UMH Properties (UMH) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document And Entity Information
Entity Registrant Name	UMH PROPERTIES, INC.
Entity Central Index Key	0000752642
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Reporting Status Current	Yes
Entity Interactive Data 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 Common Stock, Shares Outstanding		40,431,330
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Investment Property and Equipment
Land	$ 68,157,110	$ 68,154,110
Site and Land Improvements	540,855,031	533,547,154
Buildings and Improvements	25,299,420	25,156,183
Rental Homes and Accessories	271,518,626	254,598,641
Total Investment Property	905,830,187	881,456,088
Equipment and Vehicles	19,686,440	18,791,688
Total Investment Property and Equipment	925,516,627	900,247,776
Accumulated Depreciation	(214,179,651)	(197,208,363)
Net Investment Property and Equipment	711,336,976	703,039,413
Other Assets
Cash and Cash Equivalents	3,724,627	7,433,470
Marketable Securities at Fair Value	106,772,889	99,595,736
Inventory of Manufactured Homes	28,289,808	23,703,322
Notes and Other Receivables, net	35,421,826	31,493,555
Prepaid Expenses and Other Assets	12,696,012	6,195,596
Land Development Costs	17,044,705	9,441,025
Total Other Assets	203,949,867	177,862,704
TOTAL ASSETS	915,286,843	880,902,117
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	327,609,085	331,093,063
Other Liabilities:
Accounts Payable	4,332,627	3,873,445
Loans Payable, net of unamortized debt issuance costs	38,722,816	107,985,353
Accrued Liabilities and Deposits	8,519,431	7,410,055
Tenant Security Deposits	6,115,133	5,842,161
Total Other Liabilities	57,690,007	125,111,014
Total Liabilities	385,299,092	456,204,077
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 June 30, 2019 and December 31, 2018	95,030,000	95,030,000
Series C - 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 9,750,000 and 5,750,000 shares authorized, issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	243,750,000	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 shares issued and outstanding as of June 30, 2019 and December 31, 2018	50,000,000	50,000,000
Common Stock - $0.10 par value per share; 123,363,800 and 111,363,800 shares authorized; 40,154,119 and 38,320,414 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	4,015,412	3,832,041
Excess Stock - $0.10 par value per share; 3,000,000 shares authorized; no shares issued or outstanding as of June 30, 2019 and December 31, 2018	0	0
Additional Paid-In Capital	162,556,121	157,449,781
Undistributed Income (Accumulated Deficit)	(25,363,782)	(25,363,782)
Total Shareholders' Equity	529,987,751	424,698,040
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 915,286,843	$ 880,902,117

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	123,363,800	111,363,800
Common stock, shares issued	40,154,119	38,320,414
Common stock, shares outstanding	40,154,119	38,320,414
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	9,750,000	5,750,000
Cumulative redeemable preferred stock, shares issued	9,750,000	5,750,000
Cumulative redeemable preferred stock, shares outstanding	9,750,000	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	2,000,000	2,000,000
Cumulative redeemable preferred stock, shares outstanding	2,000,000	2,000,000

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INCOME:
Rental and Related Income	$ 31,388,423	$ 28,237,771	$ 62,032,140	$ 55,508,248
Sales of Manufactured Homes	5,841,615	3,860,779	9,485,329	6,386,266
Total Income	37,230,038	32,098,550	71,517,469	61,894,514
EXPENSES:
Community Operating Expenses	14,969,705	12,715,180	30,113,958	25,469,996
Cost of Sales of Manufactured Homes	4,256,639	2,913,825	6,845,808	4,893,996
Selling Expenses	1,336,940	1,085,244	2,427,962	1,889,316
General and Administrative Expenses	3,156,267	3,282,682	5,330,900	5,641,238
Depreciation Expense	8,868,341	7,764,258	17,619,652	15,358,892
Total Expenses	32,587,892	27,761,189	62,338,280	53,253,438
OTHER INCOME (EXPENSE):
Interest Income	621,440	536,176	1,136,623	1,006,406
Dividend Income	1,938,145	2,474,180	3,875,559	4,899,320
Gain on Sales of Marketable Securities, net	0	0	0	20,107
Increase (Decrease) in Fair Value of Marketable Securities	(2,352,185)	16,623,670	6,243,581	(9,275,149)
Other Income	133,541	132,516	253,046	199,979
Interest Expense	(4,246,646)	(3,966,992)	(8,893,188)	(7,547,460)
Total Other Income (Expense)	(3,905,705)	15,799,550	2,615,621	(10,696,797)
Income (Loss) before Gain (Loss) on Sales of Investment Property and Equipment	736,441	20,136,911	11,794,810	(2,055,721)
Gain (Loss) on Sales of Investment Property and Equipment	12,262	(64,927)	(8,714)	(80,632)
Net Income (Loss)	748,703	20,071,984	11,786,096	(2,136,353)
Less: Preferred Dividends	6,285,756	5,123,257	11,409,013	10,069,430
Net Income (Loss) Attributable to Common Shareholders	$ (5,537,053)	$ 14,948,727	$ 377,083	$ (12,205,783)
Basic Income (Loss) Per Share:
Net Income (Loss)	$ 0.01	$ 0.55	$ 0.31	$ (0.06)
Less: Preferred Dividends	0.16	0.14	0.29	0.28
Net Income (Loss) Attributable to Common Shareholders	(0.15)	0.41	0.02	(0.34)
Diluted Income (Loss) Per Share:
Net Income (Loss)	0.01	0.54	0.30	(0.06)
Less: Preferred Dividends	0.16	0.14	0.29	0.28
Net Income (Loss) Attributable to Common Shareholders	$ (0.15)	$ 0.40	$ 0.01	$ (0.34)
Weighted Average Common Shares Outstanding:
Basic	39,649,318	36,600,643	39,145,310	36,245,684
Diluted	39,649,318	36,971,345	39,389,883	36,245,684

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Undistributed Income (Accumulated Deficit) [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, 2017	$ 3,548,807	$ 168,034,868	$ 11,519,582	$ (667,793)	$ 95,030,000	$ 143,750,000	$ 0	$ 421,215,464
Balance, shares at Dec. 31, 2017	35,488,068
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
Common Stock Issued with the DRIP	$ 80,907	9,970,592	0	0	0	0	0	10,051,499
Common Stock Issued with the DRIP, shares	809,076
Common Stock Issued through Restricted Stock Awards	$ 200	(200)	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	2,000
Common Stock Issued through Stock Options	$ 1,200	132,720	0	0	0	0	0	133,920
Common Stock Issued through Stock Options, shares	12,000
Preferred Stock Issued through Underwritten Registered Public Offering, net	$ 0	(1,752,720)	0	0	0	0	50,000,000	48,247,280
Distributions	0	(11,173,321)	0	0	0	0	0	(11,173,321)
Stock Compensation Expense	0	282,062	0	0	0	0	0	282,062
Net Income (Loss)	0	0	0	(22,208,337)	0	0	0	(22,208,337)
Balance at Mar. 31, 2018	$ 3,631,114	165,494,001	0	(11,356,548)	95,030,000	143,750,000	50,000,000	446,548,567
Balance, shares at Mar. 31, 2018	36,311,144
Balance at Dec. 31, 2017	$ 3,548,807	168,034,868	11,519,582	(667,793)	95,030,000	143,750,000	0	421,215,464
Balance, shares at Dec. 31, 2017	35,488,068
Common Stock Issued through Restricted Stock Awards								0
Common Stock Issued through Stock Options								835,120
Net Income (Loss)								(2,136,353)
Balance at Jun. 30, 2018	$ 3,689,697	161,340,676	0	8,715,436	95,030,000	143,750,000	50,000,000	462,525,809
Balance, shares at Jun. 30, 2018	36,896,969
Balance at Mar. 31, 2018	$ 3,631,114	165,494,001	0	(11,356,548)	95,030,000	143,750,000	50,000,000	446,548,567
Balance, shares at Mar. 31, 2018	36,311,144
Unrealized Net Holding Gain on Securities Available for Sale, Net of Reclassification Adjustment	$ 0	0	0	0	0	0	0	0
Common Stock Issued with the DRIP	$ 47,283	6,309,047	0	0	0	0	0	6,356,330
Common Stock Issued with the DRIP, shares	472,825
Common Stock Issued through Restricted Stock Awards	$ 4,600	(4,600)	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	46,000
Common Stock Issued through Stock Options	$ 6,700	694,500	0	0	0	0	0	701,200
Common Stock Issued through Stock Options, shares	67,000
Distributions	$ 0	(11,723,764)	0	0	0	0	0	(11,723,764)
Stock Compensation Expense	0	571,492	0	0	0	0	0	571,492
Net Income (Loss)	0	0	0	20,071,984	0	0	0	20,071,984
Balance at Jun. 30, 2018	$ 3,689,697	161,340,676	0	8,715,436	95,030,000	143,750,000	50,000,000	462,525,809
Balance, shares at Jun. 30, 2018	36,896,969
Balance at Dec. 31, 2018	$ 3,832,041	157,449,781	0	(25,363,782)	95,030,000	143,750,000	50,000,000	424,698,040
Balance, shares at Dec. 31, 2018	38,320,414
Common Stock Issued with the DRIP	$ 83,685	10,588,019	0	0	0	0	0	10,671,704
Common Stock Issued with the DRIP, shares	836,847
Common Stock Issued through Restricted Stock Awards	$ 100	(100)	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	1,000
Common Stock Issued through Stock Options	$ 0	0	0	0	0	0	0	0
Common Stock Issued through Stock Options, shares	0
Preferred Stock Issued through Underwritten Registered Public Offering, net	$ 0	0	0	0	0	0	0	0
Distributions	0	(1,065,916)	0	(11,037,393)	0	0	0	(12,103,309)
Stock Compensation Expense	0	390,683	0	0	0	0	0	390,683
Net Income (Loss)	0	0	0	11,037,393	0	0	0	11,037,393
Balance at Mar. 31, 2019	$ 3,915,826	167,362,467	0	(25,363,782)	95,030,000	143,750,000	50,000,000	434,694,511
Balance, shares at Mar. 31, 2019	39,158,261
Balance at Dec. 31, 2018	$ 3,832,041	157,449,781	0	(25,363,782)	95,030,000	143,750,000	50,000,000	424,698,040
Balance, shares at Dec. 31, 2018	38,320,414
Common Stock Issued through Restricted Stock Awards								0
Common Stock Issued through Stock Options								434,660
Net Income (Loss)								11,786,096
Balance at Jun. 30, 2019	$ 4,015,412	162,556,121	0	(25,363,782)	95,030,000	243,750,000	50,000,000	529,987,751
Balance, shares at Jun. 30, 2019	40,154,119
Balance at Mar. 31, 2019	$ 3,915,826	167,362,467	0	(25,363,782)	95,030,000	143,750,000	50,000,000	434,694,511
Balance, shares at Mar. 31, 2019	39,158,261
Common Stock Issued with the DRIP	$ 83,426	10,640,131	0	0	0	0	0	10,723,557
Common Stock Issued with the DRIP, shares	834,258
Common Stock Issued through Restricted Stock Awards	$ 11,960	(11,960)	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	119,600
Common Stock Issued through Stock Options	$ 4,200	430,460	0	0	0	0	0	434,660
Common Stock Issued through Stock Options, shares	42,000
Preferred Stock Issued through Underwritten Registered Public Offering, net	$ 0	(3,311,782)	0	0	0	100,000,000	0	96,688,218
Distributions	0	(13,221,385)	0	(748,703)	0	0	0	(13,970,088)
Stock Compensation Expense	0	668,190	0	0	0	0	0	668,190
Net Income (Loss)	0	0	0	748,703	0	0	0	748,703
Balance at Jun. 30, 2019	$ 4,015,412	$ 162,556,121	$ 0	$ (25,363,782)	$ 95,030,000	$ 243,750,000	$ 50,000,000	$ 529,987,751
Balance, shares at Jun. 30, 2019	40,154,119

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 11,786,096	$ (2,136,353)
Non-Cash items included in Net Income (Loss):
Depreciation	17,619,652	15,358,892
Amortization of Financing Costs	364,531	306,962
Stock Compensation Expense	1,058,873	853,554
Provision for Uncollectible Notes and Other Receivables	622,675	568,349
Gain on Sales of Marketable Securities, net	0	(20,107)
(Increase) Decrease in Fair Value of Marketable Securities	(6,243,581)	9,275,149
Loss on Sales of Investment Property and Equipment	8,714	80,632
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(4,586,486)	(5,596,315)
Notes and Other Receivables, net of Notes Acquired with Acquisitions	(4,550,946)	(3,061,827)
Prepaid Expenses and Other Assets	(6,272,861)	(1,965,714)
Accounts Payable	459,182	961,382
Accrued Liabilities and Deposits	1,109,376	(577,796)
Tenant Security Deposits	272,972	398,041
Net Cash Provided by Operating Activities	11,648,197	14,444,849
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities	0	(21,010,527)
Purchase of Investment Property and Equipment	(27,326,217)	(23,559,057)
Proceeds from Sales of Investment Property and Equipment	1,400,288	1,141,157
Additions to Land Development Costs	(7,603,680)	(3,694,511)
Purchase of Marketable Securities	(933,572)	(14,622,458)
Proceeds from Sales of Marketable Securities	0	268,675
Net Cash Used in Investing Activities	(34,463,181)	(61,476,721)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Payments on Short Term Borrowings	(69,330,342)	(57,229)
Principal Payments of Mortgages	(3,765,800)	(3,393,435)
Financing Costs on Debt	(14,904)	(35,532)
Proceeds from Issuance of Preferred Stock, net of offering costs	96,688,218	48,247,280
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments reinvestments	17,705,263	14,817,445
Proceeds from Exercise of Stock Options	434,660	835,120
Preferred Dividends Paid	(11,934,014)	(9,803,805)
Common Dividends Paid, net of Dividend Reinvestments	(10,449,385)	(11,502,896)
Net Cash Provided by Financing Activities	19,333,696	39,106,948
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(3,481,288)	(7,924,924)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	12,777,411	27,891,249
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 9,296,123	$ 19,966,325

Organization and Accounting Pol

Organization and Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization and Accounting Policies	NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc., a Maryland corporation, together with its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company owns and operates 118 manufactured home communities containing approximately 21,500 developed homesites as of June 30, 2019. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), conducts manufactured home sales to residents and prospective residents in its 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. The consolidated financial statements of the Company include S&F and all of its other wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim Consolidated Financial Statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018. Use of Estimates In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company previously entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of June 30, 2019, these agreements have expired and the Company does not have any interest rate swap agreements in effect. Recently Adopted 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 first presentation of changes in stockholders’ equity was included in the Form 10-Q for the quarter ended March 31, 2019. 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 did not have a material impact on the Company’s 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 are 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 June 30, 2019, the right-of-use assets and corresponding lease liabilities of $2,806,708 is included in Prepaid Expenses and Other Assets and Accrued Liabilities and Deposits on the Consolidated Balance Sheets. Future minimum lease payments under these leases over the remaining lease terms are as follows: 2019 $ 160,181 2020 324,246 2021 326,187 2022 178,504 2023 104,662 Thereafter 7,954,333 Total Lease Payments $ 9,048,114 The weighted average remaining lease term for these leases is 166.8 years. The right of use assets and lease liabilities was calculated using an interest rate of 5%. 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. 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: 6/30/19 12/31/18 6/30/18 12/31/17 Cash and Cash Equivalents $ 3,724,627 $ 7,433,470 $ 15,227,599 $ 23,242,090 Restricted Cash 5,571,496 5,343,941 4,738,726 4,649,159 Cash, Cash Equivalents And Restricted Cash $ 9,296,123 $ 12,777,411 $ 19,966,325 $ 27,891,249 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. 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 842 “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 842. 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 June 30, 2019 and 2018, the Company had notes receivable of $33,797,223 and $26,621,809, 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 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. 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.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the three months ended June 30, 2019, common stock equivalents resulting from employee stock options to purchase 2,854,600 shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. For the six months ended June 30, 2019, common stock equivalents resulting from employee stock options to purchase 2,854,600 shares of common stock amounted to 244,573 shares, which were included in the computation of Diluted Net Income (Loss) per Share. For the three months ended June 30, 2018, common stock equivalents resulting from employee stock options to purchase 2,239,100 shares amounted to 370,702 shares, which were included in the computation of Diluted Net Income (Loss) per Share. For the six months ended June 30, 2018, employee stock options to purchase 2,239,100 shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	NOTE 3 – MARKETABLE SECURITIES The Company’s marketable securities consists primarily of marketable common and preferred stock of other REITs with a fair value of $106,772,889 as of June 30, 2019. 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. 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 will be recorded to “Increase (Decrease) in Fair Value of Marketable Securities” on our Consolidated Statements of Income (Loss). During the six months ended June 30, 2019, the Company made purchases of $933,572 in marketable securities. Of this amount, the Company made total purchases of 64,996 common shares of Monmouth Real Estate Investment Corporation (“MREIC”), a related REIT, through MREIC’s Dividend Reinvestment and Stock Purchase Plan for a total cost of $836,555 or weighted average cost of $12.87 per share. The Company owned a total of 2,511,049 MREIC common shares as of June 30, 2019 at a total cost of $23,128,963 and a fair value of $34,024,715. As of June 30, 2019, the Company had total net unrealized losses of $(33,912,233) in its REIT securities portfolio. For the three and six months ended June 30, 2019, the Company recorded a $2,352,185 decrease and a $6,243,581 increase, respectively, in the fair value of these marketable securities. The Company held fourteen securities that had unrealized losses as of June 30, 2019. The Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery.

Loans and Mortgages Payable

Loans and Mortgages Payable	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Loans and Mortgages Payable	NOTE 4 – LOANS AND MORTGAGES PAYABLE Unsecured Line of Credit On November 29, 2018, 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%. As of June 30, 2019, there was no outstanding balance on this Facility. Loans Payable Loans Payable includes unamortized debt issuance costs of $364,236 and $432,126 at June 30, 2019 and December 31, 2018, respectively. The weighted average interest rate was 5.1% and 4.2% at June 30, 2019 and December 31, 2018, respectively, not including the effect of unamortized debt issuance costs. At June 30, 2019, $10,060,048 was outstanding on the margin loan at an interest rate of 3.0%. On April 30, 2019, the Company expanded its revolving line of credit for the financing of homes from $10 million to $15 million. Mortgages Payable The following is a summary of our mortgages payable as of June 30, 2019 and December 31, 2018: 6/30/2019 12/31/2018 Amount Rate Amount Rate Fixed rate mortgages $ 330,645,711 4.3 % $ 334,411,425 4.3 % Total mortgages before unamortized debt issuance costs 330,645,711 4.3 % 334,411,425 4.3 % Unamortized debt issuance costs (3,036,626 ) (3,318,362 ) Mortgages, net of unamortized debt issuance costs $ 327,609,085 4.3 % $ 331,093,063 4.3 % As of June 30, 2019 and December 31, 2018, the weighted average loan maturity of mortgages payable was 5.8 years and 6.3 years, respectively. On July 1, 2019, the Company obtained two Federal National Mortgage Association mortgages totaling $38,775,000 through Wells Fargo Bank, N.A on Oxford Village, Southwind Village and Woodlawn Village (See Note 10).

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Shareholders' Equity	NOTE 5 - SHAREHOLDERS’ EQUITY Common Stock On June 17, 2019, the Company paid total cash dividends of $7,159,331 or $0.18 per share to common shareholders of record as of the close of business on June 17, 2019, of which $1,886,004 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (“DRIP”). Total dividends paid to our common shareholders for the six months ended June 30, 2019 amounted to $14,139,383 of which $3,689,998 was reinvested. On July 1, 2019, the Company declared a dividend of $0.18 per share to be paid September 16, 2019 to common shareholders of record as of the close of business on August 15, 2019. During the six months ended June 30, 2019, the Company received, including dividends reinvested of $3,689,998, a total of $21,395,261 from its DRIP. There were 1,671,105 new shares issued under the DRIP during this period. 8.0% Series B Cumulative Redeemable Preferred Stock On June 17, 2019, the Company paid $1,900,600 in dividends or $0.50 per share for the period from March 1, 2019 through May 31, 2019 to holders of record as of the close of business on May 15, 2019 of our 8.0% Series B Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series B Preferred”). Dividends on our Series B Preferred shares are cumulative and payable quarterly at an annual rate of $2.00 per share. Total dividends paid to our Series B Preferred shareholders for the six months ended June 30, 2019 amounted to $3,801,200. On July 1, 2019, the Company declared a dividend of $0.50 per share for the period from June 1, 2019 through August 31, 2019 to be paid on September 16, 2019 to Series B Preferred shareholders of record as of the close of business on August 15, 2019. 6.75% Series C Cumulative Redeemable Preferred Stock On April 29, 2019, the Company issued and sold a total of 4,000,000 shares, including as a result of the underwriters’ exercise in full of their overallotment option of 400,000 shares, of our 6.75% Series C Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series C Preferred”) at an offering price of $25.00 per share in an underwritten registered public offering. The additional shares of Series C Preferred will form a single series with, will have the same terms as, and will vote as a single class with, the 5,750,000 outstanding shares of Series C Preferred issued in July 2017 and will rank on a parity with the Company’s outstanding 8.0% Series B Cumulative Redeemable Preferred Stock and its outstanding 6.375% Series D Cumulative Redeemable Preferred Stock. After giving effect to the offering, the Company has a total of 9,750,000 shares of Series C Preferred outstanding. The Company received net proceeds from the sale of the 4,000,000 shares of Series C Preferred of approximately $96.7 million, after deducting the underwriting discount and other estimated offering expenses, and intends to use the proceeds for general corporate purposes, which may include 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. In conjunction with the issuance of the Company’s Series C Preferred, on April 26, 2019 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 16,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 126,413,800 shares (classified as 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) to 142,413,800 shares (classified as 127,363,800 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). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 4,000,000 shares of Common Stock as shares of Series C Preferred. After this amendment, the Company’s authorized stock consists of 123,363,800 shares of Common Stock, 4,000,000 shares of Series B Preferred, 9,750,000 shares of Series C Preferred, 2,300,000 shares of Series D Preferred and 3,000,000 shares of excess stock. On June 17, 2019, the Company paid $4,113,281 in dividends or $0.421875 per share for the period from March 1, 2019 through May 31, 2019 to holders of record as of the close of business on May 15, 2019 of our 6.75% Series C Preferred. Dividends on our Series C Preferred shares are cumulative and payable quarterly at an annual rate of $1.6875 per share. Total dividends paid to our Series C Preferred shareholders for the six months ended June 30, 2019 amounted to $6,539,063. On July 1, 2019, the Company declared a dividend of $0.421875 per share for the period from June 1, 2019 through August 31, 2019 to be paid on September 16, 2019 to Series C Preferred shareholders of record as of the close of business on August 15, 2019. 6.375% Series D Cumulative Redeemable Preferred Stock On June 17, 2019, the Company paid $796,876 in dividends or $0.3984375 per share for the period from March 1, 2019 through May 31, 2019 to holders of record as of the close of business on May 15, 2019 of our 6.375% Series D Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series D Preferred”). Dividends on our Series D Preferred shares are cumulative and payable quarterly at an annual rate of $1.59375 per share. Total dividends paid to our Series D Preferred shareholders for the six months ended June 30, 2019 amounted to $1,593,751. On July 1, 2019, the Company declared a dividend of $0.3984375 per share for the period from June 1, 2019 through August 31, 2019 to be paid on September 16, 2019 to Series D Preferred shareholders of record as of the close of business on August 15, 2019.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	NOTE 6 – STOCK BASED COMPENSATION The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $668,190 and $1,058,873 have been recognized for the three and six months ended June 30, 2019, respectively, and $571,492 and $853,554 have been recognized for the three and six months ended June 30, 2018, respectively. On January 2, 2019, the Company granted options to purchase 60,000 shares of common stock to two participants in the Company’s Amended and Restated 2013 Incentive Award Plan. The grant date fair value of these options amounted to $95,332. These grants vest over one year. On April 2, 2019, the Company awarded a total of 117,600 shares of restricted stock to Samuel A. Landy and Anna T. Chew, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $1,634,640. These grants vest ratably over 5 years. On April 2, 2019, the Company granted options to purchase 584,000 shares of common stock to forty participants in the Company’s Amended and Restated 2013 Incentive Award Plan. The grant date fair value of these options amounted to $1,012,293. These grants vest over one year. Compensation costs for grants issued to a participant who is of retirement age is recognized at the time of the grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the six months ended June 30, 2019 and 2018: 2019 2018 Dividend yield 5.13 % 4.77 % Expected volatility 24.04 % 25.83 % Risk-free interest rate 2.50 % 2.73 % Expected lives 10 10 Estimated forfeitures -0- -0- The weighted-average fair value of options granted during the six months ended June 30, 2019 and 2018 was $1.72 and $2.04 per share, respectively. During the six months ended June 30, 2019, four participants exercised options to purchase a total of 42,000 shares of common stock at a weighted-average exercise price of $10.35 per share for total proceeds of $434,660. As of June 30, 2019, there were options outstanding to purchase 2,854,600 shares. There were 1,196,900 shares available for grant under the Amended and Restated 2013 Incentive Award Plan. The aggregate intrinsic value of options outstanding as of June 30, 2019 was $2,577,698 and the aggregate intrinsic value of options exercised during the six months ended June 30, 2019 was $133,240.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 7 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, Fair Value Measurements and Disclosures, the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at June 30, 2019 and December 31, 2018: Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2019: Marketable Securities - Preferred stock $ 3,801,821 $ 3,801,821 $ -0- $ -0- Marketable Securities - Common stock 102,971,068 102,971,068 -0- -0- Total $ 106,772,889 $ 106,772,889 $ -0- $ -0- As of December 31, 2018: Marketable Securities - Preferred stock $ 3,399,558 $ 3,399,558 $ -0- $ -0- Marketable Securities - Common stock 96,196,178 96,196,178 -0- -0- Total $ 99,595,736 $ 99,595,736 $ -0- $ -0- In addition to the Company’s investments in marketable securities, the Company is required to disclose certain information about the fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s Marketable Securities have quoted market prices and traded in active markets and are therefore classified in Level 1 of the fair value hierarchy. The fair value of Cash and Cash Equivalents and Notes Receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate Mortgages Payable and Loans Payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of June 30, 2019, the fair value of Fixed Rate Mortgages Payable amounted to $334,224,345 and the carrying value of Fixed Rate Mortgages Payable amounted to $330,645,711.

Contingencies, Commitments and

Contingencies, Commitments and Other Matters	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Other Matters	NOTE 8 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation will have a material adverse effect on the financial position or results of operations. The Company entered into contracts to purchase four communities for a total purchase price of approximately $56,237,000. The purchase of three of these communities have closed subsequent to quarter end (see Note 10) and the purchase of the remaining community is expected to close later in the third quarter of 2019. The Company has an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of June 30, 2019, the total loan balance under this agreement was approximately $2.7 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 June 30, 2019, the total loan balance owed to 21st Mortgage with respect to homes in these acquired communities was approximately $2.8 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 $21,675,000 of loans that the Company acquired under the COP Program as of June 30, 2019.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the six months ended June 30, 2019 and 2018 was $9,172,403 and $7,669,068 respectively. Interest cost capitalized to Land Development was $614,467 and $398,852 for the six months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 and 2018, the Company had Dividend Reinvestments of $3,689,998 and $1,590,384 respectively, which required no cash transfers.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 10 – SUBSEQUENT EVENTS Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. On July 1, 2019, the Company obtained two Federal National Mortgage Association (“Fannie Mae”) mortgages totaling $38,775,000 through Wells Fargo Bank, N.A. (“Wells Fargo”) on Oxford Village, Southwind Village and Woodlawn Village. The interest rate on these mortgages are fixed at 3.41%. These mortgages mature on July 1, 2029, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing Oxford Village and Southwind Village mortgages of approximately $11.5 million, which had a weighted average interest rate of 5.94%. On July 3, 2019, the Company acquired Friendly Village, located in Perrysburg, Ohio, for approximately $19,386,000. This all-age community contains a total of 824 developed homesites that are situated on approximately 101 total acres. At the date of acquisition, the average occupancy for this community was approximately 46%. In conjunction with this acquisition, the Company assumed a mortgage of approximately $7,300,000 on this property. The interest rate on this mortgage is fixed at 4.6175%. This mortgage matures on June 6, 2023. On July 30, 2019, the Company acquired two communities, New Colony and 51 Estates, located in Pennsylvania, for approximately $11,650,000. These communities contain a total of 285 developed homesites that are situated on approximately 60 acres. At the date of acquisition, the average occupancy for these communities was approximately 76%.

Proforma Financial Information

Proforma Financial Information (Unaudited)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Proforma Financial Information (Unaudited)	NOTE 11 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2018 and through July 30, 2019. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional Revenue and Expenses from the properties acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, 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. Three Months Ended Six Months Ended 6/30/19 6/30/18 6/30/19 6/30/18 Rental and Related Income $ 32,246,000 $ 30,457,000 $ 63,748,000 $ 60,120,000 Community Operating Expenses 15,430,000 14,044,000 31,035,000 28,240,000 Net Income (Loss) Attributable to Common Shareholders (5,547,000 ) 14,335,000 357,000 (13,504,000 ) Net Income (Loss) Attributable to Common Shareholders Per Share – Basic $ (0.15 ) $ 0.39 $ 0.01 $ (0.37 ) Net Income (Loss) Attributable to Common Shareholders Per Share –Diluted $ (0.15 ) $ 0.39 $ 0.01 $ (0.37 )

Organization and Accounting P_2

Organization and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions.
Reclassifications	Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company previously entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of June 30, 2019, these agreements have expired and the Company does not have any interest rate swap agreements in effect.
Recently Adopted Accounting Pronouncements	Recently Adopted 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 first presentation of changes in stockholders’ equity was included in the Form 10-Q for the quarter ended March 31, 2019. 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 did not have a material impact on the Company’s 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 are 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 June 30, 2019, the right-of-use assets and corresponding lease liabilities of $2,806,708 is included in Prepaid Expenses and Other Assets and Accrued Liabilities and Deposits on the Consolidated Balance Sheets. Future minimum lease payments under these leases over the remaining lease terms are as follows: 2019 $ 160,181 2020 324,246 2021 326,187 2022 178,504 2023 104,662 Thereafter 7,954,333 Total Lease Payments $ 9,048,114 The weighted average remaining lease term for these leases is 166.8 years. The right of use assets and lease liabilities was calculated using an interest rate of 5%. 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. 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: 6/30/19 12/31/18 6/30/18 12/31/17 Cash and Cash Equivalents $ 3,724,627 $ 7,433,470 $ 15,227,599 $ 23,242,090 Restricted Cash 5,571,496 5,343,941 4,738,726 4,649,159 Cash, Cash Equivalents And Restricted Cash $ 9,296,123 $ 12,777,411 $ 19,966,325 $ 27,891,249 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. 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 842 “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 842. 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 June 30, 2019 and 2018, the Company had notes receivable of $33,797,223 and $26,621,809, 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 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. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

Organization and Accounting P_3

Organization and Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments under these leases over the remaining lease terms are as follows: 2019 $ 160,181 2020 324,246 2021 326,187 2022 178,504 2023 104,662 Thereafter 7,954,333 Total Lease Payments $ 9,048,114
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: 6/30/19 12/31/18 6/30/18 12/31/17 Cash and Cash Equivalents $ 3,695,597 $ 7,433,470 $ 15,227,599 $ 23,242,090 Restricted Cash 5,571,496 5,343,941 4,738,726 4,649,159 Cash, Cash Equivalents And Restricted Cash $ 9,267,093 $ 12,777,411 $ 19,966,325 $ 27,891,249

Loans and Mortgages Payable (Ta

Loans and Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Mortgages Payable	The following is a summary of our mortgages payable as of June 30, 2019 and December 31, 2018: 6/30/2019 12/31/2018 Amount Rate Amount Rate Fixed rate mortgages $ 330,645,711 4.3 % $ 334,411,425 4.3 % Total mortgages before unamortized debt issuance costs 330,645,711 4.3 % 334,411,425 4.3 % Unamortized debt issuance costs (3,036,626 ) (3,318,362 ) Mortgages, net of unamortized debt issuance costs $ 327,609,085 4.3 % $ 331,093,063 4.3 %

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 during the six months ended June 30, 2019 and 2018: 2019 2018 Dividend yield 5.13 % 4.77 % Expected volatility 24.04 % 25.83 % Risk-free interest rate 2.50 % 2.73 % Expected lives 10 10 Estimated forfeitures -0- -0-

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Recognized at Fair Value on a Recurring Basis	The fair value of these financial assets and liabilities was determined using the following inputs at June 30, 2019 and December 31, 2018: Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2019: Marketable Securities - Preferred stock $ 3,801,821 $ 3,801,821 $ -0- $ -0- Marketable Securities - Common stock 102,971,068 102,971,068 -0- -0- Total $ 106,772,889 $ 106,772,889 $ -0- $ -0- As of December 31, 2018: Marketable Securities - Preferred stock $ 3,399,558 $ 3,399,558 $ -0- $ -0- Marketable Securities - Common stock 96,196,178 96,196,178 -0- -0- Total $ 99,595,736 $ 99,595,736 $ -0- $ -0-

Proforma Financial Informatio_2

Proforma Financial Information (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2019
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. Three Months Ended Six Months Ended 6/30/19 6/30/18 6/30/19 6/30/18 Rental and Related Income $ 32,246,000 $ 30,457,000 $ 63,748,000 $ 60,120,000 Community Operating Expenses 15,430,000 14,044,000 31,035,000 28,240,000 Net Income (Loss) Attributable to Common Shareholders (5,547,000 ) 14,335,000 357,000 (13,504,000 ) Net Income (Loss) Attributable to Common Shareholders Per Share – Basic $ (0.15 ) $ 0.39 $ 0.01 $ (0.37 ) Net Income (Loss) Attributable to Common Shareholders Per Share –Diluted $ (0.15 ) $ 0.39 $ 0.01 $ (0.37 )

Organization and Accounting P_4

Organization and Accounting Policies (Details Narrative)	Jan. 02, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)Number
Number of operates manufacture home communities | Number				118
Number of developed home sites company own and operates | Number				21,500
Operating lease, right-of-use asset				$ 2,806,708
Weighted average remaining lease term				166 years 9 months 18 days
Interest rate on leases				5.00%
Total net unrealized gains (loss)	$ 11,519,582	$ 0	$ 0
Notes receivable		$ 26,621,809		$ 33,797,223
Real Estate Investment Trusts [Member]
Portfolio of gross assets				The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 15% of its undepreciated assets.
Maximum percentage of undepreciated assets				15.00%
Total net unrealized gains (loss)				$ (33,912,233)

Organization and Accounting P_5

Organization and Accounting Policies - Schedule of Future Minimum Lease Payments (Details)	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
2019	$ 160,181
2020	324,246
2021	326,187
2022	178,504
2023	104,662
Thereafter	7,954,333
Total Lease Payments	$ 9,048,114

Organization and Accounting P_6

Organization and Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 3,724,627	$ 7,433,470	$ 15,227,599	$ 23,242,090
Restricted Cash	5,571,496	5,343,941	4,738,726	4,649,159
Cash, Cash Equivalents And Restricted Cash	$ 9,296,123	$ 12,777,411	$ 19,966,325	$ 27,891,249

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common stock equivalents		370,702	244,573
Stock Options [Member]
Common stock diluted net income per share	2,854,600	2,239,100	2,854,600	2,239,100

Marketable Securities (Details

Marketable Securities (Details Narrative) - USD ($)	Jan. 02, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Marketable securities at fair value		$ 106,772,889			$ 106,772,889		$ 99,595,736
Total net unrealized holding gains (losses)	$ 11,519,582		$ 0	$ 0
Purchase of marketable securities					933,572	$ 14,622,458
Increase (decrease) in fair value of marketable securities		$ (2,352,185)			$ 6,243,581
Real Estate Investment Trusts [Member]
Maximum percentage of undepreciated assets					15.00%
Total net unrealized holding gains (losses)					$ (33,912,233)
Monmouth Real Estate Investment Corporation [Member]
Number of common stock owned, shares					2,511,049
Number of common stock owned, value					$ 23,128,963
Fair value of marketable securities					$ 34,024,715
Monmouth Real Estate Investment Corporation [Member] | Stock Purchase Plan [Member]
Purchase of common stock					64,996
Purchase of common stock, value					$ 836,555
Weighted average cost per shares		$ 12.87			$ 12.87

Loans and Mortgages Payable (De

Loans and Mortgages Payable (Details Narrative) - USD ($)	Nov. 29, 2018	Jun. 30, 2019	Dec. 31, 2018	Jul. 01, 2019	Apr. 29, 2019
Lines of credit		$ 15,000,000			$ 10,000,000
Unamortized debt issuance costs		$ 364,236	$ 432,126
Weighted average interest rate		5.10%	4.20%
Outstanding on margin loan		$ 10,060,048
Percentage of margin loan interest rate		3.00%
Weighted average loan maturity term		5 years 9 months 18 days	6 years 3 months 19 days
Mortgages, net of unamortized debt issuance costs		$ 327,609,085	$ 331,093,063
Subsequent Event [Member] | Two Federal National Mortgage Association Mortgages [Member] | Oxford Village, Southwind Village and Woodlawn Village [Member]
Obtained mortgage value				$ 38,775,000
Unsecured Revolving Credit Facility [Member]
Line of credit facility, available borrowings	$ 75,000,000
Line of credit accordion feature	50,000,000
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Line of credit facility, maturity date	Nov. 29, 2022
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%.

Loans and Mortgages Payable - S

Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Total mortgages before unamortized debt issuance costs	$ 330,645,711	$ 334,411,425
Unamortized debt issuance costs	(3,036,626)	(3,318,362)
Mortgages, net of unamortized debt issuance costs	$ 327,609,085	$ 331,093,063
Mortgages before unamortized debt issuance costs percentage	4.30%	4.30%
Mortgages, net of unamortized debt issuance costs percentage	4.30%	4.30%
Fixed Rate Mortgages [Member]
Total mortgages before unamortized debt issuance costs	$ 330,645,711	$ 334,411,425
Mortgages before unamortized debt issuance costs percentage	4.30%	4.30%

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - USD ($)	Jul. 01, 2019	Jun. 17, 2019	Apr. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 26, 2019	Dec. 31, 2018
Proceed from dividend reinvestment and stock purchase plan (DRIP)								$ 3,689,998	$ 1,590,384
New shares issued under DRIP, value				$ 10,723,557	$ 10,671,704	$ 6,356,330	$ 10,051,499
Excess stock				3,000,000				3,000,000		3,000,000	3,000,000
Common stock, shares authorized				123,363,800				123,363,800			111,363,800
Minimum [Member]
Authorized shares increased										126,413,800
Maximum [Member]
Authorized shares increased										142,413,800
Common Stock [Member]
Dividends paid								$ 14,139,383
Proceed from dividend reinvestment and stock purchase plan (DRIP)								3,689,998
New shares issued under DRIP, value								$ 21,395,261
New shares issued under DRIP								1,671,105
8.0% Series B Cumulative Redeemable Preferred Stock [Member]
Dividends paid		$ 1,900,600						$ 3,801,200
Dividend declared per share, paid		$ 0.50
Record date of dividend		May 15, 2019
Annual rate on dividend per share payable quarterly		$ 2
Dividend payable date, description		March 1, 2019 through May 31, 2019
Cumulative redeemable preferred stock percentage		8.00%
Preferred Stock, Liquidation Preference Per Share		$ 25
Series C Preferred Member]
Preferred shares outstanding			9,750,000
Number of shares issued during period			4,000,000
Number of shares issued during period, value			$ 96,700,000
Authorized shares increased										5,750,000
Reclassification shares of common stock			4,000,000
Preferred stock, shares authorized				9,750,000				9,750,000
Series C Preferred Stock [Member]
Preferred shares outstanding			5,750,000
Preferred shares outstanding, description			The additional shares of Series C Preferred will form a single series with, will have the same terms as, and will vote as a single class with, the 5,750,000 outstanding shares of Series C Preferred issued in July 2017 and will rank on a parity with the Company's outstanding 8.0% Series B Cumulative Redeemable Preferred Stock and its outstanding 6.375% Series D Cumulative Redeemable Preferred Stock.
Series B Cumulative Redeemable Preferred Stock [Member]
New shares issued under DRIP, value				$ 0	0	0	0
Cumulative redeemable preferred stock percentage			8.00%
Preferred shares outstanding				3,801,200				3,801,200			3,801,200
Preferred stock, shares authorized				4,000,000				4,000,000			4,000,000
6.375% Series D Cumulative Redeemable Preferred Stock [Member]
Dividends paid		$ 796,876						$ 1,593,751
Dividend declared per share, paid		$ 0.3984375
Record date of dividend		May 15, 2019
Annual rate on dividend per share payable quarterly		$ 1.59375
Dividend payable date, description		March 1, 2019 through May 31, 2019
Cumulative redeemable preferred stock percentage		6.375%	6.375%
Preferred Stock, Liquidation Preference Per Share		$ 25
Series B Preferred Member]
Authorized shares increased										4,000,000
Preferred stock, shares authorized				4,000,000				4,000,000
Series D Preferred Member]
Authorized shares increased										2,300,000
Preferred stock, shares authorized				2,300,000				2,300,000
6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Dividends paid		$ 4,113,281						$ 6,539,063
Dividend declared per share, paid		$ 0.421875
Record date of dividend		May 15, 2019
Annual rate on dividend per share payable quarterly		$ 1.6875
Dividend payable date, description		March 1, 2019 through May 31, 2019
Cumulative redeemable preferred stock percentage		6.75%
Subsequent Event [Member] | 8.0% Series B Cumulative Redeemable Preferred Stock [Member]
Record date of dividend	Aug. 15, 2019
Annual rate on dividend per share payable quarterly	$ 0.50
Dividend paid date	Sep. 16, 2019
Dividend payable date, description	June 1, 2019 through August 31, 2019
Subsequent Event [Member] | 6.375% Series D Cumulative Redeemable Preferred Stock [Member]
Record date of dividend	Aug. 15, 2019
Annual rate on dividend per share payable quarterly	$ 0.3984375
Dividend paid date	Sep. 16, 2019
Dividend payable date, description	June 1, 2019 through August 31, 2019
Subsequent Event [Member] | 6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Record date of dividend	Aug. 15, 2019
Annual rate on dividend per share payable quarterly	$ 0.421875
Dividend paid date	Sep. 16, 2019
Dividend payable date, description	June 1, 2019 through August 31, 2019
Common Stock [Member]
Dividends paid		$ 7,159,331
Dividend declared per share, paid		$ 0.18
Proceed from dividend reinvestment and stock purchase plan (DRIP)		$ 1,886,004
Record date of dividend		Jun. 17, 2019
New shares issued under DRIP, value				$ 83,426	$ 83,685	$ 47,283	$ 80,907
New shares issued under DRIP				834,258	836,847	472,825	809,076
Number of option exercise				42,000	0	67,000	12,000
Authorized shares increased										16,000,000
Common Stock [Member] | Minimum [Member]
Authorized shares increased										111,363,800
Common Stock [Member] | Maximum [Member]
Authorized shares increased										127,363,800
Common Stock [Member] | Subsequent Event [Member]
Record date of dividend	Aug. 15, 2019
Annual rate on dividend per share payable quarterly	$ 0.18
Dividend paid date	Sep. 16, 2019
6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Number shares issued and sold			4,000,000
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | Over-Allotment Option [Member]
Number of option exercise			400,000
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | Series C Preferred Member]
Offering price per share			$ 25

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - USD ($)	Apr. 02, 2019	Jan. 02, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Compensation costs			$ 668,190		$ 571,492		$ 1,058,873	$ 853,554
Number of restricted stock award, value			0	$ 0	0	$ 0	$ 0	$ 0
Weighted-average fair value of options granted							$ 1.72	$ 2.04
Proceeds from exercised option to purchase common stock			$ 434,660	$ 0	$ 701,200	$ 133,920	$ 434,660	$ 835,120
Options outstanding			2,854,600				2,854,600
Aggregate intrinsic value of outstanding			$ 2,577,698				$ 2,577,698
Aggregate intrinsic value of options exercised							$ 133,240
Samuel A. Landy and Anna T. Chew [Member] | Employment Agreement [Member]
Grants vest term	5 years
Number of restricted stock award	117,600
Number of restricted stock award, value	$ 1,634,640
Four Participants [Member]
Exercised option to purchase common stock							42,000
Weighted-average exercise price							$ 10.35
Proceeds from exercised option to purchase common stock							$ 434,660
Amended and Restated 2013 Incentive Award Plan [Member]
Available for future grant under plan			1,196,900				1,196,900
Amended and Restated 2013 Incentive Award Plan [Member] | Two Participants [Member]
Fair value of grant options		$ 95,332
Grants vest term		1 year
Option to purchase common stock		60,000
Restated 2013 Incentive Award Plan [Member] | Forty Participants [Member]
Fair value of grant options	$ 1,012,293
Grants vest term	1 year
Option to purchase common stock	584,000

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Dividend yield	5.13%	4.77%
Expected volatility	24.04%	25.83%
Risk-free interest rate	2.50%	2.73%
Expected lives	10 years	10 years
Estimated forfeitures	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative)	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Fair value of fixed rate mortgages payable	$ 334,224,345
Carrying value of fixed rate mortgages payable	$ 330,645,711

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 106,772,889	$ 99,595,736
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	106,772,889	99,595,736
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	106,772,889	99,595,736
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	3,801,821	3,399,558
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	3,801,821	3,399,558
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	102,971,068	96,196,178
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	102,971,068	96,196,178
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

Contingencies, Commitments an_2

Contingencies, Commitments and Other Matters (Details Narrative)	6 Months Ended
	Jun. 30, 2019USD ($)
Total original loan amount	$ 2,700,000
Total loan balance	2,800,000
Notes and other receivables	$ 21,675,000
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%
Four Communities Under Contract [Member]
Purchase of properties	$ 56,237,000

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 9,172,403	$ 7,669,068
Interest cost capitalized to land development	614,467	398,852
Reinvestment of dividends	$ 3,689,998	$ 1,590,384

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Jul. 30, 2019USD ($)aNumber	Jul. 03, 2019USD ($)aNumber	Jul. 01, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018
Weighted average interest rate				5.10%		4.20%
Acquisiton of property				$ 0	$ 21,010,527
Subsequent Event [Member] | Friendly Village [Member] | Perrysburg and Ohio [Member]
Obtained mortgage value		$ 7,300,000
Interest rate on mortgages		4.6175%
Maturity date of mortgages		Jun. 6, 2023
Acquisiton of property		$ 19,386,000
Number of developed homesites | Number		824
Area of property | a		101
Percentage of average occupancy		46.00%
Subsequent Event [Member] | New Colony and 51 Estates [Member] | Two Communities [Member]
Acquisiton of property	$ 11,650,000
Number of developed homesites | Number	285
Area of property | a	60
Percentage of average occupancy	76.00%
Subsequent Event [Member] | Two Federal National Mortgage Association Mortgages [Member] | Oxford Village, Southwind Village and Woodlawn Village [Member]
Obtained mortgage value			$ 38,775,000
Interest rate on mortgages			3.41%
Maturity and principal repayments term, description			These mortgages mature on July 1, 2029, with principal repayments based on a 30-year amortization schedule.
Maturity date of mortgages			Jul. 1, 2029
Principal repayments, term			30 years
Subsequent Event [Member] | Two Federal National Mortgage Association Mortgages [Member] | Oxford Village and Southwind Village [Member]
Repayment of mortgages			$ 11,500,000
Weighted average interest rate			5.94%

Proforma Financial Informatio_3

Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Combinations [Abstract]
Rental and Related Income	$ 32,246,000	$ 30,457,000	$ 63,748,000	$ 60,120,000
Community Operating Expenses	15,430,000	14,044,000	31,035,000	28,240,000
Net Income (Loss) Attributable to Common Shareholders	$ (5,547,000)	$ 14,335,000	$ 357,000	$ (13,504,000)
Net Income (Loss) Attributable to Common Shareholders Per Share - Basic	$ (0.15)	$ 0.39	$ 0.01	$ (0.37)
Net Income (Loss) Attributable to Common Shareholders Per Share - Diluted	$ (0.15)	$ 0.39	$ 0.01	$ (0.37)