RENTAL PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2013

RENTAL PROPERTIES

Schedule of rental properties

	September 30, 2013			December 31, 2012			Useful Life
Land, improvements and parking lots	$	43,853,519		$	27,743,726		15—40 years
Buildings and improvements	152,671,201			118,739,283			15—40 years
Kitchen cabinets	6,261,506			3,544,868			5—10 years
Carpets	6,225,566			3,218,975			5—10 years
Air conditioning	779,446			746,043			5—10 years
Laundry equipment	435,218			378,806			5—7 years
Elevators	1,139,296			1,139,296			20-40 years
Swimming pools	444,629			235,242			10-30 years
Equipment	5,234,614			1,529,904			5—7 years
Motor vehicles	101,657			101,657			5 years
Fences	32,695			22,445			5—15 years
Furniture and fixtures	5,703,942			1,031,348			5—7 years
Smoke alarms	220,014			193,298			5—7 years
Total fixed assets	223,103,303			158,624,893
Less: Accumulated depreciation	(68,838,718		)	(63,651,293		)
	$	154,264,585		$	94,973,600