RENTAL PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2015

RENTAL PROPERTIES

Schedule of rental properties

	June 30, 2015			December 31, 2014			Useful Life
Land, improvements and parking lots	$	44,694,293		$	44,541,471		15—40 years
Buildings and improvements	153,905,317			153,059,430			15—40 years
Kitchen cabinets	7,406,845			6,865,348			5—10 years
Carpets	6,722,293			6,341,227			5—10 years
Air conditioning	721,937			705,116			5—10 years
Laundry equipment	236,283			147,721			5—7 years
Elevators	1,139,296			1,139,296			20—40 years
Swimming pools	444,629			444,629			10—30 years
Equipment	5,653,232			5,491,992			5—7 years
Motor vehicles	130,859			130,563			5 years
Fences	24,670			24,670			5—15 years
Furniture and fixtures	6,153,480			5,910,046			5—7 years
Smoke alarms	220,437			220,437			5—7 years
Total fixed assets	227,453,571			225,021,946
Less: Accumulated depreciation	(80,770,875		)	(75,905,862		)
	$	146,682,696		$	149,116,084