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<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font style="font-family: times new roman,times;"><u>NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">UMH Properties, Inc. (“we”, “our”, “us” or “the Company”) owns and operates eighty-two manufactured home communities containing approximately 14,500 developed homesites. On July 14, 2014, we acquired four manufactured home communities located in Pennsylvania with a total of 336 sites for $12.2 million (see Note 10). On July 28, 2014, we acquired two manufactured home communities located in Ohio with a total of 258 sites for $5.4 million (see Note 10). With these acquisitions, we now own eighty-eight communities consisting of approximately 15,100 sites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. <font style="color: black;">The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (S&F), conducts manufactured home sales in its communities. S&F was established to enhance the occupancy of the communities.  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 also invests in securities of other Real Estate Investment Trusts (REITs).</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">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.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">The interim Consolidated Financial Statements <font style="color: black;">furnished herein</font> have been prepared in accordance with accounting principles generally accepted in the United States of America (US 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 US 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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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, 2013.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font style="font-family: times new roman,times;"><i><u>Use of Estimates</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent:
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<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">In preparing the Consolidated Financial Statements in accordance with US 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 Revenue and Expenses for the years then ended. Actual results could differ significantly from these estimates and assumptions.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font style="font-family: times new roman,times;"><i><u>Stock Based Compensation</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"> </p>
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<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">On January 15, 2014, the Company awarded to Samuel A. Landy a restricted stock award of 25,000 shares in accordance with his employment agreement. The grant date fair value of this restricted stock grant was $232,750. This grant vests over 5 years.</font></p>
<p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'courier new', courier, monospace; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">On June 11, 2014, the Company granted options to purchase 339,000 shares of common stock to twenty-five participants in the Plan, including an option to purchase 100,000 shares to Eugene W. Landy. The exercise price is $9.85 and the expiration date is June 11, 2022. The grant date fair value of these options amounted to $332,220. This grant vests over 1 year. Compensation costs for grants to participants who are of retirement age were recognized at time of grant.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">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, 2014:</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif;
font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 424px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="width: 736px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="width: 47px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="width: 313px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2014</font></td>
<td style="width: 47px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: center;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Dividend yield</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">7.14%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Expected volatility</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">27.12%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Risk-free interest rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2.23%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times,;">Expected lives</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier,
monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">8</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Estimated forfeitures</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">-0-</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">The weighted-average fair value of options granted during the six months ended June 30, 2014 was $0.98.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">As of June 30, 2014, there were options outstanding to purchase 1,355,000 shares. There were 2,254,000 shares available for grant under the 2013 Stock Option and Stock Award Plan, as amended. During the six months ended June 30, 2014, options to one participant to purchase a total of 3,000 shares were exercised. During the six months ended June 30, 2014, options to two participants to purchase a total of 74,000 shares expired or forfeited. The aggregate intrinsic value of options outstanding as of June 30, 2014 was $590,243. As of June 30, 2013, there were options outstanding to purchase 1,127,000 shares and 2,618,000 shares were available for grant under the Company’s 2013 Stock Option and Stock Award Plan, as amended.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"><font style="font-family: times new roman,times;"><i><u>Derivative Instruments and Hedging Activities</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'courier new', courier, monospace; margin: 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">In the normal course of business, the Company is exposed to financial</font><font style="color: black;"> </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">market risks, including interest rate risk on our variable rate debt.  We attempt 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 had entered into various interest rate swap agreements that had the effect of fixing interest rates relative to specific mortgage loans.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: 0pt;">During 2012, the Company entered into two interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans as follows:</font></p>
<p style="font: 12pt/12pt 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; width: 500px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Mortgage</font></td>
<td style="padding: 0.75pt; width: 202px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Due Date</font></td>
<td style="padding: 0.75pt; width: 327px;">
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Mortgage</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Interest Rate</p>
</td>
<td style="padding: 0.75pt; width: 248px;">
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Effective</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Fixed Rate</p>
</td>
<td style="padding: 0.75pt; width: 280px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Balance 6/30/14</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">Allentown/Clinton</font></td>
<td style="padding: 0.75pt 5.6pt 0.75pt 0.75pt; text-align: right; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">2/1/2017</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">LIBOR + 3.25%</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">4.39%</font></td>
<td style="padding: 0.75pt; text-align: right; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">$10,642,723</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Various – 11 properties</font></td>
<td style="padding: 0.75pt 5.6pt 0.75pt 0.75pt; text-align: right; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">8/1/2017</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">LIBOR + 3.00%</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">3.89%</font></td>
<td style="padding: 0.75pt; text-align: right; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">$12,543,622</font></td>
</tr>
</table>
<p style="font: 12pt/12pt 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: 0pt;">The Company's interest rate swap agreements are based upon 30-day LIBOR.  The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreements coincide with those of the underlying mortgage. The interest rate swap agreements are net settled monthly. The Company has designated these derivatives as cash flow hedges and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 for information on the determination of fair value).  The effective portion of the gain or loss on these hedges will be reported as a component of Accumulated Other Comprehensive Income in our Consolidated Balance Sheets. To the extent that the hedging relationships are not effective or do not qualify as cash flow hedges, the ineffective portion is recorded in Interest Expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of June 30, 2014 and December 31, 2013, the Company has determined that these interest rate swap agreements are highly effective as cash flow hedges. As a result, the fair value of these derivatives of $(101,582) and $(39,840), respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px;
letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 12pt; margin: 0px; text-align: justify;"><font style="font-family: times new roman,times;"><i><u>Recent Accounting Pronouncements</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 5pt 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. ASU No. 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU No. 2014-08 is effective prospectively for fiscal years beginning after December 15, 2014, with earlier adoption permitted. The Company has decided to early adopt this standard effective with the interim period beginning January 1, 2014, and it did not have a material impact on our financial position, results of operations or cash flows.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 5pt 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 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 the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact this standard may have on the consolidated financial statements and the method of adoption.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 5pt 0px; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">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.</font> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"><font style="letter-spacing: 0pt;"><i><u>Reclassifications</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in;"><font style="font-family: times new roman,times;">Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><u>NOTE 2 – NET INCOME (LOSS) PER SHARE</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">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. Common stock equivalents resulting from stock options in the amount of 49,988 and 45,712 shares for the three and six months ended June 30, 2014, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents resulting from stock options in the amount of -0- and 88,089 shares for the three and six months ended June 30, 2013, respectively, are included in the diluted weighted shares outstanding. For the six months ended June 30, 2014 and 2013, options to purchase 1,159,000 and 536,000 shares, respectively, were antidilutive.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; letter-spacing: -0.15pt; text-align: justify;"><font size="3"><u>NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">On March 13, 2014, the Company acquired 8 manufactured home communities for $24,950,000. These 8 all-age communities total 1,018 sites and are situated on approximately 270 acres. These communities are all located in Ohio. The average occupancy for these communities at closing was approximately 70%. The Company assumed mortgages totaling approximately $18,100,000 and used its Unsecured Revolving Credit Facility with Bank of Montreal (“Credit Facility”) to finance this acquisition (see Note 5).</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">This acquisition has been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the result of the acquired assets are included in the statements of operations from the dates of acquisition. The following table summarizes the estimated fair value of the assets acquired for the six months ended June 30, 2014:</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 16px;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;"> </p>
</td>
<td style="width: 862px; font-size: 12pt;"> </td>
<td style="width: 63px; font-size: 12pt;"> </td>
<td style="width: 626px; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>At Acquisition Date</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Assets Acquired:</b></font></td>
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Land</font></td>
<td style="font-size: 12pt;"> </td>
<td style="padding-right: 2.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$2,019,000</font></td>
</tr>
<tr>
<td style="vertical-align: top; font-size: 12pt;"> </td>
<td style="vertical-align: bottom; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Depreciable Property</font></td>
<td style="vertical-align: top; font-size: 12pt;"> </td>
<td style="vertical-align: top; padding-right: 2.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">22,813,147</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Other</font></td>
<td style="font-size: 12pt;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 2.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">117,853</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt;
line-height: normal; font-family: 'times new roman', times, serif;"><b>Total Assets Acquired</b></font></td>
<td style="font-size: 12pt;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 2.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$24,950,000</font></td>
</tr>
</table>
<p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'courier new', courier, monospace; margin: 0px;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"><u>NOTE 4 – SECURITIES AVAILABLE FOR SALE</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The Company owns a portfolio of securities of other REITs. During the six months ended June 30, 2014, the Company sold securities with a cost of $5,872,983 and recognized a Gain on Sale of $1,215,457. The Company also made purchases of $5,018,926 in Securities Available for Sale. Of this amount, the Company made total purchases of 62,956 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 $567,211 or weighted average cost of $9.01 per share. The Company owned a total of 1,938,102 MREIC common shares as of June 30, 2014 at a total cost of $16,058,687 and a fair value of $19,458,547.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">As of June 30, 2014, the Company had total net <font style="color: black;">unrealized gains of $5,538,642 in its REIT securities portfolio. The Company held</font> two securities that had unrealized losses as of June 30, 2014. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The following is a summary of temporarily impaired securities at June 30, 2014:</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Less Than 12 Months</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> 12 Months or Longer</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="width: 252.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 362.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Fair</font></td>
<td nowrap="nowrap" style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="width: 282.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Unrealized</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="width: 251.625px;
padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Fair</font></td>
<td nowrap="nowrap" style="width: 32.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="width: 235.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Unrealized</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Value</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Loss</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Value</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Loss</u></font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Preferred Stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    241,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$       (9,000)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Common Stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">1,611,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(213,903)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">     Total</font></td>
<td nowrap="nowrap" style="border-top-color: windowtext; border-top-width:
1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    1,852,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$  (222,903)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The following is a summary of the range of the losses on these temporarily impaired securities:</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 377.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><font size="3">Number of</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><font size="3"><u>Individual Securities</u></font></p>
</td>
<td style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="width: 267.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><font size="3"><u>Fair Value</u></font></p>
</td>
<td style="width: 19.015625px; padding-right: 0.05in; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="width: 298.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px 0.05in 0px 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px 0.05in 0px 0px; text-align: center;"><font size="3"><u>Unrealized Loss</u></font></p>
</td>
<td style="width: 502.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><font size="3"><u>Range of Loss</u></font></p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$   241,000</font></td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt;
font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$      (9,000)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">4%</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1,611,000</font></td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">(213,903)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">12%</font></td>
</tr>
<tr>
<td style="vertical-align: top; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$   1,852,000</font></td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$ (222,903)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify;"> </td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="color: black;">The Company has determined that these securities are temporarily impaired as of June 30, 2014. </font>The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><u>NOTE 5 – LOANS AND MORTGAGES PAYABLE</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">On March 13, 2014, the Company assumed approximately $18.1 million in mortgage loans on its 8 community acquisition. The weighted average interest rate on these mortgages is fixed at 6.74%. Approximately $8.9 million matures on May 1, 2016 and the remaining balance matures on February 1, 2018. In addition, the Company borrowed $10.0 million on its Credit Facility to finance this acquisition.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">During the quarter ended June 30, 2014, the Company borrowed an additional $5 million on its revolving line of credit with Sun National Bank in anticipation of the acquisition of the four manufactured home communities located in Pennsylvania (See Note 10).</font></p>
<p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'courier new', courier, monospace; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">As of June 30, 2014, the Company increased the availability on the revolving credit agreements with GE Commercial Distribution Finance Corporation, Customers Bank, 21<sup>st</sup> Mortgage and Northpoint Commercial Finance to $16 million to finance inventory purchases, of which $10.0 million was utilized.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"><u>NOTE 6 - SHAREHOLDERS’ EQUITY</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><i><u>Common Stock</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="letter-spacing: -0.15pt;">On June 16, 2014, the Company paid total cash dividends of $3,991,110 or $0.18 per share to common shareholders of record as of close of business on May 15, 2014, </font>of which $460,544 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP)<font style="letter-spacing: -0.15pt;">. Total dividends paid to our common shareholders for the six months ended June 30, 2014 amounted to $7,844,705 of which $</font>912,856 <font style="letter-spacing: -0.15pt;">was reinvested.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">During the six months ended June 30, 2014, t<font style="letter-spacing: -0.15pt;">he Company received, including dividends reinvested of $912,856, a total of $15,249,235 from its DRIP. There were 1,661,927 new shares issued under the DRIP.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;">On July 1, 2014, the Company declared a dividend of $0.18 per share to be paid September 15, 2014 to common shareholders of record as of close of business on August 15, 2014.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><i><u>8.25% Series A Cumulative Redeemable Preferred Stock</u></i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><i> </i></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="letter-spacing: -0.15pt;">On June 16, 2014</font><font style="color: black;">, the Company paid $1,889,147 in dividends or $0.515625 per share for the period from March 1, 2014 through May 31, 2014 to preferred shareholders of record as of close of business on May 15, 2014. Dividends on the Series A preferred shares are cumulative and payable quarterly at an annual rate of $2.0625 per share.</font><font style="letter-spacing: -0.15pt;"> Total
dividends paid to our preferred shareholders for the six months ended June 30, 2014 amounted to $3,778,294.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="letter-spacing: -0.15pt;">On July 1, 2014, the Company declared</font><font style="color: black;"> a dividend of $0.515625 per share for the period from June 1, 2014 through August 31, 2014 to be paid on</font><font style="letter-spacing: -0.15pt;"> September 15, 2014 to preferred shareholders of record as of close of business on August 15, 2014.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"><u>NOTE 7 - FAIR VALUE MEASUREMENTS</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px;"><font size="3"><b> </b></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3" style="letter-spacing: -0.15pt;">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 Securities Available for Sale. The fair value of these financial Assets and Liabilities was determined using the following inputs at June 30, 2014 and December 31, 2013:</font></p>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;" colspan="7"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Fair Value Measurements at Reporting Date Using</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="width: 644.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 189.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 220.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Quoted  Prices</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 157.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Significant</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 188.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">In Active</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Other</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Significant</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Markets for</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Observable</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Unobservable</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Identical  Assets</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Inputs</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align:
center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Inputs</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"> (Level 1)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"> (Level 2)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"> (Level 3)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"><u>As of June 30, 2014:</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Preferred stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$21,710,702</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$21,710,702</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Common stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">41,112,087</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">41,112,087</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Interest Rate Swap (1)</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;"> $62,721,207</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt;
padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3">$62,822,789</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"> $(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;"><u>As of December 31, 2013:</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Preferred stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$24,536,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$24,536,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Common stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">34,718,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">34,718,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Interest Rate Swap (1)</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style:
solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;"> $59,215,102</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;"> $59,254,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif;">$(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font size="3" style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px; text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font size="3" style="letter-spacing: -0.15pt;">(1)</font></td>
<td style="text-align: justify;"><font size="3" style="letter-spacing: -0.15pt;">Included in Accrued Liability and Deposits</font></td>
</tr>
</table>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="3" style="letter-spacing: -0.15pt;"><br /></font></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="3" style="letter-spacing: -0.15pt;">In addition to the Company’s investments in securities available for sale and interest rate swaps, the Company is required to disclose certain information about the fair values of 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 Securities Available for Sale have quoted market prices and are therefore classified in Level 1 of the fair value hierarchy. A quoted market price is indirectly available for our interest rate swap. This price is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows, and reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs. As such, we have determined that the valuation of this interest rate swap is classified in Level 2 of the fair value hierarchy.</font></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="3" style="letter-spacing: -0.15pt;"> </font></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="3" style="letter-spacing: -0.15pt;">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, 2014, the fair and carrying value of Fixed Rate Mortgages Payable amounted to $144,974,578 and $145,210,965, respectively. The fair value of Mortgages Payable is estimated based upon discounted cash flows at current market rates for instruments with similar remaining terms.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px;"><font size="3"><u>NOTE 8 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">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 have a material adverse effect on the financial position or results of operations.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">In 2010, a rainstorm bringing 13 inches of rain in a two-hour period caused flooding at Memphis Mobile City. All homes owned by us were fully restored as were the homes of all residents who elected to make repairs. On May 9, 2011, we were notified that a lawsuit had been filed in the United States District Court for the Western District of Tennessee on behalf of a purported class of all individuals of Mexican national origin who are current or former residents of Memphis Mobile City. The complaint alleges various claims based on federal and state discrimination and consumer protection laws, seeking monetary damages and injunctive relief. On September 30, 2012, the magistrate judge ruled that plaintiffs who had signed a security agreement with an arbitration clause would be obligated to arbitrate while the other plaintiffs would not.  The plaintiffs have filed a statement of alleged damages for each member of the purported class.  Plaintiffs have been ordered to submit releases to FEMA so that we might begin to evaluate their damage claims with respect to compensation they may have already received from that federal agency.  Plaintiffs’ counsel notified us in July 2013 that they have filed such releases as to many of the plaintiffs.  FEMA is in the process of producing their documents. On June 25, 2013, in connection with a hearing on our Motion to Dismiss, the court ordered the plaintiffs to amend their Complaint to plead their claims with specificity.  Plaintiffs filed an amended Complaint containing allegations substantially similar to the initial Complaint.  We filed a Motion to Dismiss the amended Complaint which plaintiffs opposed.  Oral arguments on this motion took place on May 1, 2014. We are awaiting the Court’s decision.  We continue to believe the action to be without merit.  Our insurance company is supporting our defense of this action.  We are working on redeveloping this property as a manufactured home community, using fill from adjacent land that we have purchased in order to comply with current codes.  The adjacent parcel is also slated for manufactured home development upon receipt of appropriate permits.  Redevelopment of these properties will be determined in accordance with market conditions.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">In November 2013, the Company entered into an agreement with 21st Mortgage Corporation (21st Mortgage) under which the Company may refer purchasers of homes sold by us to 21st Mortgage to provide financing for their home purchases. We do not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers referred by us under the agreement, and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, we have 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. In addition, we have agreed to waive all site rent that would otherwise be due from 21st Mortgage so long as it owns any homes on which loans were made pursuant to the agreement. This agreement may be terminated by either party with 30 days written notice. As of June 30, 2014, there were forty transactions under this agreement with a total original loan amount of approximately $1.8 million.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight:
normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">In July 2014, the Company acquired six manufactured home communities with a total of approximately 594 developed homesites. The total purchase price for these communities amounted to $17.6 million (See Note 10).</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The Company has entered into a definitive agreement to purchase one manufactured home community with a total of approximately 141 developed homesites.  This community is located in Pennsylvania.   The purchase price of this community totals approximately $4.2 million.  Subject to satisfactory due diligence, we anticipate closing this transaction during the third quarter of 2014.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify;"><font size="3"><u>NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 12pt; margin: 0px;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">Cash paid for interest during the six months ended June 30, 2014 and 2013 was $4,559,377 and $3,768,845, respectively.  Interest cost capitalized to Land Development was $128,806 and $72,084 for the six months ended June 30, 2014 and 2013, respectively.  </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">During the six months ended June 30, 2014, the Company assumed mortgages totaling approximately $18.1 million for the acquisition of 8 communities.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="color: black;">During the six months ended June 30, 2014 and 2013, the Company had Dividend Reinvestments of </font>$912,856 <font style="color: black;">and </font>$873,610<font style="color: black;">, respectively, which required no cash transfers.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify;"><font size="3"><u>NOTE 10 – SUBSEQUENT EVENTS</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3"><font style="color: black;">On July 14, 2014, the Company acquired four Pennsylvania manufactured home communities for $12,200,000. These four all-age communities are located in the Pittsburgh metropolitan area and contain a total of 336 developed homesites situated on approximately 239 acres. The average occupancy for these communities is 84%. T</font>he Company assumed a mortgage loan with a balance of approximately $8.6 million. Interest is at a fixed rate of 4.975%. This mortgage matures on July 1, 2023. In addition, the Company used cash received from the additional borrowing from Sun National Bank for the remaining balance of the purchase price (See Note 5).</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">On July 28, 2014, the Company acquired two manufactured home communities for $5,400,000. These two all age communities are located in Ohio and contain a total of 258 developed homesites that are situated on 39 acres. The average occupancy for these communities is 91%. The Company took down an additional $5.0 million on its Credit Facility for the acquisition of the two communities.</font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify;"><font size="3"><u>NOTE 11 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)</u></font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; line-height: 14pt; margin: 0px; text-align: justify;"> </p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"><font size="3">The following unaudited pro forma condensed financial information reflects the acquisitions during 2013 and through June 30, 2014. 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 January 1, 2013, 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; (d) Depreciation Expense related to the new acquisitions; and (e) Net Income (Loss) Attributable to Common Shareholders which has been reduced by Preferred Dividends related to the proceeds from capital raising used for property 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.   </font></p>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; margin: 0px; text-align: justify; text-indent: 0.5in;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Three Months Ended</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Six Months Ended</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; width: 597.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td style="vertical-align: top; width: 205.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/14</font></td>
<td style="vertical-align: top; width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 188.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/13</font></td>
<td style="vertical-align: top; width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 204.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/14</font></td>
<td style="vertical-align: top; width: 16.625px; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 204.625px; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/13</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Rental and Related Income</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font
size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$15,769,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$14,955,000</font></td>
<td style="vertical-align: top; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$31,184,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$29,682,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Community Operating Expenses</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  8,342,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  7,658,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  16,964,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  15,164,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;"><font size="3">Net Income (Loss) Attributable to</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-indent: 0.5in;"><font size="3">Common Shareholders</font></p>
</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(412,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(607,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(1,955,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">1,474,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;"><font size="3">Net Income (Loss) Attributable to</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-indent: 0.5in;"><font size="3">Common Shareholders per Share:</font></p>
</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align:
right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">   Basic</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.02)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">        $(0.03)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.09)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">           $0.08</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">   Diluted</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.02)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">        $(0.03)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.09)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font size="3" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">           $0.08</font></td>
</tr>
</table>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><i><u>Use of Estimates</u></i></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">In preparing the Consolidated Financial Statements in accordance with US 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 Revenue and Expenses for the years then ended. Actual results could differ significantly from these estimates and assumptions.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><i><u>Stock Based Compensation</u></i></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">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 $339,099 and $562,896 have been recognized for the three and six months ended June 30, 2014, respectively and $276,797 and $409,377 for the three and six months ended June 30, 2013, respectively.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">On January 15, 2014, the Company awarded to Samuel A. Landy a restricted stock award of 25,000 shares in accordance with his employment agreement. The grant date fair value of this restricted stock grant was $232,750. This grant vests over 5 years.</p>
<p style="font: 10pt/normal 'courier new', courier, monospace; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">On June 11, 2014, the Company granted options to purchase 339,000 shares of common stock to twenty-five participants in the Plan, including an option to purchase 100,000 shares to Eugene W. Landy. The exercise price is $9.85 and the expiration date is June 11, 2022. The grant date fair value of these options amounted to $332,220. This grant vests over 1 year. Compensation costs for grants to participants who are of retirement age were recognized at time of grant.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">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, 2014:</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; width: 424px; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; width: 736px; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; width: 47px; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; width: 313px; text-align: center;"><font style="font: 12pt/normal 'times new roman', times, serif;">2014</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; width: 47px; text-align: center;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"><font style="font: 12pt/normal 'times new roman', times, serif;">Dividend yield</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right; padding-right: 6.05pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">7.14%</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"><font style="font: 12pt/normal 'times new roman', times, serif;">Expected volatility</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right; padding-right: 6.05pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">27.12%</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align:
top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"><font style="font: 12pt/normal 'times new roman', times, serif;">Risk-free interest rate</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right; padding-right: 6.05pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">2.23%</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"><font style="font: 12pt/normal 'times new roman', times, serif;">Expected lives</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right; padding-right: 6.05pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">8</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: justify;"><font style="font: 12pt/normal 'times new roman', times, serif;">Estimated forfeitures</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right; padding-right: 6.05pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">-0-</font></td>
<td style="font: 12pt/normal 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
</table>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">The weighted-average fair value of options granted during the six months ended June 30, 2014 was $0.98.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2014, there were options outstanding to purchase 1,355,000 shares. There were 2,254,000 shares available for grant under the 2013 Stock Option and Stock Award Plan, as amended. During the six months ended June 30, 2014, options to one participant to purchase a total of 3,000 shares were exercised. During the six months ended June 30, 2014, options to two participants to purchase a total of 74,000 shares expired or forfeited. The aggregate intrinsic value of options outstanding as of June 30, 2014 was $590,243. As of June 30, 2013, there were options outstanding to purchase 1,127,000 shares and 2,618,000 shares were available for grant under the Company’s 2013 Stock Option and Stock Award Plan, as amended.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><i><u>Derivative Instruments and Hedging Activities</u></i></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'courier new', courier, monospace; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font: 12pt/normal 'times new roman', times, serif;">In the normal course of business, the Company is exposed to financial</font><font style="color: black;"> </font><font style="font: 12pt/normal 'times new roman', times, serif;">market risks, including interest rate risk on our variable rate debt.  We attempt 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 had entered into various interest rate swap agreements that had the effect of fixing interest rates relative to specific mortgage loans.</font></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: 0pt;">During 2012, the Company entered into two interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans as follows:</font></p>
<p style="font: 12pt/12pt 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; width: 500px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Mortgage</font></td>
<td style="padding: 0.75pt; width: 202px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Due Date</font></td>
<td style="padding: 0.75pt; width: 327px;">
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Mortgage</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Interest Rate</p>
</td>
<td style="padding: 0.75pt; width: 248px;">
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Effective</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: center;">Fixed Rate</p>
</td>
<td style="padding: 0.75pt; width: 280px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Balance 6/30/14</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">Allentown/Clinton</font></td>
<td style="padding: 0.75pt 5.6pt 0.75pt 0.75pt; text-align: right; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">2/1/2017</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">LIBOR + 3.25%</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">4.39%</font></td>
<td style="padding: 0.75pt; text-align: right; font-size: 12pt; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">$10,642,723</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Various – 11 properties</font></td>
<td style="padding: 0.75pt 5.6pt 0.75pt 0.75pt; text-align: right; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">8/1/2017</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">LIBOR + 3.00%</font></td>
<td style="padding: 0.75pt; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">3.89%</font></td>
<td style="padding: 0.75pt; text-align: right; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">$12,543,622</font></td>
</tr>
</table>
<p style="font: 12pt/12pt 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: 0pt;">The Company's interest rate swap agreements are based upon 30-day LIBOR.  The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreements coincide with those of the underlying
mortgage. The interest rate swap agreements are net settled monthly. The Company has designated these derivatives as cash flow hedges and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 7 for information on the determination of fair value).  The effective portion of the gain or loss on these hedges will be reported as a component of Accumulated Other Comprehensive Income in our Consolidated Balance Sheets. To the extent that the hedging relationships are not effective or do not qualify as cash flow hedges, the ineffective portion is recorded in Interest Expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of June 30, 2014 and December 31, 2013, the Company has determined that these interest rate swap agreements are highly effective as cash flow hedges. As a result, the fair value of these derivatives of $(101,582) and $(39,840), respectively, was recorded as a component of Accumulated Other Comprehensive Income, with the corresponding liability included in Accrued Liabilities and Deposits.</font></p>
<p>In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. ASU No. 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU No. 2014-08 is effective prospectively for fiscal years beginning after December 15, 2014, with earlier adoption permitted. The Company has decided to early adopt this standard effective with the interim period beginning January 1, 2014, and it did not have a material impact on our financial position, results of operations or cash flows.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 5pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The objective of ASU 2014-09 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 the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact this standard may have on the consolidated financial statements and the method of adoption.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 5pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">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.</p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: 0pt;"><i><u>Reclassifications</u></i></font></p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 12pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: -0.15pt; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.</p>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 424px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="width: 736px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="width: 47px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="width: 313px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2014</font></td>
<td style="width: 47px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: center;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Dividend yield</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">7.14%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Expected volatility</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">27.12%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Risk-free interest rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2.23%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Expected lives</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align: right;"> </td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">8</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'courier new', courier, monospace; text-align:
right;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="color: #000000; font-family: 'courier new', courier, monospace; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; text-align: justify;"> </td>
<td style="color: #000000; font-family: 'courier new', courier, monospace; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Estimated forfeitures</font></td>
<td style="color: #000000; font-family: 'courier new', courier, monospace; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; text-align: right;"> </td>
<td style="color: #000000; font-family: 'courier new', courier, monospace; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-size: 12pt; padding-right: 6.05pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">-0-</font></td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 500px; padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Mortgage</font></td>
<td style="width: 202px; padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Due Date</font></td>
<td style="width: 327px; padding: 0.75pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">Mortgage</p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">Interest Rate</p>
</td>
<td style="width: 248px; padding: 0.75pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">Effective</p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">Fixed Rate</p>
</td>
<td style="width: 280px; padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Balance 6/30/14</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding: 0.75pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Allentown/Clinton</font></td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding: 0.75pt 5.6pt 0.75pt 0.75pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2/1/2017</font></td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">LIBOR + 3.25%</font></td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">4.39%</font></td>
<td style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding: 0.75pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$10,642,723</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0.75pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">Various – 11 properties</font></td>
<td style="padding: 0.75pt 5.6pt 0.75pt 0.75pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">8/1/2017</font></td>
<td style="padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">LIBOR + 3.00%</font></td>
<td style="padding: 0.75pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">3.89%</font></td>
<td style="padding: 0.75pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$12,543,622</font></td>
</tr>
</table>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 16px; font-size: 12pt;"> </td>
<td style="width: 941px; font-size: 12pt;"> </td>
<td style="width: 78px; font-size: 12pt;"> </td>
<td style="width: 532px; text-align: center; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;"><b>At Acquisition Date</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;"><b>Assets Acquired:</b></font></td>
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"> </td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Land</font></td>
<td style="font-size: 12pt;"> </td>
<td style="text-align: right; font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">$2,019,000</font></td>
</tr>
<tr>
<td style="font-size: 12pt; vertical-align: top;"> </td>
<td style="font-size: 12pt; vertical-align: bottom;"><font style="font: 12pt/normal 'times new roman', times, serif;">Depreciable Property</font></td>
<td style="font-size: 12pt; vertical-align: top;"> </td>
<td style="text-align: right; font-size: 12pt; vertical-align: top;"><font style="font: 12pt/normal 'times new roman', times, serif;">22,813,147</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;">Other</font></td>
<td style="font-size: 12pt;"> </td>
<td style="text-align: right; font-size: 12pt; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font: 12pt/normal 'times new roman', times, serif;">117,853</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="font-size: 12pt;"> </td>
<td style="font-size: 12pt;"><font style="font: 12pt/normal 'times new roman', times, serif;"><b>Total Assets Acquired</b></font></td>
<td style="font-size: 12pt;"> </td>
<td style="text-align: right; font-size: 12pt; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double;"><font style="font: 12pt/normal 'times new roman', times, serif;">$24,950,000</font></td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Less Than 12 Months</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> 12 Months or Longer</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="width: 252.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 362.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Fair</font></td>
<td nowrap="nowrap" style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="width: 282.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Unrealized</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="width: 251.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Fair</font></td>
<td nowrap="nowrap" style="width: 32.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="width: 235.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> Unrealized</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Value</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Loss</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Value</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"><u>Loss</u></font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Preferred Stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    241,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$       (9,000)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style:
normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Common Stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">1,611,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(213,903)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">     Total</font></td>
<td nowrap="nowrap" style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    1,852,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$  (222,903)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$    -0-</font></td>
</tr>
</table>
<div> </div>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 377.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">Number of</p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><u>Individual Securities</u></p>
</td>
<td style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="width: 267.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><u>Fair Value</u></p>
</td>
<td style="width: 19.015625px; padding-right: 0.05in; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="width: 298.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px 0.05in 0px 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px 0.05in 0px 0px; text-align: center;"><u>Unrealized Loss</u></p>
</td>
<td style="width: 502.625px; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"> </p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;"><u>Range of Loss</u></p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$   241,000</font></td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$      (9,000)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">4%</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">1,611,000</font></td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">(213,903)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">12%</font></td>
</tr>
<tr>
<td style="vertical-align: top; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">2</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$   1,852,000</font></td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 8.1pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif;">$
(222,903)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify;"> </td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;" colspan="7"><font style="font-family: 'times new roman', times, serif; color: black;"><br class="apple-interchange-newline" />Fair Value Measurements at Reporting Date Using</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="width: 644.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 189.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 220.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Quoted  Prices</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 157.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Significant</font></td>
<td nowrap="nowrap" style="width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="width: 188.625px; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">In Active</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Other</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Significant</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Markets for</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Observable</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Unobservable</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Identical  Assets</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Inputs</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Inputs</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;"> (Level 1)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;"> (Level 2)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center;"><font style="font-family: 'times new roman', times, serif; color: black;"> (Level 3)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;"><u>As of June 30,
2014:</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Preferred stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$21,710,702</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$21,710,702</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Common stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">41,112,087</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">41,112,087</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Interest Rate Swap (1)</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;"> $62,721,207</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">$62,822,789</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;"> $(101,582)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt;
padding-left: 5.4pt; font-size: 6pt; text-align: right;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;"><u>As of December 31, 2013:</u></font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Preferred stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$24,536,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$24,536,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Securities Available for Sale - Common stock</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">34,718,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">34,718,000</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Interest Rate Swap (1)</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">-0-</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">-0-</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: 'times new roman', times, serif; color: black;">Total</font></td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;"> $59,215,102</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;"> $59,254,942</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif;">$(39,840)</font></td>
<td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"> </td>
<td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1.5pt; border-bottom-style: double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; color: black;">$-0-</font></td>
</tr>
</table>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;
-webkit-text-stroke-width: 0px; margin: 0px; text-align: justify;"><font style="letter-spacing: -0.15pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="letter-spacing: -0.15pt;">(1)</font></td>
<td style="text-align: justify;"><font style="letter-spacing: -0.15pt;">Included in Accrued Liability and Deposits</font></td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'courier new', courier, monospace; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Three Months Ended</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;" colspan="3"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Six Months Ended</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; width: 597.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"> </td>
<td style="vertical-align: top; width: 205.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/14</font></td>
<td style="vertical-align: top; width: 17.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 188.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/13</font></td>
<td style="vertical-align: top; width: 16.625px; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 204.625px; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/14</font></td>
<td style="vertical-align: top; width: 16.625px; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"> </td>
<td style="vertical-align: top; width: 204.625px; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">6/30/13</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Rental and Related Income</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$15,769,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$14,955,000</font></td>
<td style="vertical-align: top; border-top-color: windowtext; border-top-width: 1pt; border-top-style: solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$31,184,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">$29,682,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">Community Operating Expenses</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  8,342,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  7,658,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align:
right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  16,964,000</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">  15,164,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;">Net Income (Loss) Attributable to</p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-indent: 0.5in;">Common Shareholders</p>
</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(412,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(607,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">(1,955,000)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">1,474,000</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt;">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px;">Net Income (Loss) Attributable to</p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-indent: 0.5in;">Common Shareholders per Share:</p>
</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">   Basic</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.02)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">        $(0.03)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.09)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">           $0.08</font></td>
</tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">   Diluted</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt;
text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.02)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">        $(0.03)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">          $(0.09)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">           $0.08</font></td>
</tr>
</table>
0.0714
0.2712
0.0223
P8Y
0
Various - 11 properties
Allentown/Clinton
2017-08-01
2017-02-01
LIBOR + 3.00
LIBOR + 3.25
0.0389
0.0439
12543622
10642723
339000
100000
P1Y
P5Y
332220
9.85
2022-06-11
1127000
1355000
2618000
2254000
74000
-39840
-101582
14500
336
336
258
258
82
4
4
2
2
25000
232750
590243
14500
276797
409377
339099
562896
0.98
536000
1159000
2019000000
22813147000
117853000
24950000000
8
8
8
1
6
24950000
17600000
1018
141
594
270
239
39
0.70
0.84
0.91
1852000000
1611000000
241000000
-222903000
-213903000
-9000000
0
0
0
0
0
0
1
1
2
241000
1611000
1852000
-9000
-213903
-222903
0.04
0.12
62956
567211
1938102
5872983
5538642
9.01
16058687
19458547
2023-07-01
2018-02-01
0.04975
10000000
Approximately $8.9 million matures on May 1, 2016 and the remaining balance matures on February 1, 2018.
5000000
5000000
10000000
3778294
3991110
7844705
873610
460544
912856
912856
0.18
15249235
1661927
0.515625
0.18
2014-07-01
2014-07-01
2014-06-16
2014-06-16
2014-09-15
2014-09-15
2014-05-15
2014-05-15
2014-08-15
2014-08-15
0.515625
2.0625
24536942
34718000
24536942
0
0
34718000
0
0
21710702
41112087
21710702
0
0
41112087
0
0
-39840
0
-39840
0
-101582
0
-101582
0
59215102
59254942
-39840
0
62721207
62822789
-101582
0
144974578
145210965
4200000
8600000
0.80
0.95
40
3768845
4559377
72084
128806
12200000
5400000
14955000
29682000
15769000
31184000
7658000
15164000
8342000
16964000
-607000
1474000
-412000
-1955000
-0.03
0.08
-0.02
-0.09
-0.03
0.08
-0.02
-0.09
3000
30-day LIBOR
16000000
Included in Accrued Liability and Deposits