RENTAL PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2014

RENTAL PROPERTIES

Schedule of rental properties

	March 31, 2014			December 31, 2013			Useful Life
Land, improvements and parking lots	$	43,919,728		$	43,919,728		15–40 years
Buildings and improvements	152,229,117			152,130,635			15–40 years
Kitchen cabinets	6,057,285			5,956,078			5–10 years
Carpets	5,958,327			5,820,516			5–10 years
Air conditioning	707,928			707,928			5–10 years
Laundry equipment	411,837			404,775			5–7 years
Elevators	1,139,296			1,139,296			20–40 years
Swimming pools	444,629			444,629			10–30 years
Equipment	5,154,087			5,038,530			5–7 years
Motor vehicles	86,657			86,657			5 years
Fences	24,670			24,670			5–15 years
Furniture and fixtures	5,632,572			5,564,621			5–7 years
Smoke alarms	236,719			216,223			5–7 years
Total fixed assets	222,002,850			221,454,286
Less: Accumulated depreciation	(70,791,496		)	(68,549,625		)
	$	151,211,354		$	152,904,661