE 7 – 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 $203,549 and $657,230 have been recognized for the three and nine months ended September 30, 2015, respectively and $180,025 and $742,920 for the three and nine months ended September 30, 2014, respectively. On February 2, 2015, the Company awarded to Samuel A. Landy, its President and Chief Executive Officer, 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 Company’s 2013 Stock Option and Stock Award Plan (the “Plan”). 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 one year. Compensation costs for grants to purchase 100,000 shares 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 nine months ended September 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 nine months ended September 30, 2015 and 2014 was $0.93 and $0.98, respectively. On September 16, 2015, the Company awarded 10,000 shares of restricted stock grants to ten participants under the Plan. The grant date fair value of these restricted stock grants was approximately $91,200. These grants vest over 5 years. As of September 30, 2015, there were options outstanding to purchase 1,563,000 shares, and 1,823,000 shares available for grant under the Plan. During the nine months ended September 30, 2015, options to five participants to purchase a total of 20,000 shares were exercised. During the nine months ended September 30, 2015, options to sixteen participants to purchase a total of 143,000 shares expired or were forfeited. The aggregate intrinsic value of options outstanding as of September 30, 2015 was $316,443. As of September 30, 2014, there were options outstanding to purchase 1,321,000 shares and 2,254,000 shares were available for grant under the Plan.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 8 - 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 September 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 September 30, 2015: Securities Available for Sale - Preferred stock $16,487,969 $16,487,969 $-0- $-0- Securities Available for Sale - Common stock 44,948,243 44,948,243 -0- -0- Interest Rate Swap (1) (150,124) -0- (150,124) -0- Total $61,286,088 $61,436,212 $(150,124) $-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 September 30, 2015, the fair value of Fixed Rate Mortgages Payable amounted to $244,797,362 and the carrying value of Fixed Rate Mortgages Payable amounted to $243,324,561. 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	9 Months Ended
	Sep. 30, 2015
Contingencies, Commitments and Other Matters [Abstract]
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	NOTE 9 – 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 was settled in March, 2015. 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 has no further liability. This amount has been included in the Company’s Community Operating Expenses for the nine months ended September 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. On June 5, 2015, the Company entered into definitive agreements to purchase six manufactured home communities with a total of approximately 2,200 developed home sites. The aggregate purchase price of these communities totaled approximately $68.6 million. On August 19, 2015, the Company completed the first tranche of this acquisition which was comprised of three communities for $32.5 million (See Note 3 – Investment Property and Equipment). The second tranche, which was comprised of three communities for $36.1 million, was completed on October 16, 2015 (See Note 12 – Subsequent Events). The Company has an agreement with 21st Mortgage Corporation (21st Mortgage) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of September 30, 2015, the total loan balance was approximately $4.6 million, consisting of 104 loans. Additionally, 21st Mortgage previously made loans to purchasers in certain communities the Company acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home securing any such loan, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of September 30, 2015, the total balance of these loans was approximately $2.5 million.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 10 – 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, cash bonuses and equity awards based upon achievement of certain performance objectives and customary fringe benefits, including vacation, life insurance and health benefits, the use of an automobile, and the right to participate in the Company’s 401(k) retirement plan. 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, cash bonuses and equity awards based upon achievement of certain performance objectives and customary fringe benefits, including vacation, life insurance and health benefits, the use of an automobile, and the right to participate in the Company’s 401(k) retirement plan.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the nine months ended September 30, 2015 and 2014 was $9,462,045 and $7,833,953, respectively. Interest cost capitalized to Land Development was $220,200 and $194,273 for the nine months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015, the Company assumed a $2.3 million mortgage for the acquisition of one community. During the nine months ended September 30, 2015 and 2014, the Company had Dividend Reinvestments of $1,485,061 and $1,373,684, respectively, which required no cash transfers.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – 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. On October 1, 2015, the Company obtained four Freddie Mac mortgages totaling $29,859,000 through Wells Fargo for the following communities: Allentown, Clinton, Suburban Estates and Sunny Acres. The interest rates on these mortgages are fixed at 4.06%. These mortgages mature October 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing mortgages of approximately $16.6 million, with a weighted average interest rate of 4.24%. The Company incurred total prepayment fees and penalties of approximately $154,000 on these repayments. On October 16, 2015, the Company completed the second tranche of its previously announced six community acquisition. This tranche consisted of three manufactured home communities, located in Indiana, for a purchase price of $36,100,000. These three all-age communities contain 1,254 developed home sites, situated on approximately 316 total acres. At the date of acquisition, the average occupancy for these communities was approximately 56%. In conjunction with this acquisition, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on one of the acquired communities, Holiday Village in Elkhart, Indiana. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule. On October 20, 2015, the Company issued and sold 1,801,200 shares of its new 8.0% Series B Cumulative Redeemable Preferred Stock (Series B Preferred Stock) in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering after expenses of approximately $43.3 million and intends to use the net proceeds to purchase additional properties in the ordinary course of business and for general corporate purposes, including possible repayment of debt on a short-term basis. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 and will be payable quarterly at an annual rate of $2.00 per share. The first quarterly dividend payment date for the Series B Preferred Stock will be March 15, 2016 and will be for the dividend period from October 20, 2015 to February 29, 2016. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series B Preferred Stock ranks on a parity with the Company’s Series A Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up. In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 22,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 48,663,800 shares (classified as 42,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 70,663,800 shares (classified as 64,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series B Preferred Stock and reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.

Proforma Financial Information

Proforma Financial Information (Unaudited)	9 Months Ended
	Sep. 30, 2015
Proforma Financial Information (Unaudited) [Abstract]
PROFORMA FINANCIAL INFORMATION (UNAUDITED)	NOTE 13 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions completed during 2014 and through September 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 Nine Months Ended 9/30/15 9/30/14 9/30/15 9/30/14 Rental and Related Income $19,406,000 $17,778,000 $56,723,000 $52,596,000 Community Operating Expenses 9,474,000 9,144,000 28,162,000 27,714,000 Net Loss Attributable to Common Shareholders (901,000) (1,384,000) (3,982,000) (3,873,000) Net Loss Attributable to Common Shareholders per Share: Basic $(0.03) $(0.06) $(0.16) $(0.18) Diluted $(0.03) $(0.06) $(0.16) $(0.18)

Organization and Accounting P20

Organization and Accounting Policies (Policies)	9 Months Ended
	Sep. 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.
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 has entered into various interest rate swap agreements that have 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 Effective Balance Mortgage Due Date Interest Rate Fixed Rate 9/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,277,141 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,606,663 The Company's interest rate swap agreements are based upon 30-day LIBOR. The repricing and scheduled maturity dates, payment dates, index and 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 8 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 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 September 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 $(150,124) 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 and timing 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 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 and the timing of adoption.
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 this standard may have on the consolidated financial statements.
ASU No. 2015-15, ''Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements''
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recent Accounting Pronouncements	In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. ASU 2015-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.
ASU No. 2015-16, ''Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments''
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recent Accounting Pronouncements	In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. ASU 2015-16 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. 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 P21

Organization and Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Organization and Accounting Policies [Abstract]
Summary of interest rate swap agreement	Mortgage Effective Balance Mortgage Due Date Interest Rate Fixed Rate 9/30/15 Allentown/Clinton 2/1/2017 LIBOR + 3.25% 4.39% $10,277,141 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89% $11,606,663

Investment Property and Equip22

Investment Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Investment Property and Equipment [Abstract]
Summary of estimated fair value of the assets acquired	At Acquisition Date Assets Acquired: Land $3,262,000 Depreciable Property 41,749,000 Notes Receivable 106,000 Total Assets Acquired $45,117,000

Securities Available for Sale (

Securities Available for Sale (Tables)	9 Months Ended
	Sep. 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 $2,055,973 $(31,424) $-0- $-0- Common Stock 22,550,022 (7,086,389) 1,793,600 (409,114) Total $24,605,995 $(7,117,813) $1,793,600 $(409,114)
Summary of the range of the losses	Number of Individual Securities Fair Value Unrealized Loss Range of Loss 4 $4,704,773 $(130,150) 1-5% 1 281,100 (17,198) 6% 1 233,400 (39,035) 14% 3 4,702,650 (990,732) 16-20% 2 1,816,750 (597,731) 21-25% 2 14,660,922 (5,752,081) 26-30% 13 $26,399,595 $(7,526,927)

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Stock Based Compensation [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-

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2015: Securities Available for Sale - Preferred stock $16,487,969 $16,487,969 $-0- $-0- Securities Available for Sale - Common stock 44,948,243 44,948,243 -0- -0- Interest Rate Swap (1) (150,124) -0- (150,124) -0- Total $61,286,088 $61,436,212 $(150,124) $-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 Informatio26

Proforma Financial Information (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2015
Proforma Financial Information (Unaudited) [Abstract]
Summary of proforma financial information	Three Months Ended Nine Months Ended 9/30/15 9/30/14 9/30/15 9/30/14 Rental and Related Income $19,406,000 $17,778,000 $56,723,000 $52,596,000 Community Operating Expenses 9,474,000 9,144,000 28,162,000 27,714,000 Net Loss Attributable to Common Shareholders (901,000) (1,384,000) (3,982,000) (3,873,000) Net Loss Attributable to Common Shareholders per Share: Basic $(0.03) $(0.06) $(0.16) $(0.18) Diluted $(0.03) $(0.06) $(0.16) $(0.18)

Organization and Accounting P27

Organization and Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
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 9/30/15	$ 10,277,141
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 9/30/15	$ 11,606,663

Organization and Accounting P28

Organization and Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2015USD ($)homesitesHome_Community	Dec. 31, 2014USD ($)
Organization and Accounting Policies (Textual)
Number of developed home sites Company own and operates | homesites	16,600
Number of manufactured home communities Company own and operates | Home_Community	95
Real Estate Investment Trusts, Description	The Company generally limits to no more than approximately 15% of its undepreciated assets.
Swap [Member]
Organization and Accounting Policies (Textual)
Fair value of interest rate swap	$ (150,124)	$ (39,685)
Interest rate swap, description of variable rate basis	30-day LIBOR

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income (Loss) Per Share (Textual)
Common stock equivalents resulting from stock options	26,425,808	22,889,354	25,641,070	22,096,206
Stock Option [Member]
Net Income (Loss) Per Share (Textual)
Common stock equivalents resulting from stock options	37,219	50,628	40,760	48,033
Antidilutive securities			982,000	1,125,000

Investment Property and Equip30

Investment Property and Equipment (Details)	Sep. 30, 2015USD ($)
Assets Acquired:
Land	$ 3,262,000
Depreciable Property	41,749,000
Notes Receivable	106,000
Total Assets Acquired	$ 45,117,000

Investment Property and Equip31

Investment Property and Equipment (Details Textual)	1 Months Ended
	Aug. 19, 2015USD ($)ahomesites	May. 27, 2015USD ($)ahomesites	Apr. 23, 2015USD ($)ahomesites	Jan. 21, 2015USD ($)ahomesites	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Investment Property and Equipment (Textual)
Six community acquisition	$ 68,600,000
Mortgage loan					$ 265,965,805	$ 182,670,854
Holly Acres [Member]
Investment Property and Equipment (Textual)
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
Total communities sites | homesites				141
Interest rate on mortgage				6.50%
Due date of mortgage				Oct. 5, 2021
Valley Stream [Member]
Investment Property and Equipment (Textual)
Area of acquired real estate property (in acres) | a		43
Percentage of average occupancy		64.00%
Purchase price of acquired entity		$ 3,517,000
Total communities sites | homesites		158
Voyager Estates and Huntingdon Pointe [Member]
Investment Property and Equipment (Textual)
Area of acquired real estate property (in acres) | a			141
Percentage of average occupancy			63.00%
Purchase price of acquired entity			$ 5,300,000
Total communities sites | homesites			324
Candlewick Courts, Catalina and Worthington Arms [Member]
Investment Property and Equipment (Textual)
Area of acquired real estate property (in acres) | a	177
Percentage of average occupancy	69.00%
Purchase price of acquired entity	$ 32,500,000
Mortgage loan	$ 43,100,000
Total communities sites | homesites	897

Securities Available for Sale32

Securities Available for Sale (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Summary of temporarily impaired securities
Less Than 12 Months, Fair Value	$ 24,605,995
Less Than 12 Months, Unrealized Loss	(7,117,813)
12 Months or Longer, Fair Value	1,793,600
12 Months or Longer, Unrealized Loss	(409,114)
Preferred Stock [Member]
Summary of temporarily impaired securities
Less Than 12 Months, Fair Value	2,055,973
Less Than 12 Months, Unrealized Loss	(31,424)
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	22,550,022
Less Than 12 Months, Unrealized Loss	(7,086,389)
12 Months or Longer, Fair Value	1,793,600
12 Months or Longer, Unrealized Loss	$ (409,114)

Securities Available for Sale33

Securities Available for Sale (Details 1)	9 Months Ended
	Sep. 30, 2015USD ($)Security
Summary of the range of the losses
Number of Individual Securities | Security	13
Fair Value	$ 26,399,595
Unrealized Loss	$ (7,526,927)
Security group one [Member]
Summary of the range of the losses
Number of Individual Securities | Security	4
Fair Value	$ 4,704,773
Unrealized Loss	$ (130,150)
Security group two [Member]
Summary of the range of the losses
Number of Individual Securities | Security	1
Fair Value	$ 281,100
Unrealized Loss	$ (17,198)
Range of Loss	6.00%
Security group three [Member]
Summary of the range of the losses
Number of Individual Securities | Security	1
Fair Value	$ 233,400
Unrealized Loss	$ (39,035)
Range of Loss	14.00%
Security group four [Member]
Summary of the range of the losses
Number of Individual Securities | Security	3
Fair Value	$ 4,702,650
Unrealized Loss	$ (990,732)
Security group five [Member]
Summary of the range of the losses
Number of Individual Securities | Security	2
Fair Value	$ 1,816,750
Unrealized Loss	$ (597,731)
Security group six [Member]
Summary of the range of the losses
Number of Individual Securities | Security	2
Fair Value	$ 14,660,922
Unrealized Loss	$ (5,752,081)
Maximum [Member] | Security group one [Member]
Summary of the range of the losses
Range of Loss	5.00%
Maximum [Member] | Security group four [Member]
Summary of the range of the losses
Range of Loss	20.00%
Maximum [Member] | Security group five [Member]
Summary of the range of the losses
Range of Loss	25.00%
Maximum [Member] | Security group six [Member]
Summary of the range of the losses
Range of Loss	30.00%
Minimum [Member] | Security group one [Member]
Summary of the range of the losses
Range of Loss	1.00%
Minimum [Member] | Security group four [Member]
Summary of the range of the losses
Range of Loss	16.00%
Minimum [Member] | Security group five [Member]
Summary of the range of the losses
Range of Loss	21.00%
Minimum [Member] | Security group six [Member]
Summary of the range of the losses
Range of Loss	26.00%

Securities Available for Sale34

Securities Available for Sale (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Securities Available for Sale (Textual)
Available for sale securities	$ 61,436,212		$ 61,436,212		$ 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			$ 2,130,014
Gain on sale of securities available for sale	$ 47,671	$ 57,346	127,419	$ 1,272,803
Purchases of securities available for sale			$ 9,171,695	$ 7,880,763
Common stock purchased from Monmouth Real Estate Investment Corporation			95,414
Common stock purchased from Monmouth Real Estate Investment Corporation, value			$ 885,730
Company owns total number of shares in MREIC			2,091,223
Weighted average cost per shares			$ 9.28
Cost of common stock owned by the Company for MREIC shares			$ 17,530,239
Fair Value of common stock owned by the Company for MREIC shares			20,389,421
Total net unrealized loss in REIT securities portfolio			$ 4,081,511

Loans and Mortgages Payable (De

Loans and Mortgages Payable (Details)	Mar. 06, 2015USD ($)	Aug. 19, 2015USD ($)Mortgages	Apr. 01, 2015USD ($)	Mar. 20, 2015USD ($)Mortgages	Feb. 27, 2015USD ($)	Jan. 21, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Loans and Mortgages Payable (Textual)
Mortgage loan							$ 265,965,805		$ 182,670,854
Repayment of mortgage loan							$ 19,717,525	$ 3,448,553
Ocean First Bank [Member]
Loans and Mortgages Payable (Textual)
Mortgage loan		$ 6,000,000
Interest rate on mortgage		4.20%
Due date of mortgage		Aug. 19, 2025
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	$ 37,067,000	$ 12,670,000	$ 34,685,000	$ 8,100,000
Interest rate on mortgage	3.98%	4.10%	3.71%	3.92%	3.85%
Due date of mortgage	Apr. 1, 2025	Sep. 1, 2025	May 1, 2025	May 1, 2025	Mar. 1, 2025
Number of mortgages | Mortgages		5		7
D And R Village And Waterfalls Village [Member]
Loans and Mortgages Payable (Textual)
Repayment of mortgage loan					$ 6,800,000
Variable rate on mortgage					LIBOR plus 2.25
Cedarcrest Village [Member]
Loans and Mortgages Payable (Textual)
Repayment of mortgage loan			$ 8,900,000
Prepayment penalty			$ 89,000
Interest rate for mortgage			5.125%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Oct. 01, 2015	Aug. 15, 2015	Oct. 20, 2015	Sep. 15, 2015	Sep. 30, 2015	Sep. 30, 2014
Shareholders Equity (Textual)
Reinvestment of dividends					$ 1,485,061	$ 1,373,684
Preferred Dividends Paid					5,667,441	$ 5,667,441
Common Stock [Member]
Shareholders Equity (Textual)
Dividends paid		$ 4,767,459			13,883,085
Reinvestment of dividends					1,485,061
Dividend declared per share, paid	$ 0.18	$ 0.18
Proceed from dividend reinvestment and stock purchase plan (DRIP)		$ 497,062			$ 21,832,743
New shares issued under DRIP					2,364,905
Record date of dividend	Nov. 16, 2015	Aug. 15, 2015
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Shareholders Equity (Textual)
Dividends paid				$ 1,889,147
Dividend declared per share, paid				$ 0.515625
Record date of dividend				Aug. 17, 2015
Preferred Dividends Paid					$ 5,667,441
Annual rate on dividend per share payable quarterly				$ 2.0625
Cumulative redeemable preferred stock percentage					8.25%
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member]
Shareholders Equity (Textual)
Dividend declared per share, paid	$ 0.515625
Record date of dividend	Nov. 16, 2015
8.00% Series B Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member]
Shareholders Equity (Textual)
Annual rate on dividend per share payable quarterly			$ 2
Redeemable preferred shares issued			1,801,200
Shares issued, price per share			$ 25
Cumulative redeemable preferred stock percentage			8.00%
Proceeds from redeemable preferred stock			$ 43,300,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock Based Compensation [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

Stock Based Compensation (Det38

Stock Based Compensation (Details Textual) - USD ($)	Feb. 02, 2015	Sep. 16, 2015	Jun. 24, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Based Compensation [Textual]
Stock compensation expense				$ 203,549	$ 180,025	$ 657,230	$ 742,920
Weighted average fair value of options granted						$ 0.93	$ 0.98
Stock Option [Member]
Stock Based Compensation [Textual]
Options outstanding				1,563,000	1,321,000	1,563,000	1,321,000
Available for grant under Plan				1,823,000	2,254,000	1,823,000	2,254,000
Number of exercised shares						20,000
Options expired or forfeited						143,000
Aggregate intrinsic value of options outstanding				$ 316,443		$ 316,443
2013 Stock Option and Stock Award Plan [Member]
Stock Based Compensation [Textual]
Restricted stock award		10,000
Fair value restricted stock grant		$ 91,200
Common shares purchase due to option granted			425,000
Stock options exercise price			$ 9.82
Grant date fair value of option			$ 393,265
Option vesting period		5 years	1 year
Expiration Date			Jun. 24, 2023
Samuel A. Landy [Member]
Stock Based Compensation [Textual]
Restricted stock award	25,000
Fair value restricted stock grant	$ 243,250
Option vesting period	5 years
Retirement Age Recognized Employees [Member] | 2013 Stock Option and Stock Award Plan [Member]
Stock Based Compensation [Textual]
Common shares purchase due to option granted			100,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Summary of financial assets and liabilities measured at fair value on a recurring basis
Interest Rate Swap (1)	[1]	$ (150,124)	$ (39,685)
Total		61,286,088	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		61,436,212	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]	(150,124)	(39,685)
Total		(150,124)	(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		16,487,969	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		16,487,969	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		44,948,243	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		44,948,243	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 (Deta40

Fair Value Measurements (Details Textual)	Sep. 30, 2015USD ($)
Fair Value Measurements (Textual)
Fair value of fixed rate mortgages payable	$ 244,797,362
Carrying value of fixed rate mortgages payable	$ 243,324,561

Contingencies, Commitments an41

Contingencies, Commitments and Other Matters (Details)	Jun. 05, 2015USD ($)Home_Community	Sep. 30, 2015USD ($)loans	Oct. 16, 2015USD ($)	Aug. 19, 2015USD ($)
Contingencies and Commitments (Textual)
Settlement amount		$ 125,000
Aggregate purchase price of manufactured home communities	$ 68,600,000
Number of loans | loans		104
Total loan balance- acquired		$ 2,500,000
Total loan balance		4,600,000
Expected cost for new manufactured home community		$ 5,400,000
Candlewick Courts, Catalina and Worthington Arms [Member]
Contingencies and Commitments (Textual)
Purchase price of acquired entity				$ 32,500,000
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%
Subsequent Event [Member]
Contingencies and Commitments (Textual)
Purchase price of acquired entity			$ 36,100,000
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%

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended
	Jun. 24, 2015USD ($)
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
Samuel A. 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

Supplemental Cash Flow Inform43

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information (Textual)
Cash paid for interest	$ 9,462,045	$ 7,833,953
Interest cost capitalized to land development	220,200	194,273
Reinvestment of dividends	1,485,061	$ 1,373,684
Acquisition of communities	$ 2,300,000

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 01, 2015USD ($)	Oct. 20, 2015USD ($)$ / sharesshares	Oct. 16, 2015USD ($)ahomesitesHome_Community	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Subsequent Event Textual [Abstract]
Series B - 8.00% Cumulative Redeemable Preferred Stock, shares issued				3,663,800		3,663,800
Preferred Dividends Paid | $				$ 5,667,441	$ 5,667,441
Excess Stock, shares authorized		3,000,000		3,000,000		3,000,000
Total Shares Authorized				48,663,800
Common Stock, shares authorized				42,000,000		42,000,000
Series A - 8.25% Cumulative Redeemable Preferred Stock, shares authorized		3,663,800		3,663,800		3,663,800
Subsequent Event [Member]
Subsequent Event Textual [Abstract]
Purchase price of acquired entity | $			$ 36,100,000
Number of home site of acquired manufactured home communities | homesites			1,254
Number of communities | Home_Community			3
Area of acquired real estate property (in acres) | a			316
Percentage of average occupancy			56.00%
Series B - 8.00% Cumulative Redeemable Preferred Stock, shares issued		2,000,000
Increase in Common Stock, shares authorized		22,000,000
Total Shares Authorized		70,663,800
Net proceeds from offering after expenses | $		$ 43,300,000
Common Stock, shares authorized		64,000,000
Subsequent Event [Member] | Existing Mortgages [Member]
Subsequent Event Textual [Abstract]
Repayment of mortgage loan | $	$ 16,600,000
Weighted average interest rate	4.24%
Incurred prepayment fees | $	$ 154,000
Subsequent Event [Member] | Freddie Mac [Member]
Subsequent Event Textual [Abstract]
Mortgage loan | $	$ 29,859,000		$ 8,851,000
Interest rate	4.06%		3.96%
Maturity date	Oct. 1, 2025		Nov. 1, 2025
Mortgage loan repayment terms	Principal repayments based on a 30-year amortization schedule.		Principal repayments based on a 30-year amortization schedule.
Subsequent Event [Member] | Reclassification [Member]
Subsequent Event Textual [Abstract]
Common Stock, shares authorized		62,000,000
Subsequent Event [Member] | 8.00% Series B Cumulative Redeemable Preferred Stock [Member]
Subsequent Event Textual [Abstract]
Series B - 8.00% Cumulative Redeemable Preferred Stock, shares issued		1,801,200
Cumulative redeemable preferred stock percentage		8.00%
Shares Issued, Price Per Share | $ / shares		$ 25
Annual rate on dividend per share payable quarterly | $ / shares		$ 2

Proforma Financial Informatio45

Proforma Financial Information (Unaudited) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pro forma financial information
Rental and Related Income	$ 19,406,000	$ 17,778,000	$ 56,723,000	$ 52,596,000
Community Operating Expenses	9,474,000	9,144,000	28,162,000	27,714,000
Net Loss Attributable to Common Shareholders	$ (901,000)	$ (1,384,000)	$ (3,982,000)	$ (3,873,000)
Net Loss Attributable to Common Shareholders per Share:
Basic	$ (0.03)	$ (0.06)	$ (0.16)	$ (0.18)
Diluted	$ (0.03)	$ (0.06)	$ (0.16)	$ (0.18)