RENTAL PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2016

RENTAL PROPERTIES

Schedule of rental properties

	March 31, 2016		December 31, 2015		Useful Life
Land, improvements and parking lots	$	52,864,483	$	52,852,877	15	-	40	years
Buildings and improvements		172,774,117		172,277,299	15	-	40	years
Kitchen cabinets		8,606,470		8,493,696	5	-	10	years
Carpets		7,605,524		7,361,966	5	-	10	years
Air conditioning		718,531		718,531	5	-	10	years
Laundry equipment		244,772		244,771	5	-	7	years
Elevators		1,139,296		1,139,296	20	-	40	years
Swimming pools		444,629		444,629	10	-	30	years
Equipment		9,970,211		9,502,977	5	-	7	years
Motor vehicles		130,563		130,563			5	years
Fences		38,115		38,115	5	-	15	years
Furniture and fixtures		7,961,480		7,855,351	5	-	7	years
Smoke alarms		216,827		216,827	5	-	7	years
Total fixed assets		262,715,018		261,276,898
Less: Accumulated depreciation		(87,457,413)		(84,579,584)
	$	175,257,605	$	176,697,314