UMH Properties (UMH) 10-K 7 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Entity Registrant Name	UMH PROPERTIES, INC.
Entity Central Index Key	752,642
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business Flag	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		38,778,069
Trading Symbol	UMH
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Non Affiliates [Member]
Entity Public Float			566,368,474
Affiliates [Member]
Entity Public Float			$ 521,546,735

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investment Property and Equipment
Land	$ 68,154,110	$ 61,239,644
Site and Land Improvements	533,547,154	463,242,075
Buildings and Improvements	25,156,183	22,963,926
Rental Homes and Accessories	254,598,641	216,992,988
Total Investment Property	881,456,088	764,438,633
Equipment and Vehicles	18,791,688	16,874,760
Total Investment Property and Equipment	900,247,776	781,313,393
Accumulated Depreciation	(197,208,363)	(166,444,512)
Net Investment Property and Equipment	703,039,413	614,868,881
Other Assets
Cash and Cash Equivalents	7,433,470	23,242,090
Marketable Securities at Fair Value	99,595,736	132,964,276
Inventory of Manufactured Homes	23,703,322	17,569,365
Notes and Other Receivables, net	31,493,555	25,451,053
Prepaid Expenses and Other Assets	4,279,403	3,457,083
Land Development Costs	9,441,025	6,328,578
Total Other Assets	175,946,511	209,012,445
TOTAL ASSETS	878,985,924	823,881,326
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	331,093,063	304,895,117
Other Liabilities:
Accounts Payable	3,873,445	2,960,739
Loans Payable, net of unamortized debt issuance costs	107,985,353	84,704,487
Accrued Liabilities and Deposits	5,493,862	4,977,886
Tenant Security Deposits	5,842,161	5,127,633
Total Other Liabilities	123,194,821	97,770,745
Total Liabilities	454,287,884	402,665,862
Commitments and Contingencies
Shareholders' Equity:
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 shares authorized; 3,801,200 shares issued and outstanding as of December 31, 2018 and 2017	95,030,000	95,030,000
Series C - 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 5,750,000 shares authorized, issued and outstanding as of December 31, 2018 and 2017	143,750,000	143,750,000
Series D - 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 2,300,000 shares authorized; 2,000,000 and -0- shares issued and outstanding as of December 31, 2018 and 2017, respectively	50,000,000	0
Common Stock - $0.10 par value per share,111,363,800 and 113,663,800 shares authorized; 38,320,414 and 35,488,068 shares issued and outstanding as of December 31, 2018 and 2017, respectively	3,832,041	3,548,807
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2018 and 2017	0	0
Additional Paid-In Capital	157,449,781	168,034,868
Accumulated Other Comprehensive Income	0	11,519,582
Undistributed Income (Accumulated Deficit)	(25,363,782)	(667,793)
Total Shareholders' Equity	424,698,040	421,215,464
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 878,985,924	$ 823,881,326

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	111,363,800	113,663,800
Common stock, shares issued	38,320,414	35,488,068
Common stock, shares outstanding	38,320,414	35,488,068
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
Series B Cumulative Redeemable Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock	8.00%	8.00%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	4,000,000	4,000,000
Cumulative redeemable preferred stock, shares issued	3,801,200	3,801,200
Cumulative redeemable preferred stock, shares outstanding	3,801,200	3,801,200
Series C Cumulative Redeemable Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock	6.75%	6.75%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	5,750,000	5,750,000
Cumulative redeemable preferred stock, shares issued	5,750,000	5,750,000
Cumulative redeemable preferred stock, shares outstanding	5,750,000	5,750,000
Series D Cumulative Redeemable Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock	6.375%	6.375%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	2,300,000	2,300,000
Cumulative redeemable preferred stock, shares issued	0	2,000,000
Cumulative redeemable preferred stock, shares outstanding	0	2,000,000

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME:
Rental and Related Income	$ 113,832,660	$ 101,801,425	$ 90,679,557
Sales of Manufactured Homes	15,754,033	10,846,494	8,534,272
Total Income	129,586,693	112,647,919	99,213,829
EXPENSES:
Community Operating Expenses	52,948,510	47,846,565	42,638,333
Cost of Sales of Manufactured Homes	11,715,987	8,471,190	6,466,520
Selling Expenses	3,774,425	3,095,155	2,852,405
General and Administrative Expenses	10,879,419	9,645,681	8,004,925
Acquisition Costs	0	0	79,231
Depreciation Expense	31,691,209	27,557,746	23,214,100
Total Expenses	111,009,550	96,616,337	83,255,514
OTHER INCOME (EXPENSE):
Interest Income	2,254,690	2,006,880	1,584,585
Dividend Income	10,367,155	8,134,898	6,636,126
Gain on Sales of Marketable Securities, net	20,107	1,747,528	2,285,301
Decrease in Fair Value of Marketable Securities	(51,675,396)	0	0
Other Income	410,444	705,048	504,759
Interest Expense	(16,038,585)	(15,876,972)	(15,432,364)
Total Other Income (Expense)	(54,661,585)	(3,282,618)	(4,421,593)
Income (Loss) Before Loss on Sales of Investment Property and Equipment	(36,084,442)	12,748,964	11,536,722
Loss on Sales of Investment Property and Equipment	(131,129)	(80,930)	(2,163)
Net Income (Loss)	(36,215,571)	12,668,034	11,534,559
Less: Preferred Dividends	(20,315,944)	(16,844,812)	(14,103,432)
Less: Redemption of Preferred Stock	0	(3,502,487)	0
Net Loss Attributable to Common Shareholders	$ (56,531,515)	$ (7,679,265)	$ (2,568,873)
Basic and Diluted Income (Loss) Per Share:
Net Income (Loss)	$ (0.98)	$ 0.39	$ 0.41
Less: Preferred Dividends	$ (0.55)	$ (0.52)	$ (0.51)
Less: Redemption of Preferred Stock	0	(0.11)	0
Net Loss Attributable to Common Shareholders	$ (1.53)	$ (0.24)	$ (0.10)
Weighted Average Common Shares Outstanding:
Basic and Diluted	36,871,322	32,675,650	27,808,895

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net Income (Loss)	$ (36,215,571)	$ 12,668,034	$ 11,534,559
Other Comprehensive Income (Loss):
Unrealized Holding Gains (Losses) Arising During the Year	0	(3,450,061)	21,057,498
Reclassification Adjustment for Net Gains Realized in Income	0	(1,747,528)	(2,285,301)
Change in Fair Value of Interest Rate Swap Agreements	0	3,983	(2,283)
Comprehensive Income (Loss)	(36,215,571)	7,474,428	30,304,473
Less: Preferred Dividends	(20,315,944)	(16,844,812)	(14,103,432)
Less: Redemption of Preferred Stock	0	(3,502,487)	0
Comprehensive Income (Loss) Attributable to Common Shareholders	$ (56,531,515)	$ (12,872,871)	$ 16,201,041

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)		Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Undistributed Income (Accumulated Deficit) [Member]	Series A Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Series C Cumulative Redeemable Preferred Stock [Member]	Series D Cumulative Redeemable Preferred Stock [Member]	Total
Balance at Dec. 31, 2015		$ 2,708,684	$ 109,629,260	$ (2,056,726)	$ (667,793)	$ 91,595,000	$ 45,030,000	$ 0	$ 0	$ 246,238,425
Balance, shares at Dec. 31, 2015		27,086,838
Common Stock Issued with the DRIP	[1]	$ 196,613	22,204,332	0	0	0	0	0	0	22,400,945
Common Stock Issued with the DRIP, shares	[1]	1,966,133
Common Stock Issued through Restricted Stock Awards		$ 6,050	(6,050)	0	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares		60,500
Common Stock Issued through Stock Options		$ 27,750	2,457,310	0	0	0	0	0	0	2,485,060
Common Stock Issued through Stock Options, shares		277,500
Cancellation of Shares Due to Restricted Stock Forfeitures		$ (216)	216	0	0	0	0	0	0	0
Cancellation of Shares Due to Restricted Stock Forfeitures, shares		(2,160)
Preferred Stock Issued through Registered Direct Placement, net		$ 0	(879,147)	0	0	0	50,000,000	0	0	49,120,853
Distributions		0	(23,047,908)	0	(11,534,559)	0	0	0	0	(34,582,467)
Stock Compensation Expense		0	1,064,678	0	0	0	0	0	0	1,064,678
Net Income (Loss)		0	0	0	11,534,559	0	0	0	0	11,534,559
Unrealized Net Holding Gain on Securities Available for Sale, Net of Reclassification Adjustment		0	0	18,772,197	0	0	0	0	0	18,772,197
Interest Rate Swaps		0	0	(2,283)	0	0	0	0	0	(2,283)
Balance at Dec. 31, 2016		$ 2,938,881	111,422,691	16,713,188	(667,793)	91,595,000	95,030,000	0	0	317,031,967
Balance, shares at Dec. 31, 2016		29,388,811
Common Stock Issued with the DRIP	[1]	$ 409,536	59,955,654	0	0	0	0	0	0	60,365,190
Common Stock Issued with the DRIP, shares	[1]	4,095,357
Common Stock Issued through Restricted Stock Awards		$ 5,600	(5,600)	0	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares		56,000
Common Stock Issued through Stock Options		$ 54,790	5,380,844	0	0	0	0	0	0	5,435,634
Common Stock Issued through Stock Options, shares		547,900
Common Stock Issued through Registered Direct Placement, net		$ 140,000	22,378,238	0	0	0	0	0	0	22,518,238
Common Stock Issued through Registered Direct Placement, net, shares		1,400,000
Preferred Stock Issued through Underwritten Registered Public Offering, net		$ 0	(4,774,153)	0	0	0	0	143,750,000	0	138,975,847
Preferred Stock Called for Redemption		0	3,488,159	0	(3,488,159)	(91,595,000)	0	0	0	(91,595,000)
Distributions		0	(31,125,456)	0	(9,179,875)	0	0	0	0	(40,305,331)
Stock Compensation Expense		0	1,314,491	0	0	0	0	0	0	1,314,491
Net Income (Loss)		0	0	0	12,668,034	0	0	0	0	12,668,034
Unrealized Net Holding Gain on Securities Available for Sale, Net of Reclassification Adjustment		0	0	(5,197,589)	0	0	0	0	0	(5,197,589)
Interest Rate Swaps		0	0	3,983	0	0	0	0	0	3,983
Balance at Dec. 31, 2017		$ 3,548,807	168,034,868	11,519,582	(667,793)	0	95,030,000	143,750,000	0	421,215,464
Balance, shares at Dec. 31, 2017		35,488,068
Common Stock Issued with the DRIP	[1]	$ 265,484	34,848,229	0	0	0	0	0	0	35,113,713
Common Stock Issued with the DRIP, shares	[1]	2,654,846
Common Stock Issued through Restricted Stock Awards		$ 4,900	(4,900)	0	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares		49,000
Common Stock Issued through Stock Options		$ 12,850	1,372,150	0	0	0	0	0	0	1,385,000
Common Stock Issued through Stock Options, shares		128,500
Preferred Stock Issued through Underwritten Registered Public Offering, net		$ 0	(1,752,720)	0	0	0	0	0	50,000,000	48,247,280
Distributions		0	(46,660,956)	0	0	0	0	0	0	(46,660,956)
Stock Compensation Expense		0	1,613,110	0	0	0	0	0	0	1,613,110
Net Income (Loss)		0	0	0	(36,215,571)	0	0	0	0	(36,215,571)
Unrealized Net Holding Gain on Securities Available for Sale, Net of Reclassification Adjustment		0	0	(11,519,582)	11,519,582	0	0	0	0	0
Interest Rate Swaps										0
Balance at Dec. 31, 2018		$ 3,832,041	$ 157,449,781	$ 0	$ (25,363,782)	$ 0	$ 95,030,000	$ 143,750,000	$ 50,000,000	$ 424,698,040
Balance, shares at Dec. 31, 2018		38,320,414
[1]	Dividend Reinvestment and Stock Purchase Plan.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (36,215,571)	$ 12,668,034	$ 11,534,559
Non-cash items included in Net Income (Loss):
Depreciation	31,691,209	27,557,746	23,214,100
Amortization of Financing Costs	625,445	660,910	733,485
Stock Compensation Expense	1,613,110	1,314,491	1,064,678
Provision for Uncollectible Notes and Other Receivables	1,231,112	1,273,535	909,397
Gain on Sales of Marketable Securities, net	(20,107)	(1,747,528)	(2,285,301)
Decrease in Fair Value of Marketable Securities	51,675,396	0	0
Loss on Sales of Investment Property and Equipment	131,129	80,930	2,163
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(6,133,957)	(144,791)	(3,113,164)
Notes and Other Receivables, net of Notes Acquired with Acquisitions	(6,438,255)	(2,331,386)	(1,204,014)
Prepaid Expenses and Other Assets	(127,538)	557,116	(585,328)
Accounts Payable	912,706	(1,298)	145,747
Accrued Liabilities and Deposits	515,976	161,727	(1,878,718)
Tenant Security Deposits	714,528	807,938	665,605
Net Cash Provided by Operating Activities	40,175,186	40,857,424	29,203,209
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of mortgages assumed	(55,880,468)	(61,669,247)	(4,081,798)
Purchase of Investment Property and Equipment	(52,970,053)	(62,009,984)	(58,184,812)
Proceeds from Sales of Investment Property and Equipment	2,754,508	2,299,670	1,114,503
Additions to Land Development Costs	(13,220,398)	(3,881,035)	(3,728,869)
Purchase of Marketable Securities	(18,555,424)	(45,075,311)	(27,518,151)
Proceeds from Sales of Marketable Securities	268,675	17,416,146	14,831,737
Net Cash Used in Investing Activities	(137,603,160)	(152,919,761)	(77,567,390)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed	28,192,000	44,420,000	31,804,000
Net Proceeds from Short Term Borrowings	23,651,656	26,401,635	406,935
Principal Payments of Mortgages and Loans	(6,865,631)	(34,970,645)	(25,072,315)
Financing Costs on Debt	(748,926)	(641,471)	(668,338)
Proceeds from Issuance of Preferred Stock, net of offering costs	48,247,280	138,975,847	49,120,853
Redemption of 8.25% Series A Preferred Stock	0	(91,595,000)	0
Proceeds from Registered Direct Placement of Common Stock, net of offering costs	0	22,518,238	0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments	30,038,166	57,506,016	20,012,393
Proceeds from Exercise of Stock Options	1,385,000	5,435,634	2,485,060
Preferred Dividends Paid	(20,050,319)	(16,665,934)	(14,563,645)
Common Dividends Paid, net of Dividend Reinvestments	(21,535,090)	(20,780,223)	(17,630,270)
Net Cash Provided by Financing Activities	82,314,136	130,604,097	45,894,673
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(15,113,838)	18,541,760	(2,469,509)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	27,891,249	9,349,489	11,818,998
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	$ 12,777,411	$ 27,891,249	$ 9,349,489

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Redemption of preferred stock, percentage	8.25%

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Organization	NOTE 1 – ORGANIZATION UMH Properties, Inc., a Maryland corporation, and its subsidiaries (the “Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), also sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F was established to fill these vacancies and enhance the value of the communities. The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 15% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business As of December 31, 2018, the Company owns and operates 118 manufactured home communities containing approximately 21,500 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. These manufactured home communities are listed by trade names as follows: MANUFACTURED HOME COMMUNITY LOCATION Allentown Memphis, Tennessee Arbor Estates Doylestown, Pennsylvania Auburn Estates Orrville, Ohio Birchwood Farms Birch Run, Michigan Boardwalk Elkhart, Indiana Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Camelot Village Anderson, Indiana Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Village Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania Cinnamon Woods Conowingo, Maryland City View Lewistown, Pennsylvania Clinton Mobile Home Resort Tiffin, Ohio Collingwood Horseheads, New York Colonial Heights Wintersville, Ohio Countryside Estates Muncie, Indiana Countryside Estates Ravenna, Ohio Countryside Village Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania Crestview Athens, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York MANUFACTURED HOME COMMUNITY LOCATION Evergreen Estates Lodi, Ohio Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania High View Acres Apollo, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillcrest Crossing Lower Burrell, Pennsylvania Hillcrest Estates Marysville, Ohio Hillside Estates Greensburg, Pennsylvania Holiday Village Nashville, Tennessee Holiday Village Elkhart, Indiana Holly Acres Estates Erie, Pennsylvania Hudson Estates Peninsula, Ohio Huntingdon Pointe Tarrs, Pennsylvania Independence Park Clinton, Pennsylvania Kinnebrook Monticello, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Maple Manor Taylor, Pennsylvania Marysville Estates Marysville, Ohio Meadowood New Middletown, Ohio Meadows Nappanee, Indiana Meadows of Perrysburg Perrysburg, Ohio Melrose Village Wooster, Ohio Melrose West Wooster, Ohio Memphis Blues Memphis, Tennessee Monroe Valley Jonestown, Pennsylvania Moosic Heights Avoca, Pennsylvania Mount Pleasant Village Mount Pleasant, Pennsylvania Mountaintop Narvon, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Township, Ohio Oxford Village West Grove, Pennsylvania Parke Place Elkhart, Indiana Perrysburg Estates Perrysburg, Ohio Pikewood Manor Elyria, Ohio Pine Ridge Village/Pine Manor Carlisle, Pennsylvania Pine Valley Estates Apollo, Pennsylvania Pleasant View Estates Bloomsburg, Pennsylvania Port Royal Village Belle Vernon, Pennsylvania Redbud Estates Anderson, Indiana River Valley Estates Marion, Ohio Rolling Hills Estates Carlisle, Pennsylvania Rostraver Estates Belle Vernon, Pennsylvania MANUFACTURED HOME COMMUNITY LOCATION Sandy Valley Estates Magnolia, Ohio Shady Hills Nashville, Tennessee Somerset Estates/Whispering Pines Somerset, Pennsylvania Southern Terrace Columbiana, Ohio Southwind Village Jackson, New Jersey Spreading Oaks Village Athens, Ohio Springfield Meadows Springfield, Ohio Suburban Estates Greensburg, Pennsylvania Summit Estates Ravenna, Ohio Summit Village Marion, Indiana Sunny Acres Somerset, Pennsylvania Sunnyside Eagleville, Pennsylvania Trailmont Goodlettsville, Tennessee Twin Oaks I & II Olmsted Township, Ohio Twin Pines Goshen, Indiana Valley High Ruffs Dale, Pennsylvania Valley Hills Ravenna, Ohio Valley Stream Mountaintop, Pennsylvania Valley View I Ephrata, Pennsylvania Valley View II Ephrata, Pennsylvania Valley View Honeybrook Honey Brook, Pennsylvania Voyager Estates West Newton, Pennsylvania Waterfalls Village Hamburg, New York Wayside Bellefontaine, Ohio Weatherly Estates Lebanon, Tennessee Wellington Estates Export, Pennsylvania Woodland Manor West Monroe, New York Woodlawn Village Eatontown, New Jersey Woods Edge West Lafayette, Indiana Wood Valley Caledonia, Ohio Worthington Arms Lewis Center, Ohio Youngstown Estates Youngstown, New York Basis of Presentation and Principles of Consolidation The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. Use of Estimates In preparing the consolidated financial statements in accordance with 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. Investment Property and Equipment and Depreciation Property and equipment are carried at cost less accumulated depreciation. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that an other than temporary impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2018, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required. Acquisitions The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”) and allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. Marketable Securities Investments in marketable securities consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 15% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2018 and 2017, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $11,519,582 to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities are recorded in “Other Investment Income (Loss), net” on our Consolidated Statements of Income (Loss). See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. Inventory of Manufactured Homes Inventory of manufactured homes is valued at the lower of cost or net realizable value and is determined by the specific identification method. All inventory is considered finished goods. Accounts and Notes Receivables The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2018 and 2017 was $29,773,009 and $24,066,567, respectively. At December 31, 2018 and 2017, the reserves for uncollectible accounts, notes and other receivables were $1,088,137 and $1,206,767, respectively. For the years ended December 31, 2018, 2017 and 2016, the provisions for uncollectible notes and other receivables were $1,231,112, $1,273,535 and $909,397, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2018, 2017 and 2016 amounted to $1,349,742, $1,205,050 and $811,530, respectively. The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 8.3% and the average maturity is approximately 5 years. Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis over the term of the related obligations, and included as a component of interest expense. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2018 and 2017, accumulated amortization amounted to $4,372,307 and $3,746,862, respectively. The Company estimates that aggregate amortization expense will be approximately $706,000 for 2019, $649,000 for 2020, $726,000 for 2021, $489,000 for 2022 and $400,000 for 2023. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2018 and 2017, these agreements have expired and the Company no longer had any interest rate swap agreements in effect. Revenue Recognition The Company derives its income primarily from the rental of manufactured homesites. The Company also owns approximately 6,500 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (36,871,322, 32,675,650 and 27,808,895 in 2018, 2017 and 2016, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2018, 2017 and 2016, employee stock options to purchase 2,252,600, 1,778,100 and 1,760,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. Stock Compensation Plan The Company accounts for awards of stock, stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,613,110, $1,314,491 and $1,064,678 have been recognized in 2018, 2017 and 2016, respectively. During 2018, 2017 and 2016, compensation costs included a one-time charge of $209,617, $200,907 and $312,400, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2018. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2018, the tax years 2015 through and including 2018 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on marketable securities through December 31, 2017 and the change in the fair value of derivatives. Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. Recently Adopted Accounting Pronouncements Adopted 2018 In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017-09 clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under FASB Accounting Standards Codification Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 is eliminated. As such, sales and partial sales of real estate assets is now subject to the same derecognition model as all other nonfinancial assets. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018. The Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheets. Previously, changes in restricted cash are reported on the Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity. The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown: 12/31/18 12/31/17 12/31/16 Cash and Cash Equivalents $ 7,433,470 $ 23,242,090 $ 4,216,592 Restricted Cash 5,343,941 4,649,159 5,132,897 Cash, Cash Equivalents And Restricted Cash $ 12,777,411 $ 27,891,249 $ 9,349,489 In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. The Company adopted this standard effective January 1, 2018. The Company previously classified its marketable securities as available-for-sale and carried at fair value with unrealized holding gains and losses excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) was reflected in the Company’s Comprehensive Income (Loss). As a result of adoption, these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses is now recognized through net income. As of January 1, 2018, unrealized net holding gains of $11,519,582 were reclassed to beginning undistributed income (accumulated deficit) to recognize the unrealized gains previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. For the year ended December 31, 2018, the Company recorded a $51,675,396 decrease in the fair value of these marketable securities, which is included in “Other Investment Income (Loss), net” on our Consolidated Statements of Income (Loss). In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018. For transactions in the scope of ASU 2014-09, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. The adoption of ASU 2014-09 did not result in any change to our accounting policies for revenue recognition. Accordingly, retrospective application to prior periods or a cumulative catch-up adjustment was unnecessary. Our primary source of revenue is generated from lease agreements for our sites and homes. Resident leases are generally for one-year or month-to-month terms, and are renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. The lease component of these agreements is accounted for under ASC 840 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 840. Prior to the adoption of ASC 606, sales of manufactured homes was recognized under ASC 605 “Revenue Recognition” since these homes are not permanent fixtures or improvements to the underlying real estate. In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Dividend income and gain on sales of marketable securities, net are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party, service and marketing agreements with cable providers, and in 2017 included an upfront oil and gas bonus payment. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. As of December 31, 2018 and 2017, the Company had notes receivable of $29,773,009 and $24,066,567, respectively. Notes receivables are presented as a component of Notes and Other Receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. Due to the nature of our revenue from contacts with customers, we do not have material contract assets or liabilities that fall under the sc

Investment Property and Equipme

Investment Property and Equipment	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Investment Property and Equipment	NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions in 2018 On May 30, 2018, the Company acquired two manufactured home communities, Camelot Village and Redbud Estates, located in Anderson, Indiana, for approximately $20,500,000. These all-age communities contain a total of 669 developed homesites that are situated on approximately 231 total acres. At the date of acquisition, the average occupancy for these communities was approximately 91%. In conjunction with this acquisition, the Company drew down $20 million on its unsecured line of credit. On July 13, 2018, the Company obtained a 10-year, $13,442,000 mortgage on these properties with an interest rate of 4.27% and a 30-year amortization (see Note 5). On August 31, 2018, the Company acquired Summit Village, a manufactured home community located in Marion, Indiana, for approximately $3,500,000. This all-age community contains a total of 134 developed homesites that are situated on approximately 58 total acres. At the date of acquisition, the occupancy for this community was approximately 60%. This acquisition was funded by a drawdown from the Company’s margin line. On November 30, 2018, the Company acquired Pikewood Manor, a manufactured home community located in Elyria, Indiana, for approximately $23,000,000. This all-age community contains a total of 488 developed homesites that are situated on approximately 117 total acres. At the date of acquisition, the average occupancy for this community was approximately 67%. In conjunction with this acquisition, the Company obtained a 10-year, $14,750,000 mortgage with an interest rate of 5.0% and a 25-year amortization (see Note 5). On December 19, 2018, the Company acquired two manufactured home communities, Perrysburg Estates and Meadows of Perrysburg, located in Perrysburg, Ohio, for approximately $12,093,000. These all-age communities contain a total of 324 developed homesites that are situated on approximately 88 total acres. At the date of acquisition, the average occupancy for these communities was approximately 79%. In conjunction with this acquisition, the Company assumed two mortgages of approximately $4,624,000 on these properties (see Note 5). Acquisitions in 2017 On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio, for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%. On January 20, 2017, the Company also acquired two manufactured home communities located in Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites, and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a 10-year, $14,250,000 mortgage with an interest rate of 4.56% and a 30-year amortization (See Note 5). On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Pennsylvania, for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the occupancy for this community was approximately 40%. On May 31, 2017, the Company acquired Cinnamon Woods, a manufactured home community located in Maryland, for $4,000,000. This age restricted community contains a total of 63 developed homesites that are situated on approximately 79 total acres, of which approximately 61 acres are available for expansion. At the date of acquisition, the occupancy for this community was approximately 92%. On December 22, 2017, the Company acquired five communities located in Pennsylvania for approximately $22,780,000. This acquisition consists of three all-age communities and two age-restricted communities containing a total of 643 developed homesites. These communities are situated on approximately 141 acres. At the date of acquisition, the average occupancy for these communities was approximately 72%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $2,418,000. The interest rate on this mortgage is fixed at 6.35%. This mortgage matures on January 1, 2023 (See Note 5). The Company has evaluated these acquisitions and has determined that they should be accounted for as acquisitions of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $829,000, to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation for the assets acquired for the years ended December 31, 2018 and 2017, respectively: 2018 Acquisitions 2017 Acquisitions Assets Acquired: Land $ 6,463,100 $ 13,601,000 Depreciable Property 53,206,300 46,416,000 Notes Receivable and Other 835,400 4,070,000 Total Assets Acquired $ 60,504,800 $ 64,087,000 Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2018 and 2017, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2018 and 2017, are as follows: 2018 Acquisitions 2017 Acquisitions 2018 2018 2017 Total Income $ 1,634,307 $ 8,618,471 $ 4,732,307 Community NOI * $ 932,017 $ 4,572,510 $ 2,398,652 Net Income (Loss) $ (311,227 ) $ 394,179 $ 211,468 *Community NOI is defined as rental and related income less community operating expenses. See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions. Accumulated Depreciation The following is a summary of accumulated depreciation by major classes of assets: December 31, 2018 December 31, 2017 Site and Land Improvements $ 132,121,312 $ 114,617,282 Buildings and Improvements 6,689,648 5,779,146 Rental Homes and Accessories 44,337,715 33,621,420 Equipment and Vehicles 14,059,688 12,426,664 Total Accumulated Depreciation $ 197,208,363 $ 166,444,512 Other Many oil and gas companies compete for the opportunity to acquire sub surface mineral rights, including oil and gas. Successful bidders pay an upfront purchase price (“bonus payment”). In May 2017, the Company received a bonus payment of $251,680 for the right to allow a company to extract oil and gas at one of its communities. The bonus payment is not refundable and the Company has no further obligations related to it. Therefore, this bonus payment received by the Company is considered earned by the Company and has been recorded as Other Income in the accompanying Consolidated Statements of Income (Loss). In addition to this upfront bonus payment, the Company entered into an agreement (“Lease”) whereby the oil and gas company may remove the oil and gas from the property, provided that it pays the Company an 18% royalty fee based on the amount of the oil and gas removed. The term of the Lease is for five years.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities primarily consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest. 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 and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. The following is a listing of marketable securities at December 31, 2018: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 21,160 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 599,641 Cedar Realty Trust, Inc. B 7.250 % 8,111 188,005 187,023 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 379,600 Colony Capital Inc. I 7.150 % 20,000 500,000 369,000 Investors Real Estate Trust C 6.625 % 20,000 500,000 461,684 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 654,400 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 310,800 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 123,750 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 292,500 Total Preferred Stock 5,155,533 3,399,558 Common Stock: CBL & Associates Properties, Inc. 1,600,000 16,692,139 3,072,000 Franklin Street Properties Corporation 220,000 2,219,219 1,370,600 Government Properties Income Trust 2,246,000 36,418,264 15,430,020 Industrial Logistics Properties Trust 502,258 9,951,185 9,879,415 Kimco Realty Corporation 910,000 17,052,180 13,331,500 Monmouth Real Estate Investment Corporation (1) 2,446,054 22,292,408 30,331,065 Pennsylvania Real Estate Investment Trust 210,000 2,226,089 1,247,400 Senior Housing Properties Trust 170,911 2,919,572 2,003,078 Tanger Factory Outlet 180,000 4,228,627 3,639,600 Urstadt Biddle Properties, Inc. 100,000 2,048,516 1,922,000 Vereit, Inc. 1,410,000 12,058,590 10,081,500 Washington Prime Group 800,000 6,489,228 3,888,000 Total Common Stock 134,596,017 96,196,178 Total Marketable Securities $ 139,751,550 $ 99,595,736 (1) Related entity – See Note 8. The following is a listing of marketable securities at December 31, 2017: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 43,720 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,383,064 Cedar Realty Trust, Inc. B 7.250 % 18,269 422,544 458,755 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 500,800 Colony Northstar, Inc. I 7.150 % 20,000 500,000 503,600 Investors Real Estate Trust C 6.625 % 20,000 500,000 520,308 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,007,200 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 502,200 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 131,000 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 326,875 Total Preferred Stock 5,390,072 5,377,522 Common Stock: CBL & Associates Properties, Inc. 1,500,000 16,157,749 8,490,000 Franklin Street Properties Corporation 150,000 1,659,118 1,611,000 Government Properties Income Trust 1,020,000 19,430,983 18,910,800 Kimco Realty Corporation 750,000 14,475,908 13,612,500 Monmouth Real Estate Investment Corporation (1) 2,335,930 20,698,562 41,579,558 Pennsylvania Real Estate Investment Trust 150,000 1,602,636 1,783,500 Select Income Real Estate Investment Trust 775,000 18,649,691 19,475,750 Senior Housing Properties Trust 160,911 2,739,069 3,081,446 Tanger Factory Outlet 120,000 2,941,621 3,181,200 Urstadt Biddle Properties, Inc. 100,000 2,048,516 2,174,000 Vereit, Inc. 1,300,000 11,253,514 10,127,000 Washington Prime Group 500,000 4,397,255 3,560,000 Total Common Stock 116,054,622 127,586,754 Total Marketable Securities $ 121,444,694 $ 132,964,276 (1) Related entity – See Note 8. On January 1, 2018, the Company adopted ASU 2016-01, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $11,519,582 to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities is recorded in “Other Investment Income (Loss), net” on our Consolidated Statements of Income (Loss). The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2018, 2017 and 2016, the securities portfolio had net unrealized holding gains (losses) of $(40,155,814), $11,519,582 and $16,717,171, respectively. During the years ended December 31, 2018, 2017 and 2016, the Company received proceeds of $268,675, $17,416,146 and $14,831,737, on sales or redemptions of marketable securities, respectively. The Company recorded the following Gain (Loss) on Sale of Securities, net: 2018 2017 2016 Gross realized gains $ 20,107 $ 1,749,034 $ 2,287,454 Gross realized losses -0- (1,506 ) (2,153 ) Total Gain on Sales of Marketable Securities, net $ 20,107 $ 1,747,528 $ 2,285,301 The Company had margin loan balances of $31,975,086 and $37,157,467 at December 31, 2018 and 2017, respectively, which were collateralized by the Company’s securities portfolio.

Loans and Mortgages Payable

Loans and Mortgages Payable	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Loans and Mortgages Payable	NOTE 5 – LOANS AND MORTGAGES PAYABLE Loans Payable The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2018 and 2017 was 2.75% and 2.0%, respectively. These margin loans are due on demand. At December 31, 2018 and 2017, the margin loans amounted to $31,975,086 and $37,157,467, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times. The Company has revolving credit agreements totaling $28,500,000 with 21 st st In June 2017, the Company entered into an amended and restated revolving line of credit with OceanFirst Bank (“OceanFirst Line”), secured by the Company’s eligible notes receivable. The maximum availability on the OceanFirst Line is $10 million. Interest was reduced from prime plus 50 basis points to prime plus 25 basis points. The new maturity date is June 1, 2020. As of December 31, 2018 and 2017, the amount outstanding on this revolving line of credit was $4 million, and the interest rate was 5.50% and 4.75%, respectively. The Company has an agreement with 21 st The Company has a $4,000,000 loan from Two River Community Bank, secured by 1,000,000 shares of Monmouth Real Estate Investment Corporation common stock. This loan is at an interest rate of 4.625%, with interest only payments through October 2017, and matures on October 30, 2019. The amount outstanding on this loan was $3,779,477 and $3,969,329 as of December 31, 2018 and 2017, respectively. The Company also has $2,361,066 in automotive loans with a weighted average interest rate of 4.43%. Unsecured Line of Credit On November 29, 2018, UMH Properties, Inc. (“UMH” or the “Company”) entered into a First Amendment to Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent. The Amendment provides for an increase from $50 million in available borrowings to $75 million in available borrowings with a $50 million accordion feature, bringing the total potential availability up to $125 million, subject to certain conditions including obtaining commitments from additional lenders. The Amendment also extends the maturity date of the Facility from March 27, 2020 to November 29, 2022, with a one-year extension available at the Company’s option, subject to certain conditions including payment of an extension fee. Availability under the Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. Interest rates on borrowings are based on the Company’s overall leverage ratio and decreased from LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, at the Company’s option, to LIBOR plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%. Based on the Company’s current leverage ratio, borrowings under the Facility will bear interest at LIBOR plus 1.60% or at BMO’s prime lending rate plus 0.60%. As of December 31, 2018 and 2017, the amount outstanding under this Facility was $50 million and $35 million, respectively. The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows: Year Ended December 31, 2019 $ 19,767,278 2020 4,215,285 2021 378,318 2022 51,130,884 2023 568,692 Thereafter 32,357,022 Total Loans Payable 108,417,479 Unamortized Debt Issuance Costs (432,126 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 107,985,353 Mortgages Payable Mortgages Payable represents the principal amounts outstanding, net of unamortized debt issuance costs. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.5%. The weighted average interest rate was 4.3% as of December 31, 2018 and December 31, 2017, respectively, including the effect of unamortized debt issuance costs. The weighted average interest rate as of December 31, 2018 was 4.3%, compared to 4.2% as of December 31, 2017, not including the effect of unamortized debt issuance costs. The weighted average loan maturity of the Mortgage Notes Payable was 6.3 years at December 31, 2018 and 6.9 years at December 31, 2017. The following is a summary of mortgages payable at December 31, 2018 and 2017: At December 31, 2018 Balance at December 31, Property Due Date Interest Rate 2018 2017 Allentown 10/01/25 4.06 % $ 13,133,031 $ 13,390,559 Brookview Village 04/01/25 3.92 % 2,722,314 2,778,698 Candlewick Court 09/01/25 4.10 % 4,383,031 4,468,826 Catalina 08/19/25 4.20 % 5,318,941 5,533,771 Cedarcrest Village 04/01/25 3.71 % 11,772,098 12,024,840 Clinton Mobile Home Resort 10/01/25 4.06 % 3,446,832 3,514,421 Cranberry Village 04/01/25 3.92 % 7,466,333 7,620,974 D & R Village 03/01/25 3.85 % 7,526,804 7,685,346 Fairview Manor 11/01/26 3.85 % 15,710,739 16,010,749 Forest Park Village 09/01/25 4.10 % 8,172,870 8,332,848 Hayden Heights 04/01/25 3.92 % 2,051,518 2,094,009 Heather Highlands 08/28/18 Prime + 1.0 % -0- 16,606 Highland Estates 06/01/27 4.12 % 16,353,252 16,640,165 Holiday Village 09/01/25 4.10 % 7,777,408 7,929,646 Holiday Village- IN 11/01/25 3.96 % 8,349,008 8,514,837 Holly Acres Estates 10/05/21 6.50 % 2,157,664 2,194,312 Kinnebrook Village 04/01/25 3.92 % 3,966,082 4,048,226 Lake Sherman Village 09/01/25 4.10 % 5,404,640 5,510,432 Meadows of Perrysburg 10/06/23 5.413 % 3,002,368 -0- Olmsted Falls 04/01/25 3.98 % 2,051,221 2,093,269 Oxford Village 01/01/20 5.94 % 6,526,306 6,751,511 Perrysburg Estates 09/06/25 4.98 % 1,615,470 -0- Pikewood Manor 11/29/28 5.00 % 14,722,561 -0- Shady Hills 04/01/25 3.92 % 4,891,221 4,992,527 Somerset Estates and Whispering Pines 02/26/19 4.89 % 31,555 217,770 Springfield Meadows 10/06/25 4.83 % 3,088,505 3,141,199 Suburban Estates 10/01/25 4.06 % 5,475,710 5,583,084 Sunny Acres 10/01/25 4.06 % 6,095,121 6,214,642 Southwind Village 01/01/20 5.94 % 5,213,023 5,392,911 Trailmont 04/01/25 3.92 % 3,260,814 3,328,351 Twin Oaks 12/01/19 5.75 % 2,333,022 2,415,894 Valley Hills 06/01/26 4.32 % 3,348,290 3,408,438 Waterfalls 06/01/26 4.38 % 4,558,525 4,639,515 Weatherly Estates 04/01/25 3.92 % 7,956,386 8,121,177 Wellington Estates 01/01/23 6.35 % 2,367,059 2,414,621 Woods Edge 01/07/26 4.30 % 6,476,902 6,728,792 Worthington Arms 09/01/25 4.10 % 9,163,406 9,342,775 Various (2 properties) 02/01/27 4.56 % 13,821,208 14,049,088 Various (2 properties) 08/01/28 4.27 % 13,353,881 -0- Various (4 properties) 07/01/23 4.975 % 7,926,365 8,079,960 Various (5 properties) 01/01/22 4.25 % 13,412,679 13,749,838 Various (5 properties) 12/06/22 4.75 % 7,007,404 7,154,380 Various (6 properties) 08/01/27 4.18 % 13,068,415 13,296,207 Various (13 properties) 03/01/23 4.065 % 47,931,443 49,035,572 Total Mortgages Payable 334,411,425 308,460,786 Unamortized Debt Issuance Costs (3,318,362 ) (3,565,669 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 331,093,063 $ 304,895,117 At December 31, 2018 and 2017, mortgages were collateralized by real property with a carrying value of $614,306,362 and $538,249,737, respectively, before accumulated depreciation and amortization. Interest costs amounting to $1,036,307, $500,859 and $359,906 were capitalized during 2018, 2017 and 2016, respectively, in connection with the Company’s expansion program. Recent Transactions During the year ended December 31, 2018 On July 13, 2018, the Company obtained a $13,442,000 Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage through Wells Fargo Bank, N.A. (“Wells Fargo”) on Camelot Village and Redbud Estates. This mortgage is at a fixed rate of 4.27% and matures on August 1, 2028. Principal repayments are based on a 30-year amortization schedule. On November 30, 2018, the Company obtained a $14,750,000 mortgage on Pikewood Manor from OceanFirst Bank. This mortgage is at a fixed rate of 5.0% and matures on November 29, 2028. The interest rate will be reset after five years to the weekly average yield on U.S. Treasury Securities plus 2.25%. Principal repayments are based on a 25-year amortization schedule. On December 18, 2018, the Company assumed a mortgage loan with a balance of approximately $3,000,000, in conjunction with its acquisition of Meadows of Perrysburg. The interest rate on this mortgage is fixed at 5.4125%. This mortgage matures on October 6, 2023. On December 18, 2018, the Company assumed a mortgage loan with a balance of approximately $1,600,000, in conjunction with its acquisition of Perrysburg Estates. The interest rate on this mortgage is fixed at 4.98%. This mortgage matures on September 6, 2025. During the year ended December 31, 2017 On January 20, 2017, the Company obtained a $14,250,000 Freddie Mac mortgage through Wells Fargo on Boardwalk and Parke Place in connection with the Company’s acquisition of these communities. This mortgage is at a fixed rate of 4.56% and matures on February 1, 2027. Principal repayments are based on a 30-year amortization schedule. On May 31, 2017, the Company obtained a $16,800,000 Freddie Mac mortgage through Wells Fargo on Highland Estates. This mortgage is at a fixed rate of 4.12% and matures on June 1, 2027. Principal repayments are based on a 30-year amortization schedule. Proceeds from this mortgage was used to repay the existing $9,000,000 mortgage with an interest rate of 6.175%. On August 28, 2017, the Company obtained a $13,370,000 mortgage loan on six communities from Sun National Bank. This mortgage is at a fixed rate of 4.18% and matures on August 1, 2027. Principal repayments are based on a 30-year amortization schedule. Proceeds from this mortgage was used to repay the existing $10,000,000 mortgage, secured by eleven communities with an interest rate of LIBOR plus 3%, which was fixed at 3.89% with an interest rate swap. On December 22, 2017, the Company assumed a mortgage loan with a balance of approximately $2,418,000, in conjunction with its acquisition of Wellington Estates. The interest rate on this mortgage is fixed at 6.35%. This mortgage matures on January 1, 2023. The aggregate principal payments of all mortgages payable are scheduled as follows: Year Ended December 31, 2019 $ 21,140,538 2020 7,307,273 2021 22,006,149 2022 13,894,653 2023 61,174,801 Thereafter 208,888,011 Total $ 334,411,425

Stock Compensation Plan

Stock Compensation Plan	12 Months Ended
	Dec. 31, 2018
Compensation Related Costs [Abstract]
Stock Compensation Plan	NOTE 6 – STOCK COMPENSATION PLAN On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3,000,000 shares of common stock. The 2013 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. On June 14, 2018, the shareholders approved and ratified an amendment and restatement (and renaming) of the Company’s Amended and Restated 2013 Incentive Award Plan (formerly 2013 Stock Option and Stock Award Plan). The amendment and restatement made two substantive changes: (1) provide an additional 2,000,000 common shares for future grant of option awards, restricted stock awards, or other stock-based awards; and (2) allow for the issuance of other stock-based awards. The Compensation Committee has the exclusive authority to administer and construe the 2013 Plan and shall determine, among other things: persons eligible for awards and who shall receive them; the terms and conditions of the awards; the time or times and conditions subject to which awards may become vested, deliverable, exercisable, or as to which any may apply, be accelerated or lapse; and amend or modify the terms and conditions of an award with the consent of the participant. Generally, the term of any stock option may not be more than 10 years from the date of grant. The option price may not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The Company accounts for 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). Stock Options During the year ended December 31, 2018, forty employees were granted options to purchase a total of 605,000 shares. During the year ended December 31, 2017, thirty-four employees were granted options to purchase a total of 576,000 shares. During the year ended December 31, 2016, thirty-four employees were granted options to purchase a total of 527,000 shares. The fair value of these options for the years ended December 31, 2018, 2017 and 2016 was approximately $1,243,000, $1,042,000 and $425,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $318,552 as of December 31, 2018, which will be expensed in 2019. The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows: ● The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. ● Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant. ● The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards. ● Expected life of the options granted is estimated based on historical data reflecting actual hold periods. ● Estimated forfeiture is based on historical data reflecting actual forfeitures. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years: 2018 2017 2016 Dividend yield 4.79 % 5.80 % 7.32 % Expected volatility 25.78 % 26.30 % 26.30 % Risk-free interest rate 2.74 % 2.37 % 1.49 % Expected lives 10 10 8 Estimated forfeitures -0- -0- -0- During the year ended December 31, 2018, options to eight employees to purchase a total of 128,500 shares were exercised. During the year ended December 31, 2017, options to twenty seven employees to purchase a total of 547,900 shares were exercised. During the year ended December 31, 2016, options to twenty employees to purchase a total of 277,500 shares were exercised. During the year ended December 31, 2018, options to one employee to purchase a total of 2,000 shares were forfeited. During the year ended December 31, 2017, options to one employee to purchase a total of 10,000 shares were forfeited. During the year ended December 31, 2016, options to one employee to purchase a total of 50,000 shares expired. A summary of the status of the Company’s stock option plans as of December 31, 2018, 2017 and 2016 and changes during the years then ended are as follows: 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,778,100 $ 11.60 1,760,000 $ 9.97 1,560,500 $ 9.92 Granted 605,000 13.26 576,000 14.96 527,000 9.77 Exercised (128,500 ) 10.78 (547,900 ) 9.92 (277,500 ) 8.96 Forfeited (2,000 ) 12.41 (10,000 ) 9.77 -0- -0- Expired -0- -0- -0- -0- (50,000 ) 11.97 Outstanding at end of year 2,252,600 12.09 1,778,100 11.60 1,760,000 9.97 Options exercisable at end of year 1,647,600 1,202,100 1,233,000 Weighted average fair value of options granted during the year $ 2.05 $ 1.81 $ 0.81 The following is a summary of stock options outstanding as of December 31, 2018: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 07/05/11 3 22,000 11.16 07/05/19 08/29/12 6 44,000 11.29 08/29/20 06/26/13 10 228,600 10.08 06/26/21 06/11/14 9 151,000 9.85 06/11/22 06/24/15 11 268,000 9.82 06/24/23 04/05/16 19 369,000 9.77 04/05/24 01/19/17 2 60,000 14.25 01/19/27 04/04/17 32 505,000 15.04 04/04/27 04/02/18 40 540,000 * 13.09 04/02/28 07/09/18 4 40,000 * 15.75 07/09/28 12/10/18 1 25,000 * 12.94 12/10/28 2,252,600 * Unexercisable The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2018, 2017 and 2016 was $2,047,176, $5,935,112 and $8,939,488, respectively, of which $2,047,176, $5,896,112 and $6,156,928 relate to options exercisable. The intrinsic value of options exercised in 2018, 2017 and 2016 was $509,770, $3,030,119 and $1,018,730, respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 7.9, 6.8 and 5.6 years as of December 31, 2018, 2017 and 2016, respectively. For the years ended December 31, 2018, 2017 and 2016, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $1,115,395, $928,977 and $463,864, respectively. Restricted Stock On April 2, 2018, the Company awarded a total of 45,000 shares of restricted stock to two participants, pursuant to their employment agreements. During 2018, the Company also awarded 2,000 shares of restricted stock to our ten directors as additional directors’ fees. On April 4, 2017, the Company awarded 45,000 shares of restricted stock to two participants. On September 27, 2017, the Company awarded 11,000 shares of restricted stock to our ten directors as additional directors’ fees. On April 5, 2016, the Company awarded 40,500 shares of restricted stock to two participants. On September 14, 2016, the Company awarded 20,000 shares of restricted stock to one participant. The grant date fair value of restricted stock grants awarded to participants was $616,200, $845,870 and $627,085 for the years ended December 31, 2018, 2017 and 2016, respectively. These grants primarily vest in equal installments over five years. As of December 31, 2018, there remained a total of $1,296,604 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.4 years. For the years ended December 31, 2018, 2017 and 2016, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $497,715, $385,514 and $600,814, respectively. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2018, 2017 and 2016, and changes during the year ended December 31, 2018, 2017 and 2016 are presented below: 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year 146,953 $ 11.98 133,315 $ 10.04 121,242 $ 9.83 Granted 47,000 13.11 56,000 15.10 60,500 10.37 Dividend Reinvested Shares 8,378 13.37 6,867 14.83 8,430 10.82 Forfeited -0- -0- -0- -0- (2,160 ) 9.83 Vested (41,827 ) 11.76 (49,229 ) 10.67 (54,697 ) 10.07 Non-vested at end of year 160,504 $ 12.44 146,953 $ 11.98 133,315 $ 10.04 Other Stock-Based Awards Effective June 20, 2018, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During 2018, 2,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $15.13 per share. As of December 31, 2018, there were 1,961,500 shares available for grant as stock options, restricted stock or other stock-based awards under the 2013 Plan.

401(k) Plan

401(k) Plan	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
401(k) Plan	NOTE 7 – 401(k) PLAN All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2018, 2017 and 2016, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $343,959, $330,020 and $245,057 in 2018, 2017 and 2016, respectively.

Related Party Transactions and

Related Party Transactions and Other Matters	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Other Matters	NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS Transactions with Monmouth Real Estate Investment Corporation There are five Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (“MREIC”). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2018, the Company owns a total of 2,446,054 shares of MREIC common stock, representing 2.6% of the total shares outstanding at December 31, 2018 (See Note 4). The Company shares 1 officer (Chairman of the Board) with MREIC. Employment Agreements and Compensation The Company has three year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew. The agreements provide for base compensation aggregating approximating $1.4 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control. Other Matters Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. On May 1, 2015, the Company renewed this lease for additional space and an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. On July 1, 2017, the Company entered into a lease for additional office space adjacent to its existing corporate office space requiring monthly lease payments of $1,275 through April 30, 2020 and $1,310 through April 30, 2022. On February 14, 2018, the Company entered into a lease for additional office space adjacent to its existing corporate office space requiring monthly lease payments of $1,800 through April 30, 2020 and $1,850 through April 30, 2022. Management believes that the aforesaid rents are no more than what the Company would pay for comparable space elsewhere.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Shareholders' Equity	NOTE 9 – SHAREHOLDERS’ EQUITY Common Stock The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company. Amounts received in connection with the DRIP for the years ended December 31, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Amounts Received $ 35,113,713 $ 60,365,190 $ 22,400,945 Less: Dividends Reinvested (5,075,547 ) (2,859,174 ) (2,388,552 ) Amounts Received, net $ 30,038,166 $ 57,506,016 $ 20,012,393 Number of Shares Issued 2,654,846 4,095,357 1,966,133 On June 5, 2017, the Company issued and sold 1,400,000 shares of its Common Stock in a registered direct placement at a sale price of $16.60 per share. The Company received net proceeds from the offering after expenses of approximately $22.5 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis. Preferred Stock 8.25% Series A Cumulative Redeemable Preferred Stock On August 31, 2017, the Company redeemed all 3,663,800 issued and outstanding shares of its 8.25% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series A Preferred Stock”) at a redemption price of $25.00 per share, totaling $91,595,000. Unpaid dividends on the Series A Preferred Stock accruing for the period from June 1, 2017 through the redemption date, totaling $1,889,147 (or $0.515625 per share) were paid on September 15, 2017 to holders of record as of the August 15, 2017 record date previously established by the Company’s Board of Directors and accordingly such dividends were not included in the redemption price. The Company recognized a deemed dividend of $3,502,000 on the Consolidated Statement of Income for the year ended December 31, 2017, which represents the difference between the redemption value and the carrying value net of original deferred issuance costs. 8.0% Series B Cumulative Redeemable Preferred Stock On October 20, 2015, the Company issued and sold 1,801,200 shares of its 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 of approximately $43 million, after deducting offering related expenses. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 at an annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. The first quarterly dividend payment date for the Series B Preferred Stock was payable March 15, 2016 and was for the dividend period from October 20, 2015 to February 29, 2016. A portion of the dividend to be paid on March 15, 2016, covering the period October 20, 2015 to December 31, 2016, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements for the year ended December 31, 2016. The Series B Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series B Preferred Stock is not redeemable prior to October 20, 2020. On and after October 20, 2020, the Series B Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held, unless the Company elects to redeem the Series B Preferred Stock. Holders of the Series B Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. 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. On April 5, 2016, the Company issued an additional 2,000,000 shares of its Series B Preferred Stock in a registered direct placement at a sale price of $25.50 per share, including accrued dividends. The Company received net proceeds from the offering after expenses of approximately $49.1 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis. In conjunction with the issuance of the Company’s Series B Preferred Stock, on April 4, 2016, the Company filed with the Maryland SDAT an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary 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 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock. On August 11, 2016, the Company filed with the Maryland SDAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 4,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 81,663,800 shares (classified as 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 85,663,800 shares (classified as 75,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Additionally, on June 2, 2017, the Company filed with the Maryland SDAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 10,000,000 shares 6.75% Series C Cumulative Redeemable Preferred Stock On July 26, 2017, the Company issued 5,000,000 shares of its new 6.75% Series C Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series C Preferred Stock”) at an offering price of $25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 5,000,000 shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $120,800,000. On August 2, 2017, the Company issued an additional 750,000 shares of Series C Preferred Stock pursuant to the underwriters’ exercise of their overallotment option and received additional net proceeds of approximately $18,200,000. The Company used a portion of the net proceeds from the sale of Series C Preferred Stock to redeem all of the 3,663,800 outstanding shares of our Series A Preferred Stock. The balance of the offering proceeds will be used for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of our existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. Dividends on the Series C Preferred shares are cumulative from July 26, 2017 at an annual rate of $1.6875 per share and will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The first quarterly dividend on the Series C Preferred was payable September 15, 2017 and amounted to $970,312 or $0.16875 per share for the dividend period from July 26, 2017 to August 31, 2017. The Series C Preferred Stock, par value $0.10 per share, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series C Preferred Stock is not redeemable prior to July 26, 2022. On and after July 26, 2022, the Series C Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series C Preferred Stock ranks on a parity with the Company’s Series B Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series C Preferred Stock were offered, each holder of the Series C Preferred Stock will have the right to convert all or part of the shares of the Series C Preferred Stock held into common stock of the Company, unless the Company elects to redeem the Series C Preferred Stock. Holders of the Series C Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for nine or more quarterly periods, whether or not consecutive, or with respect to certain specified events. In conjunction with the issuance of the Company’s Series C Preferred, the Company filed with the Maryland SDAT, an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 30,750,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 95,663,800 shares (classified as 85,000,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred and 3,000,000 shares of excess stock) to 126,413,800 shares (classified as 115,750,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred 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 C Preferred and reclassifying 5,750,000 shares of Common Stock as shares of Series C Preferred. After the reclassification, the Company’s authorized stock consisted of 110,000,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred, 5,750,000 shares of Series C Preferred and 3,000,000 shares of excess stock. Additionally, upon the redemption on August 31, 2017 of all 3,663,800 outstanding shares of the Series A Preferred, the authorized shares of Series A Preferred automatically converted to authorized Common Stock, which increased our authorized Common Stock to 113,663,800 shares. 6.375% Series D Cumulative Redeemable Preferred Stock On January 22, 2018, the Company issued 2,000,000 shares of its new 6.375% Series D Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 Per Share (“Series D Preferred”) at an offering price of $25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 2,000,000 shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $48.2 million and has used and plans to use the net proceeds of the offering for general corporate purposes, which includes the purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. Dividends on the Series D Preferred shares are cumulative from January 22, 2018 and are payable quarterly in arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share. On September 17, 2018, the Company paid $796,876 in dividends or $0.3984375 per share for the period from June 1, 2018 through August 31, 2018 to holders of record as of the close of business on August 15, 2018 of our Series D Preferred. Total dividends paid to our Series D Preferred shareholders for the nine months ended September 30, 2018 amounted to $1,947,918. The Series D Preferred, par value $0.10 per share, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series D Preferred is not redeemable prior to January 22, 2023. On and after January 22, 2023, the Series D Preferred will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series D Preferred shares rank on a parity with the Company’s Series B Preferred shares and the Company’s Series C Preferred shares with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series D Preferred were offered, each holder of the Series D Preferred will have the right to convert all or part of the shares of the Series D Preferred held into common stock of the Company, unless the Company elects to redeem the Series D Preferred. Holders of the Series D Preferred generally have no voting rights, except if the Company fails to pay dividends for nine or more quarterly periods, whether or not consecutive, or with respect to certain specified events. In conjunction with the issuance of the Company’s Series D Preferred, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series D Preferred shares and reclassifying 2,300,000 shares of Common Stock as shares of Series D Preferred. After the reclassification, the Company’s authorized stock consists of 111,363,800 shares of Common Stock, 4,000,000 shares of Series B Preferred, 5,750,000 shares of Series C Preferred, 2,300,000 shares of Series D Preferred and 3,000,000 shares of excess stock. Issuer Purchases of Equity Securities On January 15, 2019, the Board of Directors reaffirmed its Share Repurchase Program (the “Repurchase Program”) that authorizes the Company to purchase up to $25,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. There have been no purchases under the Repurchase Program to date.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2018
Distributions [Abstract]
Distributions	NOTE 10 – DISTRIBUTIONS Common Stock The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 6,492,774 $ 0.18 $ 5,416,827 $ 0.18 $ 4,879,009 $ 0.18 June 30 6,600,506 0.18 5,700,036 0.18 4,903,286 0.18 September 30 6,693,069 0.18 6,188,961 0.18 5,031,818 0.18 December 31 6,824,288 0.18 6,333,573 0.18 5,204,709 0.18 $ 26,610,637 $ 0.72 $ 23,639,397 $ 0.72 $ 20,018,822 $ 0.72 These amounts do not include the discount on shares purchased through the Company’s DRIP. On January 15, 2019, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2019 to shareholders of record as of the close of business on February 15, 2019. Preferred Stock The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,889,147 $ 0.515625 4/3/2017 5/15/2017 6/15/2017 1,889,147 0.515625 7/3/2017 8/15/2017 9/15/2017 1,889,147 0.515625 $ 5,667,441 $ 1.546875 1/15/2016 2/16/2016 3/15/2016 $ 1,889,147 $ 0.515625 4/4/2016 5/16/2016 6/15/2016 1,889,147 0.515625 7/1/2016 8/15/2016 9/15/2016 1,889,147 0.515625 10/3/2016 11/17/2016 12/15/2016 1,889,147 0.515625 $ 7,556,588 $ 2.0625 The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2018, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 1,900,600 $ 0.50 4/1/2018 5/15/2018 6/15/2018 1,900,600 0.50 7/1/2018 8/15/2018 9/17/2018 1,900,600 0.50 10/1/2018 11/15/2018 12/17/2018 1,900,600 0.50 $ 7,602,400 $ 2.00 1/19/2017 2/15/2017 3/15/2017 $ 1,900,600 $ 0.50 4/3/2017 5/15/2017 6/15/2017 1,900,600 0.50 7/3/2017 8/15/2017 9/15/2017 1,900,600 0.50 10/2/2017 11/15/2017 12/15/2017 1,900,600 0.50 $ 7,602,400 $ 2.00 1/15/2016 2/16/2016 3/15/2016 $ 1,305,257 $ 0.72466 4/4/2016 5/16/2016 6/15/2016 1,900,600 0.50 7/1/2016 8/15/2016 9/15/2016 1,900,600 0.50 10/3/2016 11/17/2016 12/15/2016 1,900,600 0.50 $ 7,007,057 $ 2.22466 On January 15, 2019, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2018 through February 28, 2019, on the Company’s Series B Preferred Stock payable March 15, 2019 to shareholders of record as of the close of business on February 15, 2019. The following dividends were paid to holders of our Series C Preferred Stock during the year ended December 31, 2018 and 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 2,425,781 $ 0.421875 4/1/2018 5/15/2018 6/15/2018 2,425,781 0.421875 7/1/2018 8/15/2018 9/17/2018 2,425,781 0.421875 10/1/2018 11/15/2018 12/17/2018 2,425,781 0.421875 $ 9,703,124 $ 1.68750 7/3/2017 8/15/2017 9/15/2017 $ 970,313 $ 0.168750 10/2/2017 11/15/2017 12/15/2017 2,425,781 0.421875 $ 3,396,094 $ 0.590625 On January 15, 2019, the Board of Directors declared a quarterly dividend of $0.421875 per share for the period from December 1, 2018 through February 28, 2019, on the Company’s Series C Preferred Stock payable March 15, 2019 to shareholders of record as of the close of business on February 15, 2019. The following dividends were paid to holders of our Series D Preferred Stock during the year ended December 31, 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 354,166 $ 0.1770830 4/1/2018 5/15/2018 6/15/2018 796,876 0.3984375 7/1/2018 8/15/2018 9/17/2018 796,876 0.3984375 10/1/2018 11/15/2018 12/17/2018 796,876 0.3984375 $ 2,744,794 $ 1.372397 On January 15, 2019, the Board of Directors declared a quarterly dividend of $0.3984375 per share for the period from December 1, 2018 through February 28, 2019, on the Company’s Series D Preferred Stock payable March 15, 2019 to shareholders of record as of the close of business on February 15, 2019.

Federal Income Taxes

Federal Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal Income Taxes	NOTE 11 – FEDERAL INCOME TAXES Characterization of Distributions The following table characterizes the distributions paid per common share for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.00000 0.00 % $ 0.00000 0.00 % $ 0.09549 13.26 % Capital gains 0.00000 0.00 % 0.00000 0.00 % 0.01425 1.98 % Return of capital 0.72000 100.00 % 0.72000 100.00 % 0.61026 84.76 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 % For the year ended December 31, 2017, total distributions paid by the Company for its Series A Preferred Stock, amounted to $5,667,441 or $1.546875 per share (for income tax purposes, $0.494148 characterized as ordinary income, $0.138204 characterized as capital gains and $0.914523 characterized as return of capital). For the year ended December 31, 2016, total distributions paid by the Company for its Series A Preferred Stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2018, total distributions paid by the Company for its Series B preferred stock, amounted to $7,602,400 or $2.00 per share (for income tax purposes, $1.288868 characterized as ordinary income and $0.711132 characterized as return of capital). For the year ended December 31, 2017, total distributions paid by the Company for its Series B preferred stock, amounted to $7,602,400 or $2.00 per share (for income tax purposes, $0.638896 characterized as ordinary income, $0.178688 characterized as capital gains and $1.182416 characterized as return of capital). For the year ended December 31, 2018, total distributions paid by the Company for its Series C preferred stock, amounted to $9,703,124 or $1.68750 per share (for income tax purposes, $1.087484 characterized as ordinary income and $0.600016 characterized as return of capital). For the year ended December 31, 2017, total distributions paid by the Company for its Series C preferred stock, amounted to $3,396,094 or $0.590625 per share (for income tax purposes, $0.188674 characterized as ordinary income, $0.052769 characterized as capital gains and $0.349182 characterized as return of capital). For the year ended December 31, 2018, total distributions paid by the Company for its Series D preferred stock, amounted to $2,744,794 or $1.372397 per share (for income tax purposes, $0.884419 characterized as ordinary income and $0.487978 characterized as return of capital). In addition to the above, taxable income from non-REIT activities conducted by S&F, a Taxable REIT Subsidiary (“TRS”), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2018, 2017 and 2016, S&F had operating losses for financial reporting purposes of $1,203,926, $2,066,587 and $2,307,104, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2018, 2017 and 2016, S&F recorded $8,000, $0 and $5,000, respectively, in federal, state and franchise taxes.

Commitments, Contingencies and

Commitments, Contingencies and Legal Matters	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Legal Matters	NOTE 12 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company. The Company entered into a contract to purchase two communities for a purchase price of approximately $45,287,000. This acquisition is expected to close in the second or third quarter of 2019. Included in the Company’s Community Operating Expenses for the year ended December 31, 2016 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is redeveloping this community and completed Phase I in 2017. Once fully developed, the community will contain a total of 144 developed homesites. In November 2013, the Company entered into an agreement with 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 each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2018, the total loan balance was approximately $2.9 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, 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 December 31, 2018, the total loan balance was approximately $3.1 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing. S&F entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. Neither the Company, nor S&F, receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If a loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad, assigned to S&F and then assigned by S&F to the Company. Included in Notes and Other Receivables is approximately $16,365,000 of loans that the Company acquired under the COP Program as of December 31, 2018.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 13 - FAIR VALUE MEASUREMENTS The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2018 and 2017: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018: Equity Securities - Preferred Stock $ 3,399,558 $ 3,399,558 $ -0- $ -0- Equity Securities - Common Stock 96,196,178 96,196,178 -0- -0- Total $ 99,595,736 $ 99,595,736 $ -0- $ -0- December 31, 2017: Equity Securities - Preferred Stock $ 5,377,522 $ 5,377,522 $ -0- $ -0- Equity Securities - Common Stock 127,586,754 127,586,754 -0- -0- Total $ 132,964,276 $ 132,964,276 $ -0- $ -0- In addition to the Company’s investment in Marketable Securities at Fair Value, the Company is required to disclose certain information about 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 marketable securities have quoted market prices. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates. The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of marketable securities is primarily based upon quoted market values. The fair value of variable rate mortgages payable and loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted average current market rate of interest. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2018, the fair and carrying value of fixed rate mortgages payable amounted to $332,130,838 and $334,411,425, respectively. As of December 31, 2017, the fair and carrying value of fixed rate mortgages payable amounted to $303,741,677 and $308,444,180, respectively. Prior to 2017, if the Company acquired a property that was considered an acquisition of a business, the Company was required to fair value all of the acquired assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fell within level 3 of the fair value hierarchy.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 14 – SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the years ended December 31, 2018, 2017 and 2016 was $16,439,700, $15,656,251 and $15,058,016, respectively. During the years ended December 31, 2018 and 2017, the Company assumed mortgages totaling $4,624,300 and $2,418,198, respectively for the acquisition of communities. During the years ended December 31, 2018, 2017 and 2016, land development costs of $10,107,951, $7,832,450 and $170,925, respectively were transferred to investment property and equipment and placed in service. During the years ended December 31, 2018, 2017 and 2016, the Company had dividend reinvestments of $5,075,547, $2,859,174 and $2,388,552, respectively which required no cash transfers.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – 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)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Proforma Financial Information (Unaudited)	NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the 2018 and 2017 acquisitions that have closed. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during 2018 and 2017 assuming that the acquisitions had occurred as of January 1, 2017, after giving effect to certain adjustments including (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions and (d) depreciation expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future. For the years ended December 31, 2018 2017 Rental and Related Income $ 118,499,000 $ 111,003,000 Community Operating Expenses 54,216,000 51,149,000 Net Loss Attributable to Common Shareholders (56,890,000 ) (8,362,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (1.54 ) (0.26 )

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED 2018 March 31 June 30 September 30 December 31 Total Income $ 29,795,964 $ 32,098,550 $ 33,447,114 $ 34,245,065 Total Expenses 25,492,249 27,761,189 28,436,258 29,319,854 Other Income (Expense) (26,496,347 ) 15,799,550 (11,332,720 ) (32,632,068 ) Net Income (Loss) from continuing operations (22,208,337 ) 20,071,984 (6,349,343 ) (27,729,875 ) Net Income (Loss) Attributable To Common Shareholders (27,154,510 ) 14,948,727 (11,472,600 ) (32,943,132 ) Net Income (Loss) Attributable to Common Shareholders per Share – Basic and Diluted (0.76 ) 0.41 (0.31 ) (0.87 ) 2017 March 31 June 30 September 30 December 31 Total Income $ 26,448,549 $ 28,817,848 $ 28,684,937 $ 28,696,585 Total Expenses 22,485,487 24,858,243 24,704,729 24,567,878 Other Income (Expense) (1,653,136 ) (383,472 ) (699,309 ) (546,701 ) Net Income from continuing operations 2,285,546 3,589,871 3,262,001 3,530,616 Net Loss Attributable to Common Shareholders (1,504,201 ) (199,876 ) (5,179,423 ) (795,765 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.01 ) (0.15 ) (0.03 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 Column A Column B Column C Column D Description Initial Cost Site, Land & Building Improvements Capitalization Name Location Encumbrances Land and Rental Homes Subsequent to Acquisition Allentown Memphis, TN $ 13,133,031 $ 250,000 $ 2,569,101 $ 10,831,942 Arbor Estates Doylestown, PA (1) 2,650,000 8,266,000 1,602,825 Auburn Estates Orrville, OH (4) 114,000 1,174,000 543,446 Birchwood Farms Birch Run, MI (1) 70,000 2,797,000 3,391,201 Boardwalk Elkhart, IN 13,821,208 (6) 1,796,000 4,767,792 (52,763 ) Broadmore Estates Goshen, IN 47,931,444 (1) 1,120,000 11,136,000 9,666,155 Brookside Berwick, PA (3) 372,000 4,776,000 2,359,676 Brookview Greenfield Ctr, NY 2,722,314 37,500 232,547 7,917,752 Camelot Village Anderson, IN (7) 824,000 2,479,800 306,825 Candlewick Court Owosso, MI 4,383,031 159,200 7,087,221 3,844,480 Carsons Chambersburg, PA -0- 176,000 2,411,000 1,243,813 Catalina Middletown, OH 5,318,941 1,008,000 11,734,640 4,484,348 Cedarcrest Village Vineland, NJ 11,772,098 320,000 1,866,323 2,779,464 Chambersburg Chambersburg, PA -0- 108,000 2,397,000 632,313 Chelsea Sayre, PA (2) 124,000 2,049,000 1,522,493 Cinnamon Woods Conowingo, MD -0- 1,884,000 2,116,000 237,063 City View Lewistown, PA -0- 137,000 613,000 1,380,464 Clinton Tiffin, OH 3,446,832 142,000 3,301,800 335,425 Collingwood Horseheads, NY -0- 196,000 2,317,500 1,657,063 Colonial Heights Wintersville, OH (1) 67,000 2,383,000 4,593,810 Countryside Estates Muncie, IN -0- 174,000 1,926,000 3,987,985 Countryside Estates Ravenna, OH -0- 205,000 2,895,997 4,636,557 Countryside Village Columbia, TN -0- 394,000 6,916,500 8,944,748 Cranberry Cranberry Twp, PA 7,466,333 181,930 1,922,931 4,174,783 Crestview Athens, PA -0- 188,000 2,258,000 1,882,996 Cross Keys Duncansville, PA -0- 60,774 378,093 3,924,145 Crossroads Village Mount Pleasant, PA -0- 183,000 1,403,400 67,848 D&R Clifton Park, NY 7,526,804 391,724 704,021 3,270,304 Dallas Mobile Home Toronto,OH -0- 275,600 2,728,503 1,876,192 Deer Meadows New Springfield,OH -0- 226,000 2,299,275 2,566,163 Evergreen Estates Lodi,OH -0- 99,000 1,121,300 466,101 Evergreen Manor Bedford, OH -0- 49,000 2,372,258 1,108,091 Evergreen Village Mantua, OH -0- 105,000 1,277,001 903,348 Fairview Manor Millville, NJ 15,710,739 216,000 1,166,517 9,993,787 Forest Creek Elkhart, IN (1) 440,000 7,004,000 1,781,776 Forest Park Cranberry Twp, PA 8,172,870 75,000 977,225 8,094,900 Fox Chapel Village Cheswick, PA -0- 372,000 4,081,700 640,702 Frieden Manor Schuylkill Haven, PA 13,068,415 (2) 643,000 5,293,500 2,334,370 Green Acres Chambersburg, PA -0- 63,000 584,000 111,538 Gregory Courts Honey Brook, PA (1) 370,000 1,220,000 497,919 Hayden Heights Dublin,OH 2,051,518 248,100 2,147,700 698,384 Heather Highlands Inkerman, PA -0- 572,500 2,151,569 11,567,292 High View Acres Apollo, PA -0- 825,000 4,263,500 156,053 Highland Elkhart, IN (1) 510,000 7,084,000 4,672,942 Highland Estates Kutztown, PA 16,353,252 145,000 1,695,041 12,280,519 Hillcrest Crossing Lower Burrell, PA -0- 961,000 1,463,825 3,463,057 Hillcrest Estates Marysville, OH -0- 1,277,000 3,033,500 1,999,860 Hillside Estates Greensburg,PA (5) 483,600 2,678,525 2,290,513 Holiday Village Nashville, TN 7,777,408 1,632,000 5,618,000 6,923,774 Holiday Village Elkhart, IN 8,349,008 490,600 13,808,269 5,053,122 Holly Acres Erie, PA 2,157,664 194,000 3,591,000 795,309 Hudson Estates Peninsula, OH -0- 141,000 3,515,878 5,189,298 Column A Column B Column C Column D Description Initial Cost Site, Land & Building Improvements Capitalization Name Location Encumbrances Land and Rental Homes Subsequent to Acquisition Huntingdon Pointe Tarrs, PA $ -0- $ 399,000 $ 865,450 $ 1,543,265 Independence Park Clinton, PA 7,926,365 (5) 686,400 2,783,633 2,836,351 Kinnebrook Monticello, NY 3,966,082 235,600 1,402,572 14,068,534 Lake Sherman Navarre, OH 5,404,640 290,000 1,457,673 10,414,673 Lakeview Meadows Lakeview, OH -0- 574,000 1,103,600 1,664,314 Laurel Woods Cresson, PA -0- 432,700 2,070,426 4,072,417 Little Chippewa Orrville, OH (4) 113,000 1,135,000 1,895,702 Maple Manor Taylor, PA 13,412,679 (3) 674,000 9,432,800 5,761,225 Marysville Estates Marysville, OH -0- 810,000 4,555,800 2,472,458 Meadowood New Middletown, OH (1) 152,000 3,191,000 3,388,490 Meadows Nappanee, IN -0- 548,600 6,720,900 4,666,623 Meadows of Perrysburg Perrysburg, OH 3,002,368 2,146,000 5,541,184 221,029 Melrose Village Wooster, OH 7,007,404 (4) 767,000 5,429,000 4,962,517 Melrose West Wooster, OH (4) 94,000 1,040,000 58,858 Memphis Blues Memphis, TN -0- 78,435 810,477 5,505,291 Monroe Valley Jonestown, PA (2) 114,000 994,000 447,621 Moosic Heights Avoca, PA (3) 330,000 3,794,100 2,909,537 Mount Pleasant Village Mount Pleasant, PA -0- 280,000 3,501,600 805,019 Mountaintop Narvon, PA (2) 134,000 1,665,000 606,928 Oak Ridge Elkhart, IN (1) 500,000 7,524,000 2,003,904 Oakwood Lake Tunkhannock, PA (3) 379,000 1,639,000 892,401 Olmsted Falls Olmsted Township, OH 2,051,221 569,000 3,031,000 1,762,146 Oxford West Grove, PA 6,526,306 175,000 990,515 2,474,849 Parke Place Elkhart, IN (6) 4,317,000 10,340,950 4,178,437 Perrysburg Estates Perrysburg, OH 1,615,470 399,000 4,047,152 72,261 Pikewood Manor Elyria, OH 14,722,561 1,053,000 22,067,668 474,536 Pine Ridge/Pine Manor Carlisle, PA -0- 37,540 198,321 9,649,277 Pine Valley Apollo, PA -0- 670,000 1,336,600 5,597,054 Pleasant View Bloomsburg, PA (3) 282,000 2,174,800 1,535,569 Port Royal Belle Vernon, PA -0- 150,000 2,491,796 12,566,769 Redbud Estates Anderson, IN 13,353,880 (7) 1,739,000 15,090,530 1,152,432 River Valley Marion, OH -0- 236,000 785,293 6,772,137 Rolling Hills Estates Carlisle, PA -0- 301,000 1,419,013 1,593,092 Rostraver Estates Belle Veron, PA (5) 813,600 2,203,506 2,051,995 Sandy Valley Magnolia, OH -0- 270,000 1,941,430 8,763,519 Shady Hills Nashville, TN 4,891,221 337,000 3,379,000 4,271,425 Somerset/Whispering Somerset, PA 31,555 1,485,000 2,050,400 7,614,819 Southern Terrace Columbiana, OH (1) 63,000 3,387,000 518,360 Southwind Jackson, NJ 5,213,023 100,095 602,820 2,762,659 Spreading Oaks Athens, OH -0- 67,000 1,326,800 3,466,223 Springfield Meadows Springfield, OH 3,088,505 1,230,000 3,092,706 715,410 Suburban Estates Greensburg, PA 5,475,710 299,000 5,837,272 2,940,987 Summit Estates Ravenna, OH -0- 198,000 2,779,260 3,468,173 Summit Village Marion, IN -0- 522,000 2,820,930 183,943 Sunny Acres Somerset, PA 6,095,121 287,000 6,113,528 2,157,506 Sunnyside Eagleville, PA (1) 450,000 2,674,000 458,164 Trailmont Goodlettsville, TN 3,260,814 411,000 1,867,000 3,622,958 Twin Oaks Olmsted Township, OH 2,333,022 823,000 3,527,000 2,059,563 Twin Pines Goshen, IN (1) 650,000 6,307,000 3,900,683 Valley High Ruffs Dale, PA (5) 284,000 2,266,750 1,398,477 Valley Hills Ravenna, OH 3,348,290 996,000 6,542,178 7,197,765 Valley Stream Mountaintop, PA -0- 323,000 3,190,550 728,395 Valley View HB Honeybrook, PA (1) 1,380,000 5,348,000 1,686,339 Valley View I Ephrata, PA (2) 191,000 4,359,000 1,332,367 Valley View II Ephrata, PA (2) 72,000 1,746,000 6,555 Voyager Estates West Newton, PA -0- 742,000 3,142,725 2,595,400 Waterfalls Hamburg, NY 4,558,525 424,000 3,812,000 3,838,817 Wayside Bellefontaine, OH -0- 196,000 1,080,050 576,742 Column A Column B Column C Column D Description Initial Cost Site, Land & Building Capitalization Improvements Subsequent to Name Location Encumbrances Land and Rental Homes Acquisition Weatherly Estates Lebanon, TN $ 7,956,386 $ 1,184,000 $ 4,034,480 $4,407,917 Wellington Estates Export, PA 2,367,059 896,000 6,179,000 336,258 Wood Valley Caledonia, OH -0- 260,000 1,753,206 4,585,697 Woodland Manor West Monroe, NY -0- 77,000 841,000 3,316,606 Woodlawn Eatontown, NJ -0- 157,421 280,749 1,517,426 Woods Edge West Lafayette, IN 6,476,902 1,808,100 13,321,318 3,940,627 Worthington Arms Lewis Center, OH 9,163,406 436,800 12,705,530 2,366,871 Youngstown Estates Youngstown, NY (4) 269,000 1,606,000 1,235,090 $ 334,411,425 $ 61,114,819 $ 428,804,793 $384,681,623 Column A Column E (8) (9) Column F Description Gross Amount at Which Carried at 12/31/18 Site, Land & Building Improvements Name Location Land and Rental Homes Total Accumulated Depreciation Allentown Memphis, TN $ 480,000 $ 13,171,043 $ 13,651,043 $ 6,061,532 Arbor Estates Doylestown, PA 2,650,000 9,868,825 12,518,825 1,961,510 Auburn Estates Orrville, OH 114,000 1,717,446 1,831,446 294,948 Birchwood Farms Birch Run, MI 70,000 6,188,201 6,258,201 1,106,577 Boardwalk Elkhart, IN 1,796,000 4,715,029 6,511,029 342,529 Broadmore Estates Goshen, IN 1,120,000 20,802,155 21,922,155 3,913,331 Brookside Berwick, PA 372,000 7,135,676 7,507,676 1,642,483 Brookview Greenfield Ctr, NY 122,865 8,064,934 8,187,799 2,605,919 Camelot Village Anderson, IN 828,100 2,782,525 3,610,625 56,255 Candlewick Court Owosso, MI 159,200 10,931,701 11,090,901 1,386,022 Carsons Chambersburg, PA 176,000 3,654,813 3,830,813 723,884 Catalina Middletown, OH 1,008,000 16,218,988 17,226,988 2,087,498 Cedarcrest Village Vineland, NJ 408,206 4,557,581 4,965,787 2,878,861 Chambersburg Chambersburg, PA 118,264 3,019,049 3,137,313 651,987 Chelsea Sayre, PA 124,000 3,571,493 3,695,493 630,684 Cinnamon Woods Conowingo, MD 1,884,000 2,353,063 4,237,063 143,918 City View Lewistown, PA 137,000 1,993,464 2,130,464 399,586 Clinton Tiffin, OH 142,000 3,637,225 3,779,225 932,453 Collingwood Horseheads, NY 196,000 3,974,563 4,170,563 782,316 Colonial Heights Wintersville, OH 67,000 6,976,810 7,043,810 1,318,442 Countryside Estates Muncie, IN 174,000 5,913,985 6,087,985 985,711 Countryside Estates Ravenna, OH 205,000 7,532,554 7,737,554 989,768 Countryside Village Columbia, TN 609,000 15,646,248 16,255,248 3,559,995 Cranberry Cranberry Twp, PA 181,930 6,097,714 6,279,644 3,055,333 Crestview Athens, PA 361,500 3,967,496 4,328,996 690,843 Cross Keys Duncansville, PA 60,774 4,302,238 4,363,012 1,421,552 Crossroads Village Mount Pleasant, PA 183,000 1,471,247 1,654,247 66,486 D&R Clifton Park, NY 391,724 3,974,325 4,366,049 2,158,380 Dallas Mobile Home Toronto,OH 275,600 4,604,695 4,880,295 622,630 Deer Meadows New Springfield,OH 226,000 4,865,438 5,091,438 648,893 Evergreen Estates Lodi,OH 119,000 1,567,401 1,686,401 250,816 Evergreen Manor Bedford, OH 49,000 3,480,349 3,529,349 503,807 Evergreen Village Mantua, OH 105,000 2,180,349 2,285,349 339,636 Fairview Manor Millville, NJ 2,534,892 8,841,412 11,376,304 5,287,479 Forest Creek Elkhart, IN 440,000 8,785,776 9,225,776 2,117,501 Forest Park Cranberry Twp, PA 75,000 9,072,125 9,147,125 3,470,969 Fox Chapel Village Cheswick, PA 372,000 4,722,402 5,094,402 194,191 Frieden Manor Schuylkill Haven, PA 643,000 7,627,870 8,270,870 1,634,960 Green Acres Chambersburg, PA 63,000 695,538 758,538 151,664 Gregory Courts Honey Brook, PA 370,000 1,717,919 2,087,919 343,737 Hayden Heights Dublin,OH 248,100 2,846,084 3,094,184 454,361 Heather Highlands Inkerman, PA 572,500 13,718,861 14,291,361 5,490,732 High View Acres Apollo, PA 825,000 4,419,553 5,244,553 173,866 Highland Elkhart, IN 510,000 11,756,942 12,266,942 2,224,591 Highland Estates Kutztown, PA 404,239 13,716,321 14,120,560 7,137,391 Hillcrest Crossing Lower Burrell, PA 961,000 4,926,882 5,887,882 275,828 Hillcrest Estates Marysville, OH 1,277,000 5,033,360 6,310,360 297,160 Hillside Estates Greensburg,PA 483,600 4,969,038 5,452,638 665,360 Holiday Village Nashville, TN 1,632,000 12,541,774 14,173,774 2,294,271 Holiday Village Elkhart, IN 490,600 18,861,391 19,351,991 2,163,511 Holly Acres Erie, PA 194,000 4,386,309 4,580,309 581,544 Hudson Estates Peninsula, OH 141,000 8,705,176 8,846,176 1,165,368 Column A Column E (8) (9) Column F Description Gross Amount at Which Carried at 12/31/18 Site, Land & Building Improvements Name Location Land and Rental Homes Total Accumulated Depreciation Huntingdon Pointe Tarrs, PA $ 399,000 $ 2,408,715 $ 2,807,715 $ 185,100 Independence Park Clinton, PA 686,400 5,619,984 6,306,384 737,027 Kinnebrook Monticello, NY 352,972 15,353,733 15,706,705 5,423,713 Lake Sherman Navarre, OH 290,000 11,872,345 12,162,345 4,309,552 Lakeview Meadows Lakeview, OH 725,663 2,616,252 3,341,915 185,129 Laurel Woods Cresson, PA 432,700 6,142,843 6,575,543 2,273,762 Little Chippewa Orrville, OH 113,000 3,030,702 3,143,702 391,452 Maple Manor Taylor, PA 674,000 15,194,025 15,868,025 3,595,183 Marysville Estates Marysville, OH 817,668 7,020,590 7,838,258 433,409 Meadowood New Middletown, OH 152,000 6,579,490 6,731,490 1,235,754 Meadows Nappanee, IN 548,600 11,387,523 11,936,123 1,216,687 Meadows of Perrysburg Perrysburg, OH 2,176,529 5,731,685 7,908,214 17,592 Melrose Village Wooster, OH 767,000 10,391,517 11,158,517 1,642,618 Melrose West Wooster, OH 94,000 1,098,858 1,192,858 200,866 Memphis Blues Memphis, TN 335,935 6,058,268 6,394,203 1,578,693 Monroe Valley Jonestown, PA 114,000 1,441,621 1,555,621 304,954 Moosic Heights Avoca, PA 330,000 6,703,637 7,033,637 1,430,738 Mount Pleasant Village Mount Pleasant, PA 280,000 4,306,619 4,586,619 180,327 Mountaintop Narvon, PA 134,000 2,271,928 2,405,928 492,869 Oak Ridge Elkhart, IN 500,000 9,527,904 10,027,904 2,227,654 Oakwood Lake Tunkhannock, PA 379,000 2,531,401 2,910,401 637,805 Olmsted Falls Olmsted Township, OH 569,000 4,793,146 5,362,146 894,819 Oxford West Grove, PA 155,000 3,485,364 3,640,364 2,110,778 Parke Place Elkhart, IN 4,317,000 14,519,387 18,836,387 1,002,185 Perrysburg Estates Perrysburg, OH 403,000 4,115,413 4,518,413 15,486 Pikewood Manor Elyria, OH 1,071,000 22,524,204 23,595,204 77,936 Pine Ridge/Pine Manor Carlisle, PA 145,473 9,739,665 9,885,138 3,425,498 Pine Valley Apollo, PA 732,089 6,871,565 7,603,654 2,913,131 Pleasant View Bloomsburg, PA 282,000 3,710,369 3,992,369 846,983 Port Royal Belle Vernon, PA 505,000 14,703,565 15,208,565 6,960,757 Redbud Estates Anderson, IN 1,752,567 16,229,396 17,981,963 337,387 River Valley Marion, OH 236,000 7,557,430 7,793,430 3,620,481 Rolling Hills Estates Carlisle, PA 301,000 3,012,105 3,313,105 759,610 Rostraver Estates Belle Veron, PA 813,600 4,255,501 5,069,101 603,977 Sandy Valley Magnolia, OH 270,000 10,704,949 10,974,949 4,932,016 Shady Hills Nashville, TN 337,000 7,650,425 7,987,425 1,637,067 Somerset/Whispering Somerset, PA 1,488,600 9,661,619 11,150,219 3,504,553 Southern Terrace Columbiana, OH 63,000 3,905,360 3,968,360 853,752 Southwind Jackson, NJ 100,095 3,365,479 3,465,574 2,044,387 Spreading Oaks Athens, OH 67,000 4,793,023 4,860,023 1,847,482 Springfield Meadows Springfield, OH 1,230,000 3,808,116 5,038,116 264,955 Suburban Estates Greensburg, PA 299,000 8,778,259 9,077,259 2,183,939 Summit Estates Ravenna, OH 198,000 6,247,433 6,445,433 822,706 Summit Village Marion, IN 522,000 3,004,873 3,526,873 70,085 Sunny Acres Somerset, PA 287,000 8,271,034 8,558,034 2,137,312 Sunnyside Eagleville, PA 450,000 3,132,164 3,582,164 610,935 Trailmont Goodlettsville, TN 411,000 5,489,958 5,900,958 1,215,962 Twin Oaks Olmsted Township, OH 998,000 5,411,563 6,409,563 1,117,091 Twin Pines Goshen, IN 650,000 10,207,683 10,857,683 1,999,012 Valley High Ruffs Dale, PA 284,000 3,665,227 3,949,227 529,572 Valley Hills Ravenna, OH 996,000 13,739,943 14,735,943 2,043,849 Valley Stream Mountaintop, PA 323,000 3,918,945 4,241,945 501,340 Valley View HB Honeybrook, PA 1,380,000 7,034,339 8,414,339 1,508,178 Column A Column E (8) (9) Column F Description Gross Amount at Which Carried at 12/31/18 Site, Land & Building Improvements Name Location Land and Rental Homes Total Accumulated Depreciation Valley View I Ephrata, PA $ 279,632 $ 5,602,735 $ 5,882,367 $ 1,225,431 Valley View II Ephrata, PA 72,000 1,752,555 1,824,555 408,958 Voyager Estates West Newton, PA 742,000 5,738,125 6,480,125 669,843 Waterfalls Hamburg, NY 424,000 7,650,817 8,074,817 3,949,840 Wayside Bellefontaine, OH 261,372 1,591,420 1,852,792 122,455 Weatherly Estates Lebanon, TN 1,184,000 8,442,397 9,626,397 3,317,864 Wellington Estates Export, PA 896,000 6,515,258 7,411,258 305,556 Wood Valley Caledonia, OH 260,000 6,338,903 6,598,903 2,971,523 Woodland Manor West Monroe, NY 77,000 4,157,606 4,234,606 1,166,127 Woodlawn Eatontown, NJ 135,421 1,820,175 1,955,596 868,194 Woods Edge West Lafayette, IN 1,808,100 17,261,945 19,070,045 1,970,822 Worthington Arms Lewis Center, OH 436,800 15,072,401 15,509,201 1,782,822 Youngstown Estates Youngstown, NY 269,000 2,841,090 3,110,090 406,123 $ 65,935,310 $ 808,665,925 $ 874,601,235 $ 182,598,732 Column A Column G Column H Column I Description Name Location Date of Construction Date Acquired Depreciable Life Allentown Memphis, TN prior to 1980 1986 5 to 27.5 Arbor Estates Doylestown, PA 1959 2013 5 to 27.5 Auburn Estates Orrville, OH 1971/1985/1995 2013 5 to 27.5 Birchwood Farms Birch Run, MI 1976-1977 2013 5 to 27.5 Boardwalk Elkhart, IN 1995-1996 2017 5 to 27.5 Broadmore Estates Goshen, IN 1950/1990 2013 5 to 27.5 Brookside Berwick, PA 1973-1976 2010 5 to 27.5 Brookview Greenfield Ctr, NY prior to 1970 1977 5 to 27.5 Camelot Village Anderson, IN 1998 2018 5 to 27.5 Candlewick Court Owosso, MI 1975 2015 5 to 27.5 Carsons Chambersburg, PA 1963 2012 5 to 27.5 Catalina Middletown, OH 1968-1976 2015 5 to 27.5 Cedarcrest Village Vineland, NJ 1973 1986 5 to 27.5 Chambersburg Chambersburg, PA 1955 2012 5 to 27.5 Chelsea Sayre, PA 1972 2012 5 to 27.5 Cinnamon Woods Conowingo, MD 2005 2017 5 to 27.5 City View Lewistown, PA prior to 1980 2011 5 to 27.5 Clinton Tiffin, OH 1968/1987 2011 5 to 27.5 Collingwood Horseheads, NY 1970 2012 5 to 27.5 Colonial Heights Wintersville, OH 1972 2012 5 to 27.5 Countryside Estates Muncie, IN 1996 2012 5 to 27.5 Countryside Estates Ravenna, OH 1972 2014 5 to 27.5 Countryside Village Columbia, TN 1988/1992 2011 5 to 27.5 Cranberry Cranberry Twp, PA 1974 1986 5 to 27.5 Crestview Athens, PA 1964 2012 5 to 27.5 Cross Keys Duncansville, PA 1961 1979 5 to 27.5 Crossroads Village Mount Pleasant, PA 1955/2004 2017 5 to 27.5 D&R Clifton Park, NY 1972 1978 5 to 27.5 Dallas Mobile Home Toronto,OH 1950-1957 2014 5 to 27.5 Deer Meadows New Springfield,OH 1973 2014 5 to 27.5 Evergreen Estates Lodi,OH 1965 2014 5 to 27.5 Evergreen Manor Bedford, OH 1960 2014 5 to 27.5 Evergreen Village Mantua, OH 1960 2014 5 to 27.5 Fairview Manor Millville, NJ prior to 1980 1985 5 to 27.5 Forest Creek Elkhart, IN 1996-1997 2013 5 to 27.5 Forest Park Cranberry Twp, PA prior to 1980 1982 5 to 27.5 Fox Chapel Village Cheswick, PA 1975 2017 5 to 27.5 Frieden Manor Schuylkill Haven, PA 1969 2012 5 to 27.5 Green Acres Chambersburg, PA 1978 2012 5 to 27.5 Gregory Courts Honey Brook, PA 1970 2013 5 to 27.5 Hayden Heights Dublin,OH 1973 2014 5 to 27.5 Heather Highlands Inkerman, PA 1970 1992 5 to 27.5 High View Acres Apollo, PA 1984 2017 5 to 27.5 Highland Elkhart, IN 1969 2013 5 to 27.5 Highland Estates Kutztown, PA 1971 1979 5 to 27.5 Hillcrest Crossing Lower Burrell, PA 1971 2017 5 to 27.5 Hillcrest Estates Marysville, OH 1995 2017 5 to 27.5 Hillside Estates Greensburg,PA 1980 2014 5 to 27.5 Holiday Village Nashville, TN 1967 2013 5 to 27.5 Holiday Village Elkhart, IN 1966 2015 5 to 27.5 Holly Acres Erie, PA 1977/2007 2015 5 to 27.5 Hudson Estates Peninsula, OH 1956 2014 5 to 27.5 Huntingdon Pointe Tarrs, PA 2000 2015 5 to 27.5 Column A Column G Column H Column I Description Name Location Date of Construction Date Acquired Depreciable Life Independence Park Clinton, PA 1987 2014 5 to 27.5 Kinnebrook Monticello, NY 1972 1988 5 to 27.5 Lake Sherman Navarre, OH prior to 1980 1987 5 to 27.5 Lakeview Meadows Lakeview, OH 1995 2016 5 to 27.5 Laurel Woods Cresson, PA prior to 1980 2001 5 to 27.5 Little Chippewa Orrville, OH 1968 2013 5 to 27.5 Maple Manor Taylor, PA 1972 2010 5 to 27.5 Marysville Estates Marysville, OH 1960s to 2015 2017 5 to 27.5 Meadowood New Middletown, OH 1957 2012 5 to 27.5 Meadows Nappanee, IN 1965-1973 2015 5 to 27.5 Meadows of Perrysburg Perrysburg, OH 1998 2018 5 to 27.5 Melrose Village Wooster, OH 1970-1978 2013 5 to 27.5 Melrose West Wooster, OH 1995 2013 5 to 27.5 Memphis Blues Memphis, TN 1955 1985 5 to 27.5 Monroe Valley Jonestown, PA 1969 2012 5 to 27.5 Moosic Heights Avoca, PA 1972 2010 5 to 27.5 Mount Pleasant Village Mount Pleasant, PA 1977-1986 2017 5 to 27.5 Mountaintop Narvon, PA 1972 2012 5 to 27.5 Oak Ridge Elkhart, IN 1990 2013 5 to 27.5 Oakwood Lake Tunkhannock, PA 1972 2010 5 to 27.5 Olmsted Falls Olmsted Township, OH 1953/1970 2012 5 to 27.5 Oxford West Grove, PA 1971 1974 5 to 27.5 Parke Place Elkhart, IN 1995-1996 2017 5 to 27.5 Perrysburg Estates Perrysburg, OH 1972 2018 5 to 27.5 Pikewood Manor Elyria, OH 1962 2018 5 to 27.5 Pine Ridge/Pine Manor Carlisle, PA 1961 1969 5 to 27.5 Pine Valley Apollo, PA prior to 1980 1995 5 to 27.5 Pleasant View Bloomsburg, PA 1960’s 2010 5 to 27.5 Port Royal Belle Vernon, PA 1973 1983 5 to 27.5 Redbud Estates Anderson, IN 1966/1998/2003 2018 5 to 27.5 River Valley Marion, OH 1950 1986 5 to 27.5 Rolling Hills Estates Carlisle, PA 1972-1975 2013 5 to 27.5 Rostraver Estates Belle Veron, PA 1970 2014 5 to 27.5 Sandy Valley Magnolia, OH prior to 1980 1985 5 to 27.5 Shady Hills Nashville, TN 1954 2011 5 to 27.5 Somerset/Whispering Somerset, PA prior to 1980 2004 5 to 27.5 Southern Terrace Columbiana, OH 1983 2012 5 to 27.5 Southwind Jackson, NJ 1969 1969 5 to 27.5 Spreading Oaks Athens, OH prior to 1980 1996 5 to 27.5 Springfield Meadows Springfield, OH 1970 2016 5 to 27.5 Suburban Estates Greensburg, PA 1968/1980 2010 5 to 27.5 Summit Estates Ravenna, OH 1969 2014 5 to 27.5 Summit Village Marion, IN 2000 2018 5 to 27.5 Sunny Acres Somerset, PA 1970 2010 5 to 27.5 Sunnyside Eagleville, PA 1960 2013 5 to 27.5 Trailmont Goodlettsville, TN 1964 2011 5 to 27.5 Twin Oaks Olmsted Township, OH 1952/1997 2012 5 to 27.5 Twin Pines Goshen, IN 1956/1990 2013 5 to 27.5 Valley High Ruffs Dale, PA 1974 2014 5 to 27.5 Valley Hills Ravenna, OH 1960-1970 2014 5 to 27.5 Valley Stream Mountaintop, PA 1970 2015 5 to 27.5 Valley View HB Honeybrook, PA 1970 2013 5 to 27.5 Valley View I Ephrata, PA 1961 2012 5 to 27.5 Valley View II Ephrata, PA 1999 2012 5 to 27.5 Voyager Estates West Newton, PA 1968 2015 5 to 27.5 Waterfalls Hamburg, NY prior to 1980 1997 5 to 27.5 Column A Column G Column H Column I Description Name Location Date of Construction Date Acquired Depreciable Life Wayside Bellefontaine, OH 1960’s 2016 5 to 27.5 Weatherly Estates Lebanon, TN 1997 2006 5 to 27.5 Wellington Estate Export, PA 1970/1996 2017 5 to 27.5 Wood Valley Caledonia, OH prior to 1980 1996 5 to 27.5 Woodland Manor West Monroe, NY prior to 1980 2003 5 to 27.5 Woodlawn Eatontown, NJ 1964 1978 5 to 27.5 Woods Edge West Lafayette, IN 1974 2015 5 to 27.5 Worthington Arms Lewis Center, OH 1968 2015 5 to 27.5 Youngstown Estates Youngstown, NY 1963 2013 5 to 27.5 (1) Represents one mortgage note payable secured by thirteen properties. (2) Represents one mortgage note payable secured by six properties. (3) Represents one mortgage note payable secured by five properties. (4) Represents one mortgage note payable secured by five properties. (5) Represents one mortgage note payable secured by four properties. (6) Represents one mortgage note payable secured by two properties. (7) Represents one mortgage note payable secured by two properties. (8) Reconciliation /-------FIXED ASSETS-------/ 12/31/18 12/31/17 12/31/16 Balance – Beginning of Year $ 758,487,025 $ 636,576,955 $ 574,283,574 Additions: Acquisitions 58,730,264 59,308,067 7,276,356 Improvements 61,102,376 65,458,396 56,417,927 Total Additions 119,832,640 124,766,463 63,694,283 Deletions (3,718,430 ) (2,856,393 ) (1,400,902 ) Balance – End of Year $ 874,601,235 $ 758,487,025 $ 636,576,955 /------- ACCUMULATED DEPRECIATION 12/31/18 12/31/17 12/31/16 Balance – Beginning of Year $ 153,591,917 $ 128,780,501 $ 107,453,972 Additions: Depreciation 335,356,545 25,307,453 21,625,264 Total Additions 335,356,545 25,307,453 21,625,264 Deletions (834,104 ) (496,037 ) (298,735 ) Balance – End of Year $ 182,598,732 $ 153,591,917 $ 128,780,501 (9) The aggregate cost for Federal tax purposes approximates historical cost.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Description of the Business	Description of the Business As of December 31, 2018, the Company owns and operates 118 manufactured home communities containing approximately 21,500 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. These manufactured home communities are listed by trade names as follows: MANUFACTURED HOME COMMUNITY LOCATION Allentown Memphis, Tennessee Arbor Estates Doylestown, Pennsylvania Auburn Estates Orrville, Ohio Birchwood Farms Birch Run, Michigan Boardwalk Elkhart, Indiana Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Camelot Village Anderson, Indiana Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Village Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania Cinnamon Woods Conowingo, Maryland City View Lewistown, Pennsylvania Clinton Mobile Home Resort Tiffin, Ohio Collingwood Horseheads, New York Colonial Heights Wintersville, Ohio Countryside Estates Muncie, Indiana Countryside Estates Ravenna, Ohio Countryside Village Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania Crestview Athens, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York MANUFACTURED HOME COMMUNITY LOCATION Evergreen Estates Lodi, Ohio Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania High View Acres Apollo, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillcrest Crossing Lower Burrell, Pennsylvania Hillcrest Estates Marysville, Ohio Hillside Estates Greensburg, Pennsylvania Holiday Village Nashville, Tennessee Holiday Village Elkhart, Indiana Holly Acres Estates Erie, Pennsylvania Hudson Estates Peninsula, Ohio Huntingdon Pointe Tarrs, Pennsylvania Independence Park Clinton, Pennsylvania Kinnebrook Monticello, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Maple Manor Taylor, Pennsylvania Marysville Estates Marysville, Ohio Meadowood New Middletown, Ohio Meadows Nappanee, Indiana Meadows of Perrysburg Perrysburg, Ohio Melrose Village Wooster, Ohio Melrose West Wooster, Ohio Memphis Blues Memphis, Tennessee Monroe Valley Jonestown, Pennsylvania Moosic Heights Avoca, Pennsylvania Mount Pleasant Village Mount Pleasant, Pennsylvania Mountaintop Narvon, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Township, Ohio Oxford Village West Grove, Pennsylvania Parke Place Elkhart, Indiana Perrysburg Estates Perrysburg, Ohio Pikewood Manor Elyria, Ohio Pine Ridge Village/Pine Manor Carlisle, Pennsylvania Pine Valley Estates Apollo, Pennsylvania Pleasant View Estates Bloomsburg, Pennsylvania Port Royal Village Belle Vernon, Pennsylvania Redbud Estates Anderson, Indiana River Valley Estates Marion, Ohio Rolling Hills Estates Carlisle, Pennsylvania Rostraver Estates Belle Vernon, Pennsylvania MANUFACTURED HOME COMMUNITY LOCATION Sandy Valley Estates Magnolia, Ohio Shady Hills Nashville, Tennessee Somerset Estates/Whispering Pines Somerset, Pennsylvania Southern Terrace Columbiana, Ohio Southwind Village Jackson, New Jersey Spreading Oaks Village Athens, Ohio Springfield Meadows Springfield, Ohio Suburban Estates Greensburg, Pennsylvania Summit Estates Ravenna, Ohio Summit Village Marion, Indiana Sunny Acres Somerset, Pennsylvania Sunnyside Eagleville, Pennsylvania Trailmont Goodlettsville, Tennessee Twin Oaks I & II Olmsted Township, Ohio Twin Pines Goshen, Indiana Valley High Ruffs Dale, Pennsylvania Valley Hills Ravenna, Ohio Valley Stream Mountaintop, Pennsylvania Valley View I Ephrata, Pennsylvania Valley View II Ephrata, Pennsylvania Valley View Honeybrook Honey Brook, Pennsylvania Voyager Estates West Newton, Pennsylvania Waterfalls Village Hamburg, New York Wayside Bellefontaine, Ohio Weatherly Estates Lebanon, Tennessee Wellington Estates Export, Pennsylvania Woodland Manor West Monroe, New York Woodlawn Village Eatontown, New Jersey Woods Edge West Lafayette, Indiana Wood Valley Caledonia, Ohio Worthington Arms Lewis Center, Ohio Youngstown Estates Youngstown, New York
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in accordance with 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.
Investment Property and Equipment and Depreciation	Investment Property and Equipment and Depreciation Property and equipment are carried at cost less accumulated depreciation. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that an other than temporary impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2018, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.
Acquisitions	Acquisitions The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”) and allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.
Marketable Securities	Marketable Securities Investments in marketable securities consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 15% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2018 and 2017, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. As a result, on January 1, 2018 the Company recorded an increase to beginning undistributed income (accumulated deficit) of $11,519,582 to recognize the unrealized gains previously recorded in “Accumulated Other Comprehensive Income” on our Consolidated Balance Sheets. Subsequent changes in the fair value of the Company’s marketable securities are recorded in “Other Investment Income (Loss), net” on our Consolidated Statements of Income (Loss). See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU.
Inventory of Manufactured Homes	Inventory of Manufactured Homes Inventory of manufactured homes is valued at the lower of cost or net realizable value and is determined by the specific identification method. All inventory is considered finished goods.
Accounts and Notes Receivables	Accounts and Notes Receivables The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2018 and 2017 was $29,773,009 and $24,066,567, respectively. At December 31, 2018 and 2017, the reserves for uncollectible accounts, notes and other receivables were $1,088,137 and $1,206,767, respectively. For the years ended December 31, 2018, 2017 and 2016, the provisions for uncollectible notes and other receivables were $1,231,112, $1,273,535 and $909,397, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2018, 2017 and 2016 amounted to $1,349,742, $1,205,050 and $811,530, respectively. The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 8.3% and the average maturity is approximately 5 years.
Unamortized Financing Costs	Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis over the term of the related obligations, and included as a component of interest expense. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2018 and 2017, accumulated amortization amounted to $4,372,307 and $3,746,862, respectively. The Company estimates that aggregate amortization expense will be approximately $706,000 for 2019, $649,000 for 2020, $726,000 for 2021, $489,000 for 2022 and $400,000 for 2023.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2018 and 2017, these agreements have expired and the Company no longer had any interest rate swap agreements in effect.
Revenue Recognition	Revenue Recognition The Company derives its income primarily from the rental of manufactured homesites. The Company also owns approximately 6,500 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (36,871,322, 32,675,650 and 27,808,895 in 2018, 2017 and 2016, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2018, 2017 and 2016, employee stock options to purchase 2,252,600, 1,778,100 and 1,760,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.
Stock Compensation Plan	Stock Compensation Plan The Company accounts for awards of stock, stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,613,110, $1,314,491 and $1,064,678 have been recognized in 2018, 2017 and 2016, respectively. During 2018, 2017 and 2016, compensation costs included a one-time charge of $209,617, $200,907 and $312,400, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.
Income Tax	Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2018. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2018, the tax years 2015 through and including 2018 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on marketable securities through December 31, 2017 and the change in the fair value of derivatives.
Reclassifications	Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Adopted 2018 In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017-09 clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under FASB Accounting Standards Codification Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 is eliminated. As such, sales and partial sales of real estate assets is now subject to the same derecognition model as all other nonfinancial assets. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018. The Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheets. Previously, changes in restricted cash are reported on the Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity. The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown: 12/31/18 12/31/17 12/31/16 Cash and Cash Equivalents $ 7,433,470 $ 23,242,090 $ 4,216,592 Restricted Cash 5,343,941 4,649,159 5,132,897 Cash, Cash Equivalents And Restricted Cash $ 12,777,411 $ 27,891,249 $ 9,349,489 In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. The Company adopted this standard effective January 1, 2018. The Company previously classified its marketable securities as available-for-sale and carried at fair value with unrealized holding gains and losses excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) was reflected in the Company’s Comprehensive Income (Loss). As a result of adoption, these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses is now recognized through net income. As of January 1, 2018, unrealized net holding gains of $11,519,582 were reclassed to beginning undistributed income (accumulated deficit) to recognize the unrealized gains previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. For the year ended December 31, 2018, the Company recorded a $51,675,396 decrease in the fair value of these marketable securities, which is included in “Other Investment Income (Loss), net” on our Consolidated Statements of Income (Loss). In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018. For transactions in the scope of ASU 2014-09, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. The adoption of ASU 2014-09 did not result in any change to our accounting policies for revenue recognition. Accordingly, retrospective application to prior periods or a cumulative catch-up adjustment was unnecessary. Our primary source of revenue is generated from lease agreements for our sites and homes. Resident leases are generally for one-year or month-to-month terms, and are renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. The lease component of these agreements is accounted for under ASC 840 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 840. Prior to the adoption of ASC 606, sales of manufactured homes was recognized under ASC 605 “Revenue Recognition” since these homes are not permanent fixtures or improvements to the underlying real estate. In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Dividend income and gain on sales of marketable securities, net are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party, service and marketing agreements with cable providers, and in 2017 included an upfront oil and gas bonus payment. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. As of December 31, 2018 and 2017, the Company had notes receivable of $29,773,009 and $24,066,567, respectively. Notes receivables are presented as a component of Notes and Other Receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. Due to the nature of our revenue from contacts with customers, we do not have material contract assets or liabilities that fall under the scope of ASC 606.
Other Recent Accounting Pronouncements	Other Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification”, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of changes in stockholders’ equity will be included in its Form 10-Q for the quarter ending March 31, 2019. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as a right-of-use asset and a corresponding liability. ASU 2016-02 also makes targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”, which included amendments to clarify certain aspects of the new lease standard. In July 2018, the FASB also issued ASU No. 2018-11, “Leases (Topic 842) – Target Improvements.” ASU No. 2018-11 provides a new transition method and a practical expedient to separating contract components as required by ASU 2016-02. Under ASU 2018-11, an entity applying the new lease accounting standard may record a cumulative adjustment to the opening balance of undistributed income (accumulated deficit) in the period of adoption, instead of having to restate comparative results, as initially required. Additionally, ASU No. 2018-11 provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance if both 1. the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same (instead of the timing and pattern of revenue recognition, as proposed); and 2. the lease component, if accounted for separately, would be classified as an operating lease. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842) – Narrow-Scope Improvements for Lessors.” ASU 2018-20 allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new lease standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component. The Company adopted this standard effective January 1, 2019, and it is not expected to have a material impact on our financial position, results of operations or cash flows. Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. The non-lease components of our lease agreements consist primarily of utility reimbursements. We have elected the lessor practical expedient to combine the lease and non-lease components. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. For leases with a term greater than one year, right-of-use assets and corresponding liabilities will be included on the Consolidated Balance Sheet. The right-of-use asset and corresponding lease liabilities are measured as the estimated present value of minimum lease payments at the commencement of the lease agreement and discounted by our borrowing rate. As of January 1, 2019, we expect to recognize right-of-use assets and corresponding lease liabilities of $2.0 million to $4.0 million. Additionally, for all leases, we have elected the package of practical expedients, which permits the Company not to reassess expired or existing contracts containing a lease, the lease classification for expired or existing contracts, and measurement of initial direct costs for any existing leases. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown: 12/31/18 12/31/17 12/31/16 Cash and Cash Equivalents $ 7,433,470 $ 23,242,090 $ 4,216,592 Restricted Cash 5,343,941 4,649,159 5,132,897 Cash, Cash Equivalents And Restricted Cash $ 12,777,411 $ 27,891,249 $ 9,349,489

Investment Property and Equip_2

Investment Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Estimated Fair Value of Assets Acquired	The following table summarizes our purchase price allocation for the assets acquired for the years ended December 31, 2018 and 2017, respectively: 2018 Acquisitions 2017 Acquisitions Assets Acquired: Land $ 6,463,100 $ 13,601,000 Depreciable Property 53,206,300 46,416,000 Notes Receivable and Other 835,400 4,070,000 Total Assets Acquired $ 60,504,800 $ 64,087,000
Schedule of Community Net Operating Income and Net Income (Loss) Acquired	Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2018 and 2017, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2018 and 2017, are as follows: 2018 Acquisitions 2017 Acquisitions 2018 2018 2017 Total Income $ 1,634,307 $ 8,618,471 $ 4,732,307 Community NOI * $ 932,017 $ 4,572,510 $ 2,398,652 Net Income (Loss) $ (311,227 ) $ 394,179 $ 211,468 *Community NOI is defined as rental and related income less community operating expenses.
Summary of Accumulated Depreciation by Major Classes of Assets	The following is a summary of accumulated depreciation by major classes of assets: December 31, 2018 December 31, 2017 Site and Land Improvements $ 132,121,312 $ 114,617,282 Buildings and Improvements 6,689,648 5,779,146 Rental Homes and Accessories 44,337,715 33,621,420 Equipment and Vehicles 14,059,688 12,426,664 Total Accumulated Depreciation $ 197,208,363 $ 166,444,512

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	The following is a listing of marketable securities at December 31, 2018: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 21,160 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 599,641 Cedar Realty Trust, Inc. B 7.250 % 8,111 188,005 187,023 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 379,600 Colony Capital Inc. I 7.150 % 20,000 500,000 369,000 Investors Real Estate Trust C 6.625 % 20,000 500,000 461,684 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 654,400 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 310,800 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 123,750 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 292,500 Total Preferred Stock 5,155,533 3,399,558 Common Stock: CBL & Associates Properties, Inc. 1,600,000 16,692,139 3,072,000 Franklin Street Properties Corporation 220,000 2,219,219 1,370,600 Government Properties Income Trust 2,246,000 36,418,264 15,430,020 Industrial Logistics Properties Trust 502,258 9,951,185 9,879,415 Kimco Realty Corporation 910,000 17,052,180 13,331,500 Monmouth Real Estate Investment Corporation (1) 2,446,054 22,292,408 30,331,065 Pennsylvania Real Estate Investment Trust 210,000 2,226,089 1,247,400 Senior Housing Properties Trust 170,911 2,919,572 2,003,078 Tanger Factory Outlet 180,000 4,228,627 3,639,600 Urstadt Biddle Properties, Inc. 100,000 2,048,516 1,922,000 Vereit, Inc. 1,410,000 12,058,590 10,081,500 Washington Prime Group 800,000 6,489,228 3,888,000 Total Common Stock 134,596,017 96,196,178 Total Marketable Securities $ 139,751,550 $ 99,595,736 (1) Related entity – See Note 8. The following is a listing of marketable securities at December 31, 2017: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 43,720 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,383,064 Cedar Realty Trust, Inc. B 7.250 % 18,269 422,544 458,755 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 500,800 Colony Northstar, Inc. I 7.150 % 20,000 500,000 503,600 Investors Real Estate Trust C 6.625 % 20,000 500,000 520,308 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,007,200 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 502,200 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 131,000 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 326,875 Total Preferred Stock 5,390,072 5,377,522 Common Stock: CBL & Associates Properties, Inc. 1,500,000 16,157,749 8,490,000 Franklin Street Properties Corporation 150,000 1,659,118 1,611,000 Government Properties Income Trust 1,020,000 19,430,983 18,910,800 Kimco Realty Corporation 750,000 14,475,908 13,612,500 Monmouth Real Estate Investment Corporation (1) 2,335,930 20,698,562 41,579,558 Pennsylvania Real Estate Investment Trust 150,000 1,602,636 1,783,500 Select Income Real Estate Investment Trust 775,000 18,649,691 19,475,750 Senior Housing Properties Trust 160,911 2,739,069 3,081,446 Tanger Factory Outlet 120,000 2,941,621 3,181,200 Urstadt Biddle Properties, Inc. 100,000 2,048,516 2,174,000 Vereit, Inc. 1,300,000 11,253,514 10,127,000 Washington Prime Group 500,000 4,397,255 3,560,000 Total Common Stock 116,054,622 127,586,754 Total Marketable Securities $ 121,444,694 $ 132,964,276 (1) Related entity – See Note 8.
Summary of Gain (Loss) on Securities Transactions	The Company recorded the following Gain (Loss) on Sale of Securities, net: 2018 2017 2016 Gross realized gains $ 20,107 $ 1,749,034 $ 2,287,454 Gross realized losses -0- (1,506 ) (2,153 ) Total Gain on Sales of Marketable Securities, net $ 20,107 $ 1,747,528 $ 2,285,301

Loans and Mortgages Payable (Ta

Loans and Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Aggregate Principal Payments of All Loans Payable Including Credit Facility	The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows: Year Ended December 31, 2019 $ 19,767,278 2020 4,215,285 2021 378,318 2022 51,130,884 2023 568,692 Thereafter 32,357,022 Total Loans Payable 108,417,479 Unamortized Debt Issuance Costs (432,126 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 107,985,353
Summary of Mortgages Payable	The following is a summary of mortgages payable at December 31, 2018 and 2017: At December 31, 2018 Balance at December 31, Property Due Date Interest Rate 2018 2017 Allentown 10/01/25 4.06 % $ 13,133,031 $ 13,390,559 Brookview Village 04/01/25 3.92 % 2,722,314 2,778,698 Candlewick Court 09/01/25 4.10 % 4,383,031 4,468,826 Catalina 08/19/25 4.20 % 5,318,941 5,533,771 Cedarcrest Village 04/01/25 3.71 % 11,772,098 12,024,840 Clinton Mobile Home Resort 10/01/25 4.06 % 3,446,832 3,514,421 Cranberry Village 04/01/25 3.92 % 7,466,333 7,620,974 D & R Village 03/01/25 3.85 % 7,526,804 7,685,346 Fairview Manor 11/01/26 3.85 % 15,710,739 16,010,749 Forest Park Village 09/01/25 4.10 % 8,172,870 8,332,848 Hayden Heights 04/01/25 3.92 % 2,051,518 2,094,009 Heather Highlands 08/28/18 Prime + 1.0 % -0- 16,606 Highland Estates 06/01/27 4.12 % 16,353,252 16,640,165 Holiday Village 09/01/25 4.10 % 7,777,408 7,929,646 Holiday Village- IN 11/01/25 3.96 % 8,349,008 8,514,837 Holly Acres Estates 10/05/21 6.50 % 2,157,664 2,194,312 Kinnebrook Village 04/01/25 3.92 % 3,966,082 4,048,226 Lake Sherman Village 09/01/25 4.10 % 5,404,640 5,510,432 Meadows of Perrysburg 10/06/23 5.413 % 3,002,368 -0- Olmsted Falls 04/01/25 3.98 % 2,051,221 2,093,269 Oxford Village 01/01/20 5.94 % 6,526,306 6,751,511 Perrysburg Estates 09/06/25 4.98 % 1,615,470 -0- Pikewood Manor 11/29/28 5.00 % 14,722,561 -0- Shady Hills 04/01/25 3.92 % 4,891,221 4,992,527 Somerset Estates and Whispering Pines 02/26/19 4.89 % 31,555 217,770 Springfield Meadows 10/06/25 4.83 % 3,088,505 3,141,199 Suburban Estates 10/01/25 4.06 % 5,475,710 5,583,084 Sunny Acres 10/01/25 4.06 % 6,095,121 6,214,642 Southwind Village 01/01/20 5.94 % 5,213,023 5,392,911 Trailmont 04/01/25 3.92 % 3,260,814 3,328,351 Twin Oaks 12/01/19 5.75 % 2,333,022 2,415,894 Valley Hills 06/01/26 4.32 % 3,348,290 3,408,438 Waterfalls 06/01/26 4.38 % 4,558,525 4,639,515 Weatherly Estates 04/01/25 3.92 % 7,956,386 8,121,177 Wellington Estates 01/01/23 6.35 % 2,367,059 2,414,621 Woods Edge 01/07/26 4.30 % 6,476,902 6,728,792 Worthington Arms 09/01/25 4.10 % 9,163,406 9,342,775 Various (2 properties) 02/01/27 4.56 % 13,821,208 14,049,088 Various (2 properties) 08/01/28 4.27 % 13,353,881 -0- Various (4 properties) 07/01/23 4.975 % 7,926,365 8,079,960 Various (5 properties) 01/01/22 4.25 % 13,412,679 13,749,838 Various (5 properties) 12/06/22 4.75 % 7,007,404 7,154,380 Various (6 properties) 08/01/27 4.18 % 13,068,415 13,296,207 Various (13 properties) 03/01/23 4.065 % 47,931,443 49,035,572 Total Mortgages Payable 334,411,425 308,460,786 Unamortized Debt Issuance Costs (3,318,362 ) (3,565,669 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 331,093,063 $ 304,895,117
Schedule of Aggregate Principal Payments of All Mortgages Payable	The aggregate principal payments of all mortgages payable are scheduled as follows: Year Ended December 31, 2019 $ 21,140,538 2020 7,307,273 2021 22,006,149 2022 13,894,653 2023 61,174,801 Thereafter 208,888,011 Total $ 334,411,425

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Compensation Related Costs [Abstract]
Schedule of Fair Value of Option Grant of Weighted-average Assumptions	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years: 2018 2017 2016 Dividend yield 4.79 % 5.80 % 7.32 % Expected volatility 25.78 % 26.30 % 26.30 % Risk-free interest rate 2.74 % 2.37 % 1.49 % Expected lives 10 10 8 Estimated forfeitures -0- -0- -0-
Schedule of Stock Option Plans and Changes in Stock Options	A summary of the status of the Company’s stock option plans as of December 31, 2018, 2017 and 2016 and changes during the years then ended are as follows: 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,778,100 $ 11.60 1,760,000 $ 9.97 1,560,500 $ 9.92 Granted 605,000 13.26 576,000 14.96 527,000 9.77 Exercised (128,500 ) 10.78 (547,900 ) 9.92 (277,500 ) 8.96 Forfeited (2,000 ) 12.41 (10,000 ) 9.77 -0- -0- Expired -0- -0- -0- -0- (50,000 ) 11.97 Outstanding at end of year 2,252,600 12.09 1,778,100 11.60 1,760,000 9.97 Options exercisable at end of year 1,647,600 1,202,100 1,233,000 Weighted average fair value of options granted during the year $ 2.05 $ 1.81 $ 0.81
Summary of Stock Options Outstanding	The following is a summary of stock options outstanding as of December 31, 2018: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 07/05/11 3 22,000 11.16 07/05/19 08/29/12 6 44,000 11.29 08/29/20 06/26/13 10 228,600 10.08 06/26/21 06/11/14 9 151,000 9.85 06/11/22 06/24/15 11 268,000 9.82 06/24/23 04/05/16 19 369,000 9.77 04/05/24 01/19/17 2 60,000 14.25 01/19/27 04/04/17 32 505,000 15.04 04/04/27 04/02/18 40 540,000 * 13.09 04/02/28 07/09/18 4 40,000 * 15.75 07/09/28 12/10/18 1 25,000 * 12.94 12/10/28 2,252,600 * Unexercisable
Schedule of Nonvested Restricted Stock Awards	A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2018, 2017 and 2016, and changes during the year ended December 31, 2018, 2017 and 2016 are presented below: 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year 146,953 $ 11.98 133,315 $ 10.04 121,242 $ 9.83 Granted 47,000 13.11 56,000 15.10 60,500 10.37 Dividend Reinvested Shares 8,378 13.37 6,867 14.83 8,430 10.82 Forfeited -0- -0- -0- -0- (2,160 ) 9.83 Vested (41,827 ) 11.76 (49,229 ) 10.67 (54,697 ) 10.07 Non-vested at end of year 160,504 $ 12.44 146,953 $ 11.98 133,315 $ 10.04

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Amount Received in Connection with DRIP	Amounts received in connection with the DRIP for the years ended December 31, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Amounts Received $ 35,113,713 $ 60,365,190 $ 22,400,945 Less: Dividends Reinvested (5,075,547 ) (2,859,174 ) (2,388,552 ) Amounts Received, net $ 30,038,166 $ 57,506,016 $ 20,012,393 Number of Shares Issued 2,654,846 4,095,357 1,966,133

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2018
Distributions [Abstract]
Summary of Payment of Distributions to Shareholders	The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 6,492,774 $ 0.18 $ 5,416,827 $ 0.18 $ 4,879,009 $ 0.18 June 30 6,600,506 0.18 5,700,036 0.18 4,903,286 0.18 September 30 6,693,069 0.18 6,188,961 0.18 5,031,818 0.18 December 31 6,824,288 0.18 6,333,573 0.18 5,204,709 0.18 $ 26,610,637 $ 0.72 $ 23,639,397 $ 0.72 $ 20,018,822 $ 0.72
Summary of Payment of Dividends to Preferred Shareholders	The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,889,147 $ 0.515625 4/3/2017 5/15/2017 6/15/2017 1,889,147 0.515625 7/3/2017 8/15/2017 9/15/2017 1,889,147 0.515625 $ 5,667,441 $ 1.546875 1/15/2016 2/16/2016 3/15/2016 $ 1,889,147 $ 0.515625 4/4/2016 5/16/2016 6/15/2016 1,889,147 0.515625 7/1/2016 8/15/2016 9/15/2016 1,889,147 0.515625 10/3/2016 11/17/2016 12/15/2016 1,889,147 0.515625 $ 7,556,588 $ 2.0625 The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2018, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 1,900,600 $ 0.50 4/1/2018 5/15/2018 6/15/2018 1,900,600 0.50 7/1/2018 8/15/2018 9/17/2018 1,900,600 0.50 10/1/2018 11/15/2018 12/17/2018 1,900,600 0.50 $ 7,602,400 $ 2.00 1/19/2017 2/15/2017 3/15/2017 $ 1,900,600 $ 0.50 4/3/2017 5/15/2017 6/15/2017 1,900,600 0.50 7/3/2017 8/15/2017 9/15/2017 1,900,600 0.50 10/2/2017 11/15/2017 12/15/2017 1,900,600 0.50 $ 7,602,400 $ 2.00 1/15/2016 2/16/2016 3/15/2016 $ 1,305,257 $ 0.72466 4/4/2016 5/16/2016 6/15/2016 1,900,600 0.50 7/1/2016 8/15/2016 9/15/2016 1,900,600 0.50 10/3/2016 11/17/2016 12/15/2016 1,900,600 0.50 $ 7,007,057 $ 2.22466 The following dividends were paid to holders of our Series C Preferred Stock during the year ended December 31, 2018 and 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 2,425,781 $ 0.421875 4/1/2018 5/15/2018 6/15/2018 2,425,781 0.421875 7/1/2018 8/15/2018 9/17/2018 2,425,781 0.421875 10/1/2018 11/15/2018 12/17/2018 2,425,781 0.421875 $ 9,703,124 $ 1.68750 7/3/2017 8/15/2017 9/15/2017 $ 970,313 $ 0.168750 10/2/2017 11/15/2017 12/15/2017 2,425,781 0.421875 $ 3,396,094 $ 0.590625 The following dividends were paid to holders of our Series D Preferred Stock during the year ended December 31, 2018: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2018 2/15/2018 3/15/2018 $ 354,166 $ 0.1770830 4/1/2018 5/15/2018 6/15/2018 796,876 0.3984375 7/1/2018 8/15/2018 9/17/2018 796,876 0.3984375 10/1/2018 11/15/2018 12/17/2018 796,876 0.3984375 $ 2,744,794 $ 1.372397

Federal Income Taxes (Tables)

Federal Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Characterized Distributions Paid Per Common Share	The following table characterizes the distributions paid per common share for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.00000 0.00 % $ 0.00000 0.00 % $ 0.09549 13.26 % Capital gains 0.00000 0.00 % 0.00000 0.00 % 0.01425 1.98 % Return of capital 0.72000 100.00 % 0.72000 100.00 % 0.61026 84.76 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis	The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2018 and 2017: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018: Equity Securities - Preferred Stock $ 3,399,558 $ 3,399,558 $ -0- $ -0- Equity Securities - Common Stock 96,196,178 96,196,178 -0- -0- Total $ 99,595,736 $ 99,595,736 $ -0- $ -0- December 31, 2017: Equity Securities - Preferred Stock $ 5,377,522 $ 5,377,522 $ -0- $ -0- Equity Securities - Common Stock 127,586,754 127,586,754 -0- -0- Total $ 132,964,276 $ 132,964,276 $ -0- $ -0-

Proforma Financial Informatio_2

Proforma Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Summary of Pro Forma Financial Information	. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future. For the years ended December 31, 2018 2017 Rental and Related Income $ 118,499,000 $ 111,003,000 Community Operating Expenses 54,216,000 51,149,000 Net Loss Attributable to Common Shareholders (56,890,000 ) (8,362,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (1.54 ) (0.26 )

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Financial Data	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED 2018 March 31 June 30 September 30 December 31 Total Income $ 29,795,964 $ 32,098,550 $ 33,447,114 $ 34,245,065 Total Expenses 25,492,249 27,761,189 28,436,258 29,319,854 Other Income (Expense) (26,496,347 ) 15,799,550 (11,332,720 ) (32,632,068 ) Net Income (Loss) from continuing operations (22,208,337 ) 20,071,984 (6,349,343 ) (27,729,875 ) Net Income (Loss) Attributable To Common Shareholders (27,154,510 ) 14,948,727 (11,472,600 ) (32,943,132 ) Net Income (Loss) Attributable to Common Shareholders per Share – Basic and Diluted (0.76 ) 0.41 (0.31 ) (0.87 ) 2017 March 31 June 30 September 30 December 31 Total Income $ 26,448,549 $ 28,817,848 $ 28,684,937 $ 28,696,585 Total Expenses 22,485,487 24,858,243 24,704,729 24,567,878 Other Income (Expense) (1,653,136 ) (383,472 ) (699,309 ) (546,701 ) Net Income from continuing operations 2,285,546 3,589,871 3,262,001 3,530,616 Net Loss Attributable to Common Shareholders (1,504,201 ) (199,876 ) (5,179,423 ) (795,765 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.01 ) (0.15 ) (0.03 )

Organization (Details Narrative

Organization (Details Narrative)	12 Months Ended
	Dec. 31, 2018
Maximum percentage of undepreciated assets	15.00%
Real Estate Investment Trusts [Member]
Portfolio of gross assets	The Company generally limits to no more than approximately 15% of its undepreciated assets.
Maximum percentage of undepreciated assets	15.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative)	Jan. 02, 2018USD ($)	Dec. 31, 2018USD ($)Numbershares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Number of operates manufacture home communities | Number		118
Number of developed home sites company own and operates | Number		21,500
Maximum percentage of undepreciated assets		15.00%
Total net unrealized gains (loss)	$ 11,519,582	$ (40,155,814)	$ 11,519,582	$ 16,717,171
Notes receivable		29,773,009	24,066,567
Reserves for uncollectible accounts, notes and other receivables		1,088,137	1,206,767
Provisions for uncollectible notes and other receivables		1,231,112	1,273,535	909,397
Charge-offs and other adjustments related to repossessed homes		$ 1,349,742	1,205,050	$ 811,530
Average interest rate on loan		8.30%
Average maturity of loan		5 years
Accumulated amortization of deferred finance cost		$ 4,372,307	3,746,862
Estimated amortization expense of finance cost for 2019		706,000
Estimated amortization expense of finance cost for 2020		649,000
Estimated amortization expense of finance cost for 2021		726,000
Estimated amortization expense of finance cost for 2022		489,000
Estimated amortization expense of finance cost for 2023		400,000
Fair value of interest rate swaps
Number of rental units owned | Number		6,500
Weighted average common shares outstanding basic and diluted | shares		36,871,322	32,675,650	27,808,895
Number of employee stock option to purchase shares | shares		2,252,600	1,778,100	1,760,000
Compensation costs		$ 1,613,110	$ 1,314,491	$ 1,064,678
Description for applicable income tax provisions		The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT.
Decrease in fair value of marketable securities		$ 51,675,396
Operating lease, right-of-use asset		2,000,000
January 1, 2019 [Member]
Operating lease, right-of-use asset		4,000,000
Stock Options [Member]
Compensation costs		$ 209,617	$ 200,907	$ 312,400
Real Estate Investment Trusts [Member]
Portfolio of gross assets		The Company generally limits to no more than approximately 15% of its undepreciated assets.
Maximum percentage of undepreciated assets		15.00%
Sites and Buildings [Member] | Minimum [Member]
Investment property and equipment, estimated useful lives		15 years
Sites and Buildings [Member] | Maximum [Member]
Investment property and equipment, estimated useful lives		27 years 6 months
Improvements of Investment Property and Equipment [Member] | Minimum [Member]
Investment property and equipment, estimated useful lives		3 years
Improvements of Investment Property and Equipment [Member] | Maximum [Member]
Investment property and equipment, estimated useful lives		27 years 6 months
Subsidiary [Member]
Ownership percentage in subsidiaries		100.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 7,433,470	$ 23,242,090	$ 4,216,592
Restricted Cash	5,343,941	4,649,159	5,132,897
Cash, Cash Equivalents And Restricted Cash	$ 12,777,411	$ 27,891,249	$ 9,349,489	$ 11,818,998

Investment Property and Equip_3

Investment Property and Equipment (Details Narrative)	Dec. 19, 2018USD ($)aNumber	Nov. 30, 2018USD ($)aNumber	Aug. 31, 2018USD ($)aNumber	Jul. 13, 2018USD ($)	May 30, 2018USD ($)aNumber	Dec. 22, 2017USD ($)aNumber	May 31, 2017USD ($)aNumber	Jan. 24, 2017USD ($)aNumber	Jan. 20, 2017USD ($)aNumber	May 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Mortgage loan | $											$ 331,093,063	$ 304,895,117
Amortization of principal repayments term											6 years 3 months 19 days	6 years 10 months 25 days
Transaction costs | $											$ 829,000
Bonus payment | $										$ 251,680
Royalty fee percentage										18.00%
Lease term							5 years			5 years
Indiana Manufactured Home Communities [Member]
Number of manufactured home communities acquired | Number					2				2
Purchase price of acquired entity | $					$ 20,500,000				$ 24,437,000
Number of property sites | Number					669
Area of acquired real estate property | a					231				155
Percentage of average occupancy					91.00%				77.00%
Unsecured line of credit | $					$ 20,000,000
Term of mortgage				10 years					10 years
Mortgage loan | $				$ 13,442,000					$ 14,250,000
Interest rate on mortgage				4.27%					4.56%
Amortization of principal repayments term				30 years					30 years
Summit Village Indiana [Member]
Number of manufactured home communities acquired | Number			1
Purchase price of acquired entity | $			$ 3,500,000
Number of property sites | Number			134
Area of acquired real estate property | a			58
Percentage of average occupancy			60.00%
Pikewood Manor [Member]
Number of manufactured home communities acquired | Number		1
Purchase price of acquired entity | $		$ 23,000,000
Number of property sites | Number		488
Area of acquired real estate property | a		117
Percentage of average occupancy		67.00%
Term of mortgage		10 years
Mortgage loan | $		$ 14,750,000
Interest rate on mortgage		5.00%
Amortization of principal repayments term		25 years
Ohio Manufactured Home Communities [Member]
Number of manufactured home communities acquired | Number	2								2
Purchase price of acquired entity | $	$ 12,093,000								$ 9,588,000
Number of property sites | Number	324								532
Area of acquired real estate property | a	88								149
Percentage of average occupancy	79.00%								57.00%
Mortgage loan | $	$ 4,624,000
Boardwalk,Age Restricted Community [Member]
Number of property sites | Number									195
Parke Place, All-age Community [Member]
Number of property sites | Number									364
Hillcrest Crossing Manufactured Home Communities [Member]
Number of manufactured home communities acquired | Number								1
Purchase price of acquired entity | $								$ 2,485,000
Number of property sites | Number								200
Area of acquired real estate property | a								78
Percentage of average occupancy								40.00%
Cinnamon Woods Manufactured Home Communities [Member]
Purchase price of acquired entity | $							$ 4,000,000			$ 4,000,000
Number of property sites | Number							63
Age Restricted Community [Member]
Area of acquired real estate property | a							79
Percentage of average occupancy							92.00%
Acreage available for expansion | a							61
Pennsylvania Communities [Member]
Number of manufactured home communities acquired | Number						5
Purchase price of acquired entity | $						$ 22,780,000
Number of property sites | Number						643
Area of acquired real estate property | a						141
Percentage of average occupancy						72.00%
Mortgage loan | $						$ 2,418,000
Interest rate on mortgage						6.35%
Mortgage maturity date						Jan. 1, 2023

Investment Property and Equip_4

Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 6,463,100	$ 13,601,000
Depreciable Property	53,206,300	46,416,000
Notes Receivable and Other	835,400	4,070,000
Total Assets Acquired	$ 60,504,800	$ 64,087,000

Investment Property and Equip_5

Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Income (Loss)		$ (36,215,571)	$ 12,668,034	$ 11,534,559
2018 Acquisitions [Member]
Total Income		1,634,307
Community NOI *	[1]	932,017
Net Income (Loss)		(311,227)
2017 Acquisitions [Member]
Total Income		8,618,471	4,732,307
Community NOI *	[1]	4,572,510	2,398,652
Net Income (Loss)		$ 394,179	$ 211,468
[1]	Community NOI is defined as rental and related income less community operating expenses.

Investment Property and Equip_6

Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Total Accumulated Depreciation	$ 197,208,363	$ 166,444,512
Site and Land Improvements [Member]
Total Accumulated Depreciation	132,121,312	114,617,282
Buildings and Improvements [Member]
Total Accumulated Depreciation	6,689,648	5,779,146
Rental Homes and Accessories [Member]
Total Accumulated Depreciation	44,337,715	33,621,420
Equipment and Vehicles [Member]
Total Accumulated Depreciation	$ 14,059,688	$ 12,426,664

Marketable Securities (Details

Marketable Securities (Details Narrative) - USD ($)	Jan. 02, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Maximum percentage of available for sale securities held		10.00%
Maximum percentage of undepreciated assets		15.00%
Total net unrealized holding gains (losses) in reit securities portfolio	$ 11,519,582	$ (40,155,814)	$ 11,519,582	$ 16,717,171
Proceeds from sales of securities available for sale		268,675	17,416,146	$ 14,831,737
Margin loan outstanding		$ 31,975,086	$ 37,157,467

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Cost		$ 139,751,550	$ 121,444,694
Market Value		$ 99,595,736	$ 132,964,276
CBL & Associates Properties, Inc Preferred Stock Series D [Member]
Interest Rate		7.375%	7.375%
Number of Shares		2,000	2,000
Cost		$ 50,269	$ 50,269
Market Value		$ 21,160	$ 43,720
CBL & Associates Properties, Inc Preferred Stock Series E [Member]
Interest Rate		6.625%	6.625%
Number of Shares		62,724	62,724
Cost		$ 1,487,145	$ 1,487,145
Market Value		$ 599,641	$ 1,383,064
Cedar Realty Trust, Inc Preferred Stock Series B [Member]
Interest Rate		7.25%	7.25%
Number of Shares		8,111	18,269
Cost		$ 188,005	$ 422,544
Market Value		$ 187,023	$ 458,755
Cedar Realty Trust, Inc Preferred Stock Series C [Member]
Interest Rate		6.50%	6.50%
Number of Shares		20,000	20,000
Cost		$ 494,407	$ 494,407
Market Value		$ 379,600	$ 500,800
Colony Capital Inc. Preferred Stock Series I [Member]
Interest Rate		7.15%
Number of Shares		20,000
Cost		$ 500,000
Market Value		$ 369,000
Investors Real Estate Trust Preferred Stock Series C [Member]
Interest Rate		6.625%	6.625%
Number of Shares		20,000	20,000
Cost		$ 500,000	$ 500,000
Market Value		$ 461,684	$ 520,308
Pennsylvania Real Estate Investment Trust Preferred Stock Series B [Member]
Interest Rate		7.375%	7.375%
Number of Shares		40,000	40,000
Cost		$ 1,000,000	$ 1,000,000
Market Value		$ 654,400	$ 1,007,200
Pennsylvania Real Estate Investment Trust Preferred Stock Series D [Member]
Interest Rate		6.875%	6.875%
Number of Shares		20,000	20,000
Cost		$ 498,207	$ 498,207
Market Value		$ 310,800	$ 502,200
Urstadt Biddle Properties, Inc Preferred Stock Series G [Member]
Interest Rate		6.75%	6.75%
Number of Shares		5,000	5,000
Cost		$ 125,000	$ 125,000
Market Value		$ 123,750	$ 131,000
Urstadt Biddle Properties, Inc Preferred Stock Series H [Member]
Interest Rate		6.25%	6.25%
Number of Shares		12,500	12,500
Cost		$ 312,500	$ 312,500
Market Value		292,500	326,875
Preferred Stock [Member]
Cost		5,155,533	5,390,072
Market Value		$ 3,399,558	$ 5,377,522
CBL & Associates Properties, Inc [Member]
Number of Shares		1,600,000	1,500,000
Cost		$ 16,692,139	$ 16,157,749
Market Value		$ 3,072,000	$ 8,490,000
Franklin Street Properties Corporation [Member]
Number of Shares		220,000	150,000
Cost		$ 2,219,219	$ 1,659,118
Market Value		$ 1,370,600	$ 1,611,000
Government Properties Income Trust [Member]
Number of Shares		2,246,000	1,020,000
Cost		$ 36,418,264	$ 19,430,983
Market Value		$ 15,430,020	$ 18,910,800
Industrial Logistics Properties Trust [Member]
Number of Shares		502,258
Cost		$ 9,951,185
Market Value		$ 9,879,415
Kimco Realty Corporation [Member]
Number of Shares		910,000	750,000
Cost		$ 17,052,180	$ 14,475,908
Market Value		$ 13,331,500	$ 13,612,500
Monmouth Real Estate Investment Corporation [Member]
Number of Shares	[1]	2,446,054	2,335,930
Cost	[1]	$ 22,292,408	$ 20,698,562
Market Value	[1]	$ 30,331,065	$ 41,579,558
Pennsylvania Real Estate Investment Trust [Member]
Number of Shares		210,000	150,000
Cost		$ 2,226,089	$ 1,602,636
Market Value		$ 1,247,400	$ 1,783,500
Senior Housing Properties Trust [Member]
Number of Shares		170,911	160,911
Cost		$ 2,919,572	$ 2,739,069
Market Value		$ 2,003,078	$ 3,081,446
Tanger Factory Outlet [Member]
Number of Shares		180,000	120,000
Cost		$ 4,228,627	$ 2,941,621
Market Value		$ 3,639,600	$ 3,181,200
Urstadt Biddle Properties, Inc [Member]
Number of Shares		100,000	100,000
Cost		$ 2,048,516	$ 2,048,516
Market Value		$ 1,922,000	$ 2,174,000
Vereit, Inc [Member]
Number of Shares		1,410,000	1,300,000
Cost		$ 12,058,590	$ 11,253,514
Market Value		$ 10,081,500	$ 10,127,000
Washington Prime Group [Member]
Number of Shares		800,000	500,000
Cost		$ 6,489,228	$ 4,397,255
Market Value		3,888,000	3,560,000
Common Stock [Member]
Cost		134,596,017	116,054,622
Market Value		$ 96,196,178	$ 127,586,754
Colony Northstar, Inc. Preferred Stock Series I [Member]
Interest Rate			7.15%
Number of Shares			20,000
Cost			$ 500,000
Market Value			$ 503,600
Select Income Real Estate Investment Trust [Member]
Number of Shares			775,000
Cost			$ 18,649,691
Market Value			$ 19,475,750
[1]	Related entity - See Note 8.

Marketable Securities - Summa_2

Marketable Securities - Summary of Gain (Loss) on Securities Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 20,107	$ 1,749,034	$ 2,287,454
Gross realized losses	0	(1,506)	(2,153)
Total Realized Gain on Sales of Securities, net	$ 20,107	$ 1,747,528	$ 2,285,301

Loans and Mortgages Payable (De

Loans and Mortgages Payable (Details Narrative) - USD ($)

Dec. 18, 2018

Nov. 30, 2018

Nov. 29, 2018

Nov. 28, 2018

Jul. 13, 2018

Dec. 22, 2017

Aug. 28, 2017

May 31, 2017

Jan. 20, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Percentage of margin loan interest rate

2.75%

2.00%

Outstanding on margin loan

$ 31,975,086

$ 37,157,467

Number of coverage ratio, description

The Company must maintain a coverage ratio of approximately 2 times.

Weighted average interest rate

4.30%

4.20%

Weighted average interest rate, effect of unamortized debt issuance costs

4.30%

4.30%

Mortgage loan

$ 331,093,063

$ 304,895,117

Weighted average loan maturity term

6 years 3 months 19 days

6 years 10 months 25 days

Mortgage loans on real estate, carrying amount

$ 614,306,362

$ 538,249,737

Accumulated capitalized interest costs

$ 1,036,307

$ 500,859

$ 359,906

Meadows of Perrysburg [Member]

Line of credit facility, maturity date

Oct. 6, 2023

Interest rate on mortgage

5.4125%

Mortgage loan

$ 3,000,000

Perrysburg Estates [Member]

Line of credit facility, maturity date

Sep. 6, 2025

Interest rate on mortgage

4.98%

Mortgage loan

$ 1,600,000

Minimum [Member]

Interest rate on mortgage

3.71%

Maximum [Member]

Interest rate on mortgage

6.50%

Automotive Loans [Member]

Weighted average interest rate

4.43%

Bank automotive loans

$ 2,361,066

Mortgage Loan [Member]

Line of credit facility, maturity date

Jan. 1, 2023

Interest rate on mortgage

6.35%

Mortgage loan

$ 2,418,000

OceanFirst Bank [Member]

Line of credit facility, maximum borrowing capacity

$ 10,000,000

Interest rate of line of credit

5.50%

4.75%

Lines of credit

$ 4,000,000

Line of credit facility, maturity date

Jun. 1, 2020

Line of credit facility interest rate, description

Interest was reduced from prime plus 50 basis points to prime plus 25 basis points.

Revolving Credit Facility [Member]

Lines of credit

$ 15,928,350

$ 2,239,315

Weighted average interest rate

7.04%

6.74%

Unsecured Revolving Credit Facility [Member]

Line of credit facility, maximum borrowing capacity

$ 125,000,000

Lines of credit

$ 50,000,000

$ 35,000,000

Line of credit facility, maturity date

Nov. 29, 2022

Line of credit facility interest rate, description

Interest rates on borrowings are based on the Company's overall leverage ratio and decreased from LIBOR plus 1.75% to 2.50% or BMO's prime lending rate plus 0.75% to 1.50%, at the Company's option, to LIBOR plus 1.50% to 2.20%, or BMO's prime lending rate plus 0.50% to 1.20%. Based on the Company's current leverage ratio, borrowings under the Facility will bear interest at LIBOR plus 1.60% or at BMO's prime lending rate plus 0.60%.

Line of credit facility, available borrowings

$ 75,000,000

Line of credit accordion feature

$ 50,000,000

Borrowing capacity, description

The Facility is syndicated with two banks led by BMO Capital Markets Corp. ("BMO"), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. ("J.P. Morgan") as the sole syndication agent. The Amendment provides for an increase from $50 million in available borrowings to $75 million in available borrowings with a $50 million accordion feature, bringing the total potential availability up to $125 million, subject to certain conditions including obtaining commitments from additional lenders. The Amendment also extends the maturity date of the Facility from March 27, 2020 to November 29, 2022, with a one-year extension available at the Company's option, subject to certain conditions including payment of an extension fee. Availability under the Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility's unencumbered asset pool ("Borrowing Base"). The Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income ("NOI") generated by the communities in the Borrowing Base from 7.5% to 7.0%.

LIBOR [Member] | Unsecured Revolving Credit Facility [Member]

Lines of credit, interest rate

1.60%

LIBOR [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member]

Lines of credit, interest rate

1.50%

1.75%

LIBOR [Member] | Unsecured Revolving Credit Facility [Member] | Maximum [Member]

Lines of credit, interest rate

2.20%

2.50%

Prime Rate [Member] | Unsecured Revolving Credit Facility [Member]

Lines of credit, interest rate

0.60%

Prime Rate [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member]

Lines of credit, interest rate

0.50%

0.75%

Prime Rate [Member] | Unsecured Revolving Credit Facility [Member] | Maximum [Member]

Lines of credit, interest rate

1.20%

1.50%

21st Mortgage Corporation [Member]

Interest rate on mortgage

6.99%

Mortgage loans term

10 years

Loans outstanding

$ 373,499

421,930

21st Mortgage Corporation [Member] | New Units [Member]

Origination fee

2.00%

21st Mortgage Corporation [Member] | Existing Units [Member]

Origination fee

3.00%

21st Mortgage Corporation [Member] | LIBOR [Member]

Interest rate of line of credit

6.00%

21st Mortgage Corporation [Member] | LIBOR [Member] | After 2 Years [Member]

Interest rate of line of credit

7.75%

Two River Community Bank [Member]

Lines of credit

$ 4,000,000

Line of credit facility, maturity date

Oct. 30, 2019

Interest rate on mortgage

4.625%

Loans outstanding

$ 3,779,477

$ 3,969,329

Shares of monmouth real estate investment corporation pledged as collateral

1,000,000

Federal Home Loan Mortgage Corporation [Member]

Line of credit facility, maturity date

Aug. 1, 2028

Interest rate on mortgage

4.27%

Mortgage loan

$ 13,442,000

Line of credit facility, description

Principal repayments are based on a 30-year amortization schedule.

OceanFirst Bank [Member]

Line of credit facility, maturity date

Nov. 29, 2028

Interest rate on mortgage

5.00%

Mortgage loan

$ 14,750,000

Line of credit facility, description

The interest rate will be reset after five years to the weekly average yield on U.S. Treasury Securities plus 2.25%. Principal repayments are based on a 25-year amortization schedule.

OceanFirst Bank [Member] | After 5 Years [Member]

Interest rate on mortgage

2.25%

Wells Fargo Bank, N.A [Member]

Line of credit facility, maturity date

Jun. 1, 2027

Feb. 1, 2027

Interest rate on mortgage

4.12%

4.56%

Mortgage loan

$ 16,800,000

$ 14,250,000

Line of credit facility, description

Principal repayments are based on a 30-year amortization schedule.

Principal repayments are based on a 30-year amortization schedule.

Proceeds from repayment of mortgage loan paid off

$ 9,000,000

Interest rate on mortgage that was paid off

6.175%

Sun National Bank [Member]

Line of credit facility, maturity date

Aug. 1, 2027

Interest rate on mortgage

4.18%

Mortgage loan

$ 13,370,000

Line of credit facility, description

Principal repayments are based on a 30-year amortization schedule.

Proceeds from repayment of mortgage loan paid off

$ 10,000,000

Interest rate on mortgage that was paid off

3.89%

Sun National Bank [Member] | LIBOR [Member]

Lines of credit, interest rate

3.00%

Credit Agreements to Finance Inventory Purchases [Member]

Line of credit facility, maximum borrowing capacity

$ 28,500,000

Loans and Mortgages Payable - S

Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 19,767,278
2,020	4,215,285
2,021	378,318
2,022	51,130,884
2,023	568,692
Thereafter	32,357,022
Total Loans Payable	108,417,479
Unamortized Debt Issuance Costs	(432,126)
Total Loans Payable, net of Unamortized Debt Issuance Costs	$ 107,985,353	$ 84,704,487

Loans and Mortgages Payable -_2

Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total Mortgages Payable	$ 334,411,425	$ 308,460,786
Unamortized debt issuance costs	(3,318,362)	(3,565,669)
Total Mortgages Payable, net of Unamortized Debt Issuance Costs	$ 331,093,063	304,895,117
Allentown [Member]
Due Date	Oct. 1, 2025
Interest Rate	4.06%
Total Mortgages Payable	$ 13,133,031	13,390,559
Brookview Village [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 2,722,314	2,778,698
Candlewick Court [Member]
Due Date	Sep. 1, 2025
Interest Rate	4.10%
Total Mortgages Payable	$ 4,383,031	4,468,826
Catalina [Member]
Due Date	Aug. 19, 2025
Interest Rate	4.20%
Total Mortgages Payable	$ 5,318,941	5,533,771
Cedarcrest Village [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.71%
Total Mortgages Payable	$ 11,772,098	12,024,840
Clinton Mobile Home Resort [Member]
Due Date	Oct. 1, 2025
Interest Rate	4.06%
Total Mortgages Payable	$ 3,446,832	3,514,421
Cranberry Village [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 7,466,333	7,620,974
D & R Village [Member]
Due Date	Mar. 1, 2025
Interest Rate	3.85%
Total Mortgages Payable	$ 7,526,804	7,685,346
Fairview Manor [Member]
Due Date	Nov. 1, 2026
Interest Rate	3.85%
Total Mortgages Payable	$ 15,710,739	16,010,749
Forest Park Village [Member]
Due Date	Sep. 1, 2025
Interest Rate	4.10%
Total Mortgages Payable	$ 8,172,870	8,332,848
Hayden Heights [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 2,051,518	2,094,009
Heather Highlands [Member]
Due Date	Aug. 28, 2018
Interest Rate, description	Prime + 1.0%
Total Mortgages Payable	$ 0	16,606
Highland Estates [Member]
Due Date	Jun. 1, 2027
Interest Rate	4.12%
Total Mortgages Payable	$ 16,353,252	16,640,165
Holiday Village [Member]
Due Date	Sep. 1, 2025
Interest Rate	4.10%
Total Mortgages Payable	$ 7,777,408	7,929,646
Holiday Village- IN [Member]
Due Date	Nov. 1, 2025
Interest Rate	3.96%
Total Mortgages Payable	$ 8,349,008	8,514,837
Holly Acres Estates [Member]
Due Date	Oct. 5, 2021
Interest Rate	6.50%
Total Mortgages Payable	$ 2,157,664	2,194,312
Kinnebrook Village [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 3,966,082	4,048,226
Lake Sherman Village [Member]
Due Date	Sep. 1, 2025
Interest Rate	4.10%
Total Mortgages Payable	$ 5,404,640	5,510,432
Meadows of Perrysburg [Member]
Due Date	Oct. 6, 2023
Interest Rate	5.413%
Total Mortgages Payable	$ 3,002,368	0
Olmsted Falls [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.98%
Total Mortgages Payable	$ 2,051,221	2,093,269
Oxford Village [Member]
Due Date	Jan. 1, 2020
Interest Rate	5.94%
Total Mortgages Payable	$ 6,526,306	6,751,511
Perrysburg Estates [Member]
Due Date	Sep. 6, 2025
Interest Rate	4.98%
Total Mortgages Payable	$ 1,615,470	0
Pikewood Manor [Member]
Due Date	Nov. 29, 2028
Interest Rate	5.00%
Total Mortgages Payable	$ 14,722,561	0
Shady Hills [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 4,891,221	4,992,527
Somerset Estates and Whispering Pines [Member]
Due Date	Feb. 26, 2019
Interest Rate	4.89%
Total Mortgages Payable	$ 31,555	217,770
Springfield Meadows [Member]
Due Date	Oct. 6, 2025
Interest Rate	4.83%
Total Mortgages Payable	$ 3,088,505	3,141,199
Suburban Estates [Member]
Due Date	Oct. 1, 2025
Interest Rate	4.06%
Total Mortgages Payable	$ 5,475,710	5,583,084
Sunny Acres [Member]
Due Date	Oct. 1, 2025
Interest Rate	4.06%
Total Mortgages Payable	$ 6,095,121	6,214,642
Southwind Village [Member]
Due Date	Jan. 1, 2020
Interest Rate	5.94%
Total Mortgages Payable	$ 5,213,023	5,392,911
Trailmont [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 3,260,814	3,328,351
Twin Oaks [Member]
Due Date	Dec. 1, 2019
Interest Rate	5.75%
Total Mortgages Payable	$ 2,333,022	2,415,894
Valley Hills [Member]
Due Date	Jun. 1, 2026
Interest Rate	4.32%
Total Mortgages Payable	$ 3,348,290	3,408,438
Waterfalls [Member]
Due Date	Jun. 1, 2026
Interest Rate	4.38%
Total Mortgages Payable	$ 4,558,525	4,639,515
Weatherly Estates [Member]
Due Date	Apr. 1, 2025
Interest Rate	3.92%
Total Mortgages Payable	$ 7,956,386	8,121,177
Wellington Estates [Member]
Due Date	Jan. 1, 2023
Interest Rate	6.35%
Total Mortgages Payable	$ 2,367,059	2,414,621
Woods Edge [Member]
Due Date	Jan. 7, 2026
Interest Rate	4.30%
Total Mortgages Payable	$ 6,476,902	6,728,792
Worthington Arms [Member]
Due Date	Sep. 1, 2025
Interest Rate	4.10%
Total Mortgages Payable	$ 9,163,406	9,342,775
Various (2 properties) [Member]
Due Date	Feb. 1, 2027
Interest Rate	4.56%
Total Mortgages Payable	$ 13,821,208	14,049,088
Various (2 properties) [Member]
Due Date	Aug. 1, 2028
Interest Rate	4.27%
Total Mortgages Payable	$ 13,353,881	0
Various (4 properties) [Member]
Due Date	Jul. 1, 2023
Interest Rate	4.975%
Total Mortgages Payable	$ 7,926,365	8,079,960
Various (5 properties) [Member]
Due Date	Jan. 1, 2022
Interest Rate	4.25%
Total Mortgages Payable	$ 13,412,679	13,749,838
Various (5 properties) [Member]
Due Date	Dec. 6, 2022
Interest Rate	4.75%
Total Mortgages Payable	$ 7,007,404	7,154,380
Various (6 properties) [Member]
Due Date	Aug. 1, 2027
Interest Rate	4.18%
Total Mortgages Payable	$ 13,068,415	13,296,207
Various (13 properties) [Member]
Due Date	Mar. 1, 2023
Interest Rate	4.065%
Total Mortgages Payable	$ 47,931,443	$ 49,035,572

Loans and Mortgages Payable -_3

Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details)	Dec. 31, 2018USD ($)
2,019	$ 19,767,278
2,020	4,215,285
2,021	378,318
2,022	51,130,884
2,023	568,692
Thereafter	32,357,022
Total	108,417,479
Mortgages [Member]
2,019	21,140,538
2,020	7,307,273
2,021	22,006,149
2,022	13,894,653
2,023	61,174,801
Thereafter	208,888,011
Total	$ 334,411,425

Stock Compensation Plan (Detail

Stock Compensation Plan (Details Narrative)	Apr. 02, 2018Numbershares	Sep. 27, 2017Numbershares	Apr. 04, 2017Numbershares	Sep. 14, 2016Numbershares	Apr. 05, 2016Numbershares	Dec. 31, 2018USD ($)Number$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Jun. 14, 2018shares	Jun. 13, 2013shares
Number of shares granted for purchase during period						605,000	576,000	527,000
Aggregate intrinsic value of outstanding | $						$ 2,047,176	$ 5,935,112	$ 8,939,488
Aggregate intrinsic value of options exercisable | $						2,047,176	5,896,112	6,156,928
Intrinsic value of options exercised | $						$ 509,770	$ 3,030,119	$ 1,018,730
Weighted-average remaining contractual term						7 years 10 months 25 days	6 years 9 months 18 days	5 years 7 months 6 days
Stock compensation expense of general and administrative expenses | $						$ 1,115,395	$ 928,977	$ 463,864
Restricted Stock [Member]
Grants vest term						5 years
Unamortized stock option expense | $						$ 1,296,604
Weighted-average remaining contractual term						3 years 4 months 24 days
Number of granted, shares	45,000		45,000	20,000	40,500	47,000	56,000	60,500
Number of participants in restricted stock grants awarded | Number	2		2	1	2
Fair value of restricted stock grants | $						$ 616,200	$ 845,870	$ 627,085
Stock compensation expense of general and administrative expenses | $						$ 497,715	$ 385,514	$ 600,814
Unrestriced shares granted, per share | $ / shares						$ 13.11	$ 15.10	$ 10.37
Unrestricted Common Stock [Member]
Number of granted, shares						2,000
Unrestriced shares granted, per share | $ / shares						$ 15.13
Ten Directors [Member] | Restricted Stock [Member]
Number of granted, shares		11,000				2,000
Number of participants in restricted stock grants awarded | Number		10				10
Stock Options [Member]
Grants vest term						1 year
Unamortized stock option expense | $						$ 318,552
Stock Options [Member] | Thirty Four Employees [Member]
Number of shares granted for purchase during period							576,000
Fair value of grant shares | $							$ 1,042,000
Stock Options [Member] | Forty Employees [Member]
Number of shares granted for purchase during period						605,000
Fair value of grant shares | $						$ 1,243,000
Stock Options [Member] | Thirty Four Employees [Member]
Number of shares granted for purchase during period								527,000
Fair value of grant shares | $								$ 425,000
Stock Options [Member] | Eight Employees [Member]
Number of exercised shares						128,500
Stock Options [Member] | Twenty Seven Employees [Member]
Number of exercised shares							547,900
Stock Options [Member] | Twenty Employees [Member]
Number of exercised shares								277,500
Stock Options [Member] | One Employee [Member]
Number of shares expired or forfeited						2,000	10,000	50,000
2013 Stock Option and Stock Award Plan [Member]
Stock option authorized to grant to officers and key employees									2,000,000	3,000,000
2013 Stock Option and Stock Award Plan [Member] | Restricted Stock [Member]
Available for grant under plan						1,961,500

Stock Compensation Plan - Sched

Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Compensation Related Costs [Abstract]
Dividend yield	4.79%	5.80%	7.32%
Expected volatility	25.78%	26.30%	26.30%
Risk-free interest rate	2.74%	2.37%	1.49%
Expected lives	10 years	10 years	8 years
Estimated forfeitures	$ 0	$ 0	$ 0

Stock Compensation Plan - Sch_2

Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Granted, Shares	605,000	576,000	527,000
Stock Options [Member]
Outstanding at beginning of year, Shares	1,778,100	1,760,000	1,560,500
Granted, Shares	605,000	576,000	527,000
Exercised, Shares	(128,500)	(547,900)	(277,500)
Forfeited, shares	(2,000)	(10,000)	0
Expired, Shares	0	0	(50,000)
Outstanding at end of year, Shares	2,252,600	1,778,100	1,760,000
Options exercisable at end of year	1,647,600	1,202,100	1,233,000
Outstanding at beginning of year, Weighted Average Exercise Price	$ 11.60	$ 9.97	$ 9.92
Weighted Average Exercise Price, Granted	13.26	14.96	9.77
Weighted Average Exercise Price, Exercised	10.78	9.92	8.96
Weighted Average Exercise Price, Forfeited	12.41	9.77	0
Weighted Average Exercise Price, Expired	0	0	11.97
Outstanding at end of year, Weighted Average Exercise Price	12.09	11.60	9.97
Weighted average fair value of options granted during the year	$ 2.05	$ 1.81	$ 0.81

Stock Compensation Plan - Summa

Stock Compensation Plan - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2018Number$ / sharesshares
Number of Shares	2,252,600
Stock Option Grant One [Member]
Date of Grant	Jul. 5, 2011
Number of Employees | Number	3
Number of Shares	22,000
Option Price | $ / shares	$ 11.16
Expiration Date	Jul. 5, 2019
Stock Option Grant Two [Member]
Date of Grant	Aug. 29, 2012
Number of Employees | Number	6
Number of Shares	44,000
Option Price | $ / shares	$ 11.29
Expiration Date	Aug. 29, 2020
Stock Option Grant Three [Member]
Date of Grant	Jun. 26, 2013
Number of Employees | Number	10
Number of Shares	228,600
Option Price | $ / shares	$ 10.08
Expiration Date	Jun. 26, 2021
Stock Option Grant Four [Member]
Date of Grant	Jun. 11, 2014
Number of Employees | Number	9
Number of Shares	151,000
Option Price | $ / shares	$ 9.85
Expiration Date	Jun. 11, 2022
Stock Option Grant Five [Member]
Date of Grant	Jun. 24, 2015
Number of Employees | Number	11
Number of Shares	268,000
Option Price | $ / shares	$ 9.82
Expiration Date	Jun. 24, 2023
Stock Option Grant Six [Member]
Date of Grant	Apr. 5, 2016
Number of Employees | Number	19
Number of Shares	369,000
Option Price | $ / shares	$ 9.77
Expiration Date	Apr. 5, 2024
Stock Option Grant Seven [Member]
Date of Grant	Jan. 19, 2017
Number of Employees | Number	2
Number of Shares	60,000
Option Price | $ / shares	$ 14.25
Expiration Date	Jan. 19, 2027
Stock Option Grant Eight [Member]
Date of Grant	Apr. 4, 2017
Number of Employees | Number	32
Number of Shares	505,000
Option Price | $ / shares	$ 15.04
Expiration Date	Apr. 4, 2027
Stock Option Grant Nine [Member]
Date of Grant	Apr. 2, 2018
Number of Employees | Number	40
Number of Shares	540,000	[1]
Option Price | $ / shares	$ 13.09
Expiration Date	Apr. 2, 2028
Stock Option Grant Ten [Member]
Date of Grant	Jul. 9, 2018
Number of Employees | Number	4
Number of Shares	40,000	[1]
Option Price | $ / shares	$ 15.75
Expiration Date	Jul. 9, 2028
Stock Option Grant Eleven [Member]
Date of Grant	Dec. 10, 2018
Number of Employees | Number	1
Number of Shares	25,000	[1]
Option Price | $ / shares	$ 12.94
Expiration Date	Dec. 10, 2028
[1]	Unexercisable

Stock Compensation Plan - Sch_3

Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	Apr. 02, 2018	Apr. 04, 2017	Sep. 14, 2016	Apr. 05, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of year, Shares					146,953	133,315	121,242
Granted, Shares	45,000	45,000	20,000	40,500	47,000	56,000	60,500
Dividend Reinvested Shares, Shares					8,378	6,867	8,430
Forfeited, Shares					0	0	(2,160)
Vested, Shares					(41,827)	(49,229)	(54,697)
Non-vested at end of year, Shares					160,504	146,953	133,315
Non-vested at beginning of year, Weighted Average Grant Date Fair Value					$ 11.98	$ 10.04	$ 9.83
Weighted Average Grant Date Fair Value, Granted					13.11	15.10	10.37
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares					13.37	14.83	10.82
Weighted Average Grant Date Fair Value, Forfeited					0	0	9.83
Weighted Average Grant Date Fair Value, Vested					11.76	10.67	10.07
Non-vested at end of year, Weighted Average Grant Date Fair Value					$ 12.44	$ 11.98	$ 10.04

401(k) Plan (Details Narrative)

401(k) Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Eligibility age of employees	21 years
Description of contribution	The Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary.
Total expense of contributions amount	$ 343,959	$ 330,020	$ 245,057

Related Party Transactions an_2

Related Party Transactions and Other Matters (Details Narrative)	May 01, 2015USD ($)	Dec. 31, 2018USD ($)Numbershares	Feb. 14, 2018USD ($)	Jul. 02, 2017USD ($)
Renewed lease term	7 years
April 30, 2020 [Member]
Lease payment through April 30, 2020	$ 14,900		$ 1,800	$ 1,275
April 30, 2022 [Member]
Lease payment through April 30, 2022	$ 15,300		$ 1,850	$ 1,310
Mr. Eugene and W. Landy [Member]
Interest in the entity of landlord of the property		24.00%
Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member]
Employment agreements term		3 years
Approximate value of compensation		$ 1,400,000
Monmouth Real Estate Investment Corporation [Member]
Number of directors and shareholders | Number		5
Number of shares owned in affiliate company | shares		2,446,054
Percentage of shares owned in affiliate company		2.60%

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - USD ($)	Sep. 17, 2018	Jan. 22, 2018	Aug. 31, 2017	Aug. 02, 2017	Jul. 26, 2017	Jun. 05, 2017	Jun. 02, 2017	Aug. 11, 2016	Apr. 05, 2016	Apr. 04, 2016	Oct. 20, 2015	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2016
Preferred stock redemption charge												$ 95,030,000				$ 95,030,000									$ 95,030,000	$ 95,030,000
Dividend declared per share, paid												$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18		$ 0.72	$ 0.72	$ 0.72
Dividend paid date																									Feb. 15, 2019
Record date of dividend																									Mar. 15, 2019
Net proceeds from issuance of shares																									$ 48,247,280	$ 138,975,847	$ 49,120,853
Common stock shares authorized										81,663,800		111,363,800				113,663,800									111,363,800	113,663,800
Excess stock, shares authorized												3,000,000				3,000,000									3,000,000	3,000,000
January 15, 2019 [Member]
Number of share authorized to repurchase under share repurchase program												25,000,000													25,000,000
Amendment [Member]
Excess stock, shares authorized										3,000,000
Maryland State Department of Assessments and Taxation [Member]
Increase in authorized number of shares											22,000,000
Common stock shares authorized											48,663,800
Excess stock, shares authorized											3,000,000
Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Increase in authorized number of shares							10,000,000
Common stock shares authorized								85,663,800
Excess stock, shares authorized								3,000,000		3,000,000
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Cumulative redeemable preferred stock, authorized			3,663,800
Cumulative redeemable preferred stock percentage			8.25%
Preferred stock, liquidation preference per share			$ 25
Preferred stock, redemption price per share			$ 25
Preferred stock redemption charge			$ 91,595,000
Dividends paid			$ 1,889,147																							$ 3,502,000
Dividend declared per share, paid			$ 0.515625
Dividend paid date			Sep. 15, 2017
Record date of dividend			Aug. 15, 2017
Series B Cumulative Redeemable Preferred Stock [Member]
Cumulative redeemable preferred stock, authorized					4,000,000
Dividends paid																												$ 710,610
Dividend paid date																												Mar. 15, 2016
Cumulative redeemable preferred stock, shares issued											1,801,200	3,801,200				3,801,200									3,801,200	3,801,200
Percentage rate on cumulative redeemable preferred stock											8.00%	8.00%				8.00%									8.00%	8.00%
Cumulative redemption price per share											$ 25
Net proceeds from issuance of shares											$ 43,000,000
Description of preferred stock dividend											Annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15.
Preferred stock par value											$ 0.10	$ 0.10				$ 0.10									$ 0.10	$ 0.10
Shares issued price per share											$ 25
Preferred stock, shares outstanding												3,801,200				3,801,200									3,801,200	3,801,200
Preferred stock, shares authorized		4,000,000										4,000,000				4,000,000									4,000,000	4,000,000
Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized										2,000,000
Excess stock, shares authorized										3,000,000
Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized								4,000,000
Series B Preferred Stock [Member]
Number of stock sold during period									2,000,000
Sale of stock price per share									$ 25.50
Proceeds from sale of common stock									$ 49,100,000
Series B Preferred Stock [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized										4,000,000
Series B Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Common stock shares authorized										2,000,000
Series A Cumulative Redeemable Preferred Stock [Member]
Cumulative redeemable preferred stock, authorized			3,663,800		3,663,800
Preferred stock par value					$ 0.10
Increase in authorized number of shares			113,663,800
Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized										3,663,800
Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized								3,663,800		3,663,800
Series A Preferred Stock [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized										3,663,800
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Common stock shares authorized					85,000,000			71,000,000
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Common stock shares authorized								75,000,000
6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Number of stock sold during period					5,000,000
Proceeds from issuance of offering					$ 120,800,000
Preferred stock, liquidation preference per share					$ 25
Preferred stock, redemption price per share					$ 25
Dividends paid					$ 970,312
Dividend declared per share, paid					$ 0.16875
Dividend paid date					Sep. 15, 2017
Record date of dividend					Aug. 31, 2017
Cumulative redeemable preferred stock, shares issued					5,000,000
Net proceeds from issuance of shares				$ 18,200,000
Description of preferred stock dividend					Annual rate of $1.6875 per share and will be payable quarterly in arrears on March 15, June 15, September 15, and December 15.
Exercised overallotment option and purchased additional shares				750,000
Annual rate on dividend per share payable quarterly					$ 1.6875
Series C Cumulative Redeemable Preferred Stock [Member]
Preferred stock, redemption price per share					25
Cumulative redeemable preferred stock, shares issued												5,750,000				5,750,000									5,750,000	5,750,000
Percentage rate on cumulative redeemable preferred stock												6.75%				6.75%									6.75%	6.75%
Preferred stock par value					$ 0.10							$ 0.10				$ 0.10									$ 0.10	$ 0.10
Preferred stock, shares outstanding												5,750,000				5,750,000									5,750,000	5,750,000
Preferred stock, shares authorized												5,750,000				5,750,000									5,750,000	5,750,000
Series C Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Increase in authorized number of shares					30,750,000
Common stock shares authorized					95,663,800
Series A Preferred Shares [Member]
Cumulative redeemable preferred stock, authorized					3,663,800
Series B Preferred Shares [Member]
Cumulative redeemable preferred stock, authorized					4,000,000
Excess stock, shares authorized					3,000,000
Series C Preferred Shares [Member]
Cumulative redeemable preferred stock, authorized					5,750,000
Common stock shares authorized					5,750,000
Excess stock, shares authorized					3,000,000
6.375% Series D Cumulative Redeemable Preferred Stock [Member]
Number of stock sold during period		2,000,000
Proceeds from issuance of offering		$ 48,200,000
Preferred stock, liquidation preference per share		$ 25
Preferred stock, redemption price per share		$ 25
Dividends paid	$ 796,876
Dividend declared per share, paid	$ 0.3984375
Dividend paid date	Jun. 1, 2018
Record date of dividend	Aug. 15, 2018
Cumulative redeemable preferred stock, shares issued		2,000,000
Description of preferred stock dividend		Arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share.
Excess stock, shares authorized		3,000,000
Series D Preferred Stock [Member]
Preferred stock, redemption price per share		$ 25
Dividends paid																								$ 1,947,918
Preferred stock par value		$ 0.10
Common stock shares authorized		111,363,800
Excess stock, shares authorized		3,000,000
Reclassifying shares of common stock		2,300,000
Preferred stock, shares authorized		2,300,000
Series C Preferred Stock [Member]
Preferred stock, shares authorized		5,750,000
Common Stock [Member]
Number of stock sold during period						1,400,000
Sale of stock price per share						$ 16.60
Proceeds from issuance of offering						$ 22,500,000
Common Stock [Member] | Amendment [Member]
Common stock shares authorized										71,000,000
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Common stock shares authorized											62,000,000
Common Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member]
Common stock shares authorized											2,000,000
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Excess stock, shares authorized											3,000,000
8.25% Series A Cumulative Redeemable Preferred Stock One [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized											3,663,800
Excess stock, shares authorized											3,000,000
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized											2,000,000
Minimum [Member]
Amount of optional cash payments																									$ 500
Minimum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Common stock shares authorized										62,000,000	42,000,000
Minimum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized											3,663,800
Minimum [Member] | Common Stock One [Member] | Maryland State Department of Assessments and Taxation [Member]
Common stock shares authorized											64,000,000
Minimum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock One [Member] | Maryland State Department of Assessments and Taxation [Member]
Cumulative redeemable preferred stock, authorized											3,663,800
Maximum [Member]
Amount of optional cash payments																									$ 1,000
Increase in authorized number of shares										11,000,000
Common stock shares authorized										70,663,800
Maximum [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Excess stock, shares authorized								3,000,000
Maximum [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized								4,000,000
Maximum [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Cumulative redeemable preferred stock, authorized								3,663,800
Maximum [Member] | Series C Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Increase in authorized number of shares					126,413,800
Maximum [Member] | Series A Preferred Shares [Member]
Common stock shares authorized					115,750,000
Maximum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member]
Increase in authorized number of shares								4,000,000
Common stock shares authorized										73,000,000
Maximum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member]
Common stock shares authorized								81,663,800
Maximum [Member] | Common Stock [Member] | Series A Preferred Shares [Member]
Common stock shares authorized					110,000,000
Maximum [Member] | Common Stock One [Member] | Maryland State Department of Assessments and Taxation [Member]
Common stock shares authorized											70,663,800
Dividend Reinvestment Stock Purchase Plan [Member]
Discount rate on purchase price under dividend reinvestment plan																									95.00%

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Amount Received in Connection with DRIP (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Amounts Received	[1]	$ 35,113,713	$ 60,365,190	$ 22,400,945
Dividend Reinvestment Stock Purchase Plan [Member]
Class of Stock [Line Items]
Amounts Received		35,113,713	60,365,190	22,400,945
Less: Dividends Reinvested		(5,075,547)	(2,859,174)	(2,388,552)
Amounts Received, net		$ 30,038,166	$ 57,506,016	$ 20,012,393
Number of Shares Issued		2,654,846	4,095,357	1,966,133
[1]	Dividend Reinvestment and Stock Purchase Plan.

Distributions (Details Narrativ

Distributions (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Declaration date	Jan. 15, 2019
Record date	Mar. 15, 2019
Payment date	Feb. 15, 2019
Preferred stock, dividend declared per share, paid	$ 0.55	$ 0.52	$ 0.51
January 15, 2019 [Member]
Dividends declared per share	0.18
January 15, 2019 [Member] | Series B Preferred Shares [Member]
Preferred stock, dividend declared per share, paid	0.50
January 15, 2019 [Member] | Series C Preferred Shares [Member]
Preferred stock, dividend declared per share, paid	0.421875
January 15, 2019 [Member] | Series D Preferred Shares [Member]
Preferred stock, dividend declared per share, paid	$ 0.3984375

Distributions - Summary of Paym

Distributions - Summary of Payment of Distributions to Shareholders (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distributions [Abstract]
Distributions including dividends reinvested paid to common shareholders	$ 6,824,288	$ 6,693,069	$ 6,600,506	$ 6,492,774	$ 6,333,573	$ 6,188,961	$ 5,700,036	$ 5,416,827	$ 5,204,709	$ 5,031,818	$ 4,903,286	$ 4,879,009	$ 26,610,637	$ 23,639,397	$ 20,018,822
Dividend declared per share, paid	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.72	$ 0.72	$ 0.72

Distributions - Summary of Pa_2

Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Declaration Date	Jan. 15, 2019
Record Date	Mar. 15, 2019
Payment Date	Feb. 15, 2019
Preferred stock, dividend declared per share, paid	$ 0.55	$ 0.52	$ 0.51
Series A Preferred Stock [Member]
Amount of distributions paid for preferred stock		$ 5,667,441	$ 7,556,588
Preferred stock, dividend declared per share, paid		$ 1.546875	$ 2.0625
Series A Preferred Stock [Member] | Dividend Payment Date One [Member]
Declaration Date		Jan. 19, 2017
Record Date		Feb. 15, 2017
Payment Date		Mar. 15, 2017
Amount of distributions paid for preferred stock		$ 1,889,147
Preferred stock, dividend declared per share, paid		$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Two [Member]
Declaration Date		Apr. 3, 2017
Record Date		May 15, 2017
Payment Date		Jun. 15, 2017
Amount of distributions paid for preferred stock		$ 1,889,147
Preferred stock, dividend declared per share, paid		$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Three [Member]
Declaration Date		Jul. 3, 2017
Record Date		Aug. 15, 2017
Payment Date		Sep. 15, 2017
Amount of distributions paid for preferred stock		$ 1,889,147
Preferred stock, dividend declared per share, paid		$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Four [Member]
Declaration Date			Jan. 15, 2016
Record Date			Feb. 16, 2016
Payment Date			Mar. 15, 2016
Amount of distributions paid for preferred stock			$ 1,889,147
Preferred stock, dividend declared per share, paid			$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Five [Member]
Declaration Date			Apr. 4, 2016
Record Date			May 16, 2016
Payment Date			Jun. 15, 2016
Amount of distributions paid for preferred stock			$ 1,889,147
Preferred stock, dividend declared per share, paid			$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Six [Member]
Declaration Date			Jul. 1, 2016
Record Date			Aug. 15, 2016
Payment Date			Sep. 15, 2016
Amount of distributions paid for preferred stock			$ 1,889,147
Preferred stock, dividend declared per share, paid			$ 0.515625
Series A Preferred Stock [Member] | Dividend Payment Date Seven [Member]
Declaration Date			Oct. 3, 2016
Record Date			Nov. 17, 2016
Payment Date			Dec. 15, 2016
Amount of distributions paid for preferred stock			$ 1,889,147
Preferred stock, dividend declared per share, paid			$ 0.515625
Series B Preferred Stock [Member]
Amount of distributions paid for preferred stock	$ 7,602,400	$ 7,602,400	$ 7,007,057
Preferred stock, dividend declared per share, paid	$ 2	$ 2	$ 2.22466
Series B Preferred Stock [Member] | Dividend Payment Date One [Member]
Declaration Date	Jan. 15, 2018
Record Date	Feb. 15, 2018
Payment Date	Mar. 15, 2018
Amount of distributions paid for preferred stock	$ 1,900,600
Preferred stock, dividend declared per share, paid	$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Two [Member]
Declaration Date	Apr. 1, 2018
Record Date	May 15, 2018
Payment Date	Jun. 15, 2018
Amount of distributions paid for preferred stock	$ 1,900,600
Preferred stock, dividend declared per share, paid	$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Three [Member]
Declaration Date	Jul. 1, 2018
Record Date	Aug. 15, 2018
Payment Date	Sep. 17, 2018
Amount of distributions paid for preferred stock	$ 1,900,600
Preferred stock, dividend declared per share, paid	$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Four [Member]
Declaration Date	Oct. 1, 2018
Record Date	Nov. 15, 2018
Payment Date	Dec. 17, 2018
Amount of distributions paid for preferred stock	$ 1,900,600
Preferred stock, dividend declared per share, paid	$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Five [Member]
Declaration Date		Jan. 19, 2017
Record Date		Feb. 15, 2017
Payment Date		Mar. 15, 2017
Amount of distributions paid for preferred stock		$ 1,900,600
Preferred stock, dividend declared per share, paid		$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Six [Member]
Declaration Date		Apr. 3, 2017
Record Date		May 15, 2017
Payment Date		Jun. 15, 2017
Amount of distributions paid for preferred stock		$ 1,900,600
Preferred stock, dividend declared per share, paid		$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Seven [Member]
Declaration Date		Jul. 3, 2017
Record Date		Aug. 15, 2017
Payment Date		Sep. 15, 2017
Amount of distributions paid for preferred stock		$ 1,900,600
Preferred stock, dividend declared per share, paid		$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Eight [Member]
Declaration Date		Oct. 2, 2017
Record Date		Nov. 15, 2017
Payment Date		Dec. 15, 2017
Amount of distributions paid for preferred stock		$ 1,900,600
Preferred stock, dividend declared per share, paid		$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Nine [Member]
Declaration Date			Jan. 15, 2016
Record Date			Feb. 16, 2016
Payment Date			Mar. 15, 2016
Amount of distributions paid for preferred stock			$ 1,305,257
Preferred stock, dividend declared per share, paid			$ 0.72466
Series B Preferred Stock [Member] | Dividend Payment Date Ten [Member]
Declaration Date			Apr. 4, 2016
Record Date			May 16, 2016
Payment Date			Jun. 15, 2016
Amount of distributions paid for preferred stock			$ 1,900,600
Preferred stock, dividend declared per share, paid			$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Eleven [Member]
Declaration Date			Jul. 1, 2016
Record Date			Aug. 15, 2016
Payment Date			Sep. 15, 2016
Amount of distributions paid for preferred stock			$ 1,900,600
Preferred stock, dividend declared per share, paid			$ 0.50
Series B Preferred Stock [Member] | Dividend Payment Date Twelve [Member]
Declaration Date			Oct. 3, 2016
Record Date			Nov. 17, 2016
Payment Date			Dec. 15, 2016
Amount of distributions paid for preferred stock			$ 1,900,600
Preferred stock, dividend declared per share, paid			$ 0.50
Series C Preferred Stock [Member]
Amount of distributions paid for preferred stock	$ 9,703,124	$ 3,396,094
Preferred stock, dividend declared per share, paid	$ 1.68750	$ 0.590625
Series C Preferred Stock [Member] | Dividend Payment Date One [Member]
Declaration Date	Jan. 15, 2018
Record Date	Feb. 15, 2018
Payment Date	Mar. 15, 2018
Amount of distributions paid for preferred stock	$ 2,425,781
Preferred stock, dividend declared per share, paid	$ 0.421875
Series C Preferred Stock [Member] | Dividend Payment Date Two [Member]
Declaration Date	Apr. 1, 2018
Record Date	May 15, 2018
Payment Date	Jun. 15, 2018
Amount of distributions paid for preferred stock	$ 2,425,781
Preferred stock, dividend declared per share, paid	$ 0.421875
Series C Preferred Stock [Member] | Dividend Payment Date Three [Member]
Declaration Date	Jul. 1, 2018
Record Date	Aug. 15, 2018
Payment Date	Sep. 17, 2018
Amount of distributions paid for preferred stock	$ 2,425,781
Preferred stock, dividend declared per share, paid	$ 0.421875
Series C Preferred Stock [Member] | Dividend Payment Date Four [Member]
Declaration Date	Oct. 1, 2018
Record Date	Nov. 15, 2018
Payment Date	Dec. 17, 2018
Amount of distributions paid for preferred stock	$ 2,425,781
Preferred stock, dividend declared per share, paid	$ 0.421875
Series C Preferred Stock [Member] | Dividend Payment Date Five [Member]
Declaration Date		Jul. 3, 2017
Record Date		Aug. 15, 2017
Payment Date		Sep. 15, 2017
Amount of distributions paid for preferred stock		$ 970,313
Preferred stock, dividend declared per share, paid		$ 0.168750
Series C Preferred Stock [Member] | Dividend Payment Date Six [Member]
Declaration Date		Oct. 2, 2017
Record Date		Nov. 15, 2017
Payment Date		Dec. 15, 2017
Amount of distributions paid for preferred stock		$ 2,425,781
Preferred stock, dividend declared per share, paid		$ 0.421875
Series D Preferred Stock [Member]
Amount of distributions paid for preferred stock	$ 2,744,794
Preferred stock, dividend declared per share, paid	$ 1.372397
Series D Preferred Stock [Member] | Dividend Payment Date One [Member]
Declaration Date	Jan. 15, 2018
Record Date	Feb. 15, 2018
Payment Date	Mar. 15, 2018
Amount of distributions paid for preferred stock	$ 354,166
Preferred stock, dividend declared per share, paid	$ 0.1770830
Series D Preferred Stock [Member] | Dividend Payment Date Two [Member]
Declaration Date	Apr. 1, 2018
Record Date	May 15, 2018
Payment Date	Jun. 15, 2018
Amount of distributions paid for preferred stock	$ 796,876
Preferred stock, dividend declared per share, paid	$ 0.3984375
Series D Preferred Stock [Member] | Dividend Payment Date Three [Member]
Declaration Date	Jul. 1, 2018
Record Date	Aug. 15, 2018
Payment Date	Sep. 17, 2018
Amount of distributions paid for preferred stock	$ 796,876
Preferred stock, dividend declared per share, paid	$ 0.3984375
Series D Preferred Stock [Member] | Dividend Payment Date Four [Member]
Declaration Date	Oct. 1, 2018
Record Date	Nov. 15, 2018
Payment Date	Dec. 17, 2018
Amount of distributions paid for preferred stock	$ 796,876
Preferred stock, dividend declared per share, paid	$ 0.3984375

Federal Income Taxes (Details N

Federal Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Preferred Dividends Paid, net	$ 20,050,319	$ 16,665,934	$ 14,563,645
Preferred stock, dividend declared per share, paid	$ 0.55	$ 0.52	$ 0.51
S&F Tax [Member]
Amount of operating losses of S&F	$ 1,203,926	$ 2,066,587	$ 2,307,104
Federal state and franchise taxes included in general and administrative expenses	8,000	0	5,000
Series A Preferred Stock [Member]
Preferred Dividends Paid, net		$ 5,667,441	$ 7,556,588
Preferred stock, dividend declared per share, paid		$ 1.546875	$ 2.0625
Percentage of distributions characterized as ordinary income		0.494148	1.79472
Percentage of distributions characterized as capital gains		0.138204	0.26778
Percentage of distributions characterized as return capital		$ 0.914523
Series B Preferred Stock [Member]
Preferred Dividends Paid, net	$ 7,602,400	$ 7,602,400
Preferred stock, dividend declared per share, paid	$ 2	$ 2	$ 2.22466
Percentage of distributions characterized as ordinary income	1.288868	0.638896
Percentage of distributions characterized as capital gains		0.178688
Percentage of distributions characterized as return capital	$ 0.711132	$ 1.182416
Series C Preferred Stock [Member]
Preferred Dividends Paid, net	$ 9,703,124	$ 3,396,094
Preferred stock, dividend declared per share, paid	$ 1.68750	$ 0.590625
Percentage of distributions characterized as ordinary income	1.087484	0.188674
Percentage of distributions characterized as capital gains		0.052769
Percentage of distributions characterized as return capital	$ 0.600016	$ 0.349182
Series D Preferred Stock [Member]
Preferred Dividends Paid, net	$ 2,744,794
Preferred stock, dividend declared per share, paid	$ 1.372397
Percentage of distributions characterized as ordinary income	0.884419
Percentage of distributions characterized as return capital	$ 0.487978

Federal Income Taxes - Schedule

Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Characterization Of Distributions [Line Items]
Amount of distributions paid per common share	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.72	$ 0.72	$ 0.72
Percentage of distributions paid per common share													100.00%	100.00%	100.00%
Ordinary Income [Member]
Characterization Of Distributions [Line Items]
Amount of distributions paid per common share													$ 0	$ 0	$ 0.09549
Percentage of distributions paid per common share													0.00%	0.00%	13.26%
Capital Gains [Member]
Characterization Of Distributions [Line Items]
Amount of distributions paid per common share													$ 0	$ 0	$ 0.01425
Percentage of distributions paid per common share													0.00%	0.00%	1.98%
Return of Capital [Member]
Characterization Of Distributions [Line Items]
Amount of distributions paid per common share													$ 0.72000	$ 0.72000	$ 0.61026
Percentage of distributions paid per common share													100.00%	100.00%	84.76%

Commitments, Contingencies an_2

Commitments, Contingencies and Legal Matters (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016
Purchase of properties	$ 45,287,000
Litigation settlement amount		$ 125,000
Total original loan amount	2,900,000
Total loan balance	3,100,000
Notes and other receivables	$ 16,365,000
Minimum [Member]
Range of purchase price repossessed	80.00%
Minimum [Member] | Purchase Price [Member]
Range of purchase price repossessed	55.00%
Maximum [Member]
Range of purchase price repossessed	95.00%
Maximum [Member] | Purchase Price [Member]
Range of purchase price repossessed	100.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair value of fixed rate mortgages payable	$ 332,130,838	$ 303,741,677
Carrying value of fixed rate mortgages payable	$ 334,411,425	$ 308,444,180

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 99,595,736	$ 132,964,276
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	99,595,736	132,964,276
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	99,595,736	132,964,276
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	3,399,558	5,377,522
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	3,399,558	5,377,522
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	96,196,178	127,586,754
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	96,196,178	127,586,754
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 16,439,700	$ 15,656,251	$ 15,058,016
Assumed Mortgages for the acquisition of communities	4,624,300	2,418,198
Land development costs	10,107,951	7,832,450	170,925
Reinvestment of dividends	$ 5,075,547	$ 2,859,174	$ 2,388,552

Proforma Financial Informatio_3

Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Rental and Related Income	$ 118,499,000	$ 111,003,000
Community Operating Expenses	54,216,000	51,149,000
Net Loss Attributable to Common Shareholders	$ (56,890,000)	$ (8,362,000)
Net Loss Attributable to Common Shareholders per Share: Basic and Diluted	$ (1.54)	$ (0.26)

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Total Income	$ 34,245,065	$ 33,447,114	$ 32,098,550	$ 29,795,964	$ 28,696,585	$ 28,684,937	$ 28,817,848	$ 26,448,549	$ 129,586,693	$ 112,647,919	$ 99,213,829
Total Expenses	29,319,854	28,436,258	27,761,189	25,492,249	24,567,878	24,704,729	24,858,243	22,485,487	111,009,550	96,616,337	83,255,514
Other Income (Expense)	(32,632,068)	(11,332,720)	15,799,550	(26,496,347)	(546,701)	(699,309)	(383,472)	(1,653,136)	(54,661,585)	(3,282,618)	(4,421,593)
Net Income (Loss) from continuing operations	(27,729,875)	(6,349,343)	20,071,984	(22,208,337)	3,530,616	3,262,001	3,589,871	2,285,546
Net Income (Loss) Attributable To Common Shareholders	$ (32,943,132)	$ (11,472,600)	$ 14,948,727	$ (27,154,510)	$ (795,765)	$ (5,179,423)	$ (199,876)	$ (1,504,201)	$ (56,531,515)	$ (7,679,265)	$ (2,568,873)
Net Income (Loss) Attributable to Common Shareholders per Share - Basic and Diluted	$ (0.87)	$ (0.31)	$ 0.41	$ (0.76)	$ (0.03)	$ (0.15)	$ (0.01)	$ (0.05)	$ (1.53)	$ (0.24)	$ (0.10)

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total		$ 874,601,235	$ 758,487,025	$ 636,576,955	$ 574,283,574
Accumulated Depreciation		$ 182,598,732	$ 153,591,917	$ 128,780,501	$ 107,453,972
Allentown [Member]
Location		Memphis, TN
Date of Construction		prior to 1980
Date Acquired		1,986
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 13,133,031
Land		250,000
Site, Land & Building Improvements and Rental Homes		2,569,101
Capitalization Subsequent to Acquisition		10,831,942
Land, gross	[1],[2]	480,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	13,171,043
Total	[1],[2]	13,651,043
Accumulated Depreciation		$ 6,061,532
Arbor Estates [Member]
Location		Doylestown, PA
Date of Construction		1,959
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		2,650,000
Site, Land & Building Improvements and Rental Homes		8,266,000
Capitalization Subsequent to Acquisition		1,602,825
Land, gross	[1],[2]	2,650,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	9,868,825
Total	[1],[2]	12,518,825
Accumulated Depreciation		$ 1,961,510
Auburn Estates [Member]
Location		Orrville, OH
Date of Construction		1971/1985/1995
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		114,000
Site, Land & Building Improvements and Rental Homes		1,174,000
Capitalization Subsequent to Acquisition		543,446
Land, gross	[1],[2]	114,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,717,446
Total	[1],[2]	1,831,446
Accumulated Depreciation		$ 294,948
Birchwood Farms [Member]
Location		Birch Run, MI
Date of Construction		1976-1977
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		70,000
Site, Land & Building Improvements and Rental Homes		2,797,000
Capitalization Subsequent to Acquisition		3,391,201
Land, gross	[1],[2]	70,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,188,201
Total	[1],[2]	6,258,201
Accumulated Depreciation		$ 1,106,577
Boardwalk [Member]
Location		Elkhart, IN
Date of Construction		1995-1996
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances	[5]	$ 13,821,208
Land		1,796,000
Site, Land & Building Improvements and Rental Homes		4,767,792
Capitalization Subsequent to Acquisition		(52,763)
Land, gross	[1],[2]	1,796,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,715,029
Total	[1],[2]	6,511,029
Accumulated Depreciation		$ 342,529
Broadmore Estates [Member]
Location		Goshen, IN
Date of Construction		1950/1990
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]	$ 47,931,444
Land		1,120,000
Site, Land & Building Improvements and Rental Homes		11,136,000
Capitalization Subsequent to Acquisition		9,666,155
Land, gross	[1],[2]	1,120,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	20,802,155
Total	[1],[2]	21,922,155
Accumulated Depreciation		$ 3,913,331
Brookside [Member]
Location		Berwick, PA
Date of Construction		1973-1976
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		372,000
Site, Land & Building Improvements and Rental Homes		4,776,000
Capitalization Subsequent to Acquisition		2,359,676
Land, gross	[1],[2]	372,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,135,676
Total	[1],[2]	7,507,676
Accumulated Depreciation		$ 1,642,483
Brookview [Member]
Location		Greenfield Ctr, NY
Date of Construction		prior to 1970
Date Acquired		1,977
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,722,314
Land		37,500
Site, Land & Building Improvements and Rental Homes		232,547
Capitalization Subsequent to Acquisition		7,917,752
Land, gross	[1],[2]	122,865
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,064,934
Total	[1],[2]	8,187,799
Accumulated Depreciation		$ 2,605,919
Camelot Village [Member]
Location		Anderson, IN
Date of Construction		1,998
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances	[5]
Land		824,000
Site, Land & Building Improvements and Rental Homes		2,479,800
Capitalization Subsequent to Acquisition		306,825
Land, gross	[1],[2]	828,100
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,782,525
Total	[1],[2]	3,610,625
Accumulated Depreciation		$ 56,255
Candlewick Court [Member]
Location		Owosso, MI
Date of Construction		1,975
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 4,383,031
Land		159,200
Site, Land & Building Improvements and Rental Homes		7,087,221
Capitalization Subsequent to Acquisition		3,844,480
Land, gross	[1],[2]	159,200
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	10,931,701
Total	[1],[2]	11,090,901
Accumulated Depreciation		$ 1,386,022
Carsons [Member]
Location		Chambersburg, PA
Date of Construction		1,963
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		176,000
Site, Land & Building Improvements and Rental Homes		2,411,000
Capitalization Subsequent to Acquisition		1,243,813
Land, gross	[1],[2]	176,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,654,813
Total	[1],[2]	3,830,813
Accumulated Depreciation		$ 723,884
Catalina [Member]
Location		Middletown, OH
Date of Construction		1968-1976
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 5,318,941
Land		1,008,000
Site, Land & Building Improvements and Rental Homes		11,734,640
Capitalization Subsequent to Acquisition		4,484,348
Land, gross	[1],[2]	1,008,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	16,218,988
Total	[1],[2]	17,226,988
Accumulated Depreciation		$ 2,087,498
Cedarcrest Village [Member]
Location		Vineland, NJ
Date of Construction		1,973
Date Acquired		1,986
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 11,772,098
Land		320,000
Site, Land & Building Improvements and Rental Homes		1,866,323
Capitalization Subsequent to Acquisition		2,779,464
Land, gross	[1],[2]	408,206
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,557,581
Total	[1],[2]	4,965,787
Accumulated Depreciation		$ 2,878,861
Chambersburg [Member]
Location		Chambersburg, PA
Date of Construction		1,955
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		108,000
Site, Land & Building Improvements and Rental Homes		2,397,000
Capitalization Subsequent to Acquisition		632,313
Land, gross	[1],[2]	118,264
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,019,049
Total	[1],[2]	3,137,313
Accumulated Depreciation		$ 651,987
Chelsea [Member]
Location		Sayre, PA
Date of Construction		1,972
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]
Land		124,000
Site, Land & Building Improvements and Rental Homes		2,049,000
Capitalization Subsequent to Acquisition		1,522,493
Land, gross	[1],[2]	124,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,571,493
Total	[1],[2]	3,695,493
Accumulated Depreciation		$ 630,684
Cinnamon Woods [Member]
Location		Conowingo, MD
Date of Construction		2,005
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		1,884,000
Site, Land & Building Improvements and Rental Homes		2,116,000
Capitalization Subsequent to Acquisition		237,063
Land, gross	[1],[2]	1,884,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,353,063
Total	[1],[2]	4,237,063
Accumulated Depreciation		$ 143,918
City View [Member]
Location		Lewistown, PA
Date of Construction		prior to 1980
Date Acquired		2,011
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		137,000
Site, Land & Building Improvements and Rental Homes		613,000
Capitalization Subsequent to Acquisition		1,380,464
Land, gross	[1],[2]	137,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,993,464
Total	[1],[2]	2,130,464
Accumulated Depreciation		$ 399,586
Clinton [Member]
Location		Tiffin, OH
Date of Construction		1968/1987
Date Acquired		2,011
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,446,832
Land		142,000
Site, Land & Building Improvements and Rental Homes		3,301,800
Capitalization Subsequent to Acquisition		335,425
Land, gross	[1],[2]	142,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,637,225
Total	[1],[2]	3,779,225
Accumulated Depreciation		$ 932,453
Collingwood [Member]
Location		Horseheads, NY
Date of Construction		1,970
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		196,000
Site, Land & Building Improvements and Rental Homes		2,317,500
Capitalization Subsequent to Acquisition		1,657,063
Land, gross	[1],[2]	196,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,974,563
Total	[1],[2]	4,170,563
Accumulated Depreciation		$ 782,316
Colonial Heights [Member]
Location		Wintersville, OH
Date of Construction		1,972
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		67,000
Site, Land & Building Improvements and Rental Homes		2,383,000
Capitalization Subsequent to Acquisition		4,593,810
Land, gross	[1],[2]	67,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,976,810
Total	[1],[2]	7,043,810
Accumulated Depreciation		$ 1,318,442
Countryside Estates [Member]
Location		Muncie, IN
Date of Construction		1,996
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		174,000
Site, Land & Building Improvements and Rental Homes		1,926,000
Capitalization Subsequent to Acquisition		3,987,985
Land, gross	[1],[2]	174,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,913,985
Total	[1],[2]	6,087,985
Accumulated Depreciation		$ 985,711
Countryside Estates [Member]
Location		Ravenna, OH
Date of Construction		1,972
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		205,000
Site, Land & Building Improvements and Rental Homes		2,895,997
Capitalization Subsequent to Acquisition		4,636,557
Land, gross	[1],[2]	205,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,532,554
Total	[1],[2]	7,737,554
Accumulated Depreciation		$ 989,768
Countryside Village [Member]
Location		Columbia, TN
Date of Construction		1988/1992
Date Acquired		2,011
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		394,000
Site, Land & Building Improvements and Rental Homes		6,916,500
Capitalization Subsequent to Acquisition		8,944,748
Land, gross	[1],[2]	609,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	15,646,248
Total	[1],[2]	16,255,248
Accumulated Depreciation		$ 3,559,995
Cranberry [Member]
Location		Cranberry Twp, PA
Date of Construction		1,974
Date Acquired		1,986
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 7,466,333
Land		181,930
Site, Land & Building Improvements and Rental Homes		1,922,931
Capitalization Subsequent to Acquisition		4,174,783
Land, gross	[1],[2]	181,930
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,097,714
Total	[1],[2]	6,279,644
Accumulated Depreciation		$ 3,055,333
Crestview [Member]
Location		Athens, PA
Date of Construction		1,964
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		188,000
Site, Land & Building Improvements and Rental Homes		2,258,000
Capitalization Subsequent to Acquisition		1,882,996
Land, gross	[1],[2]	361,500
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,967,496
Total	[1],[2]	4,328,996
Accumulated Depreciation		$ 690,843
Cross Keys [Member]
Location		Duncansville, PA
Date of Construction		1,961
Date Acquired		1,979
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		60,774
Site, Land & Building Improvements and Rental Homes		378,093
Capitalization Subsequent to Acquisition		3,924,145
Land, gross	[1],[2]	60,774
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,302,238
Total	[1],[2]	4,363,012
Accumulated Depreciation		$ 1,421,552
Crossroads Village [Member]
Location		Mount Pleasant, PA
Date of Construction		1955/2004
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		183,000
Site, Land & Building Improvements and Rental Homes		1,403,400
Capitalization Subsequent to Acquisition		67,848
Land, gross	[1],[2]	183,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,471,247
Total	[1],[2]	1,654,247
Accumulated Depreciation		$ 66,486
D&R [Member]
Location		Clifton Park, NY
Date of Construction		1,972
Date Acquired		1,978
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 7,526,804
Land		391,724
Site, Land & Building Improvements and Rental Homes		704,021
Capitalization Subsequent to Acquisition		3,270,304
Land, gross	[1],[2]	391,724
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,974,325
Total	[1],[2]	4,366,049
Accumulated Depreciation		$ 2,158,380
Dallas Mobile Home [Member]
Location		Toronto,OH
Date of Construction		1950-1957
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		275,600
Site, Land & Building Improvements and Rental Homes		2,728,503
Capitalization Subsequent to Acquisition		1,876,192
Land, gross	[1],[2]	275,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,604,695
Total	[1],[2]	4,880,295
Accumulated Depreciation		$ 622,630
Deer Meadows [Member]
Location		New Springfield,OH
Date of Construction		1,973
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		226,000
Site, Land & Building Improvements and Rental Homes		2,299,275
Capitalization Subsequent to Acquisition		2,566,163
Land, gross	[1],[2]	226,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,865,438
Total	[1],[2]	5,091,438
Accumulated Depreciation		$ 648,893
Evergreen Estates [Member]
Location		Lodi,OH
Date of Construction		1,965
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		99,000
Site, Land & Building Improvements and Rental Homes		1,121,300
Capitalization Subsequent to Acquisition		466,101
Land, gross	[1],[2]	119,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,567,401
Total	[1],[2]	1,686,401
Accumulated Depreciation		$ 250,816
Evergreen Manor [Member]
Location		Bedford, OH
Date of Construction		1,960
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		49,000
Site, Land & Building Improvements and Rental Homes		2,372,258
Capitalization Subsequent to Acquisition		1,108,091
Land, gross	[1],[2]	49,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,480,349
Total	[1],[2]	3,529,349
Accumulated Depreciation		$ 503,807
Evergreen Village [Member]
Location		Mantua, OH
Date of Construction		1,960
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		105,000
Site, Land & Building Improvements and Rental Homes		1,277,001
Capitalization Subsequent to Acquisition		903,348
Land, gross	[1],[2]	105,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,180,349
Total	[1],[2]	2,285,349
Accumulated Depreciation		$ 339,636
Fairview Manor [Member]
Location		Millville, NJ
Date of Construction		prior to 1980
Date Acquired		1,985
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 15,710,739
Land		216,000
Site, Land & Building Improvements and Rental Homes		1,166,517
Capitalization Subsequent to Acquisition		9,993,787
Land, gross	[1],[2]	2,534,892
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,841,412
Total	[1],[2]	11,376,304
Accumulated Depreciation		$ 5,287,479
Forest Creek [Member]
Location		Elkhart, IN
Date of Construction		1996-1997
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		440,000
Site, Land & Building Improvements and Rental Homes		7,004,000
Capitalization Subsequent to Acquisition		1,781,776
Land, gross	[1],[2]	440,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,785,776
Total	[1],[2]	9,225,776
Accumulated Depreciation		$ 2,117,501
Forest Park [Member]
Location		Cranberry Twp, PA
Date of Construction		prior to 1980
Date Acquired		1,982
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 8,172,870
Land		75,000
Site, Land & Building Improvements and Rental Homes		977,225
Capitalization Subsequent to Acquisition		8,094,900
Land, gross	[1],[2]	75,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	9,072,125
Total	[1],[2]	9,147,125
Accumulated Depreciation		$ 3,470,969
Fox Chapel Village [Member]
Location		Cheswick, PA
Date of Construction		1,975
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		372,000
Site, Land & Building Improvements and Rental Homes		4,081,700
Capitalization Subsequent to Acquisition		640,702
Land, gross	[1],[2]	372,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,722,402
Total	[1],[2]	5,094,402
Accumulated Depreciation		$ 194,191
Frieden Manor [Member]
Location		Schuylkill Haven, PA
Date of Construction		1,969
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]	$ 13,068,415
Land		643,000
Site, Land & Building Improvements and Rental Homes		5,293,500
Capitalization Subsequent to Acquisition		2,334,370
Land, gross	[1],[2]	643,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,627,870
Total	[1],[2]	8,270,870
Accumulated Depreciation		$ 1,634,960
Green Acres [Member]
Location		Chambersburg, PA
Date of Construction		1,978
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		63,000
Site, Land & Building Improvements and Rental Homes		584,000
Capitalization Subsequent to Acquisition		111,538
Land, gross	[1],[2]	63,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	695,538
Total	[1],[2]	758,538
Accumulated Depreciation		$ 151,664
Gregory Courts [Member]
Location		Honey Brook, PA
Date of Construction		1,970
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		370,000
Site, Land & Building Improvements and Rental Homes		1,220,000
Capitalization Subsequent to Acquisition		497,919
Land, gross	[1],[2]	370,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,717,919
Total	[1],[2]	2,087,919
Accumulated Depreciation		$ 343,737
Hayden Heights [Member]
Location		Dublin,OH
Date of Construction		1,973
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,051,518
Land		248,100
Site, Land & Building Improvements and Rental Homes		2,147,700
Capitalization Subsequent to Acquisition		698,384
Land, gross	[1],[2]	248,100
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,846,084
Total	[1],[2]	3,094,184
Accumulated Depreciation		$ 454,361
Heather Highlands [Member]
Location		Inkerman, PA
Date of Construction		1,970
Date Acquired		1,992
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		572,500
Site, Land & Building Improvements and Rental Homes		2,151,569
Capitalization Subsequent to Acquisition		11,567,292
Land, gross	[1],[2]	572,500
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	13,718,861
Total	[1],[2]	14,291,361
Accumulated Depreciation		$ 5,490,732
High View Acres [Member]
Location		Apollo, PA
Date of Construction		1,984
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		825,000
Site, Land & Building Improvements and Rental Homes		4,263,500
Capitalization Subsequent to Acquisition		156,053
Land, gross	[1],[2]	825,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,419,553
Total	[1],[2]	5,244,553
Accumulated Depreciation		$ 173,866
Highland [Member]
Location		Elkhart, IN
Date of Construction		1,969
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		510,000
Site, Land & Building Improvements and Rental Homes		7,084,000
Capitalization Subsequent to Acquisition		4,672,942
Land, gross	[1],[2]	510,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	11,756,942
Total	[1],[2]	12,266,942
Accumulated Depreciation		$ 2,224,591
Highland Estates [Member]
Location		Kutztown, PA
Date of Construction		1,971
Date Acquired		1,979
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 16,353,252
Land		145,000
Site, Land & Building Improvements and Rental Homes		1,695,041
Capitalization Subsequent to Acquisition		12,280,519
Land, gross	[1],[2]	404,239
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	13,716,321
Total	[1],[2]	14,120,560
Accumulated Depreciation		$ 7,137,391
Hillcrest Crossing [Member]
Location		Lower Burrell, PA
Date of Construction		1,971
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		961,000
Site, Land & Building Improvements and Rental Homes		1,463,825
Capitalization Subsequent to Acquisition		3,463,057
Land, gross	[1],[2]	961,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,926,882
Total	[1],[2]	5,887,882
Accumulated Depreciation		$ 275,828
Hillcrest Estates [Member]
Location		Marysville, OH
Date of Construction		1,995
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		1,277,000
Site, Land & Building Improvements and Rental Homes		3,033,500
Capitalization Subsequent to Acquisition		1,999,860
Land, gross	[1],[2]	1,277,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,033,360
Total	[1],[2]	6,310,360
Accumulated Depreciation		$ 297,160
Hillside Estates [Member]
Location		Greensburg,PA
Date of Construction		1,980
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances	[7]
Land		483,600
Site, Land & Building Improvements and Rental Homes		2,678,525
Capitalization Subsequent to Acquisition		2,290,513
Land, gross	[1],[2]	483,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,969,038
Total	[1],[2]	5,452,638
Accumulated Depreciation		$ 665,360
Holiday Village [Member]
Location		Nashville, TN
Date of Construction		1,967
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 7,777,408
Land		1,632,000
Site, Land & Building Improvements and Rental Homes		5,618,000
Capitalization Subsequent to Acquisition		6,923,774
Land, gross	[1],[2]	1,632,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	12,541,774
Total	[1],[2]	14,173,774
Accumulated Depreciation		$ 2,294,271
Holiday Village [Member]
Location		Elkhart, IN
Date of Construction		1,966
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 8,349,008
Land		490,600
Site, Land & Building Improvements and Rental Homes		13,808,269
Capitalization Subsequent to Acquisition		5,053,122
Land, gross	[1],[2]	490,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	18,861,391
Total	[1],[2]	19,351,991
Accumulated Depreciation		$ 2,163,511
Holly Acres [Member]
Location		Erie, PA
Date of Construction		1977/2007
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,157,664
Land		194,000
Site, Land & Building Improvements and Rental Homes		3,591,000
Capitalization Subsequent to Acquisition		795,309
Land, gross	[1],[2]	194,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,386,309
Total	[1],[2]	4,580,309
Accumulated Depreciation		$ 581,544
Hudson Estates [Member]
Location		Peninsula, OH
Date of Construction		1,956
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		141,000
Site, Land & Building Improvements and Rental Homes		3,515,878
Capitalization Subsequent to Acquisition		5,189,298
Land, gross	[1],[2]	141,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,705,176
Total	[1],[2]	8,846,176
Accumulated Depreciation		$ 1,165,368
Huntingdon Pointe [Member]
Location		Tarrs, PA
Date of Construction		2,000
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		399,000
Site, Land & Building Improvements and Rental Homes		865,450
Capitalization Subsequent to Acquisition		1,543,265
Land, gross	[1],[2]	399,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,408,715
Total	[1],[2]	2,807,715
Accumulated Depreciation		$ 185,100
Independence Park [Member]
Location		Clinton, PA
Date of Construction		1,987
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances	[7]	$ 7,926,365
Land		686,400
Site, Land & Building Improvements and Rental Homes		2,783,633
Capitalization Subsequent to Acquisition		2,836,351
Land, gross	[1],[2]	686,400
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,619,984
Total	[1],[2]	6,306,384
Accumulated Depreciation		$ 737,027
Kinnebrook [Member]
Location		Monticello, NY
Date of Construction		1,972
Date Acquired		1,988
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,966,082
Land		235,600
Site, Land & Building Improvements and Rental Homes		1,402,572
Capitalization Subsequent to Acquisition		14,068,534
Land, gross	[1],[2]	352,972
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	15,353,733
Total	[1],[2]	15,706,705
Accumulated Depreciation		$ 5,423,713
Lake Sherman [Member]
Location		Navarre, OH
Date of Construction		prior to 1980
Date Acquired		1,987
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 5,404,640
Land		290,000
Site, Land & Building Improvements and Rental Homes		1,457,673
Capitalization Subsequent to Acquisition		10,414,673
Land, gross	[1],[2]	290,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	11,872,345
Total	[1],[2]	12,162,345
Accumulated Depreciation		$ 4,309,552
Lakeview Meadows [Member]
Location		Lakeview, OH
Date of Construction		1,995
Date Acquired		2,016
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		574,000
Site, Land & Building Improvements and Rental Homes		1,103,600
Capitalization Subsequent to Acquisition		1,664,314
Land, gross	[1],[2]	725,663
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,616,252
Total	[1],[2]	3,341,915
Accumulated Depreciation		$ 185,129
Laurel Woods [Member]
Location		Cresson, PA
Date of Construction		prior to 1980
Date Acquired		2,001
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		432,700
Site, Land & Building Improvements and Rental Homes		2,070,426
Capitalization Subsequent to Acquisition		4,072,417
Land, gross	[1],[2]	432,700
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,142,843
Total	[1],[2]	6,575,543
Accumulated Depreciation		$ 2,273,762
Little Chippewa [Member]
Location		Orrville, OH
Date of Construction		1,968
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		113,000
Site, Land & Building Improvements and Rental Homes		1,135,000
Capitalization Subsequent to Acquisition		1,895,702
Land, gross	[1],[2]	113,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,030,702
Total	[1],[2]	3,143,702
Accumulated Depreciation		$ 391,452
Maple Manor [Member]
Location		Taylor, PA
Date of Construction		1,972
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]	$ 13,412,679
Land		674,000
Site, Land & Building Improvements and Rental Homes		9,432,800
Capitalization Subsequent to Acquisition		5,761,225
Land, gross	[1],[2]	674,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	15,194,025
Total	[1],[2]	15,868,025
Accumulated Depreciation		$ 3,595,183
Marysville Estates [Member]
Location		Marysville, OH
Date of Construction		1960s to 2015
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		810,000
Site, Land & Building Improvements and Rental Homes		4,555,800
Capitalization Subsequent to Acquisition		2,472,458
Land, gross	[1],[2]	817,668
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,020,590
Total	[1],[2]	7,838,258
Accumulated Depreciation		$ 433,409
Meadowood [Member]
Location		New Middletown, OH
Date of Construction		1,957
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		152,000
Site, Land & Building Improvements and Rental Homes		3,191,000
Capitalization Subsequent to Acquisition		3,388,490
Land, gross	[1],[2]	152,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,579,490
Total	[1],[2]	6,731,490
Accumulated Depreciation		$ 1,235,754
Meadows [Member]
Location		Nappanee, IN
Date of Construction		1965-1973
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		548,600
Site, Land & Building Improvements and Rental Homes		6,720,900
Capitalization Subsequent to Acquisition		4,666,623
Land, gross	[1],[2]	548,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	11,387,523
Total	[1],[2]	11,936,123
Accumulated Depreciation		$ 1,216,687
Meadows of Perrysburg [Member]
Location		Perrysburg, OH
Date of Construction		1,998
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,002,368
Land		2,146,000
Site, Land & Building Improvements and Rental Homes		5,541,184
Capitalization Subsequent to Acquisition		221,029
Land, gross	[1],[2]	2,176,529
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,731,685
Total	[1],[2]	7,908,214
Accumulated Depreciation		$ 17,592
Melrose Village [Member]
Location		Wooster, OH
Date of Construction		1970-1978
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]	$ 7,007,404
Land		767,000
Site, Land & Building Improvements and Rental Homes		5,429,000
Capitalization Subsequent to Acquisition		4,962,517
Land, gross	[1],[2]	767,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	10,391,517
Total	[1],[2]	11,158,517
Accumulated Depreciation		$ 1,642,618
Melrose West [Member]
Location		Wooster, OH
Date of Construction		1,995
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		94,000
Site, Land & Building Improvements and Rental Homes		1,040,000
Capitalization Subsequent to Acquisition		58,858
Land, gross	[1],[2]	94,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,098,858
Total	[1],[2]	1,192,858
Accumulated Depreciation		$ 200,866
Memphis Blues [Member]
Location		Memphis, TN
Date of Construction		1,955
Date Acquired		1,985
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		78,435
Site, Land & Building Improvements and Rental Homes		810,477
Capitalization Subsequent to Acquisition		5,505,291
Land, gross	[1],[2]	335,935
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,058,268
Total	[1],[2]	6,394,203
Accumulated Depreciation		$ 1,578,693
Monroe Valley [Member]
Location		Jonestown, PA
Date of Construction		1,969
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]
Land		114,000
Site, Land & Building Improvements and Rental Homes		994,000
Capitalization Subsequent to Acquisition		447,621
Land, gross	[1],[2]	114,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,441,621
Total	[1],[2]	1,555,621
Accumulated Depreciation		$ 304,954
Moosic Heights [Member]
Location		Avoca, PA
Date of Construction		1,972
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		330,000
Site, Land & Building Improvements and Rental Homes		3,794,100
Capitalization Subsequent to Acquisition		2,909,537
Land, gross	[1],[2]	330,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,703,637
Total	[1],[2]	7,033,637
Accumulated Depreciation		$ 1,430,738
Mount Pleasant Village [Member]
Location		Mount Pleasant, PA
Date of Construction		1977-1986
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		280,000
Site, Land & Building Improvements and Rental Homes		3,501,600
Capitalization Subsequent to Acquisition		805,019
Land, gross	[1],[2]	280,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,306,619
Total	[1],[2]	4,586,619
Accumulated Depreciation		$ 180,327
Mountaintop [Member]
Location		Narvon, PA
Date of Construction		1,972
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]
Land		134,000
Site, Land & Building Improvements and Rental Homes		1,665,000
Capitalization Subsequent to Acquisition		606,928
Land, gross	[1],[2]	134,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,271,928
Total	[1],[2]	2,405,928
Accumulated Depreciation		$ 492,869
Oak Ridge [Member]
Location		Elkhart, IN
Date of Construction		1,990
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		500,000
Site, Land & Building Improvements and Rental Homes		7,524,000
Capitalization Subsequent to Acquisition		2,003,904
Land, gross	[1],[2]	500,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	9,527,904
Total	[1],[2]	10,027,904
Accumulated Depreciation		$ 2,227,654
Oakwood Lake [Member]
Location		Tunkhannock, PA
Date of Construction		1,972
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		379,000
Site, Land & Building Improvements and Rental Homes		1,639,000
Capitalization Subsequent to Acquisition		892,401
Land, gross	[1],[2]	379,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,531,401
Total	[1],[2]	2,910,401
Accumulated Depreciation		$ 637,805
Olmsted Falls [Member]
Location		Olmsted Township, OH
Date of Construction		1953/1970
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,051,221
Land		569,000
Site, Land & Building Improvements and Rental Homes		3,031,000
Capitalization Subsequent to Acquisition		1,762,146
Land, gross	[1],[2]	569,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,793,146
Total	[1],[2]	5,362,146
Accumulated Depreciation		$ 894,819
Oxford [Member]
Location		West Grove, PA
Date of Construction		1,971
Date Acquired		1,974
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 6,526,306
Land		175,000
Site, Land & Building Improvements and Rental Homes		990,515
Capitalization Subsequent to Acquisition		2,474,849
Land, gross	[1],[2]	155,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,485,364
Total	[1],[2]	3,640,364
Accumulated Depreciation		$ 2,110,778
Parke Place [Member]
Location		Elkhart, IN
Date of Construction		1995-1996
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances	[5]
Land		4,317,000
Site, Land & Building Improvements and Rental Homes		10,340,950
Capitalization Subsequent to Acquisition		4,178,437
Land, gross	[1],[2]	4,317,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	14,519,387
Total	[1],[2]	18,836,387
Accumulated Depreciation		$ 1,002,185
Perrysburg Estates [Member]
Location		Perrysburg, OH
Date of Construction		1,972
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 1,615,470
Land		399,000
Site, Land & Building Improvements and Rental Homes		4,047,152
Capitalization Subsequent to Acquisition		72,261
Land, gross	[1],[2]	403,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,115,413
Total	[1],[2]	4,518,413
Accumulated Depreciation		$ 15,486
Pikewood Manor [Member]
Location		Elyria, OH
Date of Construction		1,962
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 14,722,561
Land		1,053,000
Site, Land & Building Improvements and Rental Homes		22,067,668
Capitalization Subsequent to Acquisition		474,536
Land, gross	[1],[2]	1,071,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	22,524,204
Total	[1],[2]	23,595,204
Accumulated Depreciation		$ 77,936
Pine Ridge/Pine Manor [Member]
Location		Carlisle, PA
Date of Construction		1,961
Date Acquired		1,969
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		37,540
Site, Land & Building Improvements and Rental Homes		198,321
Capitalization Subsequent to Acquisition		9,649,277
Land, gross	[1],[2]	145,473
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	9,739,665
Total	[1],[2]	9,885,138
Accumulated Depreciation		$ 3,425,498
Pine Valley [Member]
Location		Apollo, PA
Date of Construction		prior to 1980
Date Acquired		1,995
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		670,000
Site, Land & Building Improvements and Rental Homes		1,336,600
Capitalization Subsequent to Acquisition		5,597,054
Land, gross	[1],[2]	732,089
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,871,565
Total	[1],[2]	7,603,654
Accumulated Depreciation		$ 2,913,131
Pleasant View [Member]
Location		Bloomsburg, PA
Date of Construction		1960's
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		282,000
Site, Land & Building Improvements and Rental Homes		2,174,800
Capitalization Subsequent to Acquisition		1,535,569
Land, gross	[1],[2]	282,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,710,369
Total	[1],[2]	3,992,369
Accumulated Depreciation		$ 846,983
Port Royal [Member]
Location		Belle Vernon, PA
Date of Construction		1,973
Date Acquired		1,983
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		150,000
Site, Land & Building Improvements and Rental Homes		2,491,796
Capitalization Subsequent to Acquisition		12,566,769
Land, gross	[1],[2]	505,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	14,703,565
Total	[1],[2]	15,208,565
Accumulated Depreciation		$ 6,960,757
Redbud Estates [Member]
Location		Anderson, IN
Date of Construction		1966/1998/2003
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances	[5]	$ 13,353,880
Land		1,739,000
Site, Land & Building Improvements and Rental Homes		15,090,530
Capitalization Subsequent to Acquisition		1,152,432
Land, gross	[1],[2]	1,752,567
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	16,229,396
Total	[1],[2]	17,981,963
Accumulated Depreciation		$ 337,387
River Valley [Member]
Location		Marion, OH
Date of Construction		1,950
Date Acquired		1,986
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		236,000
Site, Land & Building Improvements and Rental Homes		785,293
Capitalization Subsequent to Acquisition		6,772,137
Land, gross	[1],[2]	236,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,557,430
Total	[1],[2]	7,793,430
Accumulated Depreciation		$ 3,620,481
Rolling Hills Estates [Member]
Location		Carlisle, PA
Date of Construction		1972-1975
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		301,000
Site, Land & Building Improvements and Rental Homes		1,419,013
Capitalization Subsequent to Acquisition		1,593,092
Land, gross	[1],[2]	301,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,012,105
Total	[1],[2]	3,313,105
Accumulated Depreciation		$ 759,610
Rostraver Estates [Member]
Location		Belle Veron, PA
Date of Construction		1,970
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances	[7]
Land		813,600
Site, Land & Building Improvements and Rental Homes		2,203,506
Capitalization Subsequent to Acquisition		2,051,995
Land, gross	[1],[2]	813,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,255,501
Total	[1],[2]	5,069,101
Accumulated Depreciation		$ 603,977
Sandy Valley [Member]
Location		Magnolia, OH
Date of Construction		prior to 1980
Date Acquired		1,985
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		270,000
Site, Land & Building Improvements and Rental Homes		1,941,430
Capitalization Subsequent to Acquisition		8,763,519
Land, gross	[1],[2]	270,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	10,704,949
Total	[1],[2]	10,974,949
Accumulated Depreciation		$ 4,932,016
Shady Hills [Member]
Location		Nashville, TN
Date of Construction		1,954
Date Acquired		2,011
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 4,891,221
Land		337,000
Site, Land & Building Improvements and Rental Homes		3,379,000
Capitalization Subsequent to Acquisition		4,271,425
Land, gross	[1],[2]	337,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,650,425
Total	[1],[2]	7,987,425
Accumulated Depreciation		$ 1,637,067
Somerset/Whispering [Member]
Location		Somerset, PA
Date of Construction		prior to 1980
Date Acquired		2,004
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 31,555
Land		1,485,000
Site, Land & Building Improvements and Rental Homes		2,050,400
Capitalization Subsequent to Acquisition		7,614,819
Land, gross	[1],[2]	1,488,600
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	9,661,619
Total	[1],[2]	11,150,219
Accumulated Depreciation		$ 3,504,553
Southern Terrace [Member]
Location		Columbiana, OH
Date of Construction		1,983
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		63,000
Site, Land & Building Improvements and Rental Homes		3,387,000
Capitalization Subsequent to Acquisition		518,360
Land, gross	[1],[2]	63,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,905,360
Total	[1],[2]	3,968,360
Accumulated Depreciation		$ 853,752
Southwind [Member]
Location		Jackson, NJ
Date of Construction		1,969
Date Acquired		1,969
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 5,213,023
Land		100,095
Site, Land & Building Improvements and Rental Homes		602,820
Capitalization Subsequent to Acquisition		2,762,659
Land, gross	[1],[2]	100,095
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,365,479
Total	[1],[2]	3,465,574
Accumulated Depreciation		$ 2,044,387
Spreading Oaks [Member]
Location		Athens, OH
Date of Construction		prior to 1980
Date Acquired		1,996
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		67,000
Site, Land & Building Improvements and Rental Homes		1,326,800
Capitalization Subsequent to Acquisition		3,466,223
Land, gross	[1],[2]	67,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,793,023
Total	[1],[2]	4,860,023
Accumulated Depreciation		$ 1,847,482
Springfield Meadows [Member]
Location		Springfield, OH
Date of Construction		1,970
Date Acquired		2,016
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,088,505
Land		1,230,000
Site, Land & Building Improvements and Rental Homes		3,092,706
Capitalization Subsequent to Acquisition		715,410
Land, gross	[1],[2]	1,230,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,808,116
Total	[1],[2]	5,038,116
Accumulated Depreciation		$ 264,955
Suburban Estates [Member]
Location		Greensburg, PA
Date of Construction		1968/1980
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 5,475,710
Land		299,000
Site, Land & Building Improvements and Rental Homes		5,837,272
Capitalization Subsequent to Acquisition		2,940,987
Land, gross	[1],[2]	299,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,778,259
Total	[1],[2]	9,077,259
Accumulated Depreciation		$ 2,183,939
Summit Estates [Member]
Location		Ravenna, OH
Date of Construction		1,969
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		198,000
Site, Land & Building Improvements and Rental Homes		2,779,260
Capitalization Subsequent to Acquisition		3,468,173
Land, gross	[1],[2]	198,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,247,433
Total	[1],[2]	6,445,433
Accumulated Depreciation		$ 822,706
Summit Village [Member]
Location		Marion, IN
Date of Construction		2,000
Date Acquired		2,018
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		522,000
Site, Land & Building Improvements and Rental Homes		2,820,930
Capitalization Subsequent to Acquisition		183,943
Land, gross	[1],[2]	522,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,004,873
Total	[1],[2]	3,526,873
Accumulated Depreciation		$ 70,085
Sunny Acres [Member]
Location		Somerset, PA
Date of Construction		1,970
Date Acquired		2,010
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 6,095,121
Land		287,000
Site, Land & Building Improvements and Rental Homes		6,113,528
Capitalization Subsequent to Acquisition		2,157,506
Land, gross	[1],[2]	287,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,271,034
Total	[1],[2]	8,558,034
Accumulated Depreciation		$ 2,137,312
Sunnyside [Member]
Location		Eagleville, PA
Date of Construction		1,960
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		450,000
Site, Land & Building Improvements and Rental Homes		2,674,000
Capitalization Subsequent to Acquisition		458,164
Land, gross	[1],[2]	450,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,132,164
Total	[1],[2]	3,582,164
Accumulated Depreciation		$ 610,935
Trailmont [Member]
Location		Goodlettsville, TN
Date of Construction		1,964
Date Acquired		2,011
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,260,814
Land		411,000
Site, Land & Building Improvements and Rental Homes		1,867,000
Capitalization Subsequent to Acquisition		3,622,958
Land, gross	[1],[2]	411,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,489,958
Total	[1],[2]	5,900,958
Accumulated Depreciation		$ 1,215,962
Twin Oaks [Member]
Location		Olmsted Township, OH
Date of Construction		1952/1997
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,333,022
Land		823,000
Site, Land & Building Improvements and Rental Homes		3,527,000
Capitalization Subsequent to Acquisition		2,059,563
Land, gross	[1],[2]	998,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,411,563
Total	[1],[2]	6,409,563
Accumulated Depreciation		$ 1,117,091
Twin Pines [Member]
Location		Goshen, IN
Date of Construction		1956/1990
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		650,000
Site, Land & Building Improvements and Rental Homes		6,307,000
Capitalization Subsequent to Acquisition		3,900,683
Land, gross	[1],[2]	650,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	10,207,683
Total	[1],[2]	10,857,683
Accumulated Depreciation		$ 1,999,012
Valley High [Member]
Location		Ruffs Dale, PA
Date of Construction		1,974
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances	[7]
Land		284,000
Site, Land & Building Improvements and Rental Homes		2,266,750
Capitalization Subsequent to Acquisition		1,398,477
Land, gross	[1],[2]	284,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,665,227
Total	[1],[2]	3,949,227
Accumulated Depreciation		$ 529,572
Valley Hills [Member]
Location		Ravenna, OH
Date of Construction		1960-1970
Date Acquired		2,014
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 3,348,290
Land		996,000
Site, Land & Building Improvements and Rental Homes		6,542,178
Capitalization Subsequent to Acquisition		7,197,765
Land, gross	[1],[2]	996,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	13,739,943
Total	[1],[2]	14,735,943
Accumulated Depreciation		$ 2,043,849
Valley Stream [Member]
Location		Mountaintop, PA
Date of Construction		1,970
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		323,000
Site, Land & Building Improvements and Rental Homes		3,190,550
Capitalization Subsequent to Acquisition		728,395
Land, gross	[1],[2]	323,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	3,918,945
Total	[1],[2]	4,241,945
Accumulated Depreciation		$ 501,340
Valley View HB [Member]
Location		Honeybrook, PA
Date of Construction		1,970
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[3]
Land		1,380,000
Site, Land & Building Improvements and Rental Homes		5,348,000
Capitalization Subsequent to Acquisition		1,686,339
Land, gross	[1],[2]	1,380,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,034,339
Total	[1],[2]	8,414,339
Accumulated Depreciation		$ 1,508,178
Valley View I [Member]
Location		Ephrata, PA
Date of Construction		1,961
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]
Land		191,000
Site, Land & Building Improvements and Rental Homes		4,359,000
Capitalization Subsequent to Acquisition		1,332,367
Land, gross	[1],[2]	279,632
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,602,735
Total	[1],[2]	5,882,367
Accumulated Depreciation		$ 1,225,431
Valley View II [Member]
Location		Ephrata, PA
Date of Construction		1,999
Date Acquired		2,012
Depreciable Life (in years)		5 to 27.5
Encumbrances	[6]
Land		72,000
Site, Land & Building Improvements and Rental Homes		1,746,000
Capitalization Subsequent to Acquisition		6,555
Land, gross	[1],[2]	72,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,752,555
Total	[1],[2]	1,824,555
Accumulated Depreciation		$ 408,958
Voyager Estates [Member]
Location		West Newton, PA
Date of Construction		1,968
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		742,000
Site, Land & Building Improvements and Rental Homes		3,142,725
Capitalization Subsequent to Acquisition		2,595,400
Land, gross	[1],[2]	742,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	5,738,125
Total	[1],[2]	6,480,125
Accumulated Depreciation		$ 669,843
Waterfalls [Member]
Location		Hamburg, NY
Date of Construction		prior to 1980
Date Acquired		1,997
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 4,558,525
Land		424,000
Site, Land & Building Improvements and Rental Homes		3,812,000
Capitalization Subsequent to Acquisition		3,838,817
Land, gross	[1],[2]	424,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	7,650,817
Total	[1],[2]	8,074,817
Accumulated Depreciation		$ 3,949,840
Wayside [Member]
Location		Bellefontaine, OH
Date of Construction		1960's
Date Acquired		2,016
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		196,000
Site, Land & Building Improvements and Rental Homes		1,080,050
Capitalization Subsequent to Acquisition		576,742
Land, gross	[1],[2]	261,372
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,591,420
Total	[1],[2]	1,852,792
Accumulated Depreciation		$ 122,455
Weatherly Estates [Member]
Location		Lebanon, TN
Date of Construction		1,997
Date Acquired		2,006
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 7,956,386
Land		1,184,000
Site, Land & Building Improvements and Rental Homes		4,034,480
Capitalization Subsequent to Acquisition		4,407,917
Land, gross	[1],[2]	1,184,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	8,442,397
Total	[1],[2]	9,626,397
Accumulated Depreciation		$ 3,317,864
Wellington Estates [Member]
Location		Export, PA
Date of Construction		1970/1996
Date Acquired		2,017
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 2,367,059
Land		896,000
Site, Land & Building Improvements and Rental Homes		6,179,000
Capitalization Subsequent to Acquisition		336,258
Land, gross	[1],[2]	896,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,515,258
Total	[1],[2]	7,411,258
Accumulated Depreciation		$ 305,556
Wood Valley [Member]
Location		Caledonia, OH
Date of Construction		prior to 1980
Date Acquired		1,996
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		260,000
Site, Land & Building Improvements and Rental Homes		1,753,206
Capitalization Subsequent to Acquisition		4,585,697
Land, gross	[1],[2]	260,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	6,338,903
Total	[1],[2]	6,598,903
Accumulated Depreciation		$ 2,971,523
Woodland Manor [Member]
Location		West Monroe, NY
Date of Construction		prior to 1980
Date Acquired		2,003
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		77,000
Site, Land & Building Improvements and Rental Homes		841,000
Capitalization Subsequent to Acquisition		3,316,606
Land, gross	[1],[2]	77,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	4,157,606
Total	[1],[2]	4,234,606
Accumulated Depreciation		$ 1,166,127
Woodlawn [Member]
Location		Eatontown, NJ
Date of Construction		1,964
Date Acquired		1,978
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 0
Land		157,421
Site, Land & Building Improvements and Rental Homes		280,749
Capitalization Subsequent to Acquisition		1,517,426
Land, gross	[1],[2]	135,421
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	1,820,175
Total	[1],[2]	1,955,596
Accumulated Depreciation		$ 868,194
Woods Edge [Member]
Location		West Lafayette, IN
Date of Construction		1,974
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 6,476,902
Land		1,808,100
Site, Land & Building Improvements and Rental Homes		13,321,318
Capitalization Subsequent to Acquisition		3,940,627
Land, gross	[1],[2]	1,808,100
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	17,261,945
Total	[1],[2]	19,070,045
Accumulated Depreciation		$ 1,970,822
Worthington Arms [Member]
Location		Lewis Center, OH
Date of Construction		1,968
Date Acquired		2,015
Depreciable Life (in years)		5 to 27.5
Encumbrances		$ 9,163,406
Land		436,800
Site, Land & Building Improvements and Rental Homes		12,705,530
Capitalization Subsequent to Acquisition		2,366,871
Land, gross	[1],[2]	436,800
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	15,072,401
Total	[1],[2]	15,509,201
Accumulated Depreciation		$ 1,782,822
Youngstown Estates [Member]
Location		Youngstown, NY
Date of Construction		1,963
Date Acquired		2,013
Depreciable Life (in years)		5 to 27.5
Encumbrances	[4]
Land		269,000
Site, Land & Building Improvements and Rental Homes		1,606,000
Capitalization Subsequent to Acquisition		1,235,090
Land, gross	[1],[2]	269,000
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	2,841,090
Total	[1],[2]	3,110,090
Accumulated Depreciation		406,123
Total [Member]
Encumbrances		334,411,425
Land		61,114,819
Site, Land & Building Improvements and Rental Homes		428,804,793
Capitalization Subsequent to Acquisition		384,681,623
Land, gross	[1],[2]	65,935,310
Site, Land & Building Improvements and Rental Homes, gross	[1],[2]	808,665,925
Total	[1],[2]	874,601,235
Accumulated Depreciation		$ 182,598,732
[1]	Reconciliation
[2]	The aggregate cost for Federal tax purposes approximates historical cost.
[3]	Represents one mortgage note payable secured by thirteen properties.
[4]	Represents one mortgage note payable secured by five properties.
[5]	Represents one mortgage note payable secured by two properties.
[6]	Represents one mortgage note payable secured by six properties.
[7]	Represents one mortgage note payable secured by four properties.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance - Beginning of Year	$ 758,487,025	$ 636,576,955	$ 574,283,574
Acquisitions	58,730,264	59,308,067	7,276,356
Improvements	61,102,376	65,458,396	56,417,927
Total Additions	119,832,640	124,766,463	63,694,283
Deletions	(3,718,430)	(2,856,393)	(1,400,902)
Balance - End of Year	$ 874,601,235	$ 758,487,025	$ 636,576,955

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance - Beginning of Year	$ 153,591,917	$ 128,780,501	$ 107,453,972
Depreciation	335,356,545	25,307,453	21,625,264
Total Additions	335,356,545	25,307,453	21,625,264
Deletions	(834,104)	(496,037)	(298,735)
Balance - End of Year	$ 182,598,732	$ 153,591,917	$ 128,780,501