0001493152-17-002243.txt : 20170308 0001493152-17-002243.hdr.sgml : 20170308 20170308161250 ACCESSION NUMBER: 0001493152-17-002243 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 97 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170308 DATE AS OF CHANGE: 20170308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UMH PROPERTIES, INC. CENTRAL INDEX KEY: 0000752642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221890929 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12690 FILM NUMBER: 17675234 BUSINESS ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 BUSINESS PHONE: 7325779997 MAIL ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 FORMER COMPANY: FORMER CONFORMED NAME: UNITED MOBILE HOMES INC DATE OF NAME CHANGE: 19920703 10-K 1 form10k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the fiscal year ended December 31, 2016
   
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the transition period ____________________ to _____________________

 

Commission File Number 001-12690

 

UMH Properties, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland   22-1890929
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
identification number)

 

3499 Route 9, Suite 3C, Freehold, New Jersey   07728
(Address of principal executive offices)   (Zip code)

 

Registrant’s telephone number, including area code (732) 577-9997

 

Securities registered pursuant to Section 12(b) of the Act:

Common Stock $.10 par value-New York Stock Exchange

8.25% Series A Cumulative Redeemable Preferred Stock $.10 par value per share, $25 liquidation value per share – New York Stock Exchange

8.0% Series B Cumulative Redeemable Preferred Stock $.10 par value per share, $25 liquidation value per share – New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [  ] Yes [X] No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [  ] Yes [X] No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [  ] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [  ] No

 

Indicate by check if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K [X].

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act (Check one):

 

  Large accelerated filer [  ] Accelerated filer [X]
  Non-accelerated filer [  ] Smaller reporting company [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). [  ] Yes [X] No

 

Based upon the assumption that directors and executive officers of the registrant are not affiliates of the registrant, the aggregate market value of the voting stock of the registrant held by nonaffiliates of the registrant at June 30, 2016 was $310,625,561. Presuming that such directors and executive officers are affiliates of the registrant, the aggregate market value of the voting stock of the registrant held by nonaffiliates of the registrant at June 30, 2016 was $282,536,483.

 

The number of shares outstanding of issuer's common stock as of February 28, 2017 was 30,089,483 shares.

 

Documents Incorporated by Reference:

 

-Part III incorporates certain information by reference from the Registrant’s proxy statement for the 2017 annual meeting of stockholders, which will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2016.

 

-Exhibits incorporated by reference are listed in Part IV; Item 15 (a) (3).

 

 

 

   
   

 

TABLE OF CONTENTS

 

PART I 3
Item 1 – Business 3
Item 1A – Risk Factors 5
Item 1B – Unresolved Staff Comments 16
Item 2 – Properties 17
Item 3 – Legal Proceedings 25
Item 4 – Mine Safety Disclosures 25
   
PART II 25
Item 5 – Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25
Item 6 – Selected Financial Data 29
Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 30
Item 7A – Quantitative and Qualitative Disclosures about Market Risk 43
Item 8 – Financial Statements and Supplementary Data 45
Item 9 – Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45
Item 9A – Controls and Procedures 46
Item 9B – Other Information 48
   
PART III 48
Item 10 – Directors, Executive Officers and Corporate Governance 48
Item 11 – Executive Compensation 51
Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64
Item 13 – Certain Relationships and Related Transactions, and Director Independence 66
Item 14 – Principal Accounting Fees and Services 67
   
PART IV 68
Item 15 – Exhibits, Financial Statement Schedules 68
   
SIGNATURES 117

 

 -2- 

 

 

PART I

 

Item 1 – Business

 

General Development of Business

 

UMH Properties, Inc. (“UMH”), together with its predecessors and consolidated subsidiaries, are referred to herein as “we”, “us”, “our”, or “the Company”, unless the context requires otherwise.

 

UMH is a self-administered and self-managed qualified real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code (the “Code”). The Company had elected REIT status effective January 1, 1992 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 was incorporated in the state of New Jersey in 1968. On September 29, 2003, the Company changed its state of incorporation from New Jersey to Maryland by merging with and into a Maryland corporation.

 

Narrative Description of Business

 

The Company’s primary business is the ownership and operation of manufactured home communities – leasing manufactured home sites to private manufactured home owners. The Company also leases homes to residents, and through its wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (“S&F”), conducts manufactured home sales in its communities.

 

As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. Subsequent to yearend, the Company acquired an additional five manufactured home communities containing a total of approximately 1,300 developed sites. The Company now owns 106 manufactured home communities consisting of approximately 19,300 developed sites.

 

A manufactured home community is designed to accommodate detached, single-family manufactured homes. These manufactured homes are produced off-site by manufacturers and installed on sites within the communities. These homes may be improved with the addition of features constructed on-site, including garages, screened rooms and carports. Manufactured homes are available in a variety of designs and floor plans, offering many amenities and custom options. Each manufactured home owner leases the site on which the home is located from the Company.

 

Manufactured homes are accepted by the public as a viable and economically attractive alternative to common stick-built single-family housing. The affordability of the modern manufactured home makes it a very attractive housing alternative.

 

Modern residential land lease communities are similar to typical residential subdivisions containing central entrances, paved well-lit streets, curbs and gutters. Generally, modern manufactured home communities contain buildings for recreation, green areas, and other common area facilities, all of which are the property of the community owner. In addition to such general improvements, certain manufactured home communities include recreational improvements such as swimming pools, tennis courts and playgrounds. Municipal water and sewer services are available in some manufactured home communities, while other communities supply these facilities on-site.

 

Typically, our leases are on an annual or month-to-month basis, renewable upon the consent of both parties. The community manager interviews prospective residents, collects rent and finance payments, ensures compliance with community regulations, maintains public areas and community facilities and is responsible for the overall appearance of the community. Manufactured home communities produce predictable income streams and provide protection from inflation due to the ability to annually increase rents. Manufactured home communities may also appreciate over time.

 

 -3- 

 

 

Many of our communities compete with other manufactured home community properties located in the same or nearby markets that are owned and operated by other companies in our business. We generally monitor the rental rates and other terms being offered by our competitors and consider this information as a factor in determining our own rental rates.

 

In connection with the operation of its communities, UMH also leases homes to prospective tenants. As of December 31, 2016, UMH owned a total of 4,700 rental homes, representing approximately 26% of its developed sites. These rental homes are owned by the Company and rented to residents. The Company engages in the rental of manufactured homes primarily in areas where the communities have existing vacancies. The rental homes produce income from both the home and the site which might otherwise be non-income producing. The Company sells the rental homes when the opportunity arises.

 

Inherent in the operation of a manufactured home community is the development, redevelopment, and expansion of our communities. The Company sells and finances the sale of manufactured homes in our communities through S&F. S&F was established to potentially enhance the value of our communities. The home sales business is operated like other homebuilders with sales centers, model homes, an inventory of completed homes and the ability to supply custom designed homes based upon the requirements of the new homeowners.

 

In addition to its manufactured home community portfolio, the Company also owns a portfolio of marketable REIT securities, which the Company generally limits to no more than approximately 20% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These liquid real estate holdings provides diversification, additional liquidity and income, and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

 

Investment and Other Policies

 

The Company may invest in improved and unimproved real property and may develop unimproved real property. Such properties may be located throughout the United States, but the Company has concentrated on the Northeast.

 

The Company seeks to finance acquisitions with the most appropriate available source of capital, including purchase money mortgages or other financing, which may be first liens, wraparound mortgages or subordinated indebtedness, sales of investments, and issuance of additional equity securities. In connection with its ongoing activities, the Company may issue notes, mortgages or other senior securities. The Company intends to use both secured and unsecured lines of credit.

 

The Company may issue securities for property; however, this has not occurred to date. The Company may repurchase or reacquire its shares from time to time if, in the opinion of the Board of Directors, such acquisition is advantageous to the Company. No shares were repurchased or reacquired during 2016 and, as of December 31, 2016, the Company does not own any of its own shares.

 

The Company also invests in equity securities of other REITs. The Company from time to time may purchase these securities on margin when the interest and dividend yields exceed the cost of funds. As of December 31, 2016, the Company had borrowings of $22,727,458 under its margin line at 2.0% interest. The REIT securities portfolio are subject to risk arising from adverse changes in market rates and prices, primarily interest rate risk and market price risk relating to equity securities. From time to time, the Company may use derivative instruments to mitigate interest rate risk; however, this has not occurred during any periods presented. At December 31, 2016 and 2015, the Company had $108,755,172 and $75,011,260 respectively, of securities available for sale. Included in these securities are Preferred Stock of $13,028,200 and $14,219,712 at December 31, 2016 and 2015, respectively. The realized net gain on securities available for sale at December 31, 2016 and 2015 amounted to $2,285,301 and $204,230, respectively. The unrealized net gain (loss) on securities available for sale at December 31, 2016 and 2015 amounted to $16,717,171 and $(2,055,027), respectively.

 

 -4- 

 

 

Property Maintenance and Improvement Policies

 

It is the policy of the Company to properly maintain, modernize, expand and make improvements to its properties when required. The Company anticipates that renovation expenditures with respect to its present properties during 2017 will be approximately $8 million. It is the policy of the Company to maintain adequate insurance coverage on all of its properties; and, in the opinion of the Company, all of its properties are adequately insured.

 

Number of Employees

 

As of February 28, 2017, the Company had approximately 330 employees, including Officers. During the year, the Company hires approximately 50 part-time and full-time temporary employees as grounds keepers, lifeguards, and for emergency repairs.

 

Segment Reporting and Financial Information

 

Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources. For required financial information related to our operations and assets, please refer to our consolidated financial statements, including the notes thereto, included in Item 8 “Financial Statements and Supplementary Data” in this Annual Report.

 

Available Information

 

Additional information about the Company can be found on the Company’s website which is located at www.umh.reit. Information contained on or hyperlinked from our website is not incorporated by reference into and should not be considered part of this Annual Report on Form 10-K or our other filings with the Securities and Exchange Commission (“SEC”). The Company makes available, free of charge, on or through its website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. You can also read and copy any materials the Company files with the SEC at its Public Reference Room at 100 F Street, NE, Washington, DC 20549 (1-800-SEC-0330). The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

 

Item 1A – Risk Factors

 

The following risk factors address the material risks concerning our business. If any of the risks discussed in this report were to occur, our business, prospects, financial condition, results of operation and our ability to service our debt and make distributions to our shareholders could be materially and adversely affected and the market price per share of our stock could decline significantly. Some statements in this report, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled “Cautionary Statement Regarding Forward-Looking Statements.”

 

 

Real Estate Industry Risks

 

General economic conditions and the concentration of our properties in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan may affect our ability to generate sufficient revenue. The market and economic conditions in our current markets may significantly affect manufactured home occupancy or rental rates. Occupancy and rental rates, in turn, may significantly affect our revenues, and if our communities do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flow and ability to pay or refinance our debt obligations could be adversely affected. As a result of the geographic concentration of our properties in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan, we are exposed to the risks of downturns in the local economy or other local real estate market conditions which could adversely affect occupancy rates, rental rates, and property values in these markets.

 

 -5- 

 

 

Other factors that may affect general economic conditions or local real estate conditions include:

 

  ● the national and local economic climate which may be adversely impacted by, among other factors, plant closings, and industry slowdowns;
     
  ● local real estate market conditions such as the oversupply of manufactured home sites or a reduction in demand for manufactured home sites in an area;
     
  ● the number of repossessed homes in a particular market;
     
  ● the lack of an established dealer network;
     
  ● the rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates;
     
  ● the safety, convenience and attractiveness of our properties and the neighborhoods where they are located;
     
  ● zoning or other regulatory restrictions;
     
  ● competition from other available manufactured home communities and alternative forms of housing (such as apartment buildings and single-family homes);
     
  ● our ability to provide adequate management, maintenance and insurance;
     
  ● increased operating costs, including insurance premiums, real estate taxes and utilities;
     
  ● the impact on the national and local regulatory environments as a result of the recent U.S. presidential election; and
     
  ● the enactment of rent control laws or laws taxing the owners of manufactured homes.

 

Our income would also be adversely affected if tenants were unable to pay rent or if sites were unable to be rented on favorable terms. If we were unable to promptly relet or renew the leases for a significant number of sites, or if the rental rates upon such renewal or reletting were significantly lower than expected rates, then our business and results of operations could be adversely affected. In addition, certain expenditures associated with each property (such as real estate taxes and maintenance costs) generally are not reduced when circumstances cause a reduction in income from the property.

 

We may be unable to compete with our larger competitors for acquisitions, which may increase prices for communities. The real estate business is highly competitive. We compete for manufactured home community investments with numerous other real estate entities, such as individuals, corporations, REITs and other enterprises engaged in real estate activities. In many cases, the competing concerns may be larger and better financed than we are, making it difficult for us to secure new manufactured home community investments. Competition among private and institutional purchasers of manufactured home community investments has resulted in increases in the purchase price paid for manufactured home communities and consequently higher fixed costs. To the extent we are unable to effectively compete in the marketplace, our business may be adversely affected.

 

 -6- 

 

 

We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected. We acquire and intend to continue to acquire manufactured home communities on a select basis. Our acquisition activities and their success are subject to risks, including the following:

 

  ● if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied;
     
  ● we may be unable to finance acquisitions on favorable terms;
     
  ● acquired properties may fail to perform as expected;
     
  ● acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures; and
     
  ● we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.

 

If any of the above were to occur, our business and results of operations could be adversely affected.

 

In addition, we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were to be asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow.

 

We may be unable to accurately estimate and anticipate costs and timing associated with expansion activities. We periodically consider expansion of communities. Our expansion activities are subject to risks such as: construction costs exceeding original estimates, construction and lease-up interruptions resulting in increased construction costs, and lower than anticipated occupancy and rental rates causing a property to be unprofitable or less profitable than prior to the expansion.

 

We may be unable to sell properties when appropriate because real estate investments are illiquid. Real estate investments generally cannot be sold quickly and, therefore, will tend to limit our ability to vary our property portfolio promptly in response to changes in economic or other conditions. In addition, the Internal Revenue Code limits our ability to sell our properties. The inability to respond promptly to changes in the performance of our property portfolio could adversely affect our financial condition and ability to service our debt and make distributions to our stockholders.

 

Our ability to sell manufactured homes may be affected by various factors, which may in turn adversely affect our profitability. S&F operates in the manufactured home market offering homes for sale to tenants and prospective tenants of our communities. The market for the sale of manufactured homes may be adversely affected by the following factors:

 

  ● downturns in economic conditions which adversely impact the housing market;
     
  ● an oversupply of, or a reduced demand for, manufactured homes;
     
  ● the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; and
     
  ● an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales.

 

Any of the above listed factors could adversely impact our rate of manufactured home sales, which would result in a decrease in profitability.

 

Licensing laws and compliance could affect our profitability. We are subject to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), which requires that we obtain appropriate licenses pursuant to the Nationwide Mortgage Licensing System & Registry in each state where we conduct business. There are extensive federal and state requirements mandated by the SAFE Act and other laws pertaining to financing, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), and there can be no assurance that we will obtain or renew our SAFE Act licenses, which could result in fees and penalties and have an adverse impact on our ability to continue with our home financing activities.

 

 -7- 

 

 

Costs associated with taxes and regulatory compliance may reduce our revenue. We are subject to significant regulation that inhibits our activities and may increase our costs. Local zoning and use laws, environmental statutes and other governmental requirements may restrict expansion, rehabilitation and reconstruction activities. These regulations may prevent us from taking advantage of economic opportunities. Legislation such as the Americans with Disabilities Act may require us to modify our properties at a substantial cost and noncompliance could result in the imposition of fines or an award of damages to private litigants. Future legislation may impose additional requirements. We cannot predict what requirements may be enacted or amended or what costs we will incur to comply with such requirements. Costs resulting from changes in real estate laws, income taxes, service or other taxes may adversely affect our funds from operations and our ability to pay or refinance our debt. Similarly, changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures, which would adversely affect our business and results of operations.

 

Laws and regulations also govern the provision of utility services. Such laws regulate, for example, how and to what extent owners or operators of property can charge renters for provision of utilities. Such laws can also regulate the operations and performance of utility systems and may impose fines and penalties on real property owners or operators who fail to comply with these requirements. The laws and regulations may also require capital investment to maintain compliance.

 

Rent control legislation may harm our ability to increase rents. State and local rent control laws in certain jurisdictions may limit our ability to increase rents and to recover increases in operating expenses and the costs of capital improvements. Currently, rent control affects only two of our manufactured home communities, both of which are in New Jersey, and has resulted in slower growth of earnings from these properties. However, we may purchase additional properties in markets that are either subject to rent control or in which rent-limiting legislation exists or may be enacted.

 

Environmental liabilities could affect our profitability. Under various federal, state and local laws, ordinances and regulations, an owner or operator of real estate is liable for the costs of removal or remediation of certain hazardous substances at, on, under or in such property, as well as certain other potential costs relating to hazardous or toxic substances. Such laws often impose such liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous substances. A conveyance of the property, therefore, does not relieve the owner or operator from liability. As a current or former owner and operator of real estate, we may be required by law to investigate and cleanup hazardous substances released at or from the properties we currently own or operate or have in the past owned or operated. We may also be liable to the government or to third parties for property damage, investigation costs and cleanup costs. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and costs the government incurs in connection with the contamination. Contamination may adversely affect our ability to sell or lease real estate or to borrow using the real estate as collateral. Persons who arrange for the disposal or treatment of hazardous substances also may be liable for the costs of removal or remediation of such substances at a disposal or treatment facility owned or operated by another person. In addition, certain environmental laws impose liability for the management and disposal of asbestos-containing materials and for the release of such materials into the air. These laws may provide for third parties to seek recovery from owners or operators of real properties for personal injury associated with asbestos-containing materials. In connection with the ownership, operation, management, and development of real properties, we may be considered an owner or operator of such properties and, therefore, are potentially liable for removal or remediation costs, and also may be liable for governmental fines and injuries to persons and property. When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities. We are not aware of any environmental liabilities relating to our investment properties which would have a material adverse effect on our business, assets, or results of operations. However, we cannot assure you that environmental liabilities will not arise in the future and that such liabilities will not have a material adverse effect on our business, assets or results of operation.

 

Of the 101 manufactured home communities we currently operate, thirty-nine have their own wastewater treatment facility or water distribution system, or both. At these locations, we are subject to compliance with monthly, quarterly and yearly testing for contaminants as outlined by the individual state’s Department of Environmental Protection Agencies. Currently, we are not subject to radon or asbestos monitoring requirements.

 

 -8- 

 

 

Additionally, in connection with the management of the properties or upon acquisition or financing of a property, the Company authorizes the preparation of Phase I or similar environmental reports (which involves general inspections without soil sampling or ground water analysis) completed by independent environmental consultants. Based upon such environmental reports and the Company’s ongoing review of its properties, as of the date of this Annual Report, the Company is not aware of any environmental condition with respect to any of its properties which it believes would be reasonably likely to have a material adverse effect on its financial condition and/or results of operations. However, these reports cannot reflect conditions arising after the studies were completed, and no assurances can be given that existing environmental studies reveal all environmental liabilities, that any prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more properties.

 

Some of our properties are subject to potential natural or other disasters. Certain of our manufactured home communities are located in areas that may be subject to natural disasters, including our manufactured home communities in flood plains or in areas that may be adversely affected by tornados, as well as our manufactured home communities in coastal regions that may be adversely affected by increases in sea levels or in the frequency or severity of hurricanes, tropical storms or other severe weather conditions. The occurrence of natural disasters may delay redevelopment or development projects, increase investment costs to repair or replace damaged properties, increase future property insurance costs and negatively impact the tenant demand for lease space. To the extent insurance is unavailable to us or is unavailable on acceptable terms, or our insurance is not adequate to cover losses from these events, our financial condition and results of operations could be adversely affected.

 

Actions by our competitors may decrease or prevent increases in the occupancy and rental rates of our properties which could adversely affect our business. We compete with other owners and operators of manufactured home community properties, some of which own properties similar to ours in the same submarkets in which our properties are located. The number of competitive manufactured home community properties in a particular area could have a material adverse effect on our ability to attract tenants, lease sites and maintain or increase rents charged at our properties or at any newly acquired properties. In addition, other forms of multi-family residential properties, such as private and federally funded or assisted multi-family housing projects and single-family housing, provide housing alternatives to potential tenants of manufactured home communities. If our competitors offer housing at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose potential tenants, and we may be pressured to reduce our rental rates below those we currently charge in order to retain tenants when our tenants’ leases expire. As a result, our financial condition, cash flow, cash available for distribution, and ability to satisfy our debt service obligations could be materially adversely affected.

 

Losses in excess of our insurance coverage or uninsured losses could adversely affect our cash flow. We generally maintain insurance policies related to our business, including casualty, general liability and other policies covering business operations, employees and assets. However, we may be required to bear all losses that are not adequately covered by insurance. In addition, there are certain losses that are not generally insured because it is not economically feasible to insure against them, including losses due to riots, acts of war or other catastrophic events. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more of our properties, then we could lose the capital we invested in the properties, as well as the anticipated profits and cash flow from the properties and, in the case of debt which is with recourse to us, we would remain obligated for any mortgage debt or other financial obligations related to the properties. Although we believe that our insurance programs are adequate, no assurance can be given that we will not incur losses in excess of its insurance coverage, or that we will be able to obtain insurance in the future at acceptable levels and reasonable cost.

 

Our investments are concentrated in the manufactured housing/residential sector and our business would be adversely affected by an economic downturn in that sector. Our investments in real estate assets are primarily concentrated in the manufactured housing/residential sector. This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities included a more significant portion of other sectors of the real estate industry.

 

Financing Risks

 

We face risks generally associated with our debt. We finance a portion of our investments in properties and marketable securities through debt. We are subject to the risks normally associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest. In addition, debt creates other risks, including:

 

  ● rising interest rates on our variable rate debt;
     
  ● inability to repay or refinance existing debt as it matures, which may result in forced disposition of assets on disadvantageous terms;
     
  ● refinancing terms less favorable than the terms of existing debt; and
     
  ● failure to meet required payments of principal and/or interest.

 

 -9- 

 

 

We mortgage our properties, which subjects us to the risk of foreclosure in the event of non-payment. We mortgage many of our properties to secure payment of indebtedness. If we are unable to meet mortgage payments, then the property could be foreclosed upon or transferred to the mortgagee with a consequent loss of income and asset value. A foreclosure of one or more of our properties could adversely affect our financial condition, results of operations, cash flow, ability to service debt and make distributions and the market price of our preferred and common stock and any other securities we issue.

 

We face risks related to “balloon payments” and refinancings. Certain of our mortgages will have significant outstanding principal balances on their maturity dates, commonly known as “balloon payments.” There can be no assurance that we will be able to refinance the debt on favorable terms or at all. To the extent we cannot refinance debt on favorable terms or at all, we may be forced to dispose of properties on disadvantageous terms or pay higher interest rates, either of which would have an adverse impact on our financial performance and ability to service debt and make distributions.

 

We face risks associated with our dependence on external sources of capital. In order to qualify as a REIT, we are required each year to distribute to our stockholders at least 90% of our REIT taxable income, and we are subject to tax on our income to the extent it is not distributed. Because of this distribution requirement, we may not be able to fund all future capital needs from cash retained from operations. As a result, to fund capital needs, we rely on third-party sources of capital, which we may not be able to obtain on favorable terms, if at all. Our access to third-party sources of capital depends upon a number of factors, including (i) general market conditions; (ii) the market’s perception of our growth potential; (iii) our current and potential future earnings and cash distributions; and (iv) the market price of our preferred and common stock. Additional debt financing may substantially increase our debt-to-total capitalization ratio. Additional equity issuance may dilute the holdings of our current stockholders.

 

We may become more highly leveraged, resulting in increased risk of default on our obligations and an increase in debt service requirements which could adversely affect our financial condition and results of operations and our ability to pay distributions. We have incurred, and may continue to incur, indebtedness in furtherance of our activities. Our governing documents do not limit the amount of indebtedness we may incur. Accordingly, our Board of Directors may vote to incur additional debt and would do so, for example, if it were necessary to maintain our status as a REIT. We could therefore become more highly leveraged, resulting in an increased risk of default on our obligations and in an increase in debt service requirements, which could adversely affect our financial condition and results of operations and our ability to pay distributions to stockholders.

 

Fluctuations in interest rates could materially affect our financial results. Because a portion of our debt bears interest at variable rates, increases in interest rates could materially increase our interest expense. If the United States Federal Reserve increases short-term interest rates, this may have a significant upward impact on shorter-term interest rates, including the interest rates that our variable rate debt is based upon. Potential future increases in interest rates and credit spreads may increase our interest expense and therefore negatively affect our financial condition and results of operations, and reduce our access to the debt or equity capital markets.

 

Covenants in our credit agreements could limit our flexibility and adversely affect our financial condition. The terms of our various credit agreements and other indebtedness require us to comply with a number of customary financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we had satisfied our payment obligations. If we were to default under our credit agreements, our financial condition would be adversely affected.

 

A change in the United States government policy with regard to Fannie Mae and Freddie Mac could impact our financial condition. Fannie Mae and Freddie Mac are a major source of financing for the manufactured housing real estate sector. We depend frequently on Fannie Mae and Freddie Mac to finance growth by purchasing or guaranteeing manufactured housing community loans. We do not know when or if Fannie Mae or Freddie Mac will restrict their support of lending to our real estate sector or to us in particular. A decision by the government to eliminate Fannie Mae or Freddie Mac, or reduce their acquisitions or guarantees of our mortgage loans, may adversely affect interest rates, capital availability and our ability to refinance our existing mortgage obligations as they come due and obtain additional long-term financing for the acquisition of additional communities on favorable terms or at all.

 

 -10- 

 

 

We face risks associated with the financing of home sales to customers in our manufactured home communities. To produce new rental revenue and to upgrade our communities, we sell homes to customers in our communities at competitive prices and finance these home sales through S&F. We allow banks and outside finance companies the first opportunity to finance these sales. We are subject to the following risks in financing these homes:

 

  ● the borrowers may default on these loans and not be able to make debt service payments or pay principal when due;
     
  ● the default rates may be higher than we anticipate;
     
  ● demand for consumer financing may not be as great as we anticipate or may decline;
     
  ● the value of property securing the installment notes receivable may be less than the amounts owed; and
     
  ● interest rates payable on the installment notes receivable may be lower than our cost of funds.

 

Additionally, there are many regulations pertaining to our home sales and financing activities. There are significant consumer protection laws and the regulatory framework may change in a manner which may adversely affect our operating results. The regulatory environment and associated consumer finance laws create a risk of greater liability from our home sales and financing activities and could subject us to additional litigation. We are also dependent on licenses granted by state and other regulatory authorities, which may be withdrawn or which may not be renewed and which could have an adverse impact on our ability to continue with our home sales and financing activities.

 

Risks Related to our Status as a REIT

 

If our leases are not respected as true leases for federal income tax purposes, we would fail to qualify as a REIT. To qualify as a REIT, we must, among other things, satisfy two gross income tests, under which specified percentages of our gross income must be passive income, such as rent. For the rent paid pursuant to our leases, to qualify for purposes of the gross income tests, the leases must be respected as true leases for federal income tax purposes and not be treated as service contracts, joint ventures or some other type of arrangement. We believe that our leases will be respected as true leases for federal income tax purposes. However, there can be no assurance that the Internal Revenue Service (“IRS”) will agree with this view. If the leases are not respected as true leases for federal income tax purposes, we would not be able to satisfy either of the two gross income tests applicable to REITs, and we could lose our REIT status.

 

Failure to make required distributions would subject us to additional tax. In order to qualify as a REIT, we must, among other requirements, distribute, each year, to our stockholders at least 90% of our taxable income, excluding net capital gains. To the extent that we satisfy the 90% distribution requirement, but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. In addition, we will incur a 4% nondeductible excise tax on the amount, if any, by which our distributions (or deemed distributions) in any year are less than the sum of:

 

  ● 85% of our ordinary income for that year;
     
  ● 95% of our capital gain net earnings for that year; and
     
  ● 100% of our undistributed taxable income from prior years.

 

 -11- 

 

 

To the extent we pay out in excess of 100% of our taxable income for any tax year, we may be able to carry forward such excess to subsequent years to reduce our required distributions for purposes of the 4% nondeductible excise tax in such subsequent years. We intend to pay out our income to our stockholders in a manner intended to satisfy the 90% distribution requirement. Differences in timing between the recognition of income and the related cash receipts or the effect of required debt amortization payments could require us to borrow money or sell assets to pay out enough of our taxable income to satisfy the 90% distribution requirement and to avoid corporate income tax.

 

We may not have sufficient cash available from operations to pay distributions to our stockholders, and, therefore, distributions may be made from borrowings. The actual amount and timing of distributions to our stockholders will be determined by our Board of Directors in its discretion and typically will depend on the amount of cash available for distribution, which will depend on items such as current and projected cash requirements, limitations on distributions imposed by law on our financing arrangements and tax considerations. As a result, we may not have sufficient cash available from operations to pay distributions as required to maintain our status as a REIT. Therefore, we may need to borrow funds to make sufficient cash distributions in order to maintain our status as a REIT, which may cause us to incur additional interest expense as a result of an increase in borrowed funds for the purpose of paying distributions.

 

We may be required to pay a penalty tax upon the sale of a property. The federal income tax provisions applicable to REITs provide that any gain realized by a REIT on the sale of property held as inventory or other property held primarily for sale to customers in the ordinary course of business is treated as income from a “prohibited transaction” that is subject to a 100% penalty tax. Under current law, unless a sale of real property qualifies for a safe harbor, the question of whether the sale of real estate or other property constitutes the sale of property held primarily for sale to customers is generally a question of the facts and circumstances regarding a particular transaction. We intend that we and our subsidiaries will hold the interests in the real estate for investment with a view to long-term appreciation, engage in the business of acquiring and owning real estate, and make occasional sales as are consistent with our investment objectives. We do not intend to engage in prohibited transactions. We cannot assure you, however, that we will only make sales that satisfy the requirements of the safe harbors or that the IRS will not successfully assert that one or more of such sales are prohibited transactions.

 

We may be adversely affected if we fail to qualify as a REIT. If we fail to qualify as a REIT, we will not be allowed to deduct distributions to stockholders in computing our taxable income and will be subject to Federal income tax, including any applicable alternative minimum tax, at regular corporate rates. In addition, we might be barred from qualification as a REIT for the four years following disqualification. The additional tax incurred at regular corporate rates would reduce significantly the cash flow available for distribution to stockholders and for debt service. Furthermore, we would no longer be required to make any distributions to our stockholders as a condition to REIT qualification. Any distributions to noncorporate stockholders would be taxable as ordinary income to the extent of our current and accumulated earnings and profits, although such dividend distributions generally would be subject to a top federal income tax rate of 20%. Corporate distributees would in that case generally be eligible for the dividends received deduction on the distributions, subject to limitations under the Code.

 

To qualify as a REIT, we must comply with certain highly technical and complex requirements. We cannot be certain we have complied, and will always be able to comply, with the requirements to qualify as a REIT because there are few judicial and administrative interpretations of these provisions. In addition, facts and circumstances that may be beyond our control may affect our ability to continue to qualify as a REIT. We cannot assure you that new legislation, regulations, administrative interpretations or court decisions will not change the tax laws significantly with respect to our qualification as a REIT or with respect to the Federal income tax consequences of qualification. We believe that we have qualified as a REIT since our inception and intend to continue to qualify as a REIT. However, we cannot assure you that we are qualified or will remain qualified.

 

There is a risk of changes in the tax law applicable to REITs. Because the IRS, the United States Treasury Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or to what extent new federal tax laws, regulations, interpretations or rulings will be adopted. Numerous changes to the U.S. federal income tax laws are proposed on a regular basis. Any of such legislative action may prospectively or retroactively modify our tax treatment and, therefore, may adversely affect taxation of us and/or our investors. Moreover, legislative and regulatory changes may be more likely during the 115th Congress because the Presidency and Congress will be controlled by the same political party, and significant tax reform has been described publicly as a legislative priority. Additionally, the REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain proposed changes could have an adverse impact on our business and financial results. For example, certain proposals set forth by the President and Congress could reduce the relative competitive advantage of operating as a REIT. These proposals include: the lowering of income tax rates on individuals and corporations, which could ease the burden of double taxation on corporate dividends and make the single level of taxation on REIT distributions relatively less attractive; allowing the expensing of capital expenditures, which could have a similar impact and also could result in the bunching of taxable income and required distributions for REITs; and further limiting or eliminating the deductibility of interest expense, which could disrupt the real estate market and could increase the amount of REIT taxable income that must be distributed as dividends to shareholders.

 

 -12- 

 

 

We may be unable to comply with the strict income distribution requirements applicable to REITs. To maintain qualification as a REIT under the Code, a REIT must annually distribute to its stockholders at least 90% of its REIT taxable income, excluding the dividends paid deduction and net capital gains. This requirement limits our ability to accumulate capital. We may not have sufficient cash or other liquid assets to meet the distribution requirements. Difficulties in meeting the distribution requirements might arise due to competing demands for our funds or to timing differences between tax reporting and cash receipts and disbursements, because income may have to be reported before cash is received, because expenses may have to be paid before a deduction is allowed, because deductions may be disallowed or limited or because the IRS may make a determination that adjusts reported income. In those situations, we might be required to borrow funds or sell properties on adverse terms in order to meet the distribution requirements and interest and penalties could apply which could adversely affect our financial condition. If we fail to make a required distribution, we could cease to be taxed as a REIT.

 

If we were considered to have actually or constructively paid a “preferential dividend” to certain of our stockholders, our status as a REIT could be adversely affected. In order to qualify as a REIT, we must distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”)), determined without regard to the deduction for dividends paid and excluding net capital gain. For distributions to be counted as satisfying the annual distribution requirements for REITs, and to provide us with a REIT level tax deduction, the distributions for REIT years beginning prior to January 1, 2015 must not be “preferential dividends.” A dividend is not a preferential dividend if the distribution is pro rata among all outstanding shares of stock within a particular class, and in accordance with the preferences among different classes of stock as set forth in a REIT’s organizational documents. There is no de minimis exception with respect to preferential dividends; therefore, if the IRS were to take the position that we inadvertently paid a preferential dividend, for a REIT year beginning prior to January 1, 2015, we may be deemed to have failed the 90% distribution test, and our status as a REIT could be terminated for the year in which such determination is made if we were unable to cure such failure. While we believe that our operations have been structured in such a manner that we will not be treated as inadvertently having paid preferential dividends for a REIT year beginning prior to January 1, 2015, we can provide no assurance to this effect.

 

Notwithstanding our status as a REIT, we are subject to various federal, state and local taxes on our income and property. For example, we will be taxed at regular corporate rates on any undistributed taxable income, including undistributed net capital gains; provided, however, that properly designated undistributed capital gains will effectively avoid taxation at the stockholder level. We may be subject to other Federal income taxes and may also have to pay some state income or franchise taxes because not all states treat REITs in the same manner as they are treated for Federal income tax purposes.

 

Other Risks

 

We may not be able to obtain adequate cash to fund our business. Our business requires access to adequate cash to finance our operations, distributions, capital expenditures, debt service obligations, development and redevelopment costs and property acquisition costs, if any. We expect to generate the cash to be used for these purposes primarily with operating cash flow, borrowings under secured and unsecured loans, proceeds from sales of strategically identified assets and, when market conditions permit, through the issuance of debt and equity securities from time to time. We may not be able to generate sufficient cash to fund our business, particularly if we are unable to renew leases, lease vacant space or re-lease space as leases expire according to our expectations.

 

We are dependent on key personnel. Our executive and other senior officers have a significant role in our success. Our ability to retain our management group or to attract suitable replacements should any members of the management group leave is dependent on the competitive nature of the employment market. The loss of services from key members of the management group or a limitation in their availability could adversely affect our financial condition and cash flow. Further, such a loss could be negatively perceived in the capital markets.

 

 -13- 

 

 

We may amend our business policies without stockholder approval. Our Board of Directors determines our growth, investment, financing, capitalization, borrowing, REIT status, operations and distributions policies. Although our Board of Directors has no present intention to change or reverse any of these policies, they may be amended or revised without notice to stockholders. Accordingly, stockholders may not have control over changes in our policies. We cannot assure you that changes in our policies will serve fully the interests of all stockholders.

 

The market value of our preferred and common stock could decrease based on our performance and market perception and conditions. The market value of our preferred and common stock may be based primarily upon the market’s perception of our growth potential and current and future cash dividends, and may be secondarily based upon the real estate market value of our underlying assets. The market price of our preferred and common stock is influenced by their respective distributions relative to market interest rates. Rising interest rates may lead potential buyers of our stock to expect a higher distribution rate, which would adversely affect the market price of our stock. In addition, rising interest rates would result in increased expense, thereby adversely affecting cash flow and our ability to service our indebtedness and pay distributions.

 

There are restrictions on the transfer of our capital stock. To maintain our qualification as a REIT under the Code, no more than 50% in value of our outstanding capital stock may be owned, actually or by attribution, by five or fewer individuals, as defined in the Code to also include certain entities, during the last half of a taxable year. Accordingly, our charter contains provisions restricting the transfer of our capital stock. These restrictions may discourage a tender offer or other transaction, or a change in management or of control of us that might involve a premium price for our common stock or preferred stock or that our shareholders otherwise believe to be in their best interests, and may result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.

 

Our earnings are dependent, in part, upon the performance of our investment portfolio. As permitted by the Code, we invest in and own securities of other REITs, which we generally limit to no more than approximately 20% of our undepreciated assets. To the extent that the value of those investments declines or those investments do not provide a return, our earnings and cash flow could be adversely affected.

 

We are subject to restrictions that may impede our ability to effect a change in control. Certain provisions contained in our charter and bylaws and certain provisions of Maryland law may have the effect of discouraging a third party from making an acquisition proposal for us and thereby inhibit a change in control. These provisions include the following:

 

  ● Our charter provides for three classes of directors with the term of office of one class expiring each year, commonly referred to as a “staggered board.” By preventing common stockholders from voting on the election of more than one class of directors at any annual meeting of stockholders, this provision may have the effect of keeping the current members of our Board of Directors in control for a longer period of time than stockholders may desire.
     
  ● Our charter generally limits any holder from acquiring more than 9.8% (in value or in number, whichever is more restrictive) of our outstanding equity stock (defined as all of our classes of capital stock, except our excess stock). While this provision is intended to assure our ability to remain a qualified REIT for Federal income tax purposes, the ownership limit may also limit the opportunity for stockholders to receive a premium for their shares of common stock that might otherwise exist if an investor was attempting to assemble a block of shares in excess of 9.8% of the outstanding shares of equity stock or otherwise effect a change in control.
     
  ● The request of stockholders entitled to cast at least a majority of all votes entitled to be cast at such meeting is necessary for stockholders to call a special meeting. We also require advance notice by common stockholders for the nomination of directors or proposals of business to be considered at a meeting of stockholders.
     
  ● Our Board of Directors may authorize and cause us to issue securities without shareholder approval. Under our charter, the board has the power to classify and reclassify any of our unissued shares of capital stock into shares of capital stock with such preferences, rights, powers and restrictions as the Board of Directors may determine.

 

 -14- 

 

 

 

  ● “Business combination” provisions that provide that, unless exempted, a Maryland corporation may not engage in certain business combinations, including mergers, dispositions of 10 percent or more of its assets, certain issuances of shares of stock and other specified transactions, with an “interested shareholder” or an affiliate of an interested shareholder for five years after the most recent date on which the interested shareholder became an interested shareholder, and thereafter unless specified criteria are met. An interested shareholder is defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question. In our charter, we have expressly elected that the Maryland Business Combination Act not govern or apply to any transaction with our affiliated company, Monmouth Real Estate Investment Corporation (“MREIC”), a Maryland corporation.
     
  ● The duties of directors of a Maryland corporation do not require them to, among other things (a) accept, recommend or respond to any proposal by a person seeking to acquire control of the corporation, (b) authorize the corporation to redeem any rights under, or modify or render inapplicable, any shareholders rights plan, (c) make a determination under the Maryland Business Combination Act or the Maryland Control Share Acquisition Act to exempt any person or transaction from the requirements of those provisions, or (d) act or fail to act solely because of the effect of the act or failure to act may have on an acquisition or potential acquisition of control of the corporation or the amount or type of consideration that may be offered or paid to the shareholders in an acquisition.

 

We cannot assure you that we will be able to pay distributions regularly. Our ability to pay distributions in the future is dependent on our ability to operate profitably and to generate cash from our operations and the operations of our subsidiaries and is subject to limitations under our financing arrangements and Maryland law. Under the Maryland General Corporation Law, (“MGCL”), a Maryland corporation generally may not make a distribution if, after giving effect to the distribution, the corporation would not be able to pay its debts as the debts became due in the usual course of business, or the corporation’s total assets would be less than the sum of its total liabilities plus, unless the charter permits otherwise, the amount that would be needed if the corporation were to be dissolved at the time of the distribution to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the distribution. Accordingly, we cannot guarantee that we will be able to pay distributions on a regular quarterly basis in the future.

 

Dividends on our capital stock do not qualify for the reduced tax rates available for some dividends. Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Although these rules do not adversely affect our taxation or the dividends payable by us, to the extent that the preferential rates continue to apply to regular corporate qualified dividends, investors who are individuals, trusts and estates may perceive an investment in us to be relatively less attractive than an investment in the stock of a non-REIT corporation that pays dividends, which could materially and adversely affect the value of the shares of, and per share trading price of, our capital stock.

 

We are subject to risks arising from litigation. We may become involved in litigation. Litigation can be costly, and the results of litigation are often difficult to predict. We may not have adequate insurance coverage or contractual protection to cover costs and liability in the event we are sued, and to the extent we resort to litigation to enforce our rights, we may incur significant costs and ultimately be unsuccessful or unable to recover amounts we believe are owed to us. We may have little or no control of the timing of litigation, which presents challenges to our strategic planning.

 

 -15- 

 

 

Future terrorist attacks and military conflicts could have a material adverse effect on general economic conditions, consumer confidence and market liquidity. Among other things, it is possible that interest rates may be affected by these events. An increase in interest rates may increase our costs of borrowing, leading to a reduction in our earnings. Terrorist acts affecting our properties could also result in significant damages to, or loss of, our properties. Additionally, we may be unable to obtain adequate insurance coverage on acceptable economic terms for losses resulting from acts of terrorism. Our lenders may require that we carry terrorism insurance even if we do not believe this insurance is necessary or cost effective. Should an act of terrorism result in an uninsured loss or a loss in excess of insured limits, we could lose capital invested in a property, as well as the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or other financial obligations related to the property. Any loss of these types would adversely affect our financial condition.

 

Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our capital stock. Over the last several years, the U.S. stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt financing to widen considerably. Moreover, the U.S. interest rate environment, oil price fluctuations, the election of a new U.S. President, uncertain tax and economic plans in Congress, and turmoil in emerging markets have created additional uncertainty and volatility in the U.S. and global economies. Continued economic uncertainty, both nationally and internationally, causes increased volatility in investor confidence, thereby creating similar volatility in the availability of both debt and equity capital in the financial markets. The U.S. Federal Reserve has predicted that more interest rate increases may occur in 2017, raising borrowing costs for consumers and businesses. Uncertainty in the stock and credit markets may negatively impact our ability to access additional financing at reasonable terms, which may negatively affect our ability to acquire properties and otherwise pursue our investment strategy. A prolonged downturn in the stock or credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our investment strategy accordingly. These types of events in the stock and credit markets may make it more difficult or costly for us to raise capital through the issuance of the common stock, preferred stock or debt securities. The potential disruptions in the financial markets may have a material adverse effect on the market value of the common stock and preferred stock and the return we receive on our properties and investments, as well as other unknown adverse effects on us or the economy in general.

 

We may be adversely impacted by volatility in foreign financial markets. During the last few years, the financial crisis in Europe (including financial difficulties at several large European banks) has led to increased price volatility, dislocations and liquidity disruptions. Adding to the European credit crisis, in June 2016, voters in the United Kingdom elected to withdraw from the European Union in a national referendum. The referendum has created significant uncertainty about the future relationship between the United Kingdom and the European Union and has continued to have a material adverse effect on global economic conditions and the stability of global financial markets and could significantly reduce global market liquidity and restrict the ability of key market participants to operate in certain financial markets.

 

Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer. In the ordinary course of our business, we collect and store sensitive data, including our business information and the personal information of our residents and our employees, in our facility and on our network. Despite our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions. Any such breach could compromise our network and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, disrupt our operations, damage our reputation, and cause a loss of confidence, which could adversely affect our business.

 

We face risks relating to expanding use of social media mediums. The use of social media could cause us to suffer brand damage or information leakage. Negative posts or comments about us or our properties on any social networking website could damage our, or our properties’ reputations. In addition, employees or others might disclose non-public sensitive information relating to our business through external media channels. The continuing evolution of social media may present us with new challenges and risks.

 

Item 1B – Unresolved Staff Comments

 

None.

 

 -16- 

 

 

Item 2 – Properties

 

UMH Properties, Inc. is engaged in the ownership and operation of manufactured home communities located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. As of December 31, 2016, the Company owns 101 manufactured home communities containing approximately 18,000 developed sites. The rents collectible from the land ultimately depend on the value of the home and land. Therefore, fewer but more expensive homes can actually produce the same or greater rents. There is a long-term trend toward larger manufactured homes. Manufactured home communities designed for older manufactured homes must be modified to accommodate modern, wider and longer manufactured homes. These changes may decrease the number of homes that may be accommodated in a manufactured home community. For this reason, the number of developed sites operated by the Company is subject to change, and the number of developed sites listed is always an approximate number. The following table sets forth certain information concerning the Company’s real estate investments as of December 31, 2016.

 

Name of Community  Number of
Developed
Sites		   Sites
Occupied
at 12/31/16		   Occupancy
Percentage		   Acreage
Developed		   Additional
Acreage		   Approximate
Monthly Rent Per
Site at 12/31/16		 
                         
Allentown   434    402    93%   76    -0-   $440 
4912 Raleigh-Millington Road                              
Memphis, TN 38128                              
                               
Arbor Estates   230    220    96%   31    -0-   $646 
1081 North Easton Road                              
Doylestown, PA 18902                              
                               
Auburn Estates   42    41    98%   13    -0-   $365 
919 Hostetler Road                              
Orrville, OH 44667                              
                               
Birchwood Farms   143    108    76%   28    -0-   $405 
8057 Birchwood Drive                              
Birch Run, MI 48415                              
                               
Broadmore Estates   390    314    81%   93    19   $407 
148 Broadmore Estates                              
Goshen, IN 46528                              
                               
Brookside Village   170    137    81%   37    2   $409 
89 Valley Drive                              
Berwick, PA 18603                              
                               
Brookview Village   126    114    90%   45    29   $482 
2025 Route 9N, Lot 137                              
Greenfield Center, NY 12833                              
                               
Candlewick Court   211    131    62%   40    -0-   $440 
1800 Candlewick Drive                              
Owosso, MI 48867                              
                               
Carsons   131    97    74%   14    4   $365 
649 North Franklin St. Lot 105                              
Chambersburg, PA 17201                              
                               
Catalina   462    259    56%   75    26   $411 
6501 Germantown Road                              
Middletown, OH 45042                              

 

 -17- 

 

 

Name of Community  Number of
Developed
Sites		   Sites
Occupied
at 12/31/16		   Occupancy
Percentage		   Acreage
Developed		   Additional
Acreage		   Approximate
Monthly Rent Per
Site at 12/31/16		 
                         
Cedarcrest   283    275    97%   71    30   $588 
1976 North East Avenue                              
Vineland, NJ 08360                              
                               
Chambersburg I & II   99    79    80%   11    -0-   $368 
5368 Philadelphia Ave Lot 34                              
Chambersburg, PA 17201                              
                               
Chelsea   84    81    96%   12    -0-   $422 
459 Chelsea Lane                              
Sayre, PA 18840                              
                               
City View   57    53    93%   20    2   $294 
110 Fort Granville Lot C5                              
Lewistown, PA 17044                              
                               
Clinton Mobile Home Resort   116    115    99%   23    1   $374 
60 N State Route 101                              
Tiffin, OH 44883                              
                               
Collingwood   103    88    85%   20    -0-   $420 
358 Chambers Road Lot 001                              
Horseheads, NY 14845                              
                               
Colonial Heights   159    124    78%   31    1   $296 
917 Two Ridge Road                              
Wintersville, OH 43953                              
                               
Countryside Estates   153    104    68%   36    28   $314 
1500 East Fuson Road                              
Muncie, IN 47302                              
                               
Countryside Estates   143    110    77%   27    -0-   $307 
6605 State Route 5                              
Ravenna, OH 44266                              
                               
Countryside Village   346    328    95%   89    63   $348 
200 Early Road                              
Columbia, TN 38401                              
                               
Cranberry Village   188    173    92%   36    -0-   $557 
100 Treesdale Drive                              
Cranberry Township, PA 16066                              
                               
Crestview   98    76    78%   19    -0-   $388 
459 Chelsea Lane                              
Sayre, PA 18840                              
                               
Cross Keys Village   132    104    79%   21    2   $413 
259 Brown Swiss Circle                              
Duncansville, PA 16635                              
                               
Dallas Mobile Home Community   145    113    78%   21    -0-   $277 
1104 N 4th Street                              
Toronto, OH 43964                              

 

 -18- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per

Site at 12/31/16

 
                         
Deer Meadows   99    75    76%   22    8   $303 
1291 Springfield Road                              
New Springfield, OH 44443                              
                               
D & R Village   237    214    90%   44    -0-   $545 
430 Route 146 Lot 65A                              
Clifton Park, NY 12065                              
                               
Evergreen Estates   54    52    96%   10    3   $319 
425 Medina Street                              
Lodi, OH 44254                              
                               
Evergreen Manor   76    45    59%   7    -0-   $297 
26041 Aurora Avenue                              
Bedford, OH 44146                              
                               
Evergreen Village   50    43    86%   10    4   $322 
9249 State Route 44                              
Mantua, OH 44255                              
                               
Fairview Manor   317    305    96%   66    132   $598 
2110 Mays Landing Road                              
Millville, NJ 08332                              
                               
Forest Creek   167    164    98%   37    -0-   $434 
855 E. Mishawaka Road                              
Elkhart, IN 46517                              
                               
Forest Park Village   248    218    88%   79    -0-   $490 
102 Holly Drive                              
Cranberry Township, PA 16066                              
                               
Frieden Manor   193    181    94%   42    22   $431 
102 Frieden Manor                              
Schuylkill Haven, PA 17972                              
                               
Green Acres   24    24    100%   6    -0-   $385 
4496 Sycamore Grove Road                              
Chambersburg, PA 17201                              
                               
Gregory Courts   39    34    87%   9    -0-   $584 
1 Mark Lane                              
Honey Brook, PA 19344                              
                               
Hayden Heights   115    114    99%   19    -0-   $375 
5501 Cosgray Road                              
Dublin, OH 43016                              
                               
Heather Highlands   404    270    67%   79    -0-   $410 
109 Main Street                              
Inkerman, PA 18640                              
                               
Highland   246    222    90%   42    -0-   $351 
1875 Osolo Road                              
Elkhart, IN 46514                              

 

 -19- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per

Site at 12/31/16

 
                         
Highland Estates   318    300    94%   98    65   $519 
60 Old Route 22                              
Kutztown, PA 19530                              
                               
Hillside Estates   91    73    80%   29    21   $315 
1033 Marguerite Lake Road                              
Greensburg, PA 15601                              
                               
Holiday Village   266    257    97%   36    29   $467 
201 Grizzard Avenue                              
Nashville, TN 37207                              
                               
Holiday Village   326    226    69%   53    2   $422 
1350 Co Road 3                              
Elkhart, IN 46514                              
                               
Holly Acres Estates   139    136    98%   30    9   $341 
7240 Holly Dale Drive                              
Erie, PA 16509                              
                               
Hudson Estates   169    129    76%   19    -0-   $281 
100 Keenan Road                              
Peninsula, OH 44264                              
                               
Huntingdon Pointe   65    58    89%   42    7   $255 
240 Tee Drive                              
Tarrs, PA 15688                              
                               
Independence Park   96    76    79%   36    14   $346 
355 Route 30                              
Clinton, PA 15026                              
                               
Kinnebrook   230    203    88%   66    8   $543 
351 State Route 17B                              
Monticello, NY 12701                              
                               
Lake Sherman Village   237    216    91%   54    43   $409 
7227 Beth Avenue, SW                              
Navarre, OH 44662                              
                               
Lakeview Meadows   81    42    52%   21    31   $280 
11900 Duff Road, Lot 58                              
Lakeview, OH 43331                              
                               
Laurel Woods   218    162    74%   43    -0-   $368 
1943 St. Joseph Street                              
Cresson, PA 16630                              
                               
Little Chippewa   62    51    82%   13    -0-   $335 
11563 Back Massillon Road                              
Orrville, OH 44667                              
                               
Maple Manor   317    247    78%   71    -0-   $374 
18 Williams Street                              
Taylor, PA 18517                              

 

 -20- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per

Site at 12/31/16

 
                         
Meadowood   123    107    87%   20    -0-   $369 
9555 Struthers Road                              
New Middletown, OH 44442                              
                               
Meadows   335    159    47%   61    -0-   $390 
11 Meadows                              
Nappanee, IN 46550                              
                               
Melrose Village   294    267    91%   71    -0-   $324 
4400 Melrose Drive, Lot 301                              
Wooster, OH 44691                              
                               
Melrose West   30    29    97%   27    3   $328 
4455 Cleveland Road                              
Wooster, OH 44691                              
                               
Memphis Blues (1)   156    -0-    0%   22    -0-   $-0- 
1401 Memphis Blues Avenue                              
Memphis, TN 38127                              
                               
Monroe Valley   44    43    98%   11    -0-   $464 
1 Sunflower Drive                              
Ephrata, PA 17522                              
                               
Moosic Heights   147    126    86%   35    -0-   $380 
118 1st Street                              
Avoca, PA 18641                              
                               
Mountaintop   39    34    87%   11    2   $535 
1 Sunflower Drive                              
Ephrata, PA 17522                              
                               
Mountain View (2)   -0-    -0-    N/A    -0-    220   $-0- 
Van Dyke Street                              
Coxsackie, NY 12501                              
                               
Oak Ridge Estates   205    200    98%   40    -0-   $433 
1201 Country Road 15 (Apt B)                              
Elkhart, IN 46514                              
                               
Oakwood Lake Village   79    74    94%   40    -0-   $412 
308 Gruver Lake                              
Tunkhannock, PA 18657                              
                               
Olmsted Falls   127    118    93%   15    -0-   $381 
26875 Bagley Road                              
Olmsted Falls, OH 44138                              
                               
Oxford Village   224    220    98%   59    3   $629 
2 Dolinger Drive                              
West Grove, PA 19390                              
                               
Pine Ridge Village/Pine Manor   174    155    89%   50    30   $522 
100 Oriole Drive                              
Carlisle, PA 17013                              

 

 -21- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per

Site at 12/31/16

 
                         
Pine Valley Estates   212    153    72%   38    -0-   $351 
1283 Sugar Hollow Road                              
Apollo, PA 15613                              
                               
Pleasant View Estates   110    72    65%   21    9   $367 
6020 Fort Jenkins Lane                              
Bloomsburg, PA 17815                              
                               
Port Royal Village   465    270    58%   101    -0-   $418 
485 Patterson Lane                              
Belle Vernon, PA 15012                              
                               
River Valley Estates   232    170    73%   60    -0-   $347 
2066 Victory Road                              
Marion, OH 43302                              
                               
Rolling Hills Estates   89    78    88%   31    2   $343 
14 Tip Top Circle                              
Carlisle, PA 17015                              
                               
Rostraver Estates   67    52    78%   17    66   $400 
1198 Rostraver Road                              
Belle Vernon, PA 15012                              
                               
Sandy Valley Estates   364    239    66%   102    10   $372 
11461 State Route 800 N.E.                              
Magnolia, OH 44643                              
                               
Shady Hills   212    208    98%   25    -0-   $446 
1508 Dickerson Road #L1                              
Nashville, TN 37207                              
                               
Somerset Estates/Whispering Pines   249    189    76%   74    24   $345/$460 
1873 Husband Road                              
Somerset, PA 15501                              
                               
Southern Terrace   118    117    99%   26    4   $317 
1229 State Route 164                              
Columbiana, OH 44408                              
                               
Southwind Village (3)   250    245    98%   36    -0-   $395-$740 
435 E. Veterans Highway                              
Jackson, NJ 08527                              
                               
Spreading Oaks Village   148    117    79%   37    24   $362 
7140-29 Selby Road                              
Athens, OH 45701                              
                               
Springfield Meadows   124    102    82%   43    76   $339 
4100 Troy Road                              
Springfield, OH 45502                              
                               
Suburban Estates   200    190    95%   36    -0-   $366 
33 Maruca Drive                              
Greensburg, PA 15601                              

 

 -22- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per

Site at 12/31/16

 
                         
Summit Estates   141    115    82%   25    2   $313 
3305 Summit Road                              
Ravenna, OH 44266                              
                               
Sunny Acres   207    192    93%   55    2   $362 
272 Nicole Lane                              
Somerset, PA 15501                              
                               
Sunnyside   65    53    82%   8    -0-   $638 
2901 West Ridge Pike                              
Eagleville, PA 19403                              
                               
Trailmont   129    122    95%   32    -0-   $488 
512 Hillcrest Road                              
Goodlettsville, TN 37072                              
                               
Twin Oaks I & II   141    135    96%   21    -0-   $435 
27216 Cook Road Lot 1-A                              
Olmsted Township, OH 44138                              
                               
Twin Pines   238    212    89%   48    2   $404 
2011 West Wilden Avenue                              
Goshen, IN 46528                              
                               
Valley High   74    59    80%   13    15   $329 
32 Valley High Lane                              
Ruffs Dale, PA 15679                              
                               
Valley Hills   272    231    85%   66    65   $306 
4364 Sandy Lake Road                              
Ravenna, OH 44266                              
                               
Valley Stream   162    105    65%   37    5   $307 
60 Valley Stream                              
Mountaintop, PA 18707                              
                               
Valley View I   104    96    92%   19    -0-   $471 
1 Sunflower Drive                              
Ephrata, PA 17522                              
                               
Valley View II   43    43    100%   7    -0-   $488 
1 Sunflower Drive                              
Ephrata, PA 17522                              
                               
Valley View – Honey Brook   147    136    93%   28    13   $572 
1 Mark Lane                              
Honey Brook, PA 19344                              
                               
Voyager Estates   259    147    57%   72    19   $339 
1002 Satellite Drive                              
West Newton, PA 15089                              
                               
Waterfalls Village   198    157    79%   35    -0-   $518 
3450 Howard Road Lot 21                              
Hamburg, NY 14075                              

 

 -23- 

 

 

Name of Community 

Number of

Developed

Sites

  

Sites

Occupied

at 12/31/16

  

Occupancy

Percentage

  

Acreage

Developed

  

Additional

Acreage

  

Approximate

Monthly Rent Per
Site at 12/31/16

 
                         
Wayside   84    63    75%   16    4   $279 
11900 Duff Road, Lot 58                              
Lakeview, OH 43331                              
                               
Weatherly Estates   270    255    94%   41    -0-   $443 
271 Weatherly Drive                              
Lebanon, TN 37087                              
                               
Woodland Manor   148    85    57%   77    -0-   $362 
338 County Route 11, Lot 165                              
West Monroe, NY 13167                              
                               
Woodlawn Village (3)   156    144    92%   14    -0-    $595-$700 
265 Route 35                              
Eatontown, NJ 07724                              
                               
Woods Edge   597    306    51%   151    50   $369 
1670 East 650 North                              
West Lafayette, IN 47906                              
                               
Wood Valley   160    87    54%   31    56   $322 
2 West Street                              
Caledonia, OH 43314                              
                               
Worthington Arms   224    188    84%   36    -0-   $495 
5277 Columbus Pike                              
Lewis Center, OH 43035                              
                               
Youngstown Estates   89    51    57%   14    59   $350 
999 Balmer Road                              
Youngstown, NY 14174                              
                               
Total   18,054    14,499    81 %(5)   3,927    1,370   $422 (5)

 

 

(1) Community was closed due to an unusual flooding throughout the region in May 2011. We are currently working on the redevelopment of this community.
   
(2) We are currently seeking site plan approvals for approximately 160 sites for this property.
   
(3) Community subject to local rent control laws.
   
(4) Does not include vacant sites at Memphis Blues.
   
(5) Weighted average monthly rent per site.

 

The Company also has approximately 1,400 additional sites at its properties in various stages of engineering/construction. Due to the difficulties involved in the approval and construction process, it is difficult to predict the number of sites which will be completed in a given year.

 

Significant Properties

 

The Company operates manufactured home properties with an approximate cost of $640,217,000. These properties consist of 101 separate manufactured home communities and related improvements. No single community constitutes more than 10% of the total assets of the Company. Our larger properties consist of: Woods Edge with 597 developed sites, Port Royal Village with 465 developed sites, Catalina with 462 developed sites, Allentown with 434 developed sites and Heather Highlands with 404 developed sites.

 

 -24- 

 

 

Mortgages on Properties

 

The Company has mortgages on many of its properties. The maturity dates of these mortgages range from the years 2017 to 2026, with a weighted average term of 6.9 years. Interest rates vary from fixed rates ranging from 3.71% to 6.83% and variable rates of Prime plus 1.0% and LIBOR plus 3.0%. The weighted average interest rate on our mortgages was approximately 4.4% and 4.6% at December 31, 2016 and 2015, respectively. The aggregate balances of these mortgages, net of unamortized debt issuance costs, total $293,025,592 and $283,049,802 at December 31, 2016 and 2015, respectively. (For additional information, see Part IV, Item 15(a) (1) (vi), Note 5 of the Notes to Consolidated Financial Statements – Loans and Mortgages Payable).

 

Item 3 – Legal Proceedings

 

The Company is subject to claims and litigation in the ordinary course of business. For additional information about legal proceedings, see Part IV, Item 15(a)(1)(vi), Note 12 of the Notes to Consolidated Financial Statements – Commitments, Contingencies and Legal Matters.

 

Item 4 – Mine Safety Disclosures

 

Not Applicable.

 

PART II

 

Item 5 – Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Since March 2, 2012, the Company’s common and preferred shares are traded on the New York Stock Exchange (“NYSE”), under the symbol “UMH”. Previously, the Company’s common and preferred shares were traded on the NYSE Amex. The per share range of high and low quotes for the Company’s common stock and distributions paid to common shareholders for each quarter of the last two years are as follows:

 

   2016   2015 
   High   Low   Distribution   High   Low   Distribution 
                         
First Quarter  $10.79   $9.00   $0.18   $10.40   $9.27   $0.18 
Second Quarter   11.26    9.53    0.18    10.64    9.39    0.18 
Third Quarter   12.70    11.07    0.18    10.09    9.01    0.18 
Fourth Quarter   15.50    11.28    0.18    10.55    9.25    0.18 
             $0.72             $0.72 

 

On February 28, 2017, the closing price of the Company’s stock was $14.85.

 

As of February 28, 2017, there were approximately 1,015 registered shareholders of the Company’s common stock based on the number of record owners.

 

For the years ended December 31, 2016 and 2015, total distributions paid by the Company for common stock amounted to $20,018,822 or $0.72 per share (for income tax purposes, $0.09549 characterized as ordinary income, $0.01425 characterized as capital gains and $0.61026 characterized as return of capital) and $18,747,120 or $0.72 per share (for income tax purposes, $0.72 characterized as a return of capital), respectively.

 

We have historically paid regular quarterly distributions to holders of our common stock. In addition, we are obligated to make distributions to holders of shares of Series A and Series B Preferred Stock. It is the Company’s intention to continue making comparable quarterly distributions to holders of our common stock. On January 19, 2017, the Board of Directors declared a cash dividend of $0.18 per share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017. Future dividend policy is dependent on the Company’s earnings, capital requirements, REIT requirements, financial condition, availability and cost of bank financing and other factors considered relevant by the Board of Directors.

 

 -25- 

 

 

For the year ended December 31, 2016, total distributions paid by the Company for our Series A Preferred Stock amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2015, total distributions paid by the Company for our Series A Preferred Stock amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.36264 characterized as ordinary income, $0.03439 characterized as capital gains and $0.66547 characterized as return of capital).

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2016 through February 28, 2017, on the Company's 8.25% Series A Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

 

For the year ended December 31, 2016, total distributions paid by the Company for our Series B Preferred Stock amounted to $7,007,057 or $2.22466 per share (for income tax purposes, $1.93582 characterized as ordinary income and $0.28884 characterized as capital gains ).

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2016 through February 28, 2017, on the Company's 8.0% Series B Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.

 

Recent Sales of Unregistered Securities

 

None.

 

Issuer Purchases of Equity Securities

 

On January 19, 2017, the Board of Directors reaffirmed its Share Repurchase Program (the “Repurchase Program”) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. There have been no purchases under the Repurchase Program to date.

 

Securities Authorized for Issuance Under Equity Compensation Plans

 

On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant to officers and key employees of options to purchase up to 3,000,000 shares of common stock. The 2013 Plan replaced the Company’s 2003 Stock Option and Award Plan, as amended, which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. See Note 6 of the Notes to the Consolidated Financial Statements for a description of the plans. See Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Matters for a table of beneficial ownership of the Company’s common stock.

 

 -26- 

 

 

The following table summarizes information, as of December 31, 2016, relating to equity compensation plans of the Company (including individual compensation arrangements) pursuant to which equity securities of the Company are authorized for issuance:

 

Plan Category  Number of Securities to be Issued Upon
Exercise of Outstanding Options, Warrants and Rights
(a)		   Weighted Average Exercise Price of Outstanding Options, Warrants and Rights   Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding Securities reflected in column (a)) 
Equity Compensation Plans Approved by Security Holders   1,760,000   $9.97    1,235,500 
Equity Compensation Plans not Approved by Security Holders   

 

N/A

    

 

N/A

    

 

N/A

 
Total   1,760,000   $9.97    1,235,500 

 

Comparative Stock Performance

 

The following line graph compares the total return of the Company’s common stock for the last five years to the FTSE NAREIT All REITs Index published by the National Association of Real Estate Investment Trusts (“NAREIT”) and to the S&P 500 Index for the same period. The graph assumes a $100 investment in our common stock and in each of the indexes listed below on December 31, 2011 and the reinvestment of all dividends. The total return reflects stock price appreciation and dividend reinvestment for all three comparative indices. The information herein has been obtained from sources believed to be reliable, but neither its accuracy nor its completeness is guaranteed. Our stock performance shown in the graph below is not indicative of future stock performance.

 

 -27- 

 

 

 

 -28- 

 

 

Item 6 – Selected Financial Data

 

The following table sets forth selected financial and other information for the Company as of and for each of the years in the five year period ended December 31, 2016. The historical financial data has been derived from our historical financial statements. This table should be read in conjunction with all of the financial statements and notes thereto included elsewhere herein.

 

   2016   2015 (1)   2014 (1)   2013 (1)   2012 (1) 
Operating Data:                         
                          
Rental and Related Income  $90,679,557   $74,762,548   $63,886,010   $53,477,893   $38,012,231 
Sales of Manufactured Homes   8,534,272    6,754,123    7,545,923    8,727,214    8,815,533 
Total Income   99,213,829    81,516,671    71,431,933    62,205,107    46,827,764 
Community Operating Expenses   42,638,333    37,049,462    33,592,327    29,140,920    20,564,286 
Community NOI (2)   48,041,224    37,713,086    30,293,683    24,336,973    17,447,945 
Total Expenses   83,255,514    72,076,546    64,521,158    58,009,654    44,214,508 
Interest Income   1,584,585    1,819,567    2,098,974    2,186,387    2,027,969 
Dividend Income   6,636,126    4,399,181    4,065,986    3,481,514    3,243,592 
Gain on Securities Transactions, net   2,285,301    204,230    1,542,589    4,055,812    4,092,585 
Interest Expense   15,432,364    14,074,446    10,716,722    8,312,197    6,105,452 
Net Income   11,534,559    2,144,205    4,237,803    5,836,823    6,474,057 
Net Income (Loss) Attributable to Common Shareholders   (2,568,873)   (6,122,993)   (3,318,785)   (1,719,765)   1,749,339 
Net Income (Loss) Attributable to Common Shareholders Per Share                         
Basic and Diluted   (0.10)   (0.24)   (0.15)   (0.09)   0.11 
                          
Cash Flow Data:                         
                          
Net Cash Provided (Used) by:                         
Operating Activities  $29,353,412   $25,708,212   $24,326,461   $11,238,088   $9,087,749 
Investing Activities   (77,567,390)   (148,674,626)   (56,033,767)   (110,365,339)   (66,985,675)
Financing Activities   45,894,673    121,419,519    32,174,955    95,706,570    60,135,727 
                          
Balance Sheet Data:                         
                          
Total Investment Property  $640,216,767   $577,709,074   $448,164,459   $365,824,412   $253,490,055 
Total Assets   680,444,818    600,317,390    476,040,197    405,851,968    298,807,761 
Mortgages Payable, net of unamortized debt issuance costs

   293,025,592    283,049,802    180,752,425    158,715,407    107,438,075 
Series A 8.25% Cumulative Redeemable Preferred Stock   91,595,000    91,595,000    91,595,000    91,595,000    91,595,000 
Series B 8.0% Cumulative Redeemable Preferred Stock   95,030,000    45,030,000    -0-    -0-    -0- 
Total Shareholders’ Equity   317,031,967    246,238,425    208,827,105    190,585,737    174,985,248 
                          
Other Information:                         
                          
Average Number of Shares Outstanding                         
Basic   27,808,895    25,932,626    22,496,103    18,724,321    16,197,339 
Diluted   27,808,895    25,932,626    22,496,103    18,724,321    16,260,225 
Funds from Operations (2)  $20,647,390   $12,834,786   $11,837,322   $9,943,156   $9,147,978 
Core Funds from Operations (2)  $20,731,742   $14,267,036   $12,320,844   $11,398,698   $10,010,147 
Normalized Funds from Operations (2)  $18,446,441   $14,187,806   $10,778,255   $7,342,886   $5,917,562 
Cash Dividends Per Common Share  $0.72   $0.72   $0.72   $0.72   $0.72 

 

  (1) Financial information has been revised to reflect certain reclassifications in prior periods to conform to the current period presentation.
  (2) Refer to Item 7, Supplemental Measures, contained in this Form 10-K for information regarding the presentation of community NOI, and for the presentation and reconciliation of funds from operations, core funds from operations and normalized funds from operations to net income (loss) attributable to common shareholders.

 

 -29- 

 

 

Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with “Selected Financial Data” and the historical Consolidated Financial Statements and Notes thereto included elsewhere in this Form 10-K.

 

Cautionary Statement Regarding Forward-Looking Statements

 

Statements contained in this Form 10-K, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,” “intend,” “plan,” “should,” “seek” or comparable terms, or the negative use of those words, but the absence of these words does not necessarily mean that a statement is not forward-looking.

 

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described below and under the headings “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These and other risks, uncertainties and factors could cause our actual results to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from our expectations include, among others:

 

  ● changes in the real estate market conditions and general economic conditions;
     
  ● the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;
     
  ● increased competition in the geographic areas in which we own and operate manufactured housing communities;
     
  ● our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us;
     
  ● our ability to maintain rental rates and occupancy levels;
     
  ● changes in market rates of interest;
     
  ● our ability to repay debt financing obligations;
     
  ● our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;
     
  ● our ability to comply with certain debt covenants;
     
  ● our ability to integrate acquired properties and operations into existing operations;
     
  ● the availability of other debt and equity financing alternatives;
     
  ● continued ability to access the debt or equity markets;
     
  ● the loss of any member of our management team;
     
  ● our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
     
  ● the ability of manufactured home buyers to obtain financing;
     
  ● the level of repossessions by manufactured home lenders;

 

 -30- 

 

 

  ● market conditions affecting our investment securities;
     
  ● changes in federal or state tax rules or regulations that could have adverse tax consequences;
     
  ● our ability to qualify as a REIT for federal income tax purposes; and
     
  ● those risks and uncertainties referenced under the heading “Risk Factors” contained in this Form 10-K and the Company’s filings with the Securities and Exchange Commission.

 

You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. The forward-looking statements contained in this Form 10-K speak only as of the date hereof and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

 

2016 Accomplishments

 

  ● Generated an increase in Normalized FFO per share growth of 20.0%, representing our fourth consecutive year of double-digit growth;
     
  ● Increased Community Net Operating Income (“NOI”) by 27.4%;
     
  ● Increased same property Community NOI by 18.9%;
     
  ● Increased same property occupancy from 82.9% to 84.8%;
     
  ● Improved our Operating Expense Ratio from 49.6% to 47.0%;
     
  ● Generated approximately $2.3 million in net-realized gains in addition to the $16.7 million in unrealized gains we held at year end on our REIT securities investments;
     
  ● Acquired 3 communities containing approximately 300 home sites for a total of $7.3 million;
     
  ● Increased our rental home portfolio by 900 homes, representing an increase of 25% to 4,700 total rental homes;
     
  ● Raised approximately $22 million in common equity capital through our Dividend Reinvestment and Stock Purchase Plan;
     
  ● Issued 2 million shares of our 8.0% Series B Cumulative Redeemable Preferred Stock raising net proceeds of approximately $49 million;
     
  ● Financed/refinanced four communities for a total of $32 million; and
     
  ● Reduced our overall weighted average mortgage interest rate from 4.6% to 4.4%.

 

Overview

 

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein.

 

The Company is a self-administered, self-managed, REIT with headquarters in Freehold, New Jersey. The Company’s primary business is the ownership and operation of manufactured home communities, which includes leasing manufactured home spaces on an annual or month-to-month basis to residential manufactured home owners. The Company also leases homes to residents and, through its taxable REIT subsidiary, S&F, sells and finances homes to residents and prospective residents of our communities.

 

Our communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. UMH has continued to execute our growth strategy of purchasing well-located communities in our target markets, including the energy-rich Marcellus and Utica shale regions. During the year ended December 31, 2016, we purchased three manufactured home communities located in Ohio, for an aggregate purchase price of $7,277,000. These acquisitions added approximately 300 developed sites to our portfolio, bringing our total to 101 communities containing approximately 18,000 developed sites. Subsequent to yearend, the Company acquired an additional five manufactured home communities containing a total of 1,300 sites for a total an aggregate purchase price of $36.5 million. These acquisitions increased our portfolio to 106 communities containing approximately 19,300 developed sites.

 

 -31- 

 

 

The Company’s income primarily consists of rental and related income from the operation of its manufactured home communities. Occupancy in our properties, as well as our ability to increase rental rates, directly affects revenues. In 2016, total income increased 22% from the prior year and Community NOI increased 27.4% from the prior year, primarily due to the acquisition and rental programs in 2015 and 2016. Overall occupancy increased from 79.5% at December 31, 2015 to 81.0% at December 31, 2016. Same property occupancy increased from 82.9% at December 31, 2015 to 84.8% at December 31, 2016.

 

Income also includes sales of manufactured homes. In 2016, sales of manufactured homes increased by approximately 26%. Our sales operations have continued to be affected by the limited ability of homebuyers to qualify for loans to purchase homes. We are optimistic that future regulatory changes may increase our consumer’s ability to qualify for loans to purchase homes which should result in increased demand. As a result of continued increases in single-family conventional home prices and apartment rental rates, our property type offers substantial comparative value that should result in increased demand. Additionally, the Company anticipates that as national home sales of first time home buyers and purchasers of retirement homes improve, our sales operations will return to profitability.

 

The macro-economic environment and current housing fundamentals continue to favor home rentals. Rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see increased demand for rental homes. During 2016, we added a net of approximately 900 rental units to selected communities. Occupied rental units represent approximately 29.4% of total occupied sites. Occupancy in rental homes continues to be strong and is at 91.5% as of December 31, 2016. We compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates.

 

Revenues also include interest and dividend income and net realized gain on securities transactions. The Company holds a portfolio of marketable securities of other REITs with a fair value of $108,755,172 at December 31, 2016. The Company generally limits its marketable securities investments to no more than approximately 20% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. The Company invests in these REIT securities and, from time to time, may use margin debt when an adequate yield spread can be obtained. As of December 31, 2016, the Company has borrowings of $22,727,458 under its margin line at 2.0% interest. As of December 31, 2016, the Company’s portfolio consisted of 12% REIT preferred stocks and 88% REIT common stocks. The Company’s weighted average yield on the securities portfolio was approximately 6.8% at December 31, 2016. The Company realized a net gain of $2,285,301 on sale of securities in 2016 as compared to a net gain of $204,230 during 2015. At December 31, 2016, the Company had unrealized gains of $16,717,171 in its REIT securities portfolio. The dividends received from our securities investments continue to meet our expectations. It is our intent to hold these securities for investment on a long-term basis.

 

The Company continues to strengthen its balance sheet. During 2016, the Company raised approximately $22 million in new capital through the Dividend Reinvestment and Stock Purchase Plan (“DRIP”). The Company also issued 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement, with net proceeds of approximately $49 million after deducting offering related expenses. This capital was used for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties, and repayment of indebtedness on a short-term basis.

 

Over the past several years, we have taken advantage of historically low long-term mortgage interest rates and have been financing and refinancing our communities. The weighted average interest rate on our mortgage debt is now 4.4% at December 31, 2016, with a weighted average maturity of 6.9 years.

 

At December 31, 2016, the Company had approximately $4.2 million in cash and cash equivalents and $15 million available on our credit facility, with an additional $15 million potentially available pursuant to an accordion feature. We also had $28.2 million available on our revolving lines of credit for the financing of home sales and the purchase of inventory. In addition, we held approximately $108.8 million in marketable REIT securities encumbered by $22.7 million in margin loans. In general, the Company may borrow up to 50% of the value of the marketable securities.

 

 -32- 

 

 

The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that yield in excess of our cost of funds and then making physical improvements, including adding rental homes onto otherwise vacant sites. In 2015 and 2016, we have added a total of thirteen manufactured home communities to our portfolio, encompassing approximately 3,100 developed sites. These manufactured home communities were acquired with an average occupancy rate of 65%. The Company will utilize the rental home program to increase occupancy rates and improve operating results at these communities. In addition to the five communities acquired in the first quarter of 2017 to date, we will continue to seek opportunistic investments. There is no guarantee that any additional opportunities will materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant and affects acquisitions, occupancy levels, rental rates and operating expenses of certain properties. Transaction costs, such as legal, valuation, and other professional fees related to acquisitions are expensed as incurred.

 

See PART I, Item 1- Business and Item 1A – Risk Factors for a more complete discussion of the economic and industry-wide factors relevant to the Company, the Company’s lines of business and principal products and services, and the opportunities, challenges and risks on which the Company is focused.

 

Acquisitions

 

Community  Date of Acquisition  State  Number of Sites   Purchase Price   Number of Acres   Occupancy at Acquisition 
                       
Acquisitions in 2016                          
                           
Lakeview Meadows and Wayside  September 1, 2016  OH   165   $2,954,000    98    64%
Springfield Meadows  December 19, 2016  OH   124    4,323,000    121    82%
                           
Total 2016         289   $7,277,000    219    74%
                           
Acquisitions in 2015                          
                           
Holly Acres Estates  January 21, 2015  PA   141   $3,800,000    40    96%
                           
Voyager Estates and Huntingdon Pointe  April 23, 2015  PA   324    5,300,000    141    63%
Valley Stream  May 27, 2015  PA   158    3,517,000    43    64%
                           
Candlewick Court, Catalina and Worthington Arms  August 19, 2015  OH, MI   897    32,500,000    177    69%
                           
Holiday Village, The Meadows and Woods Edge  October 16, 2015  IN   1,254    36,100,000    316    56%
                           
Total 2015         2,774   $81,217,000    717    64%

 

 -33- 

 

 

Supplemental Measures

 

In addition to the results reported in accordance with GAAP, management’s discussion and analysis of financial condition and results of operations include certain non-GAAP financial measures that in management’s view of the business we believe are meaningful as they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flow of the portfolio. These non-GAAP financial measures as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies, and include Community Net Operating Income (“Community NOI”), Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”) and Normalized Funds from Operations (“Normalized FFO”).

 

We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. We believe that Community NOI is helpful to investors and analysts as a direct measure of the actual operating results of our manufactured home communities, rather than our Company overall. Community NOI should not be considered a substitute for the reported results prepared in accordance with GAAP. Community NOI should not be considered as an alternative to net income (loss) as an indicator of our financial performance, or to cash flows as a measure of liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions.

 

The Company’s Community NOI is calculated as follows:

 

   2016   2015   2014   2013   2012 
                     
Rental and Related Income  $90,679,557   $74,762,548   $63,886,010   $53,477,893   $38,012,231 

Community Operating Expenses

   (42,638,333)   (37,049,462)   (33,592,327)   (29,140,920)   (20,564,286)
                          
Community NOI  $48,041,224   $37,713,086   $30,293,683   $24,336,973   $17,447,945 

 

We also assess and measure our overall operating results based upon an industry performance measure referred to as FFO, which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by NAREIT, represents net income (loss) attributable to common shareholders, as defined by GAAP, excluding extraordinary items, as defined under GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance. We define Core FFO as FFO plus acquisition costs and costs of early extinguishment of debt. We define Normalized FFO as Core FFO excluding gains and losses realized on securities investments and certain non-recurring charges. FFO, Core FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. The items excluded from FFO, Core FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

 

FFO, Core FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by GAAP; (ii) should not be considered as an alternative to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO, Core FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

 

 -34- 

 

 

The Company’s FFO, Core FFO and Normalized FFO are calculated as follows:

 

   2016   2015   2014   2013   2012 
                     
Net Income (Loss) Attributable to Common Shareholders  $(2,568,873)  $(6,122,993)  $(3,318,785)  $(1,719,765)  $1,749,339 
Depreciation Expense   23,214,100    18,877,511    15,163,420    11,681,724    7,357,158 
(Gain) Loss on Sales of Depreciable Assets   2,163    80,268    (7,313)   (18,803)   41,481 
FFO   20,647,390    12,834,786    11,837,322    9,943,156    9,147,978 
                          
Adjustments:                         
Acquisition Costs   79,231    957,219    483,522    1,455,542    862,169 
Early Extinguishment of Debt (1)   5,121    475,031    -0-    -0-    -0- 
Core FFO   20,731,742    14,267,036    12,320,844    11,398,698    10,010,147 
                          
Adjustments:                         

Gain on Sales of Securities, net

   (2,285,301)   (204,230)   (1,542,589)   (4,055,812)   (4,092,585)
Settlement of Memphis Mobile City Litigation (2)   -0-    125,000    -0-    -0-    -0- 
Normalized FFO  $18,446,441   $14,187,806   $10,778,255   $7,342,886   $5,917,562 

 

(1)Included in Interest Expense on the Consolidated Statements of Income (Loss).
   
(2)Included in Community Operating Expenses on the Consolidated Statements of Income (Loss).

 

Results of Operations

 

2016 vs. 2015

 

Rental and related income increased from $74,762,548 for the year ended December 31, 2015 to $90,679,557 for the year ended December 31, 2016, or 21%. This increase was due to the acquisitions during 2015 and 2016, as well as an increase in rental rates, same property occupancy and additional rental homes. During 2016, the Company raised rental rates by 3% to 5% at most communities. Rent increases vary depending on overall market conditions and demand. Occupancy, as well as the ability to increase rental rates, directly affects revenues. The Company has been acquiring communities with vacant sites that can potentially be occupied and earn income in the future. Occupancy has increased from 79.5% at December 31, 2015 to 81.0% at December 31, 2016. The overall occupancy rate is exclusive of 156 vacant sites at Memphis Blues caused by the 2011 flood. Same property occupancy has increased from 82.9% at December 31, 2015 to 84.8% at December 31, 2016. Demand for rental homes continues to be strong. As of December 31, 2016, we had approximately 4,700 rental homes with an occupancy of 91.5%. We continue to evaluate the demand for rental homes and will invest in additional homes as demand dictates. Vacant sites allow for future revenue growth.

 

Community operating expenses increased from $37,049,462 for the year ended December 31, 2015 to $42,638,333 for the year ended December 31, 2016, or 15%. This increase was due to the acquisitions during 2015 and 2016.

 

Community NOI increased from $37,713,086 for the year ended December 31, 2015 to $48,041,224 for the year ended December 31, 2016, or 27%. This increase was primarily due to the acquisitions during 2015 and 2016 and an increase in rental rates, occupancy and rental homes. The Company has also been reducing its Operating Expense Ratio (defined as Community Operating Expenses divided by Rental and Related Income). The Operating Expense Ratio decreased from 49.6% for the year ended December 31, 2015 to 47.0% for the year ended December 31, 2016, a decrease of 260 basis points. Many acquisitions have deferred maintenance requiring higher than normal expenditures in the first two years of ownership. Because most of the community expenses are fixed costs, as occupancy rates continue to increase, these expense ratios will continue to improve. Because of the Company’s ability to increase its rental rates annually, increasing costs due to inflation and changing prices have generally not had a material effect on revenues and income from continuing operations.

 

 -35- 

 

 

Sales of manufactured homes increased from $6,754,123 for the year ended December 31, 2015 to $8,534,272 for the year ended December 31, 2016, or 26%. The total number of homes sold was 170 homes in 2016 as compared to 135 homes in 2015. There were 61 new homes sold in 2016 as compared to 65 in 2015. The Company’s average sales price was $50,202 and $50,031 for the years ended December 31, 2016 and 2015, respectively. Cost of sales of manufactured homes increased from $5,058,350 for the year ended December 31, 2015 to $6,466,520 for the year ended December 31, 2016, or 28%. The gross profit percentage was 24% and 25% for 2016 and 2015, respectively. Selling expenses remained relatively stable at $2,852,405 for the year ended December 31, 2016 as compared to $2,788,360 for the year ended December 31, 2015. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses less interest on the financing of inventory) decreased from $1,851,780 for the year ended December 31, 2015 to $1,444,076 for the year ended December 31, 2016, an improvement of 22%. The losses on sales include selling expenses of approximately $2.9 million for the year ended December 31, 2016. Many of these costs, such as rent, salaries, and to an extent, advertising and promotion, are fixed. Sales of manufactured homes have not yet returned to pre-recession levels. The U.S. homeownership rate fell to 63.7% in the fourth quarter of 2016, according to the U.S. Census. This is down from 69.2% at its peak at the end of 2004. The conventional single-family housing market is gradually strengthening. However, our sales continue to be negatively impacted as a result of the inability of our customers to sell their current homes, limited wage growth, new licensing laws and government regulations. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of our communities.

 

General and Administrative Expenses increased from $7,345,644 for the year ended December 31, 2015 to $8,004,925 for the year ended December 31, 2016, or 9%. This increase was primarily due to an increase in personnel and personnel costs and the issuance of restricted stock and stock options to one employee of retirement age. The entire compensation cost of $312,400 for this employee was recognized at the time of grant. General and Administrative expenses as a percentage of gross revenue (Total Income plus Interest, Dividend and Other Income) improved from 8.3% in 2015 to 7.4% in 2016.

 

Acquisition costs, relating to the transaction, due diligence and other related costs associated with the acquisitions of communities, decreased from $957,219 for the year ended December 31, 2015 to $79,231 for the year ended December 31, 2016, or 92%. This decrease was due to the decrease in acquisitions in 2016 with an aggregate purchase price of $7,277,000 as compared to 2015 with an aggregate purchase price of $81,217,000.

 

Depreciation expense increased from $18,877,511 for the year ended December 31, 2015 to $23,214,100 for the year ended December 31, 2016, or 23%. This increase was primarily due to the acquisitions and the increase in rental homes during 2015 and 2016.

 

Interest income decreased from $1,819,567 for the year ended December 31, 2015 to $1,584,585 for the year ended December 31, 2016, or 13%. This decrease was primarily due to a decrease in the average balance of notes receivable from $19.5 million for the year ended December 31, 2015 to $18.3 million for the year ended December 31, 2016.

 

Dividend income increased from $4,399,181 for the year ended December 31, 2015 to $6,636,126 for the year ended December 31, 2016, or 51%. This increase was due to an increase in the average balance of securities from $69,283,611 for the year ended December 31, 2015 to $91,883,216 for the year ended December 31, 2016. The dividends received from our securities investments were at a weighted average yield of 6.8% and 7.7% as of December 31, 2016 and 2015, respectively.

 

 -36- 

 

 

Realized gain on sales of securities, net consists of the following:

 

   Year Ended December 31, 
   2016   2015 
         
Gross realized gains  $2,287,454   $208,200 
Gross realized losses   (2,153)   (3,970)
           

Total Realized Gain on Sales of Securities, net

  $2,285,301   $204,230 

 

The Company had an accumulated net unrealized gain on its securities portfolio of $16,717,171 as of December 31, 2016.

 

Other income remained relatively stable for the year ended December 31, 2016 as compared to the year ended December 31, 2015.

 

Interest expense increased from $14,074,446 for the year ended December 31, 2015 to $15,432,364 for the year ended December 31, 2016, or 10%. This increase was primarily due to the new mortgage loans for the community acquisitions as well as additional community financings/refinancings in 2016. During the year, we obtained 4 new mortgage loans totaling $32 million. The average balance of mortgages payable was approximately $288 million during 2016 as compared to approximately $235 million during 2015. The increase in interest expense was partially offset by the decrease in the weighted average interest rate on its mortgages which was 4.4%, including the effect of unamortized debt issuance costs, at December 31, 2016 as compared to 4.6% at December 31, 2015.

 

2015 vs. 2014

 

Rental and related income increased from $63,886,010 for the year ended December 31, 2014 to $74,762,548 for the year ended December 31, 2015, or 17%. This increase was due to the acquisitions during 2014 and 2015, as well as an increase in rental rates, same property occupancy and rental homes. During 2015, the Company raised rental rates by approximately 2% to 6% at most communities. Rent increases vary depending on overall market conditions and demand. Occupancy, as well as the ability to increase rental rates, directly affects revenues. The Company has been acquiring communities with vacant sites that can potentially be occupied and earn income in the future. Due to the acquisition of approximately 2,800 sites at a weighted average occupancy rate of 64%, overall occupancy has decreased from 82.3% at December 31, 2014 to 79.5% at December 31, 2015. The overall occupancy rate is exclusive of 156 vacant sites at Memphis Blues caused by the 2011 flood. Same property occupancy has increased from 83.2% at December 31, 2014 to 83.9% at December 31, 2015. In the current environment, the demand for rental homes is high. As of December 31, 2015, we had approximately 3,700 rental homes with an occupancy of 92.9%. We continue to evaluate the demand for rental homes and will invest in additional homes as demand dictates. Vacant sites allow for future revenue growth.

 

Community operating expenses increased from $33,592,327 for the year ended December 31, 2014 to $37,049,462 for the year ended December 31, 2015, or 10%. This increase was due to the acquisitions during 2014 and 2015. Additionally, the Company incurred additional non-recurring expenses relating to our acquisitions and to the one-time final settlement of a lawsuit relating to a 2010 flood in our Memphis Blues community of $125,000.

 

Community NOI increased from $30,293,683 for the year ended December 31, 2014 to $37,713,086 for the year ended December 31, 2015, or 24%. This increase was primarily due to the acquisitions during 2014 and 2015 and an increase in rental rates, occupancy and rental homes. The Company has also been reducing its Operating Expense Ratio (defined as Community Operating Expenses divided by Rental and Related Income). The Operating Expense Ratio decreased from 52.6% for the year ended December 31, 2014 to 49.6% for the year ended December 31, 2015, a decrease of 300 basis points. Many acquisitions have deferred maintenance requiring higher than normal expenditures in the first two years of ownership. Because most of the community expenses are fixed costs, as occupancy rates continue to increase, these expense ratios will continue to improve. Because of the Company’s ability to adjust its rental rates at least annually, inflation and changing prices have generally not had a material effect on revenues and income from continuing operations.

 

 -37- 

 

 

Sales of manufactured homes decreased from $7,545,923 for the year ended December 31, 2014 to $6,754,123 for the year ended December 31, 2015, or 10%. The total number of homes sold was 135 homes in 2015 as compared to 134 homes in 2014. There were 65 new homes sold in 2015 as compared to 69 in 2014. The Company’s average sales price was $50,031 and $56,313 for the years ended December 31, 2015 and 2014, respectively. Cost of sales of manufactured homes decreased from $5,832,540 for the year ended December 31, 2014 to $5,058,350 for the year ended December 31, 2015, or 13%. Selling expenses decreased from $2,983,376 for the year ended December 31, 2014 to $2,788,360 for the year ended December 31, 2015, or 7%. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses less interest on the financing of inventory) remained relatively stable at $1,881,936 for the year ended December 31, 2014 and $1,851,780 for the year ended December 31, 2015. The losses on sales include selling expenses of approximately $2.8 million for the year ended December 31, 2015. Many of these costs, such as rent, salaries, and to an extent, advertising and promotion, are fixed. Sales of manufactured homes have not yet returned to pre-recession levels. The U.S. homeownership rate fell to 63.8% in the fourth quarter of 2015, according to the U.S. Census. This is down from 69.2% at its peak at the end of 2004. Although, the conventional single-family housing market is gradually strengthening, the inability of our customers to sell their current homes, limited wage growth and new licensing laws and government regulations, including the SAFE Act and the Dodd–Frank Act, have all negatively impacted our sales. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of our communities.

 

General and Administrative Expenses increased from $6,465,973 for the year ended December 31, 2014 to $7,345,644 for the year ended December 31, 2015, or 14%. This increase was primarily due to an increase in office space and personnel costs.

 

Acquisition costs, relating to the transaction, due diligence and other related costs associated with the acquisitions of communities, increased from $483,522 for the year ended December 31, 2014 to $957,219 for the year ended December 31, 2015, or 98%. This increase was due to the increase in acquisitions in 2015 with an aggregate purchase price of $81,217,000 as compared to 2014 with an aggregate purchase price of $42,550,000.

 

Depreciation expense increased from $15,163,420 for the year ended December 31, 2014 to $18,877,511 for the year ended December 31, 2015, or 24%. This increase was primarily due to the acquisitions and increase in rental homes during 2014 and 2015.

 

Interest income decreased from $2,098,974 for the year ended December 31, 2014 to $1,819,567 for the year ended December 31, 2015, or 13%. This decrease was primarily due to a decrease in the average balance of notes receivable from $22.2 million for the year ended December 31, 2014 to $19.5 million for the year ended December 31, 2015.

 

Dividend income increased from $4,065,986 for the year ended December 31, 2014 to $4,399,181 for the year ended December 31, 2015, or 8%. This increase was due to an increase in the average balance of securities from $61,405,452 for the year ended December 31, 2014 to $69,283,611 for the year ended December 31, 2015 and from the increase in the Company’s weighted average yield on the securities portfolio which was approximately 6.1% and 7.7% as of December 31, 2014 and 2015, respectively.

 

Realized gain on sales of securities, net consists of the following:

 

   Year Ended December 31, 
   2015   2014 
         
Gross realized gains  $208,200   $1,555,656 
Gross realized losses   (3,970)   (13,067)
           
Total Realized Gain on Sales of Securities, net  $204,230   $1,542,589 

 

 -38- 

 

 

The Company had an accumulated net unrealized loss on its securities portfolio of $2,055,026 as of December 31, 2015.

 

Other income remained relatively stable for the year ended December 31, 2015 as compared to the year ended December 31, 2014.

 

Interest expense increased from $10,716,722 for the year ended December 31, 2014 to $14,074,446 for the year ended December 31, 2015, or 30%. This increase was primarily due to the new mortgage loans for the community acquisitions as well as additional community financings/refinancings in 2015. Included in interest expense for 2015 was $475,031 associated with the early extinguishment of debt. During the year, we obtained 21 new mortgage loans totaling $139 million. The average balance of mortgages payable was approximately $235 million during 2015 as compared to approximately $172 million during 2014. The increase in interest expense was partially offset by the decrease in the weighted average interest rate on its mortgages which was 4.5%, not including the effect of unamortized debt issuance costs, at December 31, 2015 as compared to 4.8% at December 31, 2014.

 

Liquidity and Capital Resources

 

The Company operates as a REIT deriving its income primarily from real estate rental operations. The Company’s principal liquidity demands have historically been, and are expected to continue to be, distribution requirements, acquisitions, capital improvements, development and expansions of properties, debt service, purchases of manufactured homes, investment in debt and equity securities of other REITs, financing of manufactured home sales and payments of expenses relating to real estate operations. The Company’s ability to generate cash adequate to meet these demands is dependent primarily on income from its real estate investments and securities portfolio, the sale of real estate investments and securities, financing and refinancing of mortgage debt, leveraging of real estate investments, availability of bank borrowings, proceeds from the DRIP, and access to the capital markets.

 

The Company has a DRIP in which participants can purchase stock from the Company at a price of approximately 95% of market. During 2016, amounts received, including dividends reinvested of $2,388,552, totaled $22,400,945. The Company also issued 2,000,000 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock in a registered direct placement, with net proceeds of approximately $49 million after deducting offering related expenses.

 

During 2016, the Company distributed to our common shareholders a total of $20,018,822, including dividends reinvested. It is anticipated, although no assurances can be given, that the level of participation in the DRIP in 2017 will be comparable to 2016. In addition, the Company also paid $14,563,645 in preferred dividends.

 

The Company intends to operate its existing properties from the cash flows generated by the properties. However, the Company’s expenses are affected by various factors, including inflation. Increases in operating expenses raise the breakeven point for a property and, to the extent that they cannot be passed on through higher rents, reduce the amount of available cash flow which can adversely affect the market value of the property.

 

The Company has the ability to finance home sales, inventory purchases and rental home purchases. The Company has a $10,000,000 revolving line of credit for the financing of homes, of which all $4,000,000 was utilized at December 31, 2016, and revolving credit facilities totaling $28,500,000 to finance inventory purchases, of which $6,314,352 was utilized at December 31, 2016. We also had $15,000,000 available on our credit facility, with an additional $15,000,000 potentially available pursuant to an accordion feature. Subsequent to yearend, we drew down the remaining $15,000,000 for the funding of the acquisition of five communities.

 

As of December 31, 2016, the Company had $4,216,592 of cash and cash equivalents and securities available for sale of $108,755,172 encumbered by $22,727,458 in margin loans. At December 31, 2016, the Company owns 101 communities of which twenty-five are unencumbered. As of December 31, 2016, we have two mortgages with a total balance of approximately $19.7 million due in 2017. The Company’s marketable securities and non-mortgaged properties provide us with additional liquidity. The Company believes that cash on hand, funds generated from operations, the DRIP and capital market, the funds available on the lines of credit, together with the ability to finance and refinance its properties will provide sufficient funds to adequately meet its obligations over the next several years.

 

 -39- 

 

 

The Company’s focus is on real estate investments. The Company has historically financed purchases of real estate primarily through mortgages. During 2016, total investment property increased 11% or $62,507,693. The Company made acquisitions of three manufactured home communities totaling 289 developed sites at an aggregate purchase price of $7,227,000. These acquisitions were funded through new mortgages, the use of our unsecured credit facility and the issuance of preferred stock. See Note 3 of the Notes to Consolidated Financial Statements for additional information on our acquisitions and Note 5 of the Notes to Consolidated Financial Statements for related debt transactions. The Company continues to evaluate acquisition opportunities. The funds for these acquisitions may come from bank borrowings, proceeds from the DRIP, and private placements or public offerings of common or preferred stock. To the extent that funds or appropriate properties are not available, fewer acquisitions will be made.

 

The Company also invests in rental homes and as of December 31, 2016 the Company owns approximately 4,700 rental homes making up approximately 26% of our sites. During 2016, rental homes increased by $38,153,464. The Company added approximately 900 net rental homes to selected communities. The Company actively markets these rental homes for sale to existing residents. The Company estimates that in 2017 it will purchase approximately 800 manufactured homes to use as rental units for a total cost, including setup, of approximately $32,000,000. Rental home rates on new homes range from $700-$1,200 per month, including lot rent, depending on size, location and market conditions. During 2016, the Company also invested approximately $17,000,000 in other improvements to our communities.

 

Additionally, the Company invests in marketable debt and equity securities of other REITs. The REIT securities portfolio provides the Company with liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. The Company generally limits its marketable securities investments to no more than approximately 20% of its undepreciated assets. The securities portfolio increased 45% or $33,743,912 primarily due to the increase in the net unrealized gain of $18,772,197 and purchases of $27,518,151, partially offset by sales of securities with a cost of $12,546,436. The Company recognized gains on sales of securities of $2,285,301 in addition to the dividend income earned of $6,636,126 in 2016. The Company from time to time may purchase these securities on margin when there is an adequate yield spread. At December 31, 2016, $22,727,458 was outstanding on the margin loan at a 2.0% interest rate.

 

Net cash provided by operating activities amounted to $29,353,412, $25,708,212 and $24,326,461 for the years ended December 31, 2016, 2015 and 2014, respectively. These increases were primarily due to the increase in income from operations generated from the acquisitions and the increased rental homes.

 

Net cash used by investing activities amounted to $77,567,390, $148,674,626 and $56,033,767 for the years ended December 31, 2016, 2015 and 2014, respectively. Cash flows used by investing activities decreased in 2016 as compared to 2015 primarily due to a decrease in acquisitions of manufactured home communities in 2016 as compared to 2015. Cash flows used by investing activities increased in 2015 as compared to 2014 primarily due to an increase in in acquisitions of manufactured home communities and securities available for sale in 2015 as compared to 2014.

 

Net cash provided by financing activities amounted to $45,894,673, $121,419,519 and $32,174,955 for the years ended December 31, 2016, 2015 and 2014, respectively. Cash flows provided by financing activities decreased in 2016 as compared to 2015 primarily due to the financing/ refinancing of 4 communities for $32 million in 2016 as compared to 21 communities for $139 million in 2015. Cash flows provided by financing activities increased in 2015 as compared to 2014 primarily due to new mortgages in 2015 for the purchase of manufactured home communities, in addition to the proceeds from our 8.0% Series B Preferred Offering.

 

Cash flow was primarily used for purchases of manufactured home communities, capital improvements, payment of dividends, purchases of securities available for sale, purchase of inventory and rental homes, loans to customers for the sales of manufactured homes, and expansion of existing communities. The Company meets maturing mortgage obligations by using a combination of cash flow and refinancing. The dividend payments were primarily made from cash flow from operations.

 

 -40- 

 

 

Capital improvements include amounts needed to meet environmental and regulatory requirements in connection with the manufactured home communities that provide water or sewer service. Excluding expansions and rental home purchases, the Company is budgeting approximately $8 million in capital improvements for 2017.

 

The Company’s significant commitments and contractual obligations relate to its mortgages and loans payable, acquisitions of manufactured home communities, retirement benefits, and the lease on its corporate offices as described in Note 8 to the Consolidated Financial Statements.

 

The Company has 1,370 acres of undeveloped land which it could develop over the next several years. The Company continues to analyze the best use of its vacant land.

 

As of December 31, 2016, the Company had total assets of $680,444,818 and total liabilities of $363,412,851. The Company believes that it has the ability to meet its obligations and to generate funds for new investments.

 

Off-Balance Sheet Arrangements and Contractual Obligations

 

The Company has not executed any off-balance sheet arrangements.

 

The following is a summary of the Company’s contractual obligations as of December 31, 2016:

 

Contractual Obligations

 

Total

  Less than 1 year 

1-3 years

 

3-5 years

  More than 5 years
                
Mortgages Payable  $296,563,983   $25,905,661   $34,376,379   $26,175,881   $210,106,062 
Interest on Mortgages Payable   78,408,441    12,558,037    21,924,663    19,233,577    24,692,164 
Loans Payable   58,393,439    30,566,256    511,120    4,382,402    22,933,661 
Interest on Loans Payable   4,877,753    1,757,161    1,346,976    1,296,094    477,522 
Operating Lease Obligations   963,200    178,800    357,600    365,600    61,200 
Purchase of Properties   36,510,000    36,510,000    -0-    -0-    -0- 
Retirement Benefits   450,000    -0-    -0-    -0-    450,000 
                          
Total  $476,166,816   $107,475,915   $58,516,738   $51,453,554   $258,720,609 

  

Mortgages payable represents the principal amounts outstanding based on scheduled payments. The interest rates on these mortgages vary from fixed rates ranging from 3.71% to 6.83% and variable rates of Prime plus 1.0% to LIBOR plus 3.0%. The weighted average interest rate was approximately 4.4% at December 31, 2016. As of December 31, 2016, the weighted average loan maturity of the mortgage payable is 6.9 years.

 

Loans payable represents $20,000,000 outstanding on the Company’s unsecured line of credit with an interest rate ranging from LIBOR plus 1.75% to 2.50% or Prime plus 0.75% to 1.50%, based on the Company’s overall leverage (interest rate of 2.69% as of December 31, 2016); $22,727,458 outstanding on its margin line with an interest rate of 2.0% at December 31, 2016; $6,314,352 outstanding on the Company’s revolving credit agreements to finance inventory with interest rates ranging from prime with a minimum of 6% to Prime plus 2% with a minimum of 8% after 18 months (weighted average interest rate of 5.9% as of December 31, 2016); $467,101 loans outstanding for the finance of rental homes with an interest rate of 6.99% at December 31, 2016; $4,000,000 outstanding on its commercial term loan with an interest rate of 4.625% at December 31, 2016; $4,000,000 outstanding on the Company’s revolving line of credit secured by eligible notes receivables with an interest rate of prime plus 50 basis points (interest rate of 4.25% as of December 31, 2016); and $884,528 outstanding on its automotive loans with a weighted average interest rate of 3.8%.

 

Operating lease obligations represent a lease with a related party for the Company’s corporate offices. On May 1, 2015, the Company renewed this lease for additional space and for an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance.

 

 -41- 

 

 

Purchase of Properties represents the total purchase price of two communities under contract in Ohio, two communities in Indiana and one community in Pennsylvania, totaling 1,291 developed home sites. All five acquisitions, with a purchase price of approximately $36,510,000, were completed in January 2017.

 

Retirement benefits of $450,000 represent the total future amount to be paid, on an undiscounted basis, relating to the Company’s Founder and Chairman. These benefits are based upon his specific employment agreement. The agreement does not require the Company to separately fund the obligation and therefore will be paid from the general assets of the Company. The Company has accrued these benefits on a present value basis over the term of the agreement (See Note 8 of the Notes to Consolidated Financial Statements).

 

Critical Accounting Policies and Estimates

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the Company’s consolidated financial statements. Actual results may differ from these estimates under different assumptions or conditions.

 

Significant accounting policies are defined as those that involve significant judgment and potentially could result in materially different results under different assumptions and conditions. Management believes the following critical accounting policies are affected by our more significant judgments and estimates used in the preparation of the Company’s consolidated financial statements. For a detailed description of these and other accounting policies, see Note 2 of the Notes to Consolidated Financial Statements included in this Form 10-K.

 

Real Estate Investments

 

The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.

 

Upon acquisition of a property, the Company applies ASC 805, Business Combinations (“ASC 805”) and allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase. Transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are expensed as incurred.

 

The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21, which indicates that asset values should be analyzed whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. The process entails the analysis of property for instances where the net book value exceeds the estimated fair value. In accordance with ASC 360-10-35-17, an impairment loss shall be recognized if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.

 

 -42- 

 

 

Securities Available for Sale

 

Investments in non-real estate assets consist primarily of marketable securities. The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances that may indicate possible impairment occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to not be other than temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:

 

  a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.
     
  b. Any downgrading of the security by a rating agency.
     
  c. Whether the financial condition of the issuer has deteriorated.
     
  d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.
     
  e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.

 

The Company generally holds REIT securities long-term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.

 

The Company’s securities consist primarily of common and preferred stock of other REITs. These securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities are classified among three categories: Held-to-maturity, trading and available-for-sale. As of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in net unrealized holding gains and losses are reflected as comprehensive income (loss).

 

Other

 

Estimates are used when accounting for the allowance for doubtful accounts for our rents and loans receivable, potentially excess and obsolete inventory and contingent liabilities, among others. These estimates are susceptible to change and actual results could differ from these estimates. The effects of changes in these estimates are recognized in the period they are determined.

 

Recent Accounting Pronouncements

 

See Note 2 of the Notes to Consolidated Financial Statements.

 

Item 7A – Quantitative and Qualitative Disclosures about Market Risk

 

The Company’s principal market risk exposure is interest rate risk. The Company mitigates this risk by maintaining prudent amounts of leverage, minimizing capital costs and interest expense while continuously evaluating all available debt and equity resources and following established risk management policies and procedures, which include the periodic use of derivatives. 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.

 

 -43- 

 

 

The following table sets forth information as of December 31, 2016, concerning the Company’s mortgages payable, including principal cash flow by scheduled maturity, weighted average interest rates and estimated fair value.

 

    Fixed Rate   Weighted
Average Fixed		   Variable Rate   Total 
    Carrying Value   Interest Rate   Carrying Value   Long-Term Debt 
                  
2017    9,035,246    6.18%   10,625,352    19,660,598 
2018    8,818,862    6.83%   354,531    9,173,393 
2019    2,889,970    5.63%   -0-    2,889,970 
2020    12,525,896    5.94%   -0-    12,525,896 
2021    

2,228,629

    6.50%   -0-    

2,228,629

 
Thereafter    

250,085,497

    4.17%   -0-    250,085,497 
Total   $285,584,100    4.08%  $10,979,883   $296,563,983 
                      
Estimated Fair Value   $282,369,063        $10,979,883   $293,348,946 

 

The Company’s variable rate long-term debt consists of two mortgage loans with a total balance of $10,979,883 as of December 31, 2016. Interest rates on these mortgages are at Prime plus 1.0% and LIBOR plus 3.0%. To minimize the variability that changes in interest rates could have on its future cash flows, the Company has entered into a separate interest rate swap agreement for one of these loans. This interest rate swap agreement has the effect of fixing the interest rate relative to a mortgage loan with a balance of approximately $10.6 million at December 31, 2016. The unrealized loss in fair value of the interest rate swap agreement amounted to $3,983 for the year ended December 31, 2016. The effective fixed interest rates on this loan is 3.89%.

 

The Company’s remaining variable rate mortgage totals approximately $355,000 as of December 31, 2016. Interest rates on this mortgage is Prime plus 1%. If prime increased or decreased by 1.0%, the Company believes its interest expense would have increased or decreased by approximately $3,600, based on the balance of the variable rate long-term debt outstanding at December 31, 2016.

 

On March 29, 2013, the Company entered into a $35 million Unsecured Revolving Credit Facility (“Credit Facility”) with Bank of Montreal (“BMO”). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility has been extended to March 29, 2017. The Company is in the process of renewing this Credit Facility. Borrowings under the Credit Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness. Borrowings bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. The Company incurs a fee on the unused commitment amount of up to 0.35% per annum. The Credit Facility replaced the Company’s previous $5.0 million unsecured line of credit. As of December 31, 2016, the balance outstanding on the Credit Facility was $20,000,000. Based on the current leverage ratio, interest on this borrowing is at LIBOR plus 2.00% for an interest rate of 2.69% as of December 31, 2016.

 

The Company also has approximately $10,300,000 in variable rate debt. This debt primarily consists of approximately $6.3 million outstanding on our inventory financing lines with interest rates ranging from prime with a minimum of 6% to Prime plus 2% with a minimum of 8% after 18 months (weighted average interest rate of 5.87% as of December 31, 2016) and $4 million outstanding on our revolving line of credit to finance home sales with an interest rate of prime plus 50 basis points (interest rate of 4.25% as of December 31, 2016). The carrying value of the Company’s variable rate debt approximates fair value at December 31, 2016. Additionally, at December 31, 2016, the Company has fixed rate debt consisting of $4,000,000 outstanding on its commercial term loan with an interest rate of 4.625%, approximately $467,000 loan outstanding for the financing of rental homes with an interest rate of 6.99% and approximately $885,000 outstanding on its automotive loans with a weighted average interest rate of 3.80%.

 

 -44- 

 

 

The Company invests in equity securities of other REITs and is primarily exposed to market price risk from adverse changes in market rates and conditions. The Company generally limits its marketable securities investments to no more than approximately 20% of its undepreciated assets. All securities are classified as available for sale and are carried at fair value.

 

The Company obtains margin loans secured by its marketable securities. The interest rate on the margin account is the bank’s margin rate and was 2.0% at December 31, 2016 and 2015. There was $22,727,458 outstanding on the margin loans as of December 31, 2016. As of December 31, 2016, the value of marketable securities was $108,755,172. In general, the Company may borrow up to 50% of the value of the marketable securities.

 

Item 8 – Financial Statements and Supplementary Data

 

The financial statements and supplementary data listed in Part IV, Item 15(a)(1) are incorporated herein by reference and filed as part of this report.

 

The following is the Unaudited Selected Quarterly Financial Data:

 

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

THREE MONTHS ENDED

 

2016  March 31   June 30   September 30   December 31 
                 
Total Income  $23,504,374   $25,210,707   $25,355,051   $25,143,697 
Total Expenses   19,876,382    21,176,977    21,567,389    20,634,766 
Other Income (Expense)   (1,743,611)   (937,242)   (587,077)   (1,153,663)
Net Income   1,906,469    3,051,462    3,200,013    3,376,615 
Net Loss Attributable                    
to Common Shareholders   (883,278)   (682,729)   (589,734)   (413,132)
Net Loss Attributable to Common
Shareholders per Share –		                    
Basic and Diluted   (0.03)   (0.03)   (0.02)   (0.01)

 

2015  March 31   June 30   September 30   December 31 
                 
Total Income  $18,344,086   $19,553,443   $21,694,999   $21,924,143 
Total Expenses   16,369,803    17,484,822    18,965,700    19,256,221 
Other Income (Expense)   (1,260,479)   (1,790,710)   (1,684,881)   (2,479,582)
Net Income   718,517    203,982    1,047,245    174,461 
Net Loss Attributable                    
to Common Shareholders   (1,170,630)   (1,685,165)   (841,902)   (2,425,296)
Net Loss Attributable to Common
Shareholders per Share –		                    
Basic and Diluted   (0.05)   (0.06)   (0.03)   (0.10)

 

Item 9 – Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

There were no changes in, or any disagreements with, the Company’s independent registered public accounting firm on accounting principles and practices or financial disclosure during the years ended December 31, 2016 and 2015.

 

 -45- 

 

 

Item 9A – Controls and Procedures

 

Disclosure Controls and Procedures

 

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Securities Exchange Act of 1934 Rule 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information that would potentially be subject to disclosure under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder as of December 31, 2016.

 

Internal Control over Financial Reporting

 

(a) Management’s Annual Report on Internal Control over Financial Reporting

 

Management of the Company is responsible for establishing and maintaining effective internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). The Company’s internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that we will detect or uncover failures to disclose material information otherwise required to be set forth in our periodic reports.

 

Management assessed the Company’s internal control over financial reporting as of December 31, 2016. This assessment was based on criteria for effective internal control over financial reporting established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (2013 framework). Based on this assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2016.

 

PKF O’Connor Davies, LLP, the Company’s independent registered public accounting firm, has issued their report on their audit of the Company’s internal control over financial reporting, a copy of which is included herein.

 

 -46- 

 

 

(b) Attestation Report of the Independent Registered Public Accounting Firm

 

Report of Independent Registered Public Accounting Firm

 

The Board of Directors and Shareholders

UMH Properties, Inc.

 

We have audited UMH Properties, Inc.’s (the “Company”) internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (2013 framework). UMH Properties, Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting included in the accompanying Item 9A. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control, based upon the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, (3) receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (4) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, UMH Properties, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016 based on criteria established in Internal Control-Integrated Framework issued by COSO (2013 framework).

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of UMH Properties, Inc. as of December 31, 2016 and 2015, and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2016 and our report dated March 7, 2017 expressed an unqualified opinion thereon.

 

  /s/ PKF O’Connor Davies, LLP
New York, New York  

March 7, 2017

 

 -47- 

 

 

(c) Changes in Internal Control over Financial Reporting

 

There have been no changes to our internal control over financial reporting during the Company’s fourth quarter that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.

 

Item 9B – Other Information

 

None.

 

PART III

 

Item 10 – Directors, Executive Officers and Corporate Governance

 

The Company will file its definitive Proxy Statement for its 2017 Annual Meeting of Stockholders within the period required under the applicable rules of the Securities and Exchange Commission. Additional information required by this Item is included under the captions “ELECTION OF DIRECTORS” and “CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS” of such Proxy Statement and is incorporated herein by reference.

 

The following are the Directors and Executive Officers of the Company as of December 31, 2016:

 

Name

  

 

 

Age

  

Present Position with the Company; Business

Experience During Past Five Years; Other

Directorships

  

 

Director
Since

  Class Type (1)
                 
Jeffrey A. Carus   53  

Independent Director (2). Founder and Managing Partner of JAC Partners, LLC (2009 to present); Founder and Managing Member of JAC Management, LLC (1998 to present); Principal of Advalurem Group (2012-2014); Prior affiliations with CW Capital and Credit Suisse. Mr. Carus’ extensive experience in real estate finance and investment is the primary reason, among others, why Mr. Carus serves on our Board.

 

   2011   II
Anna T. Chew   58   Vice President and Chief Financial Officer (1995 to present), Controller (1991 to 1995) and Director. Certified Public Accountant; Interim Chief Financial Officer (March 2012 to July 2012), Treasurer (2010 to 2013), Chief Financial Officer (1991 to 2010) and Director (1993 to 2004, and 2007 to present) of Monmouth Real Estate Investment Corporation, an affiliated company. Ms. Chew’s extensive public accounting, finance and real estate industry experience is the primary reason, among others, why Ms. Chew serves on our Board.   1995   III
                 
Matthew I. Hirsch   57  

Presiding Independent Director (2). Attorney at Law (1985 to present) Law Office of Matthew I. Hirsch. Adjunct Professor of Law, Delaware Law School of Widener University School of Law (1993 to present); Director (2000 to present) of Monmouth Real Estate Investment Corporation, an affiliated company. Mr. Hirsch’s experience with real estate transactions, legal issues relating to real estate and the real estate industry is the primary reason, among others, why Mr. Hirsch serves on our Board.

   2013   II

 

 -48- 

 

 

 

 

Name

  

 

 

Age

  

Present Position with the Company; Business

Experience During Past Five Years; Other

Directorships

  

 

Director
Since

  Class Type (1)
                 

 

Craig Koster

  

 

41

  

 

General Counsel and Secretary (2015 to present), In-house Counsel (2012 to 2014). Attorney at Law (2001 to present); Assistant Corporation Counsel at the New York City Law Department (2007 to 2012).

  

 

N/A

  

 

N/A

                 


Eugene W. Landy		   83   Founder (1968), Chairman of the Board (1995 to present), President and Chief Executive Officer (1968 to 1995), and Director. Attorney at Law; Founder, Chairman of the Board and Director (1968 to present), President and Chief Executive Officer (1968 to 2013) of Monmouth Real Estate Investment Corporation, an affiliated company. As our founder and Chairman, Mr. Landy’s unparalleled experience in real estate investing is the primary reason, among others, why Mr. Landy serves on our Board.   1968   III
                 
Michael P. Landy   54  

Director. Executive Vice President (2010 to 2012), Vice President – Investments (2001 to 2010). President and Chief Executive Officer (2013 to present), Chief Operating Officer (2011 to 2013), Executive Vice President (2009 to 2010), Executive Vice President – Investments (2006 to 2009), Vice President – Investments (2001 to 2006) and Director (2007 to present) of Monmouth Real Estate Investment Corporation, an affiliated company; Member of New York University’s REIT Center Board of Advisors (2013 to present). Mr. Landy’s extensive experience in real estate finance, investment, capital markets and operations management is the primary reason, among others, why Mr. Landy serves on our Board.

 

   2011   I
Samuel A. Landy   56   President and Chief Executive Officer (1995 to present), Vice President (1991-1995) and Director. Attorney at Law; Director (1989 to present) of Monmouth Real Estate Investment Corporation, an affiliated company. Mr. Landy’s role as our President and Chief Executive Officer and his extensive experience in real estate investment, operations management and REIT leadership is the primary reason, among others, why Mr. Landy serves on our Board.  

1992

 

   III
                 
Stuart D. Levy   47   Independent Director (2). Vice President in the Real Estate Finance Group at Helaba-Landesbank Hessen-Thuringen (2006 to present). Mr. Levy’s extensive real estate background is the primary reason, among others, why Mr. Levy serves on our Board.   2011   III
                 
James E. Mitchell   76   Independent Director (2). Attorney at Law; General Partner, Mitchell Partners, L.P. (1979 to present); President, Mitchell Capital Management, Inc. (1987 to present). Mr. Mitchell’s extensive experience in real estate investment is the primary reason, among others, why Mr. Mitchell serves on our Board.  

2001

 

   I

 

 -49- 

 

 

 

 

Name

  

 

 

Age

  

Present Position with the Company; Business

Experience During Past Five Years; Other

Directorships

  

 

Director
Since

  Class Type (1)
                 
Kenneth A. Quigley, Jr.   58   Independent Director (2). Attorney at Law; President of Curry College (1996 to present); Director of Randolph Bancorp (2013 to present); Director of Central Bancorp (2010 to 2011). Mr. Quigley’s management, governance, law, accounting, finance and REIT experience is the primary reason, among others, why Mr. Quigley serves on our Board.   2016   II
                 
Brett Taft   27   Vice President (2016 to present), Vice President -Acquisition and Property Integration (2013 to 2016).   N/A   N/A
                 
Stephen B. Wolgin   62   Independent Director (2). Managing Director of U.S. Real Estate Advisors, Inc., a real estate advisory services group based in New York (2000 to present); Partner with the Logan Equity Distressed Fund (2007 to present); Director (2003 to present) of Monmouth Real Estate Investment Corporation, an affiliated company; Prior affiliations with J.P. Morgan, Odyssey Associates, The Prudential Realty Group, Standard & Poor’s Corporation, and Grubb and Ellis. Mr. Wolgin’s extensive experience as a real estate and finance consultant and experience in the real estate industry is the primary reason, amongst many, why Mr. Wolgin serves on our Board.   2007   I

 

  (1) Class I, II and III Directors have terms expiring at the annual meetings of the Company’s shareholders to be held in 2019, 2017 and 2018, respectively, and when their respective successors are duly elected and qualify.
     
  (2) Independent within the meaning of applicable New York Stock Exchange listing standards and SEC rules.

 

All officers serve at the pleasure of the Board of Directors, subject to the rights, if any, of any officer under any employment contract. Officers are elected by the Board of Directors annually and as may be appropriate to fill a vacancy in an office.

 

Family Relationships

 

There are no family relationships between any of the directors or executive officers of the Company, with the exception of Samuel A. Landy and Michael P. Landy, who are the sons of the Company’s Founder, Eugene W. Landy, who is the Chairman of the Board and a Director of the Company.

 

Audit Committee

 

The Company has a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jeffrey A. Carus, Stuart D. Levy, James E. Mitchell and Stephen B. Wolgin (Chairman). The Company’s Board of Directors has determined that Mr. Carus, Mr. Levy, Mr. Mitchell and Mr. Wolgin are “independent” as defined by the rules of the SEC and the listing standards of the NYSE and “audit committee financial experts” within the meaning of the rules of the SEC. The audit committee operates under the Audit Committee Charter which is available on the Company’s website at www.umh.reit. The charter is reviewed annually for adequacy.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

There have been no delinquent filers pursuant to Item 405 of regulation S-K, to the best of management’s knowledge.

 

 -50- 

 

 

Code of Ethics

 

The Company has adopted the Code of Business Conduct and Ethics applicable to its Chief Executive Officer and Chief Financial Officer, as well as the Company’s other officers, directors and employees (the “Code of Ethics”). The Code of Ethics can be found at the Company’s website at www.umh.reit. The Code of Ethics is also available in print to any person without charge who requests a copy by writing or telephoning us at the following address and telephone number: UMH Properties, Inc., Attention: Stockholder Relations, 3499 Route 9 North, Suite 3-C, Juniper Business Plaza, Freehold, New Jersey 07728, (732) 577-9997. The Company will satisfy any disclosure requirements under Item 5.05(c) of Form 8-K regarding a waiver from any provision of the Code of Ethics for principal officers or directors by disclosing the nature of such amendment of waiver on our website.

 

Item 11 – Executive Compensation

 

The Company will file its definitive Proxy Statement for its 2017 Annual Meeting of Stockholders within the period required under the applicable rules of the Securities and Exchange Commission. Additional information required by this Item is included under the caption “ELECTION OF DIRECTORS”, “EXECUTIVE COMPENSATION” and “CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS” of such Proxy Statement and is incorporated herein by reference.

 

Compensation Discussion and Analysis

 

Overview of Compensation Program

 

The Compensation Committee (for purposes of this analysis, the “Committee”) of the Board has been appointed to discharge the Board’s responsibilities relating to the compensation of the Company’s executive officers. The Committee has the overall responsibility for approving and evaluating the executive officer compensation plans, policies and programs of the Company. The Committee’s primary objectives include serving as an independent and objective party to review such compensation plans, policies and programs. The Committee has not retained or obtained the advice of a compensation committee consultant for determining or recommending the amount of executive or director compensation.

 

Throughout this report, the individuals who served as the Company’s chief executive officer and chief financial officer during 2016, as well as certain other individuals included in the Summary Compensation Table presented below in Item 11 of this report, are sometimes referred to in this report as the “named executive officers.”

 

Compensation Philosophy and Objectives

 

The Committee believes that a well-designed compensation program should align the goals of the chief executive officer with the goals of the shareholders, and that a significant part of the executive’s compensation, over the long term, should be dependent upon the value created for shareholders. In addition, all executives should be held accountable through their compensation for the performance of the Company, and compensation levels should also reflect the executive’s individual performance in an effort to encourage increased individual contributions to the Company’s performance. The compensation philosophy, as reflected in the Company’s employment agreements with its executives, is designed to motivate executives to focus on operating results and create long-term shareholder value by:

 

  ● establishing a plan that attracts, retains and motivates executives through compensation that is competitive with a peer group of other publicly-traded REITs;
     
  ● rewarding executives for individual accomplishments and achievements;
     
  ● linking a portion of executives’ compensation to the achievement of the Company’s business plan by using measurements of the Company’s operating results and shareholder return; and
     
  ● building a pay-for-performance system that encourages and rewards successful initiatives within a team environment.

 

 -51- 

 

 

The Committee believes that each of the above factors is important when determining compensation levels for named executive officers. The Committee reviews and approves the employment contracts for the Chairman of the Board, the President and Chief Executive Officer, and the Vice President and Chief Financial Officer, as well as other named executive officers, including performance goals and objectives. The Committee annually evaluates performance of these executive officers in light of those goals and objectives. The Committee considers the Company’s performance, relative stockholder return, the total compensation provided to comparable officers at similarly-situated companies, and compensation given to named executive officers in prior years. The Committee uses the Residential Sector of the Real Estate Compensation Survey (the “Survey”), produced under the guidance of NAREIT, as a guide to setting compensation levels. Participant company data is not presented in a manner that specifically identifies any named individual or company. The Survey details compensation by position type and company size with statistical salary and bonus information for each position. The Company’s salaries, bonus amounts and long-term compensation awards are compared to the ranges presented for reasonableness. The Committee believes executive compensation packages provided by the Company to its executive officers should include both base salaries, annual bonuses and long-term compensation awards that reward corporate and individual performance, as well as give incentives to executives to meet or exceed established goals.

 

Role of Executive Officers in Compensation Decisions

 

The Committee makes all final compensation decisions for the Company’s named executive officers. The Chairman of the Board and the President and Chief Executive Officer annually review the performance of the other named executive officers and then present their conclusions and recommendations to the Committee with respect to base salary adjustments and annual cash bonus and stock option and restricted stock awards. The Committee exercises its own discretion in modifying any recommended adjustments or awards, but does consider the recommendations from management who work closely with the other named executive officers.

 

Role of Grants of Stock Options and Restricted Stock in Compensation Analysis

 

The Committee views the grant of stock options and restricted stock awards as a form of long-term compensation. The Committee believes that such grants promote the Company’s goal of retaining key employees, and aligns the key employee’s interests with those of the Company’s shareholders from a long-term perspective. The number of options or shares of restricted stock granted to each employee is determined by consideration of various factors including, but not limited to, the employee’s contribution, title, responsibilities and years of service.

 

Role of Employment Agreements in Determining Executive Compensation

 

Most of the Company’s currently employed named executive officers are parties to employment agreements. These agreements provide for base salaries, bonuses and customary fringe benefits. Other key elements of the Company’s compensation program for the named executive officers are stock options, restricted stock awards and other benefits. Each of these is addressed separately below. In determining initial compensation, the Committee considers all elements of a named executive officer’s total compensation package in comparison to current market practices and other benefits.

 

Shareholder Advisory Vote

 

One way to determine if the Company’s compensation program reflects the interests of shareholders is through their non-binding vote. At the Annual Meeting of Shareholders held on June 12, 2014, the Company’s shareholders approved by their advisory vote the compensation of the named executive officers.

 

Base Salaries

 

Base salaries are paid for ongoing performance throughout the year. In order to compete for and retain talented executives who are critical to the Company’s long-term success, the Committee has determined that the base salaries of named executive officers should approximate those of executives of other equity REITs that compete with the Company for employees, investors and business, while also taking into account the named executive officers’ performance and tenure and the Company’s performance relative to its peer companies within the REIT industry using the Survey described above.

 

 -52- 

 

 

Bonuses

 

In addition to the provisions for base salaries under the terms of their employment agreements, the President and Chief Executive Officer and the Vice President and Chief Financial Officer are entitled to receive annual cash bonuses for each year during the terms of each respective agreement. These bonuses are based on the achievement of certain performance goals set by the Committee as described below.

 

For the President and Chief Executive Officer:

 

Increase same store occupancy   0.75%   1.00%   1.25%
Bonus  $47,300   $94,600   $118,250 
Increase same store revenue   3%   4%   5%
Bonus  $47,300   $94,600   $141,900 
Increase same store rental units   400 units    500 units    600 units 
Bonus  $94,600   $94,600   $118,250 
Increase same store sales profit   Breakeven    Up to $500,000    Over $500,000 
Bonus  $47,300    $47,300 plus 10% of profit     $97,300 plus 12% of profit over $500,000  
Reduce and or maintain same store operating costs as a percentage of revenue   50%   50%   50%
Bonus  $94,600   $94,600   $94,600 
Reduce and or maintain administrative expense as a percentage of total operating revenue   10%   10%   10%
Bonus  $94,600   $94,600   $94,600 
                
Total Bonus Potential  $425,700   $570,300   $724,900 

 

For the Vice President and Chief Financial Officer:

 

Increase same store occupancy   0.75%   1.00%   1.25%
Bonus  $36,100   $72,200   $90,800 
Increase same store revenue   3%   4%   5%
Bonus  $36,100   $72,200   $109,300 
Increase same store rental units   400 units    500 units    625 units 
Bonus  $72,200   $72,200   $90,800 
Increase same store sales profit   Breakeven    Up to $500,000    Over $500,000 
Bonus  $36,100     $36,100 plus 10% of profit      $86,100 plus 12% of profit over $500,000  
Reduce and or maintain same store operating costs as a percentage of revenue   50%   50%   50%
Bonus  $72,200   $72,200   $72,200 
Reduce and or maintain administrative expense as a percentage of total operating revenue   10%   10%   10%
Bonus  $72,200   $72,200   $72,200 
                
Total Bonus Potential  $324,900   $447,100   $581,400 

 

 -53- 

 

 

Bonuses awarded to the other named executive officers are recommended by the Chairman of the Board and the President and Chief Executive Officer and are approved by the Committee. The Company believes that short-term rewards in the form of cash bonuses to senior executives generally should reflect short-term results and should take into consideration both the profitability and performance of the Company and the performance of the individual, which may include comparing such individual’s performance to the preceding year, reviewing the breadth and nature of the senior executives’ responsibilities and valuing special contributions by each such individual. In evaluating performance of the Company annually, the Compensation Committee considers a variety of factors, including, among others, FFO, Core FFO, Normalized FFO, net income, growth in asset size, occupancy and total return to shareholders. The Company considers FFO to be an important measure of an equity REIT’s operating performance and has adopted the definition suggested by NAREIT, which defines FFO to mean net income computed in accordance with U.S. GAAP, excluding gains or losses from sales of property, plus real estate related depreciation and amortization. The company defines Core FFO as FFO plus acquisition costs and costs of early extinguishment of debt. The Company defines Normalized FFO as Core FFO excluding gains and losses realized on securities investments and certain non-recurring charges. The Company considers FFO, Core FFO and Normalized FFO to be meaningful, additional measures of operating performance primarily because it excludes the assumption that the value of its real estate assets diminishes predictably over time and because industry analysts have accepted these as performance measures.

 

Other factors considered include the employee’s title and years of service. The employee’s title generally reflects the employee’s responsibilities and the employee’s years of service may be considered in determining the level of bonus in comparison to base salary. The Committee has declined to use specific performance formulas with respect to the other named executive officers, believing that with respect to Company performance, such formulas do not adequately account for many factors, including, among others, the relative performance of the Company compared to its competitors during variations in the economic cycle, and that with respect to individual performance, such formulas are not a substitute for the subjective evaluation by the Committee of a wide range of management and leadership skills of each of the senior executives.

 

Stock Options and Restricted Stock Awards

 

The employment agreements for the President and Chief Executive Officer and the Vice President and Chief Financial Officer provides for the grant of restricted stock awards, based on the following:

 

President and Chief Executive Officer

 

Achievement of any of the performance goals previously stated   12,500 
Discretion of the Compensation Committee   12,500 

 

Vice President and Chief Financial Officer

 

Achievement of any of the performance goals previously stated   10,000 
Discretion of the Compensation Committee   10,000 

 

Stock options and restricted stock awards to the other named executive officers are recommended by the Chairman of the Board and the President and Chief Executive Officer. In making its decisions, the Committee does not use an established formula or focus on a specific performance target. The Committee recognizes that often outside forces beyond the control of management, such as economic conditions, changing real estate markets and other factors, may contribute to less favorable near term results even when sound strategic decisions have been made by the senior executives to position the Company for longer term profitability. Thus, the Compensation Committee also attempts to identify whether the senior executives are exercising the kind of judgment and making the types of decisions that will lead to future growth and enhanced asset value, even if the same are difficult to measure on a current basis. For example, in determining appropriate stock option and restricted stock awards, the Compensation Committee considers, among other matters, whether the senior executives have executed strategies that will provide adequate funding or appropriate borrowing capacity for future growth, whether acquisition strategies have been developed to ensure a future stream of reliable and increasing revenues for the Company, whether the selection of properties evidence appropriate risk management, including risks associated with real estate markets, and whether the administration of staff size and compensation appropriately balances the current and projected operating requirements of the Company with the need to effectively control overhead costs.

 

 -54- 

 

 

In 2016, the Compensation Committee received the recommendations from the Chairman of the Board and the President and Chief Executive Officer for the number of options or restricted stock to be awarded. The factors that were considered in awarding the stock options and restricted stock included the following progress that was made by the Company due to the efforts of management:

 

  ● Generated an increase in Normalized FFO share growth of 20.0%, representing our fourth consecutive year of double-digit growth;
     
  ● Increased Community Net Operating Income (“NOI”) by 27.4%;
     
  ● Increased same property Community NOI by 18.9%;
     
  ● Increased same property occupancy from 82.9% to 84.8%;
     
  ● Improved our Operating Expense Ratio from 49.6% to 47.0%;
     
  ● Generated approximately $2.3 million in net-realized gains in addition to the $16.7 million in unrealized gains we held at year end on our REIT securities investments;
     
  ● Acquired 3 communities containing approximately 300 home sites for a total of $7.3 million;
     
  ● Increased our rental home portfolio by 900 homes, representing an increase of 25% to 4,700 total rental homes;
     
  ● Raised approximately $22 million in common equity capital through our Dividend Reinvestment and Stock Purchase Plan;
     
  ●

Issued 2 million shares of our 8.0% Series B Cumulative Redeemable Preferred Stock raising net proceeds of approximately $49 million;

     
  ● Financed/refinanced four communities for a total of $32 million;
     
  ● Reduced our overall weighted average mortgage interest rate from 4.6% to 4.4%;
     
  ● Managed general and administrative costs to an appropriate level; and
     
  ● Maintained cash distributions to shareholders.

 

After considering the recommendations of the Chairman of the Board and the President and Chief Executive Officer, the Committee allocated the individual awards to the named executive officers based on the named executive officers’ individual contributions to these accomplishments. Other factors considered in this allocation included the named executive officers’ responsibilities and years of service. In addition, the awards were compared to each named officers’ total compensation and compared with comparable REITs using the Survey described above as a guide for setting total compensation.

 

Other Personal Benefits

 

The Company’s employment agreements provide the named executive officers with other personal benefits that the Company and the Committee believe are reasonable and consistent with its overall compensation program to better enable the Company to attract and retain superior employees for key positions. The Committee periodically reviews the levels of other personal benefits provided to the named executive officers.

 

The named executive officers are provided the following benefits under the terms of their employment agreements: an allotted number of paid vacation weeks; eligibility for the executives, spouses and dependents in all Company sponsored employee benefits plans, including 401(k) plan, group health, accident, and life insurance, on such terms no less favorable than applicable to any other executive; use of an automobile; and, supplemental disability insurance, at the Company’s cost, as agreed to by the Company and the named executive officer. Attributed costs of the personal benefits described above for the named executive officers for the fiscal year ended December 31, 2016, are included in “All Other Compensation” of the Summary Compensation Table provided below under Item 11 of this report.

 

 -55- 

 

 

Payments upon Termination or Change in Control

 

In addition, the named executive officers’ employment agreements each contain provisions relating to change in control events and severance upon termination for events other than for cause or good reason (as defined under the terms of the employment agreements). These change in control and severance terms are designed to promote stability and continuity of senior management. Information regarding these provisions is included in “Employment Agreements” provided below in Item 11 of this report. There are no other agreements or arrangements governing change in control payments.

 

Evaluation

 

Mr. Eugene Landy is employed under an amended employment agreement with the Company. His base compensation under his amended contract was increased in 2014 to $250,000 per year. Mr. Eugene Landy also received bonuses totaling $34,615 primarily based on performance, including growth of the Company. Additionally, Mr. Eugene Landy received $49,500 in director’s fees and fringe benefits. In recognition of Mr. Eugene Landy’s extraordinary contributions to the Company over the last five decades and, in particular, over the last year, the Compensation Committee approved and granted a restricted stock award of 20,000 shares of restricted common stock. The stock, which will vest in equal annual installments over the next five years, has a grant date fair value of $11.57 per share, for a total grant date fair value of $231,400.

 

The Committee also reviewed the progress made by Mr. Samuel A. Landy, President and Chief Executive Officer and Ms. Anna T. Chew, Vice President and Chief Financial Officer. Mr. Samuel Landy is employed under an employment agreement with the Company. His base compensation under this contract was $473,000 for 2016. In evaluating Mr. Samuel Landy’s eligibility for an annual bonus, stock options and restricted stock awards, the Compensation Committee used the bonus schedule included in Mr. Samuel Landy’s employment agreement as a guide.

 

Ms. Chew is employed under an employment agreement with the Company. Her base compensation under this contract is $360,000 for 2016. In evaluating Ms. Chew’s eligibility for an annual bonus, stock options and restricted stock awards, the Compensation Committee used the bonus schedule included in Ms. Chew’s employment agreement as a guide.

 

The Committee has also approved the recommendations of the Chairman of the Board and the President and Chief Executive Officer concerning the other named executives’ annual salaries, bonuses, option and restricted stock grants and fringe benefits.

 

In addition to its determination of the executive’s individual performance levels for 2016, the Committee also compared the executive’s total compensation for 2016 to that of similarly-situated personnel in the REIT industry using the Survey described above. The Company’s salary and bonus amounts were compared to the ranges presented for reasonableness.

 

Risk Management

 

The Compensation Committee has assessed our compensation program for the purpose of viewing and considering any risks presented by our compensation policies and practices that are likely to have a material adverse effect on us. As part of that assessment, management reviewed the primary elements of our compensation program, including base salary, annual bonus opportunities, equity compensation and severance arrangements. Management’s risk assessment included a review of the overall design of each primary element of our compensation program, and an analysis of the various design features, controls and approval rights in place with respect to compensation paid to management and other employees that mitigate potential risks to us that could arise from our compensation program. Following the assessment, management determined that our compensation policies and practices did not create risks that were reasonably likely to have a material adverse effect on us and reported the results of the assessment to the Compensation Committee.

 

 -56- 

 

 

Compensation Committee Report

 

The Compensation Committee of the Board has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis be included in this report.

 

Compensation Committee:

 

Jeffrey A. Carus (Chairman)

Stuart D. Levy

James E. Mitchell

Stephen B. Wolgin

 

Summary Compensation Table

 

The following Summary Compensation Table shows compensation paid by the Company for services rendered during 2016, 2015 and 2014 to the named executive officers. There were no other executive officers whose aggregate cash compensation exceeded $100,000:

 

Name and

Principal Position

  Year   Salary   Bonus (4)   Option Awards (5)   Restricted Stock Awards (6)   Change in Pension Value and Nonqualified Deferred Compensation Earnings   All Other Compensation  Total 
                                
Eugene W. Landy   2016   $250,000   $34,615   $81,000   $231,400   $-0-   $49,500 (1)  $646,515 
Chairman of the   2015    250,000    134,615    93,000    9,120    -0-   47,000 (1)   533,735 
Board   2014    193,750    34,615    98,000    -0-    -0-   43,250 (1)   369,615 
                                       
Samuel A. Landy   2016    473,000    570,192    40,500    219,825    -0-   60,100 (2)   1,363,617 
President and Chief   2015    460,000    90,203    46,500    252,370    -0-   57,400 (2)   906,473 
Executive Officer   2014    416,745    46,812    49,000    232,750    -0-   53,450 (2)   798,757 
                                       
Anna T. Chew   2016    360,000    435,846    40,500    175,860    -0-   60,100 (2)   1,072,306 
Vice President and   2015    349,000    39,660    46,500    9,120    -0-   57,400 (2)   501,680 
Chief Financial Officer   2014    316,841    37,186    49,000    -0-    -0-   53,450 (2)   456,477 
                                       
Craig Koster   2016    171,171    31,584    16,200    -0-    -0-   7,350 (3)   226,305 
General Counsel   2015    152,769    30,985    18,600    -0-    -0-   5,868 (3)   208,222 
    2014    136,592    10,077    4,900    -0-    -0-   3,145 (3)   154,714 
                                       
Brett Taft   2016    138,000    55,308    16,200    -0-    -0-   4,225 (3)   213,733 
Vice President   2015    115,000    14,223    18,600    -0-    -0-   3,289 (3)   151,112 
    2014    100,000    11,635    11,760    -0-    -0-   1,296 (3)   124,691 

 

  (1) Represents Director’s annual board cash retainer of $33,500, $31,000 and $27,250 for 2016, 2015 and 2014, respectively, and Director’s meeting fees of $16,000, $16,000 and $16,000 for 2016, 2015 and 2014, respectively.
     
  (2) Represents Director’s annual board cash retainer of $33,500, $31,000 and $27,250 for 2016, 2015 and 2014, respectively, Director’s meeting fees of $16,000, $16,000 and $16,000 for 2016, 2015 and 2014, respectively, and fringe benefits and discretionary contributions by the Company to the Company’s 401(k) Plan allocated to an account of the named executive officer.
     
  (3) Represents discretionary contributions by the Company to the Company’s 401(k) Plan allocated to an account of the named executive officer.

 

 -57- 

 

 

  (4) Bonus payments for Samuel A. Landy and Anna T. Chew were primarily based on certain performance criteria being met as outlined in their respective employment agreements (non-equity incentive plan compensation). For 2016, the non-equity incentive plan compensation included in bonus was $552,000 for Samuel A. Landy and $422,000 for Anna T. Chew.
     
  (5) The fair value of the stock options granted were established using the Black-Scholes stock option valuation model. See Note 6 of the Notes to the Consolidated Financial Statements for assumptions used in the model. The actual value of the options will depend upon the performance of the Company during the period of time the options are outstanding and the price of the Company’s common stock on the date of exercise.
     
  (6) The grant date fair values were established based on the number of shares granted and the share prices as follows: 2016, 4/5/16 - $9.77, 9/14/16 - $11.57 (see table below for details); 2015, 2/5/15 - $9.73, 9/14/15 - $9.12; and 2014, 1/15/14 - $9.31. Such shares vest over five years.

 

Equity Compensation Plan Information

 

On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to Directors, officers and key employees. The maximum number of shares that may be issued under the 2013 Plan is 3,000,000 shares of common stock. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 2013 Plan replaced the Company’s 2003 Stock Option and Award Plan, as amended, which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. Not more than 200,000 shares of the Company’s common stock may be granted as options in any one fiscal year to a participant under the 2013 Plan. In general, each option may be exercised only after one year of continued service with the Company. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant is 100,000 shares.

 

Grants of Plan-Based Awards

 

The following table sets forth, for the named executive officers in the Summary Compensation Table, information regarding individual grants of restricted stock and stock options made under the 2013 Plan during the year ended December 31, 2016:

 

Name  Grant Date  Number of Shares of Restricted Stock (1)   Number of Shares Underlying Options (2)   Exercise Price of Option Award or Fair Value Per Share at Grant Date of Restricted Stock Award   Grant Date Fair Value (3) 
                    
Eugene W. Landy  4/05/2016   -0-    100,000   $9.77   $81,000 
   9/14/2016   20,000    -0-    11.57    231,400 
                        
Samuel A. Landy  4/05/2016   22,500    -0-    9.77    219,825 
   4/05/2016   -0-    50,000    9.77    40,500 
                        
Anna T. Chew  4/05/2016   18,000    -0-    9.77    175,860 
   4/05/2016   -0-    50,000    9.77    40,500 
                        
Craig Koster  4/05/2016   -0-    20,000    9.77    16,200 
                        
Brett Taft  4/05/2016   -0-    20,000    9.77    16,200 

 

 -58- 

 

 

  (1) All restricted stock awards granted during fiscal year 2016 vest 20% per year over a five-year period and all dividends earned are reinvested in restricted stock.
     
  (2) These options vest after 1 year and expire 8 years from grant date.
     
  (3) The values of the shares underlying options were established using the Black-Scholes stock option valuation model. The following assumptions were used in the model: expected volatility of 26.30%; risk-free interest rate of 1.49%; dividend yield of 7.32%; expected life of the options of eight years; and forfeitures of $-0. The actual value of the options will depend upon the performance of the Company during the period of time the options are outstanding and the price of the Company’s common stock on the date of exercise. The value of the shares of restricted stock was based on the closing price of the shares on the grant date.

 

Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

 

Our executive compensation policies and practices, pursuant to which the compensation set forth in the Summary Compensation Table and the Grants of Plan-Based Awards Table was paid or awarded to our named executive officers, are described above under “Compensation Discussion and Analysis” and below under “Employment Agreements.”

 

Option Exercises and Stock Vested

 

The following table sets forth summary information concerning option exercises and vesting of restricted stock awards for each of the named executive officers during the year ended December 31, 2016:

 

   Option Awards   Restricted Stock Awards 
Name  Number of Shares
Acquired on
Exercise
(#)		  

 

 

Value Realized on
Exercise

($) (1)

   Number of Shares Acquired on
Vesting
(#)		  

 

 

Value realized
on

Vesting

($) (1)

 
                 
Eugene W. Landy   -0-   $-0-    6,431   $77,012 
Samuel A. Landy   75,000    420,400    26,128    265,738 
Anna T. Chew   30,000    33,300    6,431    77,012 
Craig Koster   7,500    25,950    -0-    -0- 
Brett Taft   20,000    66,000    -0-    -0- 

 

  (1) Value realized based on the closing price of the shares on the NYSE as of the date of exercise/vesting.

 

Outstanding Equity Awards at Fiscal Year-End

 

The following table sets forth for the named executive officers in the Summary Compensation Table, information regarding stock options and restricted stock outstanding at December 31, 2016:

 

Option Awards (1)  Restricted Stock Awards (2)
Name  Number of Securities Underlying Unexercised Options
Exercisable		   Number of
Securities
Underlying
Unexercised
Options
UnExercisable		   Option
Exercise
Price		   Option Expiration Date  Number
of Shares
that have
not Vested		  Market
Value of
Shares that
have not Vested		 
                       
Eugene W. Landy                    24,281  $365,436 
Eugene W. Landy   100,000    -0-   $10.08   06/26/21        
Eugene W. Landy   100,000    -0-   $9.85   06/11/22        
Eugene W. Landy   100,000    -0-   $9.82   06/24/23        
Eugene W. Landy   -0-    100,000   $9.77   04/05/24        

 

 -59- 

 

 

Option Awards (1)  Restricted Stock Awards (2) 
Name  Number of Securities Underlying Unexercised Options
Exercisable		   Number of
Securities
Underlying
Unexercised
Options
UnExercisable		   Option
Exercise
Price		   Option Expiration Date  Number
of Shares
that have
not Vested		   Market
Value of
Shares that
have not Vested		 
                        
Samuel A. Landy                     73,838   $1,111,263 
Samuel A. Landy   10,900    -0-   $9.13   01/08/18          
Samuel A. Landy   14,100    -0-   $8.30   01/08/18          
Samuel A. Landy   50,000    -0-   $10.08   06/26/21          
Samuel A. Landy   50,000    -0-   $9.85   06/11/22          
Samuel A. Landy   50,000    -0-   $9.82   06/24/23          
Samuel A. Landy   -0-    50,000   $9.77   04/05/24          
                             
Anna T. Chew                     22,882   $344,381 
Anna T. Chew   50,000    -0-   $10.08   06/26/21          
Anna T. Chew   20,000    -0-   $9.85   06/11/22          
Anna T. Chew   50,000    -0-   $9.82   06/24/23          
Anna T. Chew   -0-    50,000   $9.77   04/05/24          
                             
Craig Koster                     -0-   $-0- 
Craig Koster   5,000    -0-   $10.08   06/26/21          
Craig Koster   5,000    -0-   $9.85   06/11/22          
Craig Koster   12,500    -0-   $9.82   06/24/23          
Craig Koster   -0-    20,000   $9.77   04/05/24          
                             
Brett Taft                     -0-   $-0- 
Brett Taft   4,000    -0-   $11.29   08/29/20          
Brett Taft   10,000    -0-   $10.08   06/26/21          
Brett Taft   12,000    -0-   $9.85   06/11/22          
Brett Taft   -0-    20,000   $9.77   04/05/24          

 

  (1) Stock options vest 1 year from the date of grant.
     
  (2) Restricted stock awards vest over 5 years, 20% per year, from the date of grant. The following is the vesting schedule for the shares that have not yet vested: Mr. Eugene Landy – 7,401 shares, 4,274 shares, 4,274 shares, 4,275 shares and 4057 shares in 2017, 2018, 2019, 2020 and 2021, respectively; Mr. Samuel Landy – 24,478 shares, 16,960 shares, 16,962 shares, 10,718 shares, and 4,721 shares in 2017, 2018, 2019, 2020 and 2021, respectively; and Ms. Anna Chew, – 7,121 shares, 3,994 shares, 3,995 shares, 3,995 shares and 3,777 shares in 2017, 2018, 2019, 2020 and 2021, respectively . Market value is based on the closing price of our common stock on December 31, 2016 of $15.05.

 

Employment Agreements

 

The Company has an Employment Agreement with Mr. Eugene W. Landy, Founder and Chairman of the Board. Under this agreement, Mr. Landy receives an annual base compensation of $250,000 (as amended) plus bonuses and customary fringe benefits, including health insurance, participation in the Company’s 401(k) Plan, stock options, five weeks’ vacation and use of an automobile. Additionally, there may be bonuses voted by the Board of Directors. The Employment Agreement is terminable by either party at any time subject to certain notice requirements. The Employment Agreement provides for aggregate severance payments of $450,000, payable to Mr. Eugene Landy upon the termination of his employment for any reason in increments of $150,000 on severance and $150,000 on the first and second anniversaries of severance. In the event of disability, Mr. Landy’s compensation will continue for a period of three years, payable monthly. On retirement, Mr. Landy will receive a pension of $50,000 a year for ten years (subsequently amended to extend pension benefits through 2016), payable in monthly installments. In the event of death, Mr. Landy’s designated beneficiary will receive $450,000, $100,000 thirty days after death and the balance one year after death. The Employment Agreement automatically renews each year for successive one-year periods. On April 14, 2008, the Company executed a Second Amendment to the Employment Agreement with Mr. Landy (the “Second Amendment”). The Second Amendment provides that in the event of a change in control, Eugene W. Landy shall receive a lump sum payment of $1,200,000, provided the sale price of the Company is at least $16 per share of common stock. A change of control shall be defined as the consummation of a reorganization, merger, share exchange, consolidation, or sale or disposition of all or substantially all of the assets of the Company. This change of control provision shall not apply to any combination between the Company and MREIC. Payment shall be made simultaneously with the closing of the transaction, and only in the event that the transaction closes.

 

 -60- 

 

 

Effective as of January 1, 2015, the Company and Mr. Samuel A. Landy entered into an amended and restated three-year Employment Agreement. The employment agreement is renewed automatically for a new three-year term as of the first day of each calendar quarter after the effective date unless otherwise terminated. Under the agreement, Mr. Landy is entitled to receive an annual base salary of $460,000 for 2015, $473,000 for 2016 and $488,000 for 2017. For calendar years after 2017, Mr. Landy’s base salary will be set by the Compensation Committee of the Company’s Board of Directors but will be no less than his base salary for the preceding year. Mr. Landy will be eligible for annual cash bonuses based on the Company’s achievement of certain performance objectives specified in the Employment Agreement as determined by the Compensation Committee. Mr. Landy will also be entitled to equity awards of up to 25,000 shares of restricted stock each year based on achievement of performance objectives as determined by the Compensation Committee. If Mr. Landy’s employment is terminated for any reason, either involuntarily or voluntarily, including the death of Mr. Landy or termination for cause, Mr. Landy shall be entitled to the base salary plus base target bonuses due under the Employment Agreement for the remaining term of the Employment Agreement. The Employment Agreement also provides that, upon a change of control of the Company, the Employment Agreement will automatically renew for three years from the date of the change of control. Additionally or alternatively, if a change of control occurs, Mr. Landy shall have the right to terminate the Employment Agreement and continue to receive the base salary plus base target bonuses and restricted stock awards he would have been entitled to receive during the remaining term of the Employment Agreement. In addition, provided that Mr. Landy is actively employed by the Company as of the consummation of a change of control, Mr. Landy shall be entitled to a transaction bonus consistent with the terms of the Company’s Executive Management Transaction Bonus Plan, which shall be approved by the Compensation Committee. The Employment Agreement entitles Mr. Landy to customary fringe benefits, including vacation, life insurance and health benefits, the use of an automobile, and the right to participate in the Company’s 401(k) retirement plan.

 

Effective as of January 1, 2015, the Company and Ms. Anna T. Chew, its Chief Financial Officer, entered into an amended and restated three-year Employment Agreement. The employment agreement is renewed automatically for a new three-year term as of the first day of each calendar quarter after the effective date unless otherwise terminated. Under the agreement, Ms. Chew is entitled to receive an annual base salary of $349,000 for 2015, $360,000 for 2016 and $371,000 for 2017. For calendar years after 2017, Ms. Chew’s base salary will be set by the Compensation Committee of the Company’s Board of Directors but will be no less than her base salary for the preceding year. Ms. Chew will be eligible for annual cash bonuses based on the Company’s achievement of certain performance objectives specified in the Employment Agreement as determined by the Compensation Committee. Ms. Chew will also be entitled to equity awards of up to 20,000 shares of restricted stock each year based on achievement of performance objectives as determined by the Compensation Committee. Under the Employment Agreement, if Ms. Chew’s employment is terminated for any reason, either involuntarily or voluntarily, including the death of Ms. Chew or termination for cause, Ms. Chew shall be entitled to the base salary plus base target bonuses due under the Employment Agreement for the remaining term of the Employment Agreement. The Employment Agreement also provides that, upon a change of control of the Company, the Employment Agreement will automatically renew for three years from the date of the change of control. Additionally or alternatively, if a change of control occurs, Ms. Chew shall have the right to terminate the Employment Agreement and continue to receive the base salary plus base target bonuses and restricted stock awards she would have been entitled to receive during the remaining term of the Employment Agreement. In addition, provided that Ms. Chew is actively employed by the Company as of the consummation of a change of control, Ms. Chew shall be entitled to a transaction bonus consistent with the terms of the Company’s Executive Management Transaction Bonus Plan, which shall be approved by the Compensation Committee. The Employment Agreement entitles Ms. Chew to customary fringe benefits, including vacation, life insurance and health benefits, the use of an automobile, and the right to participate in the Company’s 401(k) retirement plan.

 

 -61- 

 

 

Potential Payments upon Termination of Employment or Change-in-Control

 

Under the terms of the employment agreements of the named executive officers, such named executive officers are entitled to receive the following estimated payments and benefits upon a termination of employment or voluntary resignation (with or without a change-in-control). These disclosed amounts are estimates only and do not necessarily reflect the actual amounts that would be paid to the named executive officers, which would only be known at the time that they become eligible for payment and would only be payable if a termination of employment, or voluntary resignation, were to occur. The table below reflects the amount that could be payable under the various arrangements assuming that the termination of employment had occurred at December 31, 2016. Each of the employees named in the table below have restricted stock awards and/or stock option awards which are listed in the “Outstanding Equity Awards at Fiscal Year End” table previously disclosed. Restricted Stock Awards vest upon the termination of an employee due to death or disability. In addition, restricted stock awards vest on the date of an involuntary termination of employment with the Company if the employee has met the definition of Retirement. If the termination of employment is for any other reason, including voluntary resignation, termination not for cause or good reason resignation, termination for cause, or termination not for cause or good reason (after a change in control), the restricted stock awards are forfeited. Regarding the stock option awards, if the termination is for any reason other than a termination for cause, the stock option awards may be exercised until three months after the termination of employment. If the termination is for cause, the stock option awards are forfeited.

 

   Voluntary Resignation on 12/31/16  Termination
Not for Cause
or Good
Reason on
12/31/16		  Termination
for Cause on
12/31/16		  Termination Not
for Cause or
Good Reason
(After a Change-
in-Control) on
12/31/16		  Disability or
Death on
12/31/16
                
Eugene W. Landy  $450,000 (1)  $450,000 (1)   $450,000 (1)  $1,650,000 (2)  $750,000 (3)
Samuel A. Landy  2,781,600 (4)  2,781,600 (4)  2,781,600 (4)  2,781,600 (4)  2,781,600 (4)
Anna T. Chew  2,117,400 (4)  2,117,400 (4)  2,117,400 (4)  2,117,400 (4)  2,117,400 (4)

 

  (1) Consists of severance payments of $450,000, payable $150,000 per year for three years.
     
  (2) Mr. Landy shall receive a lump-sum payment of $1,200,000 in the event of a change in control, provided that the sale price of the Company is at least $16 per share of common stock. In addition, if Mr. Landy’s employment agreement is terminated, he receives severance payments of $450,000, payable $150,000 per year for three years.
     
  (3) In the event of a disability, as defined in the agreement, Mr. Landy shall receive disability payments equal to his base salary for a period of three years. He has a death benefit of $450,000 payable to Mr. Landy’s beneficiary.
     
  (4) The respective employment agreements provide for the base salaries plus base target bonuses due for the remaining terms of the agreements. The respective employment agreements also provide for death benefits of the same amount.

 

The Company retains the discretion to compensate any officer upon any future termination of employment or change-in control.

 

Director Compensation

 

Directors receive a fee of $4,000 for each Board meeting attended, $500 for each Board phone meeting attended, and an additional fixed annual fee of $31,000 payable quarterly. Directors appointed to board committees receive $1,200 for each committee meeting attended. Effective September 1, 2016, the fixed annual fee was increased to $41,000 payable quarterly.

 

 -62- 

 

 

The table below sets forth a summary of director compensation for the year ended December 31, 2016:

 

Director  Annual Board Cash Retainer   Meeting Fees   Committee Fees   Total Fees
Earned or Paid
in Cash		 
                 
Jeffrey A. Carus (2)   $33,500   $16,000   $11,300   $60,800 
Matthew I. Hirsch (3) (4)   33,500    16,000    -0-    49,500 
Charles Kaempffer (1)   15,500    8,000    2,400    25,900 
Michael P. Landy   33,500    16,000    -0-    49,500 
Stuart Levy (2) (3)   33,500    16,000    11,300    60,800 
James E. Mitchell (2) (3)   33,500    16,000    11,300    60,800 
Richard H. Molke   15,500    8,000    -0-    23,500 
Kenneth A. Quigley, Jr.   25,750    12,000    -0-    37,750 
Eugene Rothenberg (1)   15,500    8,000    -0-    23,500 
Stephen B. Wolgin (2) (3)    33,500    16,000    11,300    60,800 
                     
   $273,250   $132,000   $47,600   $452,850 

 

  (1) Mr. Kaempffer and Mr. Rothenberg are Emeritus directors which are retired directors who have a standing invitation to attend Board of Directors meetings but are not entitled to vote on board resolutions. However, they receive directors’ fees for participation in the board meetings. Effective April 2016, the emeritus director position was eliminated and Mr. Kaempffer and Mr. Rothenberg retired as emeritus directors.
     
  (2) Mr. Carus (Chairman of the Compensation Committee), Mr. Levy, Mr. Mitchell and Mr. Wolgin (Chairman of the Audit Committee) are the current members of the Audit Committee and the Compensation Committee.
     
  (3) Mr. Hirsch, Mr. Levy, Mr. Mitchell and Mr. Wolgin (Chairman of the Nominating Committee) are the current members of the Nominating committee.
     
  (4) Mr. Hirsch is the Presiding Director whose role is to preside over the executive sessions of the non-management directors.

 

As of December 31, 2016, the aggregate number of unvested restricted shares of stock held by each director was as follows: Mr. Carus - 1,148; Mr. Hirsch – 872; Mr. M. Landy – 3,999; Mr. Levy – 1,148; Mr. Mitchell - 1,148; and Mr. Wolgin - 1,148

 

Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew are named executive employees of the Company. As such, their director compensation is included in the Summary Compensation Table.

 

Pension Benefits and Nonqualified Deferred Compensation Plans

 

Except as provided in the specific agreements previously described, the Company has no pension or other post-retirement plans in effect for Officers, Directors or employees or a nonqualified deferred compensation plan. Payments made during 2016 amounted to $50,000. Mr. Eugene Landy was entitled to receive payments of $50,000 per year through 2016. The Company’s employees may elect to participate in the Company’s 401(k) Plan.

 

Compensation Committee Interlocks and Insider Participation

 

The Compensation Committee consisted of Mr. Carus, Mr. Levy, Mr. Mitchell and Mr. Wolgin. No member of the Compensation Committee is a current or former officer or employee of the Company. In 2016, none of our executive officers served on the compensation committee of any entity, or board of directors of any entity that did not have a compensation committee, that had one or more of its executive officers serving on our Compensation Committee. The members of the Compensation Committee did not otherwise have any relationships requiring related-party disclosure in this Form 10-K.

 

 -63- 

 

 

Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The Company will file its definitive Proxy Statement for its 2017 Annual Meeting of Stockholders within the period required under the applicable rules of the Securities and Exchange Commission. Additional information required by this Item is included under the caption “ELECTION OF DIRECTORS” and “SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT” of such Proxy Statement and is incorporated herein by reference.

 

The following table lists information with respect to the beneficial ownership of the Company’s common stock (“Shares”) as of December 31, 2016 by:

 

  ● each person known by the Company to beneficially own more than five percent of the Company’s outstanding Shares;
     
  ● the Company’s directors;
     
  ● the Company’s executive officers; and
   
  ● all of the Company’s executive officers and directors as a group.

 

Unless otherwise indicated, the person or persons named below have sole voting and investment power over the shares indicated and that person’s address is c/o UMH Properties, Inc., Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, New Jersey 07728. In determining the number and percentage of Shares beneficially owned by each person, Shares that may be acquired by that person under options exercisable within 60 days of December 31, 2016 are deemed beneficially owned by that person and are deemed outstanding for purposes of determining the total number of outstanding Shares for that person and are not deemed outstanding for that purpose for all other shareholders.

 

Name and Address
of Beneficial Owner		  Amount and Nature
of Beneficial Ownership (1)		    Percentage of Shares
Outstanding (2)		 
          

BlackRock, Inc.

55 East 52nd Street

New York, NY 10055

  1,925,982 (3)   6.55%
           
Wells Fargo & Company
420 Montgomery Street
San Francisco, CA 94163		  1,748,004 (4)   5.95%
           
Boulegeris Investments, Inc.
3400 Peachtree Rd. NE
Suite 1049
Atlanta, GA 30326-1107		  1,611,679 (5)   5.48%
           
Jeffrey A. Carus  6,109 (6)   *   
           
Anna T. Chew  358,179 (7)   1.21%
           
Matthew I. Hirsch  10,986 (8)   *     
           
Craig Koster  24,285 (9)   *   
           
Eugene W. Landy  1,496,300 (10)   5.04%

 

 -64- 

 

 

Name and Address
of Beneficial Owner		  Amount and Nature
of Beneficial Ownership (1)		     Percentage of Shares
Outstanding (2)		 
            
Samuel A. Landy  697,603 (11)    2.36%
            
Michael P. Landy  336,327 (12)    1.14%
            
Stuart Levy
 3,605 (13)    * 
            
James E. Mitchell
 220,416 (14)    * 
            
Kenneth K. Quigley, Jr.
 1,859      * 
            
Brett Taft
 26,155 (15)    * 
            
Stephen B. Wolgin  17,437 (16)    

*

 
          
UMH Properties, Inc. 401(k) Plan (UMH 401(k) Plan)  308,729 (17)    1.05%
            
Directors and Officers as a group
 3,507,990      11.68%

 

*Less than 1%

 

 

  (1) Except as indicated in the footnotes to this table and pursuant to applicable community property laws, the Company believes that the persons named in the table have sole voting and investment power with respect to all Shares listed. Except as indicated in the footnotes to this table, none of the shares have been pledged as collateral.
     
  (2) Based on the number of Shares outstanding on December 31, 2016 which was 29,388,890 Shares.
     
  (3) Based on Schedule 13G/A as of December 31, 2016, filed by BlackRock, Inc., the company owns 1,925,982 Shares. This filing with the SEC by BlackRock, Inc. indicates that BlackRock has sole voting power for 1,864,221 Shares and sole dispositive power for 1,925,982 Shares.
     
  (4) Based on Schedule 13G as of December 31, 2016, filed by Wells Fargo & Company, the company owns 1,748,004 Shares. This filing with the SEC by Wells Fargo & Company indicates that Wells Fargo has sole voting power for 16,063 Shares and sole dispositive power for 16,063 Shares. Wells Fargo also has shared voting power for 684,134 Shares and shared dispositive power for 1,731,941 Shares.
     
  (5) Based on Schedule 13G as of December 31, 2016, filed by Boulegeris Investments, Inc., the company owns 1,611,679 Shares. This filing with the SEC by Boulegeris Investments, Inc. indicates that Boulegeris Investments has sole dispositive power for 1,611,679 Shares.
     
  (6) Includes (a) 249 Shares in custodial accounts for Mr. Carus’ minor children under the NJ Uniform Transfers to Minors Act which he disclaims any beneficial interest but has power to vote and (b) 1,148 shares of unvested restricted stock.
     
  (7) Includes (a) 215,297 Shares owned jointly with Ms. Chew’s husband; (b) 120,000 Shares issuable upon exercise of stock options; and (c) 22,882 shares of unvested restricted stock. Excludes 31,116 Shares held in the UMH 401(k) Plan. Ms. Chew is a co-trustee of the UMH 401(k) Plan and has shared voting power over the Common Shares held by the UMH 401(k) Plan. She, however, disclaims beneficial ownership of all of the Shares held by the UMH 401(k) Plan, except for the 31,116 Shares held by the UMH 401(k) Plan for her benefit. See Note 16 below for information regarding Shares held by the UMH 401(k) Plan. Excludes 50,000 Shares issuable upon the exercise of a stock option, which stock option is not exercisable until April 5, 2017.
     
  (8)

Includes (a) 10,114 Shares owned jointly with Mr. Hirsch’s wife and (b) 872 shares of unvested restricted stock.

     
  (9) Includes 22,500 Shares issuable upon exercise of stock options. Excludes 1,669 Shares held in the UMH 401(k) Plan. See Note 16 below for information regarding Shares held by the UMH 401(k) Plan. Excludes 20,000 Shares issuable upon the exercise of a stock option, which stock option is not exercisable until April 5, 2017.
     
  (10) Includes (a) 99,872 Shares owned by Mr. Eugene Landy’s wife; (b) 172,608 Shares held by Landy Investments, Ltd. for which Mr. Landy has power to vote; (c) 66,913 Shares held in the Landy & Landy Employees’ Profit Sharing Plan of which Mr. Landy is a Trustee with power to vote; (d) 57,561 Shares held in the Landy & Landy Employees’ Pension Plan of which Mr. Landy is a Trustee with power to vote; (e) 97,880 Shares held in the Eugene W. Landy and Gloria Landy Family Foundation, a charitable trust for which Mr. Landy has power to vote; (f) 23,252 Shares held in Windsor Industrial Park Associates for which Mr. Landy has power to vote; (g) 29,288 Shares held in Juniper Plaza Associates for which Mr. Landy has power to vote; (h) 300,000 Shares issuable upon exercise of stock options (i) 384,250 Shares pledged in a margin account; (j) 277,559 Shares pledged as security for loans; and (k) 24,281 shares of unvested restricted stock. Excludes 100,000 Shares issuable upon the exercise of a stock option, which stock option is not exercisable until April 5, 2017.

 

 -65- 

 

 

  (11)

Includes (a) 42,552 Shares owned with Mr. Samuel Landy’s wife; (b) 6,221 Shares in the Samuel Landy Limited Partnership; (c) 48,000 Shares in the EWL Grandchildren Fund LLC of which Mr. Landy is a co-manager; (d) 175,000 Shares issuable upon exercise of stock options; (e) 34,220 Shares pledged in a margin account; (f) 285,982 Shares pledged as security for loans; and (g) 73,838 shares of unvested restricted stock. Excludes 68,976 Shares held in the UMH 401(k) Plan. Mr. Landy is a co-trustee of the UMH 401(k) Plan and has shared voting power over the Common Shares held by the UMH 401(k) Plan. He, however, disclaims beneficial ownership of all of the Common Shares held by the UMH 401(k) Plan, except for the 68,976 Shares held by the UMH 401(k) Plan for his benefit. See Note 16 below for information regarding Shares held by the UMH 401(k) Plan. Excludes 50,000 Shares issuable upon the exercise of a stock option, which stock option is not exercisable until April 5, 2017.

     
  (12) Includes (a) 15,099 Shares owned by Mr. Michael Landy’s wife; (b) 55,822 Shares in custodial accounts for Mr. Landy’s children under the NJ Uniform Transfers to Minors Act in which he disclaims any beneficial interest but has power to vote; (c) 48,000 Shares in the EWL Grandchildren Fund LLC of which Mr. Landy is a co-manager; (d) 81,500 Shares pledged in a margin account; (e) 55,000 Shares pledged as security for loans; and (f) 3,999 shares of unvested restricted stock. Excludes 25,579 Shares held in the UMH 401(k) Plan. See Note 16 below for information regarding Shares held by the UMH 401(k) Plan.
     
  (13) Includes 1,148 shares of unvested restricted stock.

     
  (14) Includes (a) 175,669 Shares held by Mitchell Partners in which Mr. Mitchell has a beneficial interest and (b) 1,148 shares of unvested restricted stock. In addition to the Common Shares reported, Mr. Mitchell also holds 4,000 shares of the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock and 8,000 shares of the Company’s 8.0% Series B Cumulative Redeemable Preferred Stock.
     
  (15) Includes 26,000 Shares issuable upon exercise of stock options. Excludes 1078 Shares held in the UMH 401(k) Plan. See Note 16 below for information regarding Shares held by the UMH 401(k) Plan. Excludes 20,000 Shares issuable upon the exercise of a stock option, which stock option is not exercisable until April 5, 2017
     
  (16) Includes 1,148 shares of unvested restricted stock. In addition to the Shares reported, Mr. Wolgin’s wife owns 600 shares of the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock.
     
  (17) Includes 308,729 Shares held by the UMH 401(k) Plan. Ms. Anna T. Chew and Mr. Samuel A. Landy share voting power over the Shares held by the UMH 401(k) Plan.

 

Item 13 – Certain Relationships and Related Transactions, and Director Independence

 

The Company will file its definitive Proxy Statement for its 2017 Annual Meeting of Stockholders within the period required under the applicable rules of the Securities and Exchange Commission. Additional information required by this Item is included under the caption “ELECTION OF DIRECTORS” and “CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS” of such Proxy Statement and is incorporated herein by reference.

 

Certain relationships and related party transactions are incorporated herein by reference to Part IV, Item 15(a)(1)(vi), Note 8 of the Notes to Consolidated Financial Statements – Related Party Transactions.

 

No director, executive officer, or any immediate family member of such director or executive officer may enter into any transaction or arrangement with the Company without the prior approval of the Board of Directors. If any such transaction or arrangement is proposed, the Board of Directors will appoint a Business Judgment Committee consisting of independent directors who are also independent of the transaction or arrangement. This Committee will recommend to the Board of Directors approval or disapproval of the transaction or arrangement. In determining whether to approve such a transaction or arrangement, the Business Judgment Committee will take into account, among other factors, whether the transaction was on terms no less favorable to the Company than terms generally available to third parties and the extent of the executive officer’s or director’s involvement in such transaction or arrangement. While the Company does not have specific written standards for approving such related party transactions, such transactions are only approved if it is in the best interest of the Company and its shareholders. Additionally, the Company’s Code of Business Conduct and Ethics, which is found at the Company’s website at www.umh.reit, requires all directors, officers and employees to notify and report a potential or apparent conflict of interest, in the case of a director or the principal executive officer, to the Board, in the case of an officer other than the principal executive officer, to the principal executive officer, and, in the case of an employee, to his or her supervisor. Further, to identify related party transactions, the Company submits and requires our directors and executive officers to complete director and officer questionnaires identifying any transactions with the Company in which the director, executive officer or their immediate family members have an interest.

 

See identification and other information relating to independent directors under Item 10 and committee members under Item 11.

 

 -66- 

 

 

Item 14 – Principal Accounting Fees and Services

 

The Company will file its definitive Proxy Statement for its 2017 Annual Meeting of Stockholders within the period required under the applicable rules of the Securities and Exchange Commission. Additional information required by this Item is included under the caption “FEES BILLED BY INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM” of such Proxy Statement and is incorporated herein by reference.

 

PKF O’Connor Davies, LLP served as the Company’s independent registered public accounting firm for the years ended December 31, 2016 and 2015. The following are fees billed by and accrued to PKF O’Connor Davies, LLP in connection with services rendered:

 

   2016   2015 
         
Audit Fees  $185,700   $178,500 
Audit Related Fees   25,870    47,595 
Tax Fees   65,500    68,950 
All other fees   -0-    -0- 
Total Fees  $277,070   $295,045 

 

Audit fees include professional services rendered for the audit of the Company’s annual financial statements, management’s assessment of internal controls, and reviews of financial statements included in the Company’s quarterly reports on Form 10-Q.

 

Audit related fees include services that are normally provided by the Company’s independent auditors in connection with statutory and regulatory filings, such as consents and assistance with and review of documents filed with the Securities and Exchange Commission.

 

Tax fees include professional services rendered for the preparation of the Company’s federal and state corporate tax returns and supporting schedules as may be required by the Internal Revenue Service and applicable state taxing authorities. Tax fees also include other work directly affecting or supporting the payment of taxes, including planning and research of various tax issues.

 

All of the services performed by PKF O’Connor Davies, LLP for the Company during fiscal 2016, including audit fees, audit-related fees, tax fees and all other fees described above, were either expressly pre-approved by the Audit Committee or were pre-approved in accordance with the Audit Committee Pre-Approval Policy, and the Audit Committee was provided with regular updates as to the nature of such services and fees paid for such services.

 

Audit Committee Pre-Approval Policy

 

The Audit Committee has adopted a policy for the pre-approval of audit and permitted non-audit services provided by the Company’s independent registered public accounting firm. The policy requires that all services provided by our principal independent registered public accounting firm to the Company, including audit services, audit-related services, tax services and other services, must be pre-approved by the Audit Committee, and all have been so pre-approved. The pre-approval requirements do not prohibit day-to-day normal tax consulting services, which matters will not exceed $10,000 in the aggregate.

 

The Audit Committee has determined that the provision of the non-audit services described above is compatible with maintaining PKF O’Connor Davies, LLP’s independence.

 

 -67- 

 

 

PART IV

 

Item 15 – Exhibits, Financial Statement Schedules

 

      Page(s)
       
(a) (1)   The following Financial Statements are filed as part of this report.  
       
  (i) Report of Independent Registered Public Accounting Firm 72
       
  (ii) Consolidated Balance Sheets as of December 31, 2016 and 2015 73-74
       
  (iii) Consolidated Statements of Income (Loss) for the years ended December 31, 2016, 2015 and 2014

75-76

       
  (iv)

Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2016, 2015 and 2014

 77
       
  (iv) Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2016, 2015 and 2014

78-79

       
       
  (v)

Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014

80

       
  (vi) Notes to Consolidated Financial Statements 81-109
       
(a) (2)   The following Financial Statement Schedule is filed as part of this report:  
       
  (i) Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2016 110-116

 

All other schedules are omitted for the reason that they are not required, are not applicable, or the required information is set forth in the consolidated financial statements or notes thereto.

 

 -68- 

 

 

(a) (3) The Exhibits set forth in the following index of Exhibits are filed as part of this Report.

 

Exhibit No.  

Description

     
(2)   Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession
     
2.1   Agreement and Plan of Merger dated as of June 23, 2003 (incorporated by reference from the Company’s Definitive Proxy Statement as filed with the Securities and Exchange Commission on July 10, 2003, Registration No. 001-12690).
     
(3)   Articles of Incorporation and By-Laws
     
3.1   Articles of Incorporation of UMH Properties, Inc., a Maryland corporation (incorporated by reference from the Company’s Definitive Proxy Statement as filed with the Securities and Exchange Commission on July 10, 2003, Registration No. 001-12690).
     
3.2   Amendment to Articles of Incorporation (incorporated by reference to the 8-K as filed by the Registrant with the Securities and Exchange Commission on April 3, 2006, Registration No. 001-12690).
     
3.3   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on May 26, 2011, Registration No. 001-12690).
     
3.4   Articles Supplementary (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on May 26, 2011, Registration No. 001-12690).
     
3.5   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 10, 2012, Registration No. 001-12690).
     
3.6   Articles Supplementary (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 10, 2012, Registration No. 001-12690).
     
3.7   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on October 31, 2012, Registration No. 001-12690).
     
3.8   Articles Supplementary (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on October 31, 2012, Registration No. 001-12690).
     
3.9   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on October 20, 2015, Registration No. 001-12690).
     
3.10   Articles Supplementary (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on October 20, 2015, Registration No. 001-12690).
     
3.11   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 5, 2016, Registration No. 001-12690).
     
3.12   Articles Supplementary (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 5, 2016, Registration No. 001-12690).

 

 -69- 

 

 

Exhibit No.  

Description

     
3.13   Amendment to Articles of Incorporation (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on August 11, 2016, Registration No. 001-12690).
     
3.14   Bylaws of the Company, as amended and restated, dated March 31, 2014 (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on March 31, 2014, Registration No. 001-12690).
     
(4)   Instruments Defining the Rights of Security Holders, Including Indentures
     
4.1   Specimen certificate of common stock of UMH Properties, Inc. (incorporated by reference to Exhibit 4.1 to the Form S-3 as filed by the Registrant with the Securities and Exchange Commission on December 21, 2010, Registration No. 333-171338).
     
4.2   Specimen certificate representing the Series A Preferred Stock of UMH Properties, Inc. (incorporated by reference to Exhibit 4.2 to the Form 8-A12B filed by the Registrant with the Securities and Exchange Commission on February 28, 2012, Registration No. 001-12690).
     
4.3   Specimen certificate representing the Series B Preferred Stock of UMH Properties, Inc. (incorporated by reference to Exhibit 4.3 to the Form S-3 as filed by the Registrant with the Securities and Exchange Commission on January 21, 2016, Registration No. 333-209078).
     
(10)   Material Contracts
     
10.1 + Employment Agreement with Mr. Eugene W. Landy dated December 14, 1993 (incorporated by reference to the Company’s 1993 Form 10-K as filed with the Securities and Exchange Commission on March 28, 1994).
     
10.2 + Amendment to Employment Agreement with Mr. Eugene W. Landy effective January 1, 2004 (incorporated by reference to the Company’s 2004 Form 10-K/A as filed with the Securities and Exchange Commission on March 30, 2005, Registration No. 001-12690).
     
10.3 + Second Amendment to Employment Agreement of Eugene W. Landy, dated April 14, 2008 (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 16, 2008, Registration No. 001-12690).
     
10.4 + Third Amendment to Employment Agreement with Mr. Eugene W. Landy effective October 1, 2014 (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on October 8, 2014, Registration No. 001-12690).
     
10.5 + Form of Indemnification Agreement between UMH Properties, Inc. and its Directors and Executive Officers (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 23, 2012, Registration No. 001-12690).
     
10.6 + UMH Properties, Inc. 2013 Stock Option and Stock Award Plan (incorporated by reference to the Company’s Definitive Proxy Statement (DEF 14A) as filed with the Securities and Exchange Commission on May 1, 2013, Registration No. 001-12690).
     
10.7   Dividend Reinvestment and Stock Purchase Plan (incorporated by reference to the Company’s Registration Statement filed on Form S-3D as filed with the Securities and Exchange Commission on August 11, 2016, Registration No. 333-213075).

 

 -70- 

 

 

Exhibit No.  

Description

     
10.8   Credit Agreement by and among UMH Properties, Inc. and Bank of Montreal dated March 29, 2013 (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on April 3, 2013, Registration No. 001-12690).
     
10.9 + Amended and Restated Employment Agreement, dated June 24, 2015 (effective as of January 1, 2015), between UMH Properties, Inc. and Samuel A. Landy (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on June 30, 2015, Registration No. 001-12690).
     
10.10 + Amended and Restated Employment Agreement, dated June 24, 2015 (effective as of January 1, 2015), between UMH Properties, Inc. and Anna T. Chew (incorporated by reference to the Form 8-K as filed by the Registrant with the Securities and Exchange Commission on June 30, 2015, Registration No. 001-12690).
     
(12) * Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     
(14)   Code of Business Conduct and Ethics (incorporated by reference to the Company’s 2003 Form 10-K as filed with the Securities and Exchange Commission on March 11, 2004, Registration No. 001-12690).
     
(21) * Subsidiaries of the Registrant.
     
(23) * Consent of PKF O’Connor Davies, LLP.
     
(31.1) * Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
(31.2) * Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
(32) * Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
(99)   Audit Committee Charter, as amended January 16, 2008 (incorporated by reference to the Company’s 2011 Definitive Proxy Statement (DEF 14A) as filed with the Securities and Exchange Commission on May 2, 2011, Registration No. 001-12690).
     
(101)   Interactive Data File
     
101.INS ++ XBRL Instance Document
101.SCH ++ XBRL Taxonomy Extension Schema Document
101.CAL ++ XBRL Taxonomy Extension Calculation Document
101.LAB ++ XBRL Taxonomy Extension Label Linkbase Document
101.PRE ++ XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF ++ XBRL Taxonomy Extension Definition Linkbase Document

 

*   Filed herewith.
+   Denotes a management contract or compensatory plan or arrangement.

++   Pursuant to Rule 406T of Regulation S-T, this interactive date file is deemed not “filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act, is deemed not “filed” for purposes of Section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.

 

 -71- 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

The Board of Directors and Shareholders

UMH Properties, Inc.

 

We have audited the accompanying consolidated balance sheets of UMH Properties, Inc. and subsidiaries (the “Company”) as of December 31, 2016 and 2015 and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a)(2)(i). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and schedule based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and schedule are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of UMH Properties, Inc. at December 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2016 based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 7, 2017 expressed an unqualified opinion thereon.

 

  /s/ PKF O’Connor Davies, LLP
New York, New York  
March 7, 2017  

 

 -72- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2016 and 2015

 

   2016   2015 
-ASSETS-          
           
Investment Property And Equipment          
Land  $47,476,314   $45,477,814 
Site and Land Improvements   398,776,390    377,215,400 
Buildings and Improvements   21,101,836    20,307,097 
Rental Homes and Accessories   172,862,227    134,708,763 
Total Investment Property   640,216,767    577,709,074 
Equipment and Vehicles   14,986,196    13,697,460 
Total Investment Property and Equipment   655,202,963    591,406,534 
Accumulated Depreciation   (140,255,603)   (117,761,146)
Net Investment Property and Equipment   514,947,360    473,645,388 
           
Other Assets          
Cash and Cash Equivalents   4,216,592    6,535,897 
Securities Available for Sale at Fair Value   108,755,172    75,011,260 
Inventory of Manufactured Homes   17,424,574    14,311,410 
Notes and Other Receivables, net   20,323,191    20,028,574 
Prepaid Expenses and Other Assets   4,497,937    4,062,813 
Land Development Costs   10,279,992    6,722,048 
Total Other Assets   165,497,458    126,672,002 
           
TOTAL ASSETS  $680,444,818   $600,317,390 

 

See Accompanying Notes to Consolidated Financial Statements

 

 -73- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS OF DECEMBER 31, 2016 and 2015

 

   2016   2015 
- LIABILITIES AND SHAREHOLDERS’ EQUITY -          
           
Liabilities:          
Mortgages Payable, net of unamortized debt issuance costs  $293,025,592   $283,049,802 
           
Other liabilities:          
Accounts Payable   2,962,037    2,816,290 
Loans Payable, net of unamortized debt issuance costs   58,285,385    57,862,206 
Accrued Liabilities and Deposits   4,820,142    6,696,577 
Tenant Security Deposits   4,319,695    3,654,090 
Total Other Liabilities   70,387,259    71,029,163 
Total Liabilities   363,412,851    354,078,965 
           
Commitments And Contingencies          
           
Shareholders’ equity:          
Series A – 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 3,663,800 shares authorized, issued and outstanding as of December 31, 2016 and 2015, respectively   91,595,000    91,595,000 
Series B – 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 and 2,000,000 shares authorized; 3,801,200 and 1,801,200 shares issued and outstanding as of December 31, 2016 and 2015, respectively   95,030,000    45,030,000 
Common Stock - $0.10 par value per share, 75,000,000 and 62,000,000 shares authorized; 29,388,811 and 27,086,838 shares issued and outstanding as of December 31, 2016 and 2015, respectively   2,938,881    2,708,684 
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2016 and 2015, respectively   -0-    -0- 
Additional Paid-In Capital   111,422,691    109,629,260 
Accumulated Other Comprehensive Income (Loss)   16,713,188    (2,056,726)
Accumulated Deficit   (667,793)   (667,793)
Total Shareholders’ Equity   317,031,967    246,238,425 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $680,444,818   $600,317,390 

 

See Accompanying Notes to Consolidated Financial Statements

 

 -74- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

 

   2016   2015   2014 
INCOME:               
Rental and Related Income  $90,679,557   $74,762,548   $63,886,010 
Sales of Manufactured Homes   8,534,272    6,754,123    7,545,923 
                
Total Income   99,213,829    81,516,671    71,431,933 
                
EXPENSES:               
Community Operating Expenses   42,638,333    37,049,462    33,592,327 
Cost of Sales of Manufactured Homes   6,466,520    5,058,350    5,832,540 
Selling Expenses   2,852,405    2,788,360    2,983,376 
General and Administrative   8,004,925    7,345,644    6,465,973 
Acquisition Costs   79,231    957,219    483,522 
Depreciation Expense   23,214,100    18,877,511    15,163,420 
                
Total Expenses   83,255,514    72,076,546    64,521,158 
                
OTHER INCOME (EXPENSE):               
Interest Income   1,584,585    1,819,567    2,098,974 
Dividend Income   6,636,126    4,399,181    4,065,986 
Gain on Sales of Securities, net   2,285,301    204,230    1,542,589 
Other Income   504,759    435,816    328,888 
Interest Expense   (15,432,364)   (14,074,446)   (10,716,722)
                
Total Other Income (Expense)   (4,421,593)   (7,215,652)   (2,680,285)
                
Income Before Gain (Loss) on Sales of Investment Property and Equipment   11,536,722    2,224,473    4,230,490 
Gain (Loss) on Sales of Investment Property and Equipment   (2,163)   (80,268)   7,313 
                
NET INCOME   11,534,559    2,144,205    4,237,803 
                
Less: Preferred Dividends   14,103,432    8,267,198    7,556,588 
                
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS  $(2,568,873)  $(6,122,993)  $(3,318,785)

 

See Accompanying Notes to Consolidated Financial Statements

 

 -75- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

 

   2016   2015   2014 
             
Basic and Diluted Income (Loss) Per Share:               
                
Net Income  $

0.42

   $0.08   $0.19 
Less: Preferred Dividends   (0.51)   (0.32)   (0.34)
Net Loss Attributable to Common Shareholders  $(0.09)  $(0.24)  $(0.15)
Weighted Average Common Shares Outstanding:               
Basic and Diluted   27,808,895    25,932,626    22,496,103 

 

See Accompanying Notes to Consolidated Financial Statements

 

 -76- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015, AND 2014

 

   2016   2015   2014 
             
Net Income  $11,534,559   $2,144,205   $4,237,803 
                
Other Comprehensive Income (Loss):               
Unrealized Holding Gains (Losses) Arising During the Year   21,057,498    (6,930,717)   5,505,772 
Reclassification Adjustment for Net Gains Realized in Income   (2,285,301)   (204,230)   (1,542,589)
Change in Fair Value of Interest Rate Swap Agreements   (2,283)   37,985    155 
                
Comprehensive Income (Loss)   30,304,473    (4,952,757)   8,201,141 
Less: Preferred Dividends   (14,103,432)   (8,267,198)   (7,556,588)
                
Comprehensive Income (Loss) Attributable to Common Shareholders  $16,201,041   $(13,219,955)  $644,553 

 

See Accompanying Notes to the Consolidated Financial Statements

 

 -77- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 and 2014

 

           Preferred   Preferred 
   Common Stock Issued   Stock   Stock 
   Number   Amount   Series A   Series B 
Balance December 31, 2013   20,769,892   $2,076,989   $91,595,000   $-0- 
                     
Common Stock Issued with the DRIP*   3,554,191    355,419    -0-    -0- 
Common Stock Issued through Restricted Stock Awards   25,000    2,500    -0-    -0- 
Common Stock Issued through Stock Options   23,000    2,300    -0-    -0- 
Distributions   -0-    -0-    -0-    -0- 
Stock Compensation Expense   -0-    -0-    -0-    -0- 
Net Income   -0-    -0-    -0-    -0- 
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment   -0-    -0-    -0-    -0- 
Interest Rate Swaps   -0-    -0-    -0-    -0- 
                     
Balance December 31, 2014   24,372,083    2,437,208    91,595,000    -0- 
                     
Common Stock Issued with the DRIP*   2,657,255    265,726    -0-    -0- 
Common Stock Issued through Restricted Stock Awards   35,000    3,500    -0-    -0- 
Common Stock Issued through Stock Options   22,500    2,250    -0-    -0- 
Preferred Stock Issued through Direct Placement, net   -0-    -0-    -0-    45,030,000 
Distributions   -0-    -0-    -0-    -0- 
Stock Compensation Expense   -0-    -0-    -0-    -0- 
Net Income   -0-    -0-    -0-    -0- 
Unrealized Net Holding Loss on Securities Available for Sale Net of Reclassification Adjustment   -0-    -0-    -0-    -0- 
Interest Rate Swaps   -0-    -0-    -0-    -0- 
                     
Balance December 31, 2015   27,086,838    2,708,684    91,595,000    45,030,000 
                     
Common Stock Issued with the DRIP*   1,966,133    196,613    -0-    -0- 
Common Stock Issued through Restricted Stock Awards   60,500    6,050    -0-    -0- 
Common Stock Issued through Stock Options   277,500    27,750    -0-    -0- 
Cancellation of Shares due to Restricted Stock Forfeitures   (2,160)   (216)   -0-    -0- 
Preferred Stock Issued through Direct Placement, net   -0-    -0-    -0-    50,000,000 
Distributions   -0-    -0-    -0-    -0- 
Stock Compensation Expense   -0-    -0-    -0-    -0- 
Net Income   -0-    -0-    -0-    -0- 
Unrealized Net Holding Gain on Securities Available
for Sale Net of Reclassification Adjustment		   -0-    -0-    -0-    -0- 
Interest Rate Swaps   -0-    -0-    -0-    -0- 
                     
Balance December 31, 2016   29,388,811   $2,938,881   $91,595,000   $95,030,000 

 

*Dividend Reinvestment and Stock Purchase Plan

 

See Accompanying Notes to Consolidated Financial Statements

 

 -78- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY, CONTINUED

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 and 2014

 

       Accumulated   Undistributed     
   Additional   Other   Income   Total 
   Paid-In   Comprehensive   (Accumulated   Shareholders’ 
   Capital   Income (Loss)   Deficit)   Equity 
Balance December 31, 2013  $96,504,643   $1,076,898   $(667,793)  $190,585,737 
                     
Common Stock Issued with the DRIP*   32,436,820    -0-    -0-    32,792,239 
Common Stock Issued through Restricted Stock Awards   (2,500)   -0-    -0-    -0- 
Common Stock Issued through Stock Options   165,160    -0-    -0-    167,460 
Distributions   (19,604,613)   -0-    (4,237,803)   (23,842,416)
Stock Compensation Expense   922,944    -0-    -0-    922,944 
Net Income   -0-    -0-    4,237,803    4,237,803 
Unrealized Net Holding Gain on Securities Available
for Sale Net of Reclassification Adjustment		   -0-    3,963,183    -0-    3,963,183 
Interest Rate Swaps   -0-    155    -0-    155 
                     
Balance December 31, 2014   110,422,454    5,040,236    (667,793)   208,827,105 
                     
Common Stock Issued with the DRIP*   24,334,092    -0-    -0-    24,599,818 
Common Stock Issued through Restricted Stock Awards   (3,500)   -0-    -0-    -0- 
Common Stock Issued through Stock Options   167,825    -0-    -0-    170,075 
Preferred Stock Issued through Direct Placement, net   (1,987,876)   -0-    -0-    43,042,124 
Distributions   (24,159,503)   -0-    (2,144,205)   (26,303,708)
Stock Compensation Expense   855,768    -0-    -0-    855,768 
Net Income   -0-    -0-    2,144,205    2,144,205 
Unrealized Net Holding Loss on Securities Available for Sale Net of Reclassification Adjustment   -0-    (7,134,947)   -0-    (7,134,947)
Interest Rate Swaps   -0-    37,985    -0-    37,985 
                     
Balance December 31, 2015  109,629,260    (2,056,726)   (667,793)   246,238,425 
                     
Common Stock Issued with the DRIP*   22,204,332    -0-    -0-    22,400,945 
Common Stock Issued through Restricted Stock Awards   (6,050)   -0-    -0-    -0- 
Common Stock Issued through Stock Options   2,457,310    -0-    -0-    2,485,060 
Cancellation of Shares Due to Restricted Stock Forfeitures   216    -0-    -0-    -0- 
Preferred Stock Issued through Direct Placement, net   (879,147)   -0-    -0-    49,120,853 
Distributions   (23,047,908)   -0-    (11,534,559)   (34,582,467)
Stock Compensation Expense   1,064,678    -0-    -0-    1,064,678 
Net Income   -0-    -0-    11,534,559    11,534,559 
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment   -0-    18,772,197    -0-    18,772,197 
Interest Rate Swaps   -0-    (2,283)   -0-    (2,283)
                     
Balance December 31, 2016  $111,422,691   $16,713,188   $(667,793)  $317,031,967 

 

*Dividend Reinvestment and Stock Purchase Plan.

 

See Accompanying Notes to Consolidated Financial Statements

 

 -79- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 and 2014

 

   2016   2015   2014 
CASH FLOWS FROM OPERATING ACTIVITIES:               
Net Income  $11,534,559   $2,144,205   $4,237,803 
Non-cash items included in Net Income:               
Depreciation   23,214,100    18,877,511    15,163,420 
Amortization of Financing Costs   733,485    829,017    522,250 
Stock Compensation Expense   1,064,678    855,768    922,944 
Provision for Uncollectible Notes and Other Receivables   909,397    1,123,926    1,020,655 
Gain on Sales of Securities, net   (2,285,301)   (204,230)   (1,542,589)
(Gain) Loss on Sales of Investment Property & Equipment   2,163    80,268    (7,313)
                
Changes in Operating Assets and Liabilities:               
Inventory of Manufactured Homes   (3,113,164)   (2,004,695)   1,479,326 
Notes and Other Receivables   (1,204,014)   840,066    279,590 
Prepaid Expenses and Other Assets   (435,124)   (706,779)   553,730 
Accounts Payable   145,747    991,997    195,580 
Accrued Liabilities and Deposits   (1,878,719)   1,976,958    904,960 
Tenant Security Deposits   665,605    904,200    596,105 
Net Cash Provided by Operating Activities   29,353,412    25,708,212    24,326,461 
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of Manufactured Home Communities,
net of mortgages assumed		   (4,081,798)   (78,926,525)   (15,879,551)
Purchase of Investment Property and Equipment   (58,184,812)   (51,218,338)   (41,858,627)
Proceeds from Sales of Investment Property and Equipment   1,114,503    777,394    768,641 
Additions to Land Development Costs   (3,728,869)   (921,141)   (268,983)
Purchase of Securities Available for Sale   (27,518,151)   (23,019,035)   (9,707,038)
Proceeds from Sales of Securities Available for Sale   14,831,737    4,633,019    10,911,791 
Net Cash Used in Investing Activities   (77,567,390)   (148,674,626)   (56,033,767)
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from Mortgages, net of mortgages assumed   31,804,000    139,432,000    -0- 
Net Proceeds (Payments) from Short Term Borrowings   406,935    (19,452,727)   28,320,234 
Principal Payments of Mortgages and Loans   (25,072,315)   (37,756,234)   (4,639,539)
Financing Costs on Debt   (668,338)   (2,311,829)   (623,023)
Proceeds from Issuance of Preferred Stock, net   49,120,853    43,042,124    -0- 
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments   20,012,393    22,593,531    30,933,748 
Proceeds from Exercise of Stock Options   2,485,060    170,075    167,460 
Preferred Dividends Paid   (14,563,645)   (7,556,588)   (7,556,588)
Common Dividends Paid, net of Dividend Reinvestments   (17,630,270)   (16,740,833)   (14,427,337)
Net Cash Provided by Financing Activities   45,894,673    121,419,519    32,174,955 
                
Net Increase (Decrease) in Cash and Cash Equivalents   (2,319,305)   (1,546,895)   467,649 
Cash and Cash Equivalents at Beginning of Year   6,535,897    8,082,792    7,615,143 
                
CASH AND CASH EQUIVALENTS AT END OF YEAR  $4,216,592   $6,535,897   $8,082,792 

 

See Accompanying Notes to Consolidated Financial Statements

 

 -80- 

 

 

UMH PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

 

NOTE 1 – ORGANIZATION

 

UMH Properties, Inc., a Maryland corporation, and its subsidiaries (the “Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), also sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F was established to fill these vacancies and enhance the value of the communities. The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of the Business

 

As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan.

 

These manufactured home communities are listed by trade names as follows:

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Allentown   Memphis, Tennessee
Arbor Estates   Doylestown, Pennsylvania
Auburn Estates   Orrville, Ohio
Birchwood Farms   Birch Run, Michigan
Broadmore Estates   Goshen, Indiana
Brookside Village   Berwick, Pennsylvania
Brookview Village   Greenfield Center, New York
Candlewick Court   Owosso, Michigan
Carsons   Chambersburg, Pennsylvania
Catalina   Middletown, Ohio
Cedarcrest   Vineland, New Jersey
Chambersburg I & II   Chambersburg, Pennsylvania
Chelsea   Sayre, Pennsylvania
City View   Lewistown, Pennsylvania
Clinton Mobile Home Resort   Tiffin, Ohio
Collingwood   Horseheads, New York
Colonial Heights   Wintersville, Ohio
Countryside Estates   Muncie, Indiana
Countryside Estates   Ravenna, Ohio
Countryside Village   Columbia, Tennessee
Cranberry Village   Cranberry Township, Pennsylvania
Crestview   Sayre, Pennsylvania
Cross Keys Village   Duncansville, Pennsylvania
Dallas Mobile Home Community   Toronto, Ohio
Deer Meadows   New Springfield, Ohio
D & R Village   Clifton Park, New York
Evergreen Estates   Lodi, Ohio
Evergreen Manor   Bedford, Ohio
Evergreen Village   Mantua, Ohio

 

 -81- 

 

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Fairview Manor   Millville, New Jersey
Forest Creek   Elkhart, Indiana
Forest Park Village   Cranberry Township, Pennsylvania
Frieden Manor   Schuylkill Haven, Pennsylvania
Green Acres   Chambersburg, Pennsylvania
Gregory Courts   Honey Brook, Pennsylvania
Hayden Heights   Dublin, Ohio
Heather Highlands   Inkerman, Pennsylvania
Highland   Elkhart, Indiana
Highland Estates   Kutztown, Pennsylvania
Hillside Estates   Greensburg, Pennsylvania
Holiday Village   Nashville, Tennessee
Holiday Village   Elkhart, Indiana
Holly Acres Estates   Erie, Pennsylvania
Hudson Estates   Peninsula, Ohio
Huntingdon Pointe   Tarrs, Pennsylvania
Independence Park   Clinton, Pennsylvania
Kinnebrook   Monticello, New York
Lake Sherman Village   Navarre, Ohio
Lakeview Meadows   Lakeview, Ohio
Laurel Woods   Cresson, Pennsylvania
Little Chippewa   Orrville, Ohio
Maple Manor   Taylor, Pennsylvania
Meadowood   New Middletown, Ohio
Meadows   Nappanee, Indiana
Melrose Village   Wooster, Ohio
Melrose West   Wooster, Ohio
Memphis Blues   Memphis, Tennessee
Monroe Valley   Ephrata, Pennsylvania
Moosic Heights   Avoca, Pennsylvania
Mountaintop   Ephrata, Pennsylvania
Oak Ridge Estates   Elkhart, Indiana
Oakwood Lake Village   Tunkhannock, Pennsylvania
Olmsted Falls   Olmsted Falls, Ohio
Oxford Village   West Grove, Pennsylvania
Pine Ridge Village/Pine Manor   Carlisle, Pennsylvania
Pine Valley Estates   Apollo, Pennsylvania
Pleasant View Estates   Bloomsburg, Pennsylvania
Port Royal Village   Belle Vernon, Pennsylvania
River Valley Estates   Marion, Ohio
Rolling Hills Estates   Carlisle, Pennsylvania
Rostraver Estates   Belle Vernon, Pennsylvania
Sandy Valley Estates   Magnolia, Ohio
Shady Hills   Nashville, Tennessee
Somerset Estates/Whispering Pines   Somerset, Pennsylvania
Southern Terrace   Columbiana, Ohio
Southwind Village   Jackson, New Jersey
Spreading Oaks Village   Athens, Ohio
Springfield Meadows   Springfield, Ohio
Suburban Estates   Greensburg, Pennsylvania
Summit Estates   Ravenna, Ohio
Sunny Acres   Somerset, Pennsylvania
Sunnyside   Eagleville, Pennsylvania
Trailmont   Goodlettsville, Tennessee
Twin Oaks I & II   Olmsted Falls, Ohio

 

 -82- 

 

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Twin Pines   Goshen, Indiana
Valley High   Ruffs Dale, Pennsylvania
Valley Hills   Ravenna, Ohio
Valley Stream   Mountaintop, Pennsylvania
Valley View I   Ephrata, Pennsylvania
Valley View II   Ephrata, Pennsylvania
Valley View Honeybrook   Honey Brook, Pennsylvania
Voyager Estates   West Newton, Pennsylvania
Waterfalls Village   Hamburg, New York
Wayside   Lakeview, Ohio
Weatherly Estates   Lebanon, Tennessee
Woodland Manor   West Monroe, New York
Woodlawn Village   Eatontown, New Jersey
Woods Edge  

West Lafayette, Indiana

Wood Valley   Caledonia, Ohio
Worthington Arms   Lewis Center, Ohio
Youngstown Estates   Youngstown, New York

 

Basis of Presentation and Principles of Consolidation

 

The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.

 

Use of Estimates

 

In preparing the consolidated financial statements, 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.

 

Investment Property and Equipment and Depreciation

 

Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations.

 

The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.

 

 -83- 

 

 

The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.

 

Acquisitions

 

The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred.

 

Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.

 

Securities Available for Sale

 

Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company’s Comprehensive Income (loss).

 

The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:

 

 -84- 

 

 

  a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.
     
  b. Any downgrading of the security by a rating agency.
     
  c. Whether the financial condition of the issuer has deteriorated.
     
  d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.
     
  e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.

 

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.

 

Inventory of Manufactured Homes

 

Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods.

 

Accounts and Notes Receivables

 

The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively.

 

The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years.

 

Unamortized Financing Costs

 

Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021.

 

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial 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 does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans.

 

 -85- 

 

 

As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage  Due Date 

Mortgage

Interest Rate

 

Effective

Fixed Rate

  

Balance

12/31/16

 
Various – 11 properties  8/1/2017  LIBOR + 3.00%   3.89%  $10,625,352 

 

The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, 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 December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.

 

Revenue Recognition

 

The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less.

 

Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.

 

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895, 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). 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. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

 

 -86- 

 

 

Stock Compensation Plan

 

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, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.

 

Income Tax

 

The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code.  Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT.  The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11).

 

The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.

 

Comprehensive Income (Loss)

 

Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives.

 

Reclassifications

 

Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.

 

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

 -87- 

 

 

In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.”  ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding.  The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

Other Recent Accounting Pronouncements

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

 -88- 

 

 

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.”  ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.  Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation.  The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”).  ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.

 

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

 

Acquisitions in 2016

 

On September 1, 2016, the Company acquired two manufactured home communities, Lakeview Meadows and Wayside, located in Ohio for approximately $2,954,000. These all-age communities contain a total of 165 developed homesites that are situated on approximately 71 total acres. At the date of acquisition, the average occupancy for these communities was approximately 64%.

 

On December 19, 2016, the Company acquired Springfield Meadows, a manufactured home community located in Springfield, Ohio, for approximately $4,323,000. This all-age community contains a total of 124 developed homesites that are situated on approximately 121 total acres. At the date of acquisition, the average occupancy for this community was approximately 82%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $3,195,000. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.

 

Acquisitions in 2015

 

On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania, for $3,800,000. This all-age community contains a total of 141 developed homesites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

 

 -89- 

 

 

On April 23, 2015, the Company acquired two manufactured home communities, Huntingdon Pointe and Voyager Estates, for $5,300,000. These all-age communities are located in western Pennsylvania and contain a total of 324 developed homesites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%.

 

On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%.

 

On August 19, 2015, the Company completed the first tranche of a six community acquisition for a total purchase price of $68,600,000. This tranche consisted of three manufactured home communities, two located in Ohio and one located in Michigan, for $32,500,000. These three all-age communities contain 897 developed homesites that are situated on approximately 177 total acres. At the date of acquisition, the average occupancy for these communities was approximately 69%. In conjunction with this acquisition, the Company completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43,100,000.

 

On October 16, 2015, the Company completed the second tranche of the six community acquisition. This tranche consisted of three manufactured home communities, located in Indiana, for $36,100,000. These three all-age communities contain 1,254 developed home sites, situated on approximately 316 total acres. At the date of acquisition, the average occupancy for these communities was approximately 56%. In conjunction with this acquisition, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on one of the acquired communities, Holiday Village in Elkhart, Indiana. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

These acquisitions have 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 income (loss) from the dates of acquisition. The allocations of the fair value of the assets acquired is subject to further adjustment as final costs and valuations are determined. The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015:

 

   Fair Value at Acquisition Date 
   2016 Acquisitions   2015 Acquisitions 
Assets Acquired:          
Land  $2,000,000   $6,109,300 
Depreciable Property   5,277,000    74,889,775 
Other   -0-    217,925 
Total Assets Acquired  $7,277,000   $81,217,000 

 

Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows:

 

   2016 Acquisitions  2015 Acquisitions
   2016  2016  2015
          
Total Income  $172,050   $10,044,476   $3,495,116 
Community NOI *  $103,578   $5,315,690   $1,935,101 
Net Income (Loss)  $3,051   $(574,201)  $(226,870)

 

*Community NOI is defined as rental and related income less community operating expenses.

 

See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions.

 

Accumulated Depreciation

 

The following is a summary of accumulated depreciation by major classes of assets:

 

   December 31, 2016   December 31, 2015 
         
Site and Land Improvements  $99,161,090   $85,654,138 
Buildings and Improvements   4,947,543    4,217,886 
Rental Homes and Accessories   24,906,990    17,767,602 
Equipment and Vehicles   11,239,980    10,121,520 
Total Accumulated Depreciation  $140,255,603   $117,761,146 

 

 -90- 

 

 

NOTE 4 – SECURITIES AVAILABLE FOR SALE

 

The Company’s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest.

 

As of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale. See Note 13 for Fair Value Measurements.

 

The following is a listing of securities available for sale at December 31, 2016:

 

       Interest   Number       Market 
   Series   Rate   of Shares   Cost   Value 
                     
Equity Securities:                         
Preferred Stock:                         
Ashford Hospitality Trust, Inc.   A    8.550%   10,000   $251,205   $253,800 
CBL & Associates Properties, Inc.   D    7.375%   2,000    50,269    48,900 
CBL & Associates Properties, Inc.   E    6.625%   62,724    1,487,145    1,440,789 
Cedar Realty Trust, Inc.   B    7.250%   58,577    1,411,846    1,426,126 
Chesapeake Lodging Trust   A    7.750%   20,000    500,000    507,806 
Corporate Office Properties Trust   L    7.375%   26,000    650,330    656,760 
Kilroy Realty Corporation   G    6.875%   34,948    844,770    885,932 
LaSalle Hotel Properties   H    7.500%   40,000    982,589    1,002,000 
Pennsylvania Real Estate Investment Trust   A    8.250%   68,800    1,720,885    1,739,952 
Pennsylvania Real Estate Investment Trust   B    7.375%   40,000    1,000,000    1,000,000 
Retail Properties of America, Inc.   A    7.000%   20,000    481,949    500,000 
Stag Industrial, Inc.   B    6.625%   20,100    470,007    501,495 
Summit Hotel Properties, Inc.   B    7.875%   20,000    500,000    514,780 
Sun Communities, Inc.   A    7.125%   45,000    1,117,377    1,133,550 
Terreno Realty Corporation   A    7.750%   20,300    507,791    512,575 
Urstadt Biddle Properties, Inc.   F    7.125%   30,421    756,304    775,735 
Urstadt Biddle Properties, Inc.   G    6.750%   5,000    125,000    128,000 
Total Preferred Stock                  12,857,467    13,028,200 
                          
Common Stock:                         
CBL & Associates Properties, Inc.             1,000,000    11,785,016    11,500,000 
Cousins Properties, Inc.             105,950    820,348    901,635 
Gladstone Commercial Corporation             180,000    3,199,933    3,618,000 
Government Properties Income Trust             810,000    15,520,076    15,442,650 
Monmouth Real Estate Investment Corporation (1)             2,237,588    19,231,411    34,100,835 
Nobility Homes Inc.             20,000    158,200    315,000 
Parkway Properties Inc.             33,243    628,819    739,657 
Select Income Real Estate Investment Trust             740,000    17,802,516    18,648,000 
Senior Housing Properties Trust             220,911    3,760,406    4,181,845 
Urstadt Biddle Properties, Inc.             85,000    1,761,151    2,049,350 
Vereit, Inc.             500,000    4,512,658    4,230,000 
Total Common Stock                  79,180,534    95,726,972 
                          
Total Securities Available for Sale                 $92,038,001   $108,755,172 

 

(1) Related entity – See Note 8.

 

 -91- 

 

 

The following is a listing of securities available for sale at December 31, 2015:

 

       Interest   Number       Market 
   Series   Rate   of Shares   Cost   Value 
Equity Securities:                         
Preferred Stock:                         
Ashford Hospitality Trust, Inc.   A    8.550%   10,000   $251,205   $252,480 
CBL & Associates Properties, Inc.   D    7.375%   2,000    50,269    50,580 
CBL & Associates Properties, Inc.   E    6.625%   62,724    1,487,144    1,564,963 
Cedar Realty Trust, Inc.   B    7.250%   54,596    1,310,210    1,348,510 
Chesapeake Lodging Trust   A    7.750%   20,000    500,000    516,600 
Corporate Office Properties Trust   L    7.375%   26,000    650,330    670,280 
CubeSmart   A    7.750%   2,000    52,153    52,280 
Dupont Fabros Technology, Inc.   A    7.875%   26,412    657,703    668,224 
Dupont Fabros Technology, Inc.   B    7.625%   10,000    250,000    252,100 
Kilroy Realty Corporation   G    6.875%   34,948    844,770    902,008 
LaSalle Hotel Properties   H    7.500%   40,000    982,589    1,006,000 
Pennsylvania Real Estate Investment Trust   A    8.250%   68,800    1,720,885    1,775,728 
Pennsylvania Real Estate Investment Trust   B    7.375%   40,000    1,000,000    1,008,400 
Retail Properties of America, Inc.   A    7.000%   20,000    481,949    513,000 
Stag Industrial, Inc.   B    6.625%   20,100    470,007    509,334 
Summit Hotel Properties, Inc.   B    7.875%   20,000    500,000    515,998 
Sun Communities, Inc.   A    7.125%   45,000    1,117,377    1,179,000 
Terreno Realty Corporation   A    7.750%   20,300    507,791    516,840 
Urstadt Biddle Properties, Inc.   F    7.125%   30,421    756,305    786,687 
Urstadt Biddle Properties, Inc.   G    6.750%   5,000    125,000    130,700 
Total Preferred Stock                  13,715,687    14,219,712 
                          
Common Stock:                         
CBL & Associates Properties, Inc.             135,000    2,295,133    1,669,951 
Getty Realty Corporation             135,000    2,544,483    2,315,250 
Gladstone Commercial Corporation             55,000    946,184    802,450 
Government Properties Income Trust             550,000    11,244,317    8,728,500 
Mack-Cali Realty Corporation             135,000    3,095,616    3,152,250 
Monmouth Real Estate Investment Corporation (1)             2,125,270    17,855,054    22,230,328 
Nobility Homes Inc.             20,000    158,200    242,000 
Parkway Properties Inc.             55,000    959,887    859,650 
RMR Group, Inc.             19,712    256,256    284,050 
Select Income Real Estate Investment Trust             700,000    16,909,351    13,874,000 
Senior Housing Properties Trust             175,911    3,032,483    2,610,519 
Urstadt Biddle Properties, Inc.             55,000    1,103,323    1,058,200 
Vereit, Inc.             25,000    202,787    198,000 
Weingarten Realty Investors             80,000    2,747,526    2,766,400 
Total Common Stock                  63,350,600    60,791,548 
                          
Total Securities Available for Sale                 $77,066,287   $75,011,260 

 

(1) Related entity – See Note 8.

 

 -92- 

 

 

As of December 31, 2016, the Company held five securities that the Company determined were temporarily impaired investments. 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. The following is a summary of temporarily impaired securities at December 31, 2016:

 

   Less than 12 Months   12 Months or Longer   
   Fair Value   Unrealized Loss   Fair Value   Unrealized Loss 
                 
Preferred Stock  $1,489,689   $(47,724)  $-0-   $-0- 
Common Stock   31,172,650    (645,100)   -0-    -0- 
                     
Total  $32,662,339   $(692,824)  $-0-   $-0- 

 

The following is a summary of the range of the losses:

 

Number of

Individual

Securities

    

Fair Value

    

 

 

Unrealized Loss

    

 

 

Range of Loss

  
                     
  4     $ 28,432,339     $ (410,166 )     Less than or equal to 3%  
  1       4,230,000       (282,658 )     6%  
                             
  5     $ 32,662,339     $ (692,824 )        

 

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2016, 2015 and 2014, the securities portfolio had net unrealized holding gains (losses) of $16,717,171, $(2,055,027) and $5,079,921, respectively.

 

During the years ended December 31, 2016, 2015 and 2014, the Company received proceeds of $14,831,737, $4,633,019 and $10,911,791, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities net:

 

   2016   2015   2014 
             
Gross realized gains  $2,287,454   $208,200   $1,555,656 
Gross realized losses   (2,153)   (3,970)   (13,067)
                

Total Realized Gain on Sales of Securities, net

  $2,285,301   $204,230   $1,542,589 

 

The Company had margin loan balances of $22,727,458 and $15,766,573 at December 31, 2016 and 2015, respectively, which were collateralized by the Company’s securities portfolio.

 

NOTE 5 – LOANS AND MORTGAGES PAYABLE

 

Loans Payable

 

The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2016 and 2015 was 2.0%. These margin loans are due on demand. At December 31, 2016 and 2015, respectively, the margin loans amounted to $22,727,458 and $15,766,573, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times.

 

The Company has revolving credit agreements totaling $28,500,000 with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank and Northpoint Commercial Finance to finance inventory purchases. Interest rates on these agreements range from prime with a minimum of 6% to Prime plus 2% with a minimum of 8% after 18 months. As of December 31, 2016 and 2015, the total amount outstanding on these lines was $6,314,352 and $12,112,039, respectively, with a weighted average interest rate of 5.9% and 6.5%, respectively.

 

 -93- 

 

 

The Company has a revolving line of credit with OceanFirst Bank (“OceanFirst Line”) secured by the Company’s eligible notes receivable. The maximum availability on this line is $10.0 million. Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. As of December 31, 2016 and 2015, the amount outstanding on this revolving line of credit was $4,000,000, and the interest rate was 4.25% and 4.0%, respectively.

 

The Company has an agreement with 21st Mortgage to finance the Company’s purchase of rental units. These loans are at an interest rate of 6.99%, with an origination fee of 2% on new units and 3% on existing units. These loans will have a 10 year term from the date of the borrowing. The amount outstanding on this loan was $467,101 and $671,717, as of December 31, 2016 and 2015, respectively.

 

The Company has a $4,000,000 loan from Two River Community Bank, secured by 1,000,000 shares of Monmouth Real Estate Investment Corporation common stock. This loan is at an interest rate of 4.625%, with interest only payments through October 2017, and matures on October 30, 2019. The amount outstanding on this loan was $4,000,000 as of December 31, 2016 and 2015, respectively. The Company also has $884,528 in automotive loans with a weighted average interest rate of 3.8%.

 

Unsecured Lines of Credit

 

On March 29, 2013, the Company entered into a $35 million Unsecured Revolving Credit Facility with Bank of Montreal (“Credit Facility”). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility was extended to March 29, 2017. The Company is in the process of renewing this Credit Facility. Borrowings under the Credit Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness. Borrowings will bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. Based on leverage ratios, interest on this borrowing is at LIBOR plus 200 basis points or 2.69% as of December 31, 2016, and LIBOR plus 250 basis points or 2.79% as of December 31, 2015. The Company incurs a fee on the unused commitment amount of up to 0.35% per annum. As of December 31, 2016, the amount outstanding on the Credit Facility was $20,000,000.

 

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:

 

Year Ended December 31,     
2017   $30,566,256 
2018    255,164 
2019    255,955 
2020    4,245,631 
2021    136,771 
Thereafter    22,933,662 
       
Total Loans Payable    58,393,439 
Unamortized Debt Issuance Costs    (108,054)

Total Loans Payable, net of

   Unamortized Debt Issuance Costs

   $58,285,385 

 

Mortgages Payable

 

Mortgages Payable represents the principal amounts outstanding as of December 31, 2016. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.83% and variable rates ranging from Prime plus 1.0% to LIBOR plus 3.0%. The weighted average interest rate as of December 31, 2016 was 4.4%, compared to 4.6% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Mortgage Notes Payable was 6.9 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 7.1 years as of December 31, 2015.

 

 -94- 

 

 

The following is a summary of mortgages payable at December 31, 2016 and 2015:

 

   At December 31, 2016  Balance at December 31, 
Property  Due Date  Interest Rate   2016   2015 
                
Allentown  10/01/25   4.06%  $13,637,719   $13,873,376 
Brookview Village  04/01/25   3.92%   2,832,889    2,884,660 
Candlewick Court  09/01/25   4.10%   4,551,134    4,629,572 
Catalina  08/19/25   4.20%   5,739,657    5,936,296 
Cedarcrest  04/01/25   3.71%   12,268,266    12,501,441 
Clinton Mobile Home Resort  10/01/25   4.06%   3,579,289    3,641,139 
Cranberry Village  04/01/25   3.92%   7,769,600    7,911,589 
D & R Village  03/01/25   3.85%   7,837,828    7,983,634 
Fairview Manor  11/01/26   3.85%   16,299,292    9,921,261 
Forest Park Village  09/01/25   4.10%   8,486,324    8,632,586 
Hayden Heights  04/01/25   3.92%   2,134,846    2,173,861 
Heather Highlands  08/28/18   Prime + 1.0%    354,529    678,288 
Highland Estates  09/01/17   6.175%   9,035,246    9,226,700 
Holiday Village  09/01/25   4.10%   8,075,696    8,214,880 
Holiday Village- IN  11/01/25   3.96%   8,674,151    8,826,242 
Holly Acres Estates  10/05/21   6.50%   2,228,629    2,260,360 
Kinnebrook Village  04/01/25   3.92%   4,127,176    4,202,600 
Lake Sherman Village  09/01/25   4.10%   5,611,924    5,708,646 

Olmsted Falls

  04/01/25   3.98%   2,133,656    2,172,210 
Oxford Village  01/01/20   5.94%   6,963,586    7,162,128 
Shady Hills  04/01/25   3.92%   5,089,892    5,182,910 
Somerset Estates and Whispering Pines  02/26/19   4.89%   395,886    566,425 
Springfield Meadows  10/06/25   4.83%   3,191,381    -0- 
Suburban Estates  10/01/25   4.06%   5,686,136    5,784,391 
Sunny Acres  10/01/25   4.06%   6,329,351    6,438,720 
Southwind Village  01/01/20   5.94%   5,562,311    5,720,900 
Trailmont  04/01/25   3.92%   3,393,262    3,455,273 
Twin Oaks  12/01/19   5.75%   2,494,084    2,567,451 
Valley Hills  06/01/26   4.32%   3,466,014    -0- 
Waterfalls  06/01/26   4.38%   4,716,994    -0- 
Weatherly Estates  04/01/25   3.92%   8,279,558    8,430,867 
Woods Edge  01/07/26   4.30%   6,969,958    -0- 
Worthington Arms  09/01/25   4.10%   9,514,851    9,678,840 
Various (3 properties)  05/01/16   6.66% (1)    -0-    8,618,982 
Various (4 properties)   07/01/23   4.975%   8,226,015    8,363,756 
Various (5 properties)   01/01/22   4.25%   14,072,987    14,382,719 
Various (5 properties)  12/06/22   4.75%   7,294,460    7,426,995 
Various (5 properties)  02/01/18   6.83%   8,818,862    8,954,713 
Various (11 properties)  08/01/17   LIBOR + 3.0%    10,625,352    11,416,309 
Various (13 properties)  03/01/23   4.065%   50,095,192    51,106,376 
                   
Total Mortgages Payable           296,563,983    286,637,096 
Unamortized Debt Issuance Costs           (3,538,391)   (3,587,294)
Total Mortgages Payable, net of                  
Unamortized Debt Issuance Costs          $293,025,592   $283,049,802 

 

(1)Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.

 

At December 31, 2016 and 2015, mortgages were collateralized by real property with a carrying value of $488,623,061 and $444,098,037, respectively, before accumulated depreciation and amortization. Interest costs amounting to $359,906, $277,944 and $280,354 were capitalized during 2016, 2015 and 2014, respectively, in connection with the Company’s expansion program.

 

 -95- 

 

 

Recent Transactions

 

During the year ended December 31, 2016

 

On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%.

 

On May 2, 2016, the Company obtained a $4,760,000 Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage through Wells Fargo Bank, N.A. (“Wells Fargo”) on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay existing mortgages on three communities with an average interest rate of 6.66%.

 

On October 31, 2016, the Company obtained a $16,346,000 Freddie Mac mortgage through Wells Fargo on Fairview Manor. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures November 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing mortgage with a principal balance of approximately $9,700,000 and an interest rate of 5.785%.

 

On December 19, 2016, the Company assumed a mortgage loan with a balance of approximately $3,195,000, in conjunction with its acquisition of Springfield Meadows. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.

 

During the year ended December 31, 2015

 

On January 21, 2015, the Company assumed a mortgage loan of $2,300,000 in conjunction with its acquisition of Holly Acres. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

 

On February 27, 2015, the Company obtained an $8,100,000 Freddie Mac mortgage through Wells Fargo on D&R Village. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures on March 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing D&R Village and Waterfalls Village mortgage of approximately $6.8 million, which had a variable rate of LIBOR plus 2.25%.

 

On March 6, 2015, the Company obtained a $2,200,000 Freddie Mac mortgage through Wells Fargo on Olmsted Falls. The interest rate on this mortgage is fixed at 3.98%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

On March 20, 2015, the Company obtained seven Freddie Mac mortgages totaling $34,685,000 through Wells Fargo on the following communities: Brookview Village, Cranberry Village, Hayden Heights, Kinnebrook, Shady Hills, Trailmont and Weatherly Estates. The interest rates on these mortgages are fixed at 3.92%. These mortgages mature on April 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing Cedarcrest Village mortgage of approximately $8.9 million, which had an interest rate of 5.125%. The Company incurred a prepayment penalty of approximately $89,000 on this repayment.

 

On August 19, 2015, the Company obtained five Freddie Mac mortgages totaling $37,067,000 through Wells Fargo for the following communities: Candlewick Court, Forest Park Village, Holiday Village, Lake Sherman Village and Worthington Arms. The interest rate on these mortgages is fixed at 4.1%. These mortgages mature on September 1, 2025, with principal repayment based on a 30-year amortization schedule.

 

On August 19, 2015, the Company obtained a $6,000,000 mortgage loan on Catalina from OceanFirst Bank. This mortgage is at a fixed rate of 4.2% and matures on August 19, 2025. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%.

 

 -96- 

 

 

On October 1, 2015, the Company obtained four Freddie Mac mortgages totaling $29,859,000 through Wells Fargo for the following communities: Allentown, Clinton Mobile Home Resort, Suburban Estates and Sunny Acres. The interest rates on these mortgages are fixed at 4.06%. These mortgages mature October 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing mortgages of approximately $16.6 million, with a weighted average interest rate of 4.24%. The Company incurred total prepayment fees and penalties of approximately $154,000 on these repayments.

 

On October 16, 2015, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on Holiday Village. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

The aggregate principal payments of all mortgages payable are scheduled as follows:

 

Year Ended December 31,        
2017     $ 25,905,661  
2018       14,701,232  
2019       19,675,147  
2020       5,779,756  
2021       20,396,125  
Thereafter       210,106,062  
           
Total     $ 296,563,983  

  

NOTE 6 – STOCK COMPENSATION PLAN

 

On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3,000,000 shares of common stock. The option price shall not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 2013 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. Not more than 200,000 shares of the Company’s common stock may be granted as options in any one fiscal year to a participant under the 2013 Plan. In general, each option may be exercised only after one year of continued service with the Company. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant is 100,000 shares.

 

The Compensation Committee determines the recipients of restricted stock awards; the number of restricted shares to be awarded; the length of the restricted period of the award; the restrictions applicable to the award including, without limitation, the employment or retirement status of the participant; rules governing forfeiture and restrictions applicable to any sale, assignment, transfer, pledge or other encumbrance of the restricted stock during the restricted period; and the eligibility to share in dividends and other distributions paid to the Company’s stockholders during the restricted period. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant shall be 100,000 shares.

 

Unless otherwise provided for in an underlying restricted stock award agreement, if a participant’s status as an employee or director of the Company is terminated by reason of death or disability, the restrictions will lapse on such date. Unless otherwise provided for in an underlying restricted stock award agreement, the Plan provides that if an individual’s status as an employee or director is terminated by reason of retirement following an involuntary termination (other than for “cause” as defined in the 2013 Plan), the restrictions will generally lapse, unless the restricted stock award is intended to constitute “performance based” compensation for purposes of Section 162(m) of the Internal Revenue Code. If a participant’s status as an employee or director terminates for any other reason, the Plan provides that a participant will generally forfeit any outstanding restricted stock awards, unless otherwise indicated in the applicable award agreement. Shares of restricted stock that are forfeited become available again for issuance under the 2013 Plan. The Compensation Committee has the authority to accelerate the time at which the restrictions may lapse whenever it considers that such action is in the best interests of the Company and of its stockholders, whether by reason of changes in tax laws, a “change in control” as defined in the 2013 Plan or otherwise.

 

 -97- 

 

 

The Company accounts for 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).

 

Stock Options

 

During the year ended December 31, 2016, thirty-four employees were granted options to purchase a total of 527,000 shares. During the year ended December 31, 2015, twenty-four employees were granted options to purchase a total of 425,000 shares. During the year ended December 31, 2014, twenty-five employees were granted options to purchase a total of 339,000 shares. The fair value of these options for the years ended December 31, 2016, 2015 and 2014 was approximately $425,000, $393,000 and $332,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $85,997 as of December 31, 2016, which will be expensed in 2017.

 

The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows:

 

  ● The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option.
     
  ● Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant.
     
  ● The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards.
     
  ● Expected life of the options granted is estimated based on historical data reflecting actual hold periods.
     
  ● Estimated forfeiture is based on historical data reflecting actual forfeitures.

 

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 in the following years:

 

   2016   2015   2014 
             
Dividend yield   7.32%   7.37%   7.14%
Expected volatility   26.30%   27.17%   27.12%
Risk-free interest rate   1.49%   2.12%   2.23%
Expected lives   8    8    8 
Estimated forfeitures   -0-    -0-    -0- 

 

During the year ended December 31, 2016, options to twenty employees to purchase a total of 277,500 shares were exercised. During the year ended December 31, 2015, options to five employees to purchase a total of 22,500 shares were exercised. During the year ended December 31, 2014, options to two employees to purchase a total of 23,000 shares were exercised. During the year ended December 31, 2016, options to one employee to purchase a total of 50,000 shares expired. During the year ended December 31, 2015, options to sixteen employees to purchase a total of 143,000 shares expired or were forfeited. During the year ended December 31, 2014, options to eleven employees to purchase a total of 108,000 shares expired.

 

 -98- 

 

 

A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows:

 

   2016   2015   2014 
       Weighted-       Weighted-       Weighted- 
       Average       Average       Average 
       Exercise       Exercise       Exercise 
   Shares   Price   Shares   Price   Shares   Price 
                         
Outstanding at beginning of year   1,560,500   $9.92    1,301,000   $10.34    1,093,000   $10.86 
Granted   527,000    9.77    425,000    9.82    339,000    9.85 
Exercised   (277,500)   8.96    (22,500)   7.56    (23,000)   7.28 
Forfeited   -0-    -0-    (37,000)   10.63    -0-    -0- 
Expired   (50,000)   11.97    (106,000)   14.84    (108,000)   14.52 
Outstanding at end of year   1,760,000    9.97    1,560,500    9.92    1,301,000    10.34 
Options exercisable at end of year   1,233,000         1,135,500         962,000      
Weighted average fair value of options
granted during the year		       $0.81        $0.93        $0.98 

 

The following is a summary of stock options outstanding as of December 31, 2016:

 

Date of Grant

   Number of Employees   Number of Shares  

 

Option Price

   Expiration
Date
                 
06/22/09    5    18,500    7.57   06/22/17
01/08/10    1    10,900    9.13   01/08/18
01/08/10    1    14,100    8.30   01/08/18
07/27/10    6    52,000    11.40   07/27/18
07/05/11    7    58,000    11.16   07/05/19
08/29/12    10    70,000    11.29   08/29/20
02/28/13    1    10,000    10.02   02/28/21
06/26/13    18    343,000    10.08   06/26/21
06/11/14    19    276,000    9.85   06/11/22
06/24/15    19    380,500    9.82   06/24/23
04/05/16    34    527,000*   9.77   04/05/24
                    
          1,760,000         

 

* Unexercisable

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2016, 2015 and 2014 was $8,939,488, $669,098 and $395,243, respectively, of which $6,156,928, $541,598 and $395,243 relate to options exercisable. The intrinsic value of options exercised in 2016, 2015 and 2014 was $1,018,730, $62,230 and $57,250 respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 5.6, 5.4 and 4.3 years as of December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $463,864, $365,560 and $437,063, respectively.

 

 -99- 

 

 

Restricted Stock

 

On April 5, 2016, the Company awarded 40,500 shares of restricted stock to two participants. On September 14, 2016, the Company awarded 20,000 shares of restricted stock to one participant. On February 5, 2015, the Company awarded 25,000 shares of restricted stock to one participant. On September 16, 2015, the Company awarded 10,000 shares to ten participants. During 2014, the Company awarded 25,000 shares of restricted stock to one participant. The grant date fair value of restricted stock grants awarded to participants was $627,085, $334,450 and $232,750 for the years ended December 31, 2016, 2015 and 2014, respectively. These grants vest in equal installments over five years. As of December 31, 2016, there remained a total of $685,925 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.3 years. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $600,814, $490,208 and $485,881, respectively.

 

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below:

 

   2016   2015   2014 
       Weighted-       Weighted-       Weighted- 
       Average       Average       Average 
       Grant Date       Grant Date       Grant Date 
   Shares   Fair Value   Shares   Fair Value   Shares   Fair Value 
                         
Non-vested at beginning of year   121,242   $9.83    137,346   $10.37    152,292   $10.77 
Granted   60,500    10.37    35,000    9.56    25,000    9.31 
Dividend Reinvested Shares   8,430    10.82    10,736    9.09    12,194    9.22 
Forfeited   (2,160)   9.83    -0-    -0-    -0-    -0- 
Vested   (54,697)   10.07    (61,840)   9.63    (52,140)   10.77 
Non-vested at end of year   133,315   $10.04    121,242   $9.83    137,346   $10.37 

 

As of December 31, 2016, there were 1,235,500 shares available for grant as stock options or restricted stock under the 2013 Plan.

 

NOTE 7 – 401(k) PLAN

 

All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2016, 2015 and 2014, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $245,057, $167,971 and $226,953 in 2016, 2015 and 2014, respectively.

 

NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS

 

Transactions with Monmouth Real Estate Investment Corporation

 

There are six Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (“MREIC”). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2016, the Company owns a total of 2,237,588 shares of MREIC common stock, representing 3.2% of the total shares outstanding at December 31, 2016 (See Note 4). The Company shares 1 officer (Chairman of the Board) with MREIC.

 

 -100- 

 

 

Employment Agreements and Compensation

 

The Company has three year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew.  The agreements provide for base compensation aggregating approximating $1 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control.

 

Other Matters

 

Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. On May 1, 2015, the Company renewed this lease for additional space and an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere.

 

NOTE 9 – SHAREHOLDERS’ EQUITY

 

Common Stock

 

The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company.

 

Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows:

 

   2016   2015   2014 
             
Amounts Received  $22,400,945   $24,599,818   $32,792,239 
Less: Dividends Reinvested   (2,388,552)   (2,006,287)   (1,858,491)
Amounts Received, net  $20,012,393   $22,593,531   $30,933,748 
                
Number of Shares Issued   1,966,133    2,657,255    3,554,191 

 

Preferred Stock

 

As of December 31, 2016, the Company had a total of 3,663,800 shares of Series A Preferred Stock outstanding representing an aggregate liquidation preference of $91,595,000.

 

The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15.

 

The Series A Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Effective May 26, 2016, at any time and, from time to time, the Series A Preferred Stock can be redeemed in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.

 

Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series A Preferred Stock will have the right to convert all or part of the shares of the Series A Preferred Stock held, unless the Company elects to redeem the Series A Preferred Stock.

 

Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events.

 

 -101- 

 

 

On October 20, 2015, the Company issued and sold 1,801,200 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering of approximately $43 million, after deducting offering related expenses. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 at an annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. The first quarterly dividend payment date for the Series B Preferred Stock was payable March 15, 2016 and was for the dividend period from October 20, 2015 to February 29, 2016. A portion of the dividend to be paid on March 15, 2016, covering the period October 20, 2015 to December 31, 2015, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements.

 

The Series B Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series B Preferred Stock is not redeemable prior to October 20, 2020. On and after October 20, 2020, the Series B Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series B Preferred shares ranks on a parity with the Company’s Series A Preferred shares with respect to dividend rights and rights upon liquidation, dissolution or winding up.

 

Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held, unless the Company elects to redeem the Series B Preferred Stock.

 

Holders of the Series B Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events.

 

In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 22,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 48,663,800 shares (classified as 42,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 70,663,800 shares (classified as 64,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series B Preferred Stock and reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.

 

On April 5, 2016, the Company issued an additional 2,000,000 shares of its Series B Preferred stock in a registered direct placement at a sale price of $25.50 per share, including accrued dividends. The Company received net proceeds from the offering after expenses of approximately $49.1 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis.

 

In conjunction with the issuance of the Company’s Series B Preferred shares, on April 4, 2016, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred stock. After the reclassification, the Company’s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock.

 

 -102- 

 

 

On August 11, 2016, the Company filed with the MSAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 4,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 81,663,800 shares (classified as 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 85,663,800 shares (classified as 75,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock).

 

Issuer Purchases of Equity Securities

 

On January 19, 2017, the Board of Directors reaffirmed its Share Repurchase Program (the “Repurchase Program”) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. There have been no purchases under the Repurchase Program to date.

 

NOTE 10 – DISTRIBUTIONS

 

Common Stock

 

The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014:

 

    2016   2015   2014 
Quarter Ended   Amount   Per Share   Amount   Per Share   Amount   Per Share 
                          
March 31   $4,879,009   $0.18   $4,481,730   $0.18   $3,853,595   $0.18 
June 30    4,903,286    0.18    4,633,318    0.18    3,991,110    0.18 
September 30    5,031,818    0.18    4,767,312    0.18    4,125,060    0.18 
December 31    5,204,709    0.18    4,864,760    0.18    4,316,063    0.18 
                                
    $20,018,822   $0.72   $18,747,120   $0.72   $16,285,828   $0.72 

 

These amounts do not include the discount on shares purchased through the Company’s DRIP.

 

On January 19, 2017, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

 

 -103- 

 

 

Preferred Stock

 

The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014:

 

Declaration Date  Record Date  Payment
Date		  Dividend   Dividend
per Share		 
               
1/15/2016  2/16/2016  3/15/2016  $1,889,147   $0.515625 
4/4/2016  5/16/2016  6/15/2016   1,889,147    0.515625 
7/1/2016  8/15/2016  9/15/2016   1,889,147    0.515625 
10/3/2016  11/17/2016  12/15/2016   1,889,147    0.515625 
                 
         $7,556,588   $2.0625 
                 
1/15/2015  2/17/2015  3/16/2015  $1,889,147   $0.515625 
4/1/2015  5/15/2015  6/16/2015   1,889,147    0.515625 
7/1/2015  8/15/2015  9/15/2015   1,889,147    0.515625 
10/1/2015  11/17/2015  12/15/2015   1,889,147    0.515625 
                 
         $7,556,588   $2.0625 
                 
1/15/2014  2/18/2014  3/17/2014  $1,889,147   $0.515625 
4/1/2014  5/15/2014  6/16/2014   1,889,147    0.515625 
7/1/2014  8/15/2014  9/15/2014   1,889,147    0.515625 
10/1/2014  11/17/2014  12/15/2014   1,889,147    0.515625 
                 
         $7,556,588   $2.0625 

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

 

The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016:

 

Declaration Date  Record Date  Payment
Date		  Dividend   Dividend
per Share		 
               
1/15/2016  2/16/2016  3/15/2016  $1,305,257   $0.72466 
4/4/2016  5/16/2016  6/15/2016   1,900,600    0.50 
7/1/2016  8/15/2016  9/15/2016   1,900,600    0.50 
10/3/2016  11/17/2016  12/15/2016   1,900,600    0.50 
                 
         $7,007,057   $2.22466 

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.0% Series B Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.

 

 -104- 

 

 

 

NOTE 11 – FEDERAL INCOME TAXES

 

Characterization of Distributions

 

The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014:

 

   2016     2015     2014   
   Amount   Percent   Amount   Percent   Amount   Percent 
                         
Ordinary income  $0.09549    13.26%  $0.00000    0.00%  $0.01114    1.55%
Capital gains   0.01425    1.98%   0.00000    0.00%   0.00265    0.37%
Return of capital   0.61026    84.76%   0.72000    100.00%   0.70621    98.08%
   $0.72    100%  $0.72    100%  $0.72    100%

 

For the year ended December 31, 2016, total distributions paid by the Company for its Series A Preferred Stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2015, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.36264 characterized as ordinary income, $0.03439 characterized as capital gains and $0.66547 characterized as a return of capital). For the year ended December 31, 2014, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.66551 characterized as ordinary income and $0.39699 characterized as capital gains).

 

For the year ended December 31, 2016, total distributions paid by the Company for its Series B preferred stock, amounted to $7,007,057 or $2.22466 per share (for income tax purposes, $1.93582 characterized as ordinary income and $0.28884 characterized as capital gains).

 

In addition to the above, taxable income from non-REIT activities conducted by S&F, a Taxable REIT Subsidiary (“TRS”), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2016, 2015 and 2014, S&F had operating losses for financial reporting purposes of $2,307,104, $3,550,961 and $3,946,571, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2016, 2015 and 2014, S&F recorded $5,000, $15,000 and $15,000, respectively, in federal, state and franchise taxes.

 

NOTE 12 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

 

The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company.

 

Included in the Company’s Community Operating Expenses for the year ended December 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of completing a new manufactured home community at this location, which is expected to open in the first quarter of 2017. Once fully developed, the community will contain a total of 134 developed homesites.

 

 -105- 

 

 

In November 2013, the Company entered into an agreement with 21st Mortgage under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has 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. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2016, the total loan balance was approximately $5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of December 31, 2016, the total loan balance was approximately $4 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing.

 

The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. The Company does not receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If the loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad and subsequently purchased by the Company. Included in Notes and Other Receivables is approximately $3,495,000 of loans that the Company purchased under the COP Program during the year ended December 31, 2016.

 

 -106- 

 

 

NOTE 13 - FAIR VALUE MEASUREMENTS

 

The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. 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 certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015:

 

    Fair Value Measurements at Reporting Date Using  
    Total    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

    

Significant Other Observable Inputs

(Level 2)

    

Significant Unobservable Inputs

(Level 3)

  
                         
December 31, 2016:                                
Equity Securities - Preferred Stock   $ 13,028,200     $ 13,028,200     $ -0-     $ -0-  
Equity Securities - Common Stock     95,726,972       95,726,972       -0-       -0-  
Interest Rate Swap (1)     (3,983 )     -0-       (3,983 )     -0-  
Total   $ 108,751,189     $ 108,755,172     $ (3,983 )   $ -0-  
                                 
December 31, 2015:                                
Equity Securities - Preferred Stock   $ 14,219,712     $ 14,219,712     $ -0-     $ -0-  
Equity Securities - Common Stock     60,791,548       60,791,548       -0-       -0-  
Interest Rate Swap (1)     (1,700 )     -0-       (1,700 )     -0-  
Total   $ 75,009,560     $ 75,011,260     $ (1,700 )   $ -0-  
 
(1)Included in accrued liabilities and deposits

 

In addition to the Company’s investment in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its 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. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates.

 

The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of securities available for sale is primarily based upon quoted market values. 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. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2016, the fair and carrying value of fixed rate mortgages payable amounted to $282,369,063 and $285,584,102, respectively. As of December 31, 2015, the fair and carrying value of fixed rate mortgages payable amounted to $276,657,074 and $274,542,499, respectively. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy.

 

 -107- 

 

 

NOTE 14 – SUPPLEMENTAL CASH FLOW INFORMATION

 

Cash paid for interest during the years ended December 31, 2016, 2015 and 2014 was $15,406,689, $12,497,858 and $10,832,747, respectively.

 

During the years ended December 31, 2016 and 2015, the Company assumed mortgages totaling approximately $3.2 million and $2.3 million for the acquisition of communities.

 

During the years ended December 31, 2016, 2015 and 2014, land development costs of $170,925, $60,857 and $100,372, respectively were transferred to investment property and equipment and placed in service.

 

During the years ended December 31, 2016, 2015 and 2014, the Company had dividend reinvestments of $2,388,552, $2,006,287 and $1,858,491, respectively which required no cash transfers.

 

NOTE 15 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On January 18, 2017, the Company drew down the remaining $15,000,000 on our Credit Facility in anticipation of community acquisitions.

 

On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%.

 

On January 20, 2017, the Company acquired two manufactured home communities located in Osolo, Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a $14,250,000 Freddie Mac mortgage with Wells Fargo. The mortgage has an interest rate of 4.56% and a 10-year term with a 30-year amortization.

 

On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Lower Burrell, Pennsylvania for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the average occupancy for these communities was approximately 40%.

 

NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

 

The following unaudited pro forma condensed financial information reflects the 2016 and 2015 acquisitions that have closed. 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 2016 and 2015 assuming that the acquisitions had occurred as of January 1, 2015, 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 and (d) depreciation expense related to the new 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.

 

    For the years ended December 31,  
    2016     2015  
             
Rental and Related Income   $ 100,038,000     $ 88,769,000  
Community Operating Expenses     42,818,000       40,166,000  
Net Loss Attributable to Common Shareholders     (2,440,000 )     (6,371,000 )
Net Loss Attributable to Common Shareholders per Share:                
 Basic and Diluted     (0.09 )     (0.25 )

 

 -108- 

 

 

NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

THREE MONTHS ENDED

 

2016   March 31     June 30     September 30     December 31  
                         
Total Income   $ 23,504,374     $ 25,210,707     $ 25,355,051     $ 25,143,697  
Total Expenses     19,876,382       21,176,977       21,567,389       20,634,766  
Other Income (Expense)     (1,743,611 )     (937,242 )     (587,077 )     (1,153,663 )
Net Income     1,906,469       3,051,462       3,200,013       3,376,615  

Net Loss Attributable to

Common Shareholders

     (883,278 )     (682,729 )     (589,734 )     (413,132 )

Net Loss Attributable to Common

Shareholders per Share –
Basic and Diluted

     (0.03 )     (0.03 )     (0.02 )     (0.01 )

 

2015   March 31     June 30     September 30     December 31  
                         
Total Income   $ 18,344,086     $ 19,553,443     $ 21,694,999     $ 21,924,143  
Total Expenses     16,369,803       17,484,822       18,965,700       19,256,221  
Other Income (Expense)     (1,260,479 )     (1,790,710 )     (1,684,881 )     (2,479,582 )
Net Income     718,517       203,982       1,047,245       174,461  
Net Loss Attributable to
Common Shareholders		     (1,170,630 )     (1,685,165 )     (841,902 )     (2,425,296 )
Net Loss Attributable to Common Shareholders per Share – Basic and Diluted     (0.05 )     (0.06 )     (0.03 )     (0.10 )
 -109- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

Column A   Column B         Column C     Column D  
Description             Initial Cost        
                        Site, Land        
                        & Building     Capitalization  
                        Improvements     Subsequent to  
Name   Location   Encumbrances         Land     and Rental Homes     Acquisition  
                                 
Allentown   Memphis, TN   $ 13,637,719         $ 250,000     $ 2,569,101     $ 9,843,420  
Arbor Estates   Doylestown, PA             (3)     2,650,000       8,266,000       969,266  
Auburn Estates   Orrville, OH             (4)     114,000       1,174,000       355,280  
Birchwood Farms   Birch Run, MI             (3)     70,000       2,797,000       1,686,954  
Broadmore Estates   Goshen, IN     50,095,192       (3)     1,120,000       11,136,000       6,206,691  
Brookside Village   Berwick, PA             (1)     372,000       4,776,000       1,221,426  
Brookview Village   Greenfield Ctr, NY     2,832,889           37,500       232,547       4,369,792  
Candlewick Court   Owosso, MI     4,551,134           159,200       7,087,221       1,188,057  
Carsons   Chambersburg, PA             (2)     176,000       2,411,000       935,152  
Catalina   Middletown, OH     5,739,657           1,008,000       11,734,640       1,993,004  
Cedarcrest   Vineland, NJ     12,268,266           320,000       1,866,323       2,628,346  
Chambersburg I & II   Chambersburg, PA     10,625,352       (2)     108,000       2,397,000       373,954  
Chelsea   Sayre, PA             (2)     124,000       2,049,000       758,722  
City View   Lewistown, PA     -0-           137,000       613,000       1,241,302  
Clinton   Tiffin, OH     3,579,289           142,000       3,301,800       199,155  
Collingwood   Horseheads, NY             (2)     196,000       2,317,500       1,202,057  
Colonial Heights   Wintersville, OH             (3)     67,000       2,383,000       3,772,898  
Countryside Estates   Muncie, IN     -0-           174,000       1,926,000       2,635,057  
Countryside Estates   Ravenna, OH     8,818,862       (5)     205,000       2,895,997       2,616,020  
Countryside Village   Columbia, TN     -0-           394,000       6,916,500       7,961,498  
Cranberry Village   Cranberry Twp, PA     7,769,600           181,930       1,922,931       3,501,615  
Crestview   Sayre, PA             (2)     188,000       2,258,000       1,148,016  
Cross Keys Village   Duncansville, PA     -0-           60,774       378,093       3,178,652  
Dallas Mobile Home   Toronto, OH     -0-           275,600       2,728,503       916,762  
Deer Meadows   New Springfield, OH             (5)     226,000       2,299,275       1,081,149  
D&R Village   Clifton Park, NY     7,837,828           391,724       704,021       3,202,804  
Evergreen Estates   Lodi, OH             (5)     99,000       1,121,300       330,820  
Evergreen Manor   Bedford, OH             (5)     49,000       2,372,258       526,753  
Evergreen Village   Mantua, OH             (5)     105,000       1,277,001       692,114  
Fairview Manor   Millville, NJ     16,299,292           216,000       1,166,517       9,483,856  
Forest Creek   Elkhart, IN             (3)     440,000       7,004,000       1,685,875  
Forest Park Village   Cranberry Twp, PA     8,486,324           75,000       977,225       6,914,108  
Frieden Manor   Schuylkill Haven, PA             (2)     643,000       5,293,500       1,713,786  
Green Acres   Chambersburg, PA             (2)     63,000       584,000       105,105  
Gregory Courts   Honey Brook, PA             (3)     370,000       1,220,000       346,398  
Hayden Heights   Dublin, OH     2,134,846           248,100       2,147,700       519,943  
Heather Highlands   Inkerman, PA             (3)     510,000       7,084,000       1,884,592  
Highland   Elkhart, IN     354,529           572,500       2,151,569       8,228,321  
Highland Estates   Kutztown, PA     9,035,246           145,000       1,695,041       11,631,628  
Hillside Estates   Greensburg, PA             (6)     483,600       2,678,525       1,437,008  
Holiday Village   Nashville, TN     8,075,696           1,632,000       5,618,000       6,519,687  
Holiday Village   Elkhart, IN     8,674,151           490,600       13,808,269       1,599,404  
Holly Acres Estates   Erie, PA     2,228,629           194,000       3,591,000       247,768  
Hudson Estates   Peninsula, OH     -0-           141,000       3,515,878       3,250,757  
Huntingdon Pointe   Tarrs, PA     -0-           399,000       865,450       442,514  
Independence Park   Clinton, PA     8,226,015       (6)     686,400       2,783,633       1,834,765  
Kinnebrook   Monticello, NY     4,127,176           235,600       1,402,572       10,328,190  
Lake Sherman   Navarre, OH     5,611,924           290,000       1,457,673       8,936,710  
Lakeview Meadows   Lakeview, OH     -0-           574,000       1,103,600       59,348  
Laurel Woods   Cresson, PA     -0-           432,700       2,070,426       3,141,475  
Little Chippewa   Orrville, OH             (4)     113,000       1,135,000       854,599  
Maple Manor   Taylor, PA     14,072,989       (1)     674,000       9,432,800       3,971,321  
                                         

 -110- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

Column A   Column B      Column C   Column D 
Description         Initial Cost     
                 Site, Land     
                 & Building   Capitalization 
                 Improvements   Subsequent to 
Name  Location   Encumbrances      Land   and Rental Homes   Acquisition 
                       
Meadowood  New Middletown, OH  $    (3)  $152,000   $3,191,000   $2,027,873 
Meadows  Nappanee, IN   -0-       548,600    6,720,900    1,278,258 
Melrose Village  Wooster, OH   7,294,460   (4)   767,000    5,429,000    3,652,118 
Melrose West  Wooster, OH       (4)   94,000    1,040,000    48,618 
Memphis Blues  Memphis, TN   -0-       78,435    810,477    1,612,983 
Monroe Valley  Ephrata, PA       (2)   114,000    994,000    428,713 
Moosic Heights  Avoca, PA       (1)   330,000    3,794,100    1,437,446 
Mountaintop  Ephrata, PA       (2)   134,000    1,665,000    479,395 
Oak Ridge Estates  Elkhart, IN       (3)   500,000    7,524,000    1,560,097 
Oakwood Lake  Tunkhannock, PA       (1)   379,000    1,639,000    740,354 
Olmsted Falls  Olmsted Falls, OH   2,133,656       569,000    3,031,000    969,391 
Oxford Village  West Grove, PA   6,963,586       175,000    990,515    1,988,629 
Pine Ridge/Manor  Carlisle, PA   -0-       37,540    198,321    7,770,336 
Pine Valley Estates  Apollo, PA   -0-       670,000    1,336,600    4,894,957 
Pleasant View Estates  Bloomsburg, PA       (1)   282,000    2,174,800    986,050 
Port Royal Village  Belle Vernon, PA   -0-       150,000    2,491,796    11,533,104 
River Valley Estates  Marion, OH   -0-       236,000    785,293    5,994,421 
Rolling Hills Estates  Carlisle, PA   -0-       301,000    1,419,013    1,416,113 
Rostraver Estates  Belle Vernon, PA       (6)   813,600    2,203,506    1,227,696 
Sandy Valley Estates  Magnolia, OH   -0-       270,000    1,941,430    6,844,079 
Shady Hills  Nashville, TN   5,089,892       337,000    3,379,000    3,443,837 
Somerset/Whispering  Somerset, PA   395,886       1,485,000    2,050,400    6,644,002 
Southern Terrace  Columbiana, OH       (3)   63,000    3,387,000    383,118 
Southwind Village  Jackson, NJ   5,562,310       100,095    602,820    2,528,575 
Spreading Oaks  Athens, OH   -0-       67,000    1,326,800    2,759,056 
Springfield Meadows  Springfield, OH   3,191,381       1,230,000    3,092,706    -0- 
Suburban Estates  Greensburg, PA   5,686,136       299,000    5,837,272    2,431,158 
Summit Estates  Ravenna, OH   -0-       198,000    2,779,260    1,609,677 
Sunny Acres  Somerset, PA   6,329,350       287,000    6,113,528    958,253 
Sunnyside  Eagleville, PA       (3)   450,000    2,674,000    201,512 
Trailmont  Goodlettsville, TN   3,393,262       411,000    1,867,000    3,431,368 
Twin Oaks I & II  Olmsted Twp, OH   2,494,084       823,000    3,527,000    1,387,658 
Twin Pines  Goshen, IN       (3)   650,000    6,307,000    2,470,027 
Valley High  Ruffs Dale, PA       (6)   284,000    2,266,750    841,848 
Valley Hills  Ravenna, OH   3,466,014       996,000    6,542,178    4,822,424 
Valley Stream  Mountaintop, PA   -0-       323,000    3,190,550    556,089 
Valley View-I  Ephrata, PA       (2)   191,000    4,359,000    958,252 
Valley View-II  Ephrata, PA       (2)   72,000    1,746,000    2,508 
Valley View-HB  Honey Brook, PA       (3)   1,380,000    5,348,000    1,249,830 
Voyager Estates  West Newton, PA   -0-       742,000    3,142,725    1,390,989 
Waterfalls Village  Hamburg, NY   4,716,994       424,000    3,812,000    3,390,639 
Wayside  Lakeview, OH   -0-       196,000    1,080,050    14,093 
Weatherly Estates  Lebanon, TN   8,279,558       1,184,000    4,034,480    4,497,402 
Woodland Manor  West Monroe, NY   -0-       77,000    841,000    2,393,082 
Woodlawn Village  Eatontown, NJ   -0-       157,421    280,749    1,383,879 
Woods Edge  West Lafayette, IN   6,969,958       1,808,100    13,321,318    849,953 
Wood Valley  Caledonia, OH   -0-       260,000    1,753,206    3,897,202 
Worthington Arms  Lewis Center, OH   9,514,851       436,800    12,705,530    836,527 
Youngstown Estates  Youngstown, NY       (4)   269,000    1,606,000    598,191 
      $296,563,983      $40,830,819   $331,050,462  

$

264,695,674 

 

 -111- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

 

Column A   Column E (6) (7)     Column F  
Description   Gross Amount at Which Carried at 12/31/15        
              Site, Land              
              & Building              
              Improvements           Accumulated  
Name   Location   Land     and Rental Homes     Total     Depreciation  
                             
Allentown   Memphis, TN   $ 480,000     $ 12,182,521     $ 12,662,521     $ 5,187,063  
Arbor Estates   Doylestown, PA     2,650,000       9,235,266       11,885,266       1,197,142  
Auburn Estates   Orrville, OH     114,000       1,529,280       1,643,280       163,398  
Birchwood Farms   Birch Run, MI     70,000       4,483,954       4,553,954       629,232  
Broadmore Estates   Goshen, IN     1,120,000       17,342,691       18,462,691       2,186,065  
Brookside Village   Berwick, PA     372,000       5,997,426       6,369,426       1,160,539  
Brookview Village   Greenfield Ctr, NY     122,865       4,516,974       4,639,839       2,209,561  
Candlewick Court   Owosso, MI     159,200       8,275,278       8,434,478       441,471  
Carsons   Chambersburg, PA     176,000       3,346,152       3,522,152       461,349  
Catalina   Middletown, OH     1,008,000       13,727,644       14,735,644       728,492  
Cedarcrest   Vineland, NJ     408,206       4,406,463       4,814,669       2,730,868  
Chambersburg I & II   Chambersburg, PA     108,000       2,770,954       2,878,954       424,733  
Chelsea   Sayre, PA     124,000       2,807,722       2,931,722       384,891  
City View   Lewistown, PA     137,000       1,854,302       1,991,302       246,952  
Clinton   Tiffin, OH     142,000       3,500,955       3,642,955       659,270  
Collingwood   Horseheads, NY     196,000       3,519,557       3,715,557       481,544  
Colonial Heights   Wintersville, OH     67,000       6,155,898       6,222,898       772,241  
Countryside Estates   Muncie, IN     174,000       4,561,057       4,735,057       582,843  
Countryside Estates   Ravenna, OH     205,000       5,512,017       5,717,017       434,912  
Countryside Village   Columbia, TN     609,000       14,662,998       15,271,998       2,326,197  
Cranberry Village   Cranberry Twp, PA     181,930       5,424,546       5,606,476       2,733,960  
Crestview   Sayre, PA     361,500       3,232,516       3,594,016       425,472  
Cross Keys Village   Duncansville, PA     60,774       3,556,745       3,617,519       1,199,569  
Dallas Mobile Home   Toronto, OH     275,600       3,645,265       3,920,865       296,191  
Deer Meadows   New Springfield, OH     226,000       3,380,424       3,606,424       291,027  
D&R Village   Clifton Park, NY     391,724       3,906,825       4,298,549       1,955,811  
Evergreen Estates   Lodi, OH     119,000       1,432,120       1,551,120       129,557  
Evergreen Manor   Bedford, OH     49,000       2,899,011       2,948,011       257,836  
Evergreen Village   Mantua, OH     105,000       1,969,115       2,074,115       174,552  
Fairview Manor   Millville, NJ     2,534,892       8,331,481       10,866,373       4,775,026  
Forest Creek   Elkhart, IN     440,000       8,689,875       9,129,875       1,343,487  
Forest Park Village   Cranberry Twp, PA     75,000       7,891,333       7,966,333       2,890,114  
Frieden Manor   Schuylkill Haven, PA     643,000       7,007,286       7,650,286       1,032,959  
Green Acres   Chambersburg, PA     63,000       689,105       752,105       99,847  
Gregory Courts   Honey Brook, PA     370,000       1,566,398       1,936,398       192,436  
Hayden Heights   Dublin, OH     248,100       2,667,643       2,915,743       225,356  
Heather Highlands   Inkerman, PA     510,000       8,968,592       9,478,592       1,296,725  
Highland   Elkhart, IN     572,500       10,379,890       10,952,390       4,592,021  
Highland Estates   Kutztown, PA     404,239       13,067,430       13,471,669       6,261,207  
Hillside Estates   Greensburg, PA     483,600       4,115,533       4,599,133       318,242  
Holiday Village   Nashville, TN     1,632,000       12,137,687       13,769,687       1,302,883  
Holiday Village   Elkhart, IN     490,600       15,407,673       15,898,273       694,801  
Holly Acres Estates   Erie, PA     194,000       3,838,768       4,032,768       271,745  
Hudson Estates   Peninsula, OH     141,000       6,766,635       6,907,635       519,837  
Huntingdon Pointe   Tarrs, PA     399,000       1,307,964       1,706,964       66,588  
Independence Park   Clinton, PA     686,400       4,618,398       5,304,798       323,859  
Kinnebrook   Monticello, NY     352,972       11,613,390       11,966,362       4,536,547  
Lake Sherman   Navarre, OH     290,000       10,394,383       10,684,383       3,538,456  
Lakeview Meadows   Lakeview, OH     574,000       1,162,948       1,736,948       15,339  
Laurel Woods   Cresson, PA     432,700       5,211,901       5,644,601       1,847,290  
Little Chippewa   Orrville, OH     113,000       1,989,599       2,102,599       181,674  
Maple Manor   Taylor, PA     674,000       13,404,121       14,078,121       2,470,919  

 

 -112- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

Column A  Column E (6) (7)   Column F 
Description  Gross Amount at Which Carried at 12/31/16     
          Site, Land         
          & Building         
          Improvements       Accumulated 
Name  Location  Land   and Rental Homes   Total   Depreciation 
                    
Meadowood  New Middletown, OH  $152,000   $5,218,873   $5,370,873   $749,139 
Meadows  Nappanee, IN   548,600    7,999,158    8,547,758    387,480 
Melrose Village  Wooster, OH   767,000    9,081,118    9,848,118    836,307 
Melrose West  Wooster, OH   94,000    1,088,618    1,182,618    119,131 
Memphis Blues  Memphis, TN   335,935    2,165,960    2,501,895    1,212,347 
Monroe Valley  Ephrata, PA   114,000    1,422,713    1,536,713    204,572 
Moosic Heights  Avoca, PA   330,000    5,231,546    5,561,546    967,745 
Mountaintop  Ephrata, PA   134,000    2,144,395    2,278,395    320,795 
Oak Ridge Estates  Elkhart, IN   500,000    9,084,097    9,584,097    1,424,232 
Oakwood Lake  Tunkhannock, PA   379,000    2,379,354    2,758,354    440,784 
Olmsted Falls  Olmsted Falls, OH   569,000    4,000,391    4,569,391    558,463 
Oxford Village  West Grove, PA   155,000    2,999,144    3,154,144    1,974,506 
Pine Ridge/Manor  Carlisle, PA   145,473    7,860,724    8,006,197    2,715,002 
Pine Valley Estates  Apollo, PA   732,089    6,169,468    6,901,557    2,373,531 
Pleasant View Estates  Bloomsburg, PA   282,000    3,160,850    3,442,850    587,530 
Port Royal Village  Belle Vernon, PA   505,000    13,669,900    14,174,900    6,019,395 
River Valley Estates  Marion, OH   236,000    6,779,714    7,015,714    3,205,477 
Rolling Hills Estates  Carlisle, PA   301,000    2,835,126    3,136,126    400,518 
Rostraver Estates  Belle Vernon, PA   813,600    3,431,202    4,244,802    285,378 
Sandy Valley Estates  Magnolia, OH   270,000    8,785,509    9,055,509    4,356,449 
Shady Hills  Nashville, TN   337,000    6,822,837    7,159,837    1,061,745 
Somerset/Whispering  Somerset, PA   1,488,600    8,690,802    10,179,402    2,819,604 
Southern Terrace  Columbiana, OH   63,000    3,770,118    3,833,118    568,089 
Southwind Village  Jackson, NJ   100,095    3,131,395    3,231,490    1,919,130 
Spreading Oaks  Athens, OH   67,000    4,085,856    4,152,856    1,543,619 
Springfield Meadows  Springfield, OH   1,230,000    3,092,706    4,322,706    9,599 
Suburban Estates  Greensburg, PA   299,000    8,268,430    8,567,430    1,532,384 
Summit Estates  Ravenna, OH   198,000    4,388,937    4,586,937    362,907 
Sunny Acres  Somerset, PA   287,000    7,071,781    7,358,781    1,564,458 
Sunnyside  Eagleville, PA   450,000    2,875,512    3,325,512    381,052 
Trailmont  Goodlettsville, TN   411,000    5,298,368    5,709,368    786,338 
Twin Oaks I & II  Olmsted Twp, OH   998,000    4,739,658    5,737,658    693,329 
Twin Pines  Goshen, IN   650,000    8,777,027    9,427,027    1,160,152 
Valley High  Ruffs Dale, PA   284,000    3,108,598    3,392,598    252,991 
Valley Hills  Ravenna, OH   996,000    11,364,602    12,360,602    966,118 
Valley Stream  Mountaintop, PA   323,000    3,746,639    4,069,639    219,935 
Valley View-I  Ephrata, PA   191,000    5,317,252    5,508,252    808,807 
Valley View-II  Ephrata, PA   72,000    1,748,508    1,820,508    281,190 
Valley View-HB  Honey Brook, PA   1,380,000    6,597,830    7,977,830    891,195 
Voyager Estates  West Newton, PA   742,000    4,533,714    5,275,714    264,698 
Waterfalls Village  Hamburg, NY   424,000    7,202,639    7,626,639    3,390,559 
Wayside  Lakeview, OH   196,000    1,094,143    1,290,143    16,411 
Weatherly Estates  Lebanon, TN   1,184,000    8,531,882    9,715,882    2,697,726 
Woodland Manor  West Monroe, NY   77,000    3,234,082    3,311,082    885,408 
Woodlawn Village  Eatontown, NJ   135,421    1,686,628    1,822,049    733,269 
Woods Edge  West Lafayette, IN   1,808,100    14,171,271    15,979,371    684,613 
Wood Valley  Caledonia, OH   260,000    5,650,408    5,910,408    2,582,955 
Worthington Arms  Lewis Center, OH   436,800    13,542,057    13,978,857    691,591 
Youngstown Estates  Youngstown, NY   269,000    2,204,191    2,473,191    201,752 
                        
      $45,257,515   $591,319,440   $636,576,955   $128,780,501 
 -113- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

Column A   Column G   Column H   Column I
Description            
        Date of   Date   Depreciable
Name   Location   Construction   Acquired   Life
                 
Allentown   Memphis, TN   prior to 1980   1986    5 to 27.5
Arbor Estates   Doylestown, PA   1959   2013    5 to 27.5
Auburn Estates   Orrville, OH   1971/1985/1995   2013    5 to 27.5
Birchwood Farms   Birch Run, MI   1976-1977   2013    5 to 27.5
Broadmore Estates   Goshen, IN   1950/1990   2013    5 to 27.5
Brookside Village   Berwick, PA   1973-1976   2010    5 to 27.5
Brookview Village   Greenfield Ctr, NY   prior to 1970   1977    5 to 27.5
Candlewick Court   Owosso, MI   1975   2015    5 to 27.5
Carsons   Chambersburg, PA   1963   2012    5 to 27.5
Catalina   Middletown, OH   1968-1976   2015    5 to 27.5
Cedarcrest   Vineland, NJ   1973   1986    5 to 27.5
Chambersburg I & II   Chambersburg, PA   1955   2012    5 to 27.5
Chelsea   Sayre, PA   1972   2012    5 to 27.5
City View   Lewistown, PA   prior to 1980   2011    5 to 27.5
Clinton   Tiffin, OH   1968/1987   2011    5 to 27.5
Collingwood   Horseheads, NY   1970   2012    5 to 27.5
Colonial Heights   Wintersville, OH   1972   2012    5 to 27.5
Countryside Estates   Muncie, IN   1996   2012    5 to 27.5
Countryside Estates   Ravenna, OH   1972   2014    5 to 27.5
Countryside Village   Columbia, TN   1988/1992   2011    5 to 27.5
Cranberry Village   Cranberry Twp, PA   1974   1986    5 to 27.5
Crestview   Sayre, PA   1964   2012    5 to 27.5
Cross Keys Village   Duncansville, PA   1961   1979    5 to 27.5
Dallas Mobile Home   Toronto, OH   1950-1957   2014    5 to 27.5
Deer Meadows   New Springfield, OH   1973   2014    5 to 27.5
D&R Village   Clifton Park, NY   1972   1978    5 to 27.5
Evergreen Estates   Lodi, OH   1965   2014    5 to 27.5
Evergreen Manor   Bedford, OH   1960   2014    5 to 27.5
Evergreen Village   Mantua, OH   1960   2014    5 to 27.5
Fairview Manor   Millville, NJ   prior to 1980   1985    5 to 27.5
Forest Creek   Elkhart, IN   1996-1997   2013    5 to 27.5
Forest Park Village   Cranberry Twp, PA   prior to 1980   1982    5 to 27.5
Frieden Manor   Schuylkill Haven, PA   1969   2012    5 to 27.5
Green Acres   Chambersburg, PA   1978   2012    5 to 27.5
Gregory Courts   Honey Brook, PA   1970   2013    5 to 27.5
Hayden Heights   Dublin, OH   1973   2014    5 to 27.5
Heather Highlands   Inkerman, PA   1969   2013    5 to 27.5
Highland   Elkhart, IN   1970   1992    5 to 27.5
Highland Estates   Kutztown, PA   1971   1979    5 to 27.5
Hillside Estates   Greensburg, PA   1980   2014    5 to 27.5
Holiday Village   Nashville, TN   1967   2013    5 to 27.5
Holiday Village   Elkhart, IN   1966   2015    5 to 27.5
Holly Acres Estates   Erie, PA   1977/2007   2015    5 to 27.5
Hudson Estates   Peninsula, OH   1956   2014    5 to 27.5
Huntingdon Pointe   Tarrs, PA   2000   2015    5 to 27.5
Independence Park   Clinton, PA   1987   2014    5 to 27.5
Kinnebrook   Monticello, NY   1972   1988    5 to 27.5
Lake Sherman   Navarre, OH   prior to 1980   1987    5 to 27.5
Lakeview Meadows   Lakeview, OH   1995   2016    5 to 27.5
Laurel Woods   Cresson, PA   prior to 1980   2001    5 to 27.5
Little Chippewa   Orrville, OH   1968   2013    5 to 27.5
Maple Manor   Taylor, PA   1972   2010    5 to 27.5
 
 -114- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 
Column A  Column G  Column H  Column I
Description         
      Date of  Date  Depreciable
Name  Location  Construction  Acquired  Life
             
Meadowood  New Middletown, OH  1957  2012   5 to 27.5
Meadows  Nappanee, IN  1965-1973  2015   5 to 27.5
Melrose Village  Wooster, OH  1970-1978  2013   5 to 27.5
Melrose West  Wooster, OH  1995  2013   5 to 27.5
Memphis Blues  Memphis, TN  1955  1985   5 to 27.5
Monroe Valley  Ephrata, PA  1969  2012   5 to 27.5
Moosic Heights  Avoca, PA  1972  2010   5 to 27.5
Mountaintop  Ephrata, PA  1972  2012   5 to 27.5
Oak Ridge Estates  Elkhart, IN  1990  2013   5 to 27.5
Oakwood Lake  Tunkhannock, PA  1972  2010   5 to 27.5
Olmsted Falls  Olmsted Falls, OH  1953/1970  2012   5 to 27.5
Oxford Village  West Grove, PA  1971  1974   5 to 27.5
Pine Ridge/Manor  Carlisle, PA  1961  1969   5 to 27.5
Pine Valley Estates  Apollo, PA  prior to 1980  1995   5 to 27.5
Pleasant View Estates  Bloomsburg, PA  1960’s  2010   5 to 27.5
Port Royal Village  Belle Vernon, PA  1973  1983   5 to 27.5
River Valley Estates  Marion, OH  1950  1986   5 to 27.5
Rolling Hills Estates  Carlisle, PA  1972-1975  2013   5 to 27.5
Rostraver Estates  Belle Vernon, PA  1970  2014   5 to 27.5
Sandy Valley Estates  Magnolia, OH  prior to 1980  1985   5 to 27.5
Shady Hills  Nashville, TN  1954  2011   5 to 27.5
Somerset/Whispering  Somerset, PA  prior to 1980  2004   5 to 27.5
Southern Terrace  Columbiana, OH  1983  2012   5 to 27.5
Southwind Village  Jackson, NJ  1969  1969   5 to 27.5
Spreading Oaks  Athens, OH  prior to 1980  1996   5 to 27.5
Springfield Meadows  Springfield, OH  1970  2016   5 to 27.5
Suburban Estates  Greensburg, PA  1968/1980  2010   5 to 27.5
Summit Estates  Ravenna, OH  1969  2014   5 to 27.5
Sunny Acres  Somerset, PA  1970  2010   5 to 27.5
Sunnyside  Eagleville, PA  1960  2013   5 to 27.5
Trailmont  Goodlettsville, TN  1964  2011   5 to 27.5
Twin Oaks I & II  Olmsted Twp, OH  1952/1997  2012   5 to 27.5
Twin Pines  Goshen, IN  1956/1990  2013   5 to 27.5
Valley High  Ruffs Dale, PA  1974  2014   5 to 27.5
Valley Hills  Ravenna, OH  1960-1970  2014   5 to 27.5
Valley Stream  Mountaintop, PA  1970  2015   5 to 27.5
Valley View-I  Ephrata, PA  1961  2012   5 to 27.5
Valley View-II  Ephrata, PA  1999  2012   5 to 27.5
Valley View-HB  Honey Brook, PA  1970  2013   5 to 27.5
Voyager Estates  West Newton, PA  1968  2015   5 to 27.5
Waterfalls Village  Hamburg, NY  prior to 1980  1997   5 to 27.5
Wayside  Lakeview, OH  1960’s  2016   5 to 27.5
Weatherly Estates  Lebanon, TN  1997  2006   5 to 27.5
Woodland Manor  West Monroe, NY  prior to 1980  2003   5 to 27.5
Woodlawn Village  Eatontown, NJ  1964  1978   5 to 27.5
Woods Edge  West Lafayette, IN  1974  2015   5 to 27.5
Wood Valley  Caledonia, OH  prior to 1980  1996   5 to 27.5
Worthington Arms  Lewis Center, OH  1968  2015   5 to 27.5
Youngstown Estates  Youngstown, NY  1963  2013   5 to 27.5

 

 -115- 

 

 

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

(1) Represents one mortgage note payable secured by five properties.
   
(2) Represents one mortgage note payable secured by eleven properties.
   
(3) Represents one mortgage note payable secured by thirteen properties.
   
(4) Represents one mortgage note payable secured by five properties.
   
(5) Represents one mortgage note payable secured by five properties.
   
(6) Represents one mortgage note payable secured by four properties.
   
(7) Reconciliation

 

   /————FIXED ASSETS————/ 
   12/31/16   12/31/15   12/31/14 
             
Balance – Beginning of Year  $574,283,574   $444,908,976   $362,707,205 
                
Additions:               
Acquisitions   7,276,356    82,276,902    42,422,064 
Improvements   56,417,927    48,263,233    40,659,958 
Total Additions   63,694,283    130,540,135    83,082,022 
                
Deletions   (1,400,902)   (1,165,537)   (880,251)
                
Balance – End of Year  $636,576,955   $574,283,574   $444,908,976 

 

   /——ACCUMULATED DEPRECIATION——/ 
   12/31/16   12/31/15   12/31/14 
             
Balance – Beginning of Year  $107,453,972   $90,277,082   $76,328,213 
                
Additions:               
Depreciation   21,625,264    17,481,811    14,306,274 
 Total Additions   21,625,264    17,481,811    14,306,274 
                
Deletions   (298,735)   (304,921)   (357,405)
                
Balance – End of Year  $128,780,501   $107,453,972   $90,277,082 

 

(8) The aggregate cost for Federal tax purposes approximates historical cost.

 

 -116- 

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  UMH PROPERTIES, INC.
   
  BY:

/s/Samuel A. Landy

    SAMUEL A. LANDY
   

President, Chief Executive Officer and Director

(Principal Executive Officer)

     
  BY:

/s/Anna T. Chew

    ANNA T. CHEW
   

Vice President, Chief Financial and Accounting Officer, Treasurer and Director

(Principal Financial and Accounting Officer)

 

Dated:   March 8, 2017

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, this report has been duly signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

    Title   Date
         

/s/ Eugene W. Landy

   Chairman of the Board   March 8, 2017
EUGENE W. LANDY        
         

/s/ Samuel A. Landy

  

President, Chief Executive Officer and Director

   March 8, 2017
SAMUEL A. LANDY        
         

/s/ Anna T. Chew

  

Vice President,

   March 8, 2017
ANNA T. CHEW  

Chief Financial and Accounting

Officer, Treasurer and Director

    
         

/s/ Jeffrey A. Carus

   Director   March 8, 2017
JEFFREY A. CARUS        
         

/s/ Matthew Hirsch

   Director   March 8, 2017
MATTHEW HIRSCH        
         

/s/ Michael P. Landy

   Director   March 8, 2017
MICHAEL P. LANDY        
         

/s/ Stuart Levy

   Director   March 8, 2017
STUART LEVY        
         

/s/ James E. Mitchell

   Director   March 8, 2017
JAMES E. MITCHELL        
         

/s/ Kenneth A. Quigley

   Director   March 8, 2017
KENNETH A. QUIGLEY        
         

/s/ Stephen B. Wolgin

   Director   March 8, 2017
STEPHEN B. WOLGIN        

 

 -117- 

 

  EX-12 2 ex12.htm

 

Exhibit 12

 

UMH Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

   Year Ended December 31, 
   2016   2015   2014   2013   2012 
                     
Earnings:                         
Pretax income  $11,839,559   $2,459,205   $4,552,803   $6,135,823   $6,711,057 
Fixed charges   15,792,270    14,352,390    10,997,076    8,559,583    6,375,343 
Interest capitalized   (359,906)   (277,944)   (280,354)   (247,386)   (269,891)
                          
Earnings  $27,271,923   $16,533,651   $15,269,525   $14,448,020   $12,816,509 
                          
Fixed Charges:                         
Interest expense  $14,698,878   $13,245,429   $10,194,472   $7,849,835   $5,803,172 
Interest capitalized   359,906    277,944    280,354    247,386    269,891 
Amortization of debt costs   733,486    829,017    522,250    462,362    302,280 
                         
Fixed Charges  $15,792,270   $14,352,390   $10,997,076   $8,559,583   $6,375,343 
                          
Ratio of Earnings to Fixed Charges   1.73 x    1.15 x    1.39 x    1.69 x    2.01 x 
                          
Preferred Stock Dividends  $14,103,432   $8,267,198   $7,556,588   $7,556,588   $4,724,718 
Combined Fixed Charges and Preferred Stock Dividends  $29,895,702   $22,619,588   $18,553,664   $16,116,171   $11,100,061 
                          
Ratio of Earnings to Combined                         
Fixed Charges and Preferred                         
Stock Dividends   0.91 x    0.73 x    0.82 x    0.90 x    1.15 x 
                          
Coverage deficiency  $2,623,779   $6,085,937   $3,284,139   $1,668,151    $ N/A 

 

   
  

 

 

 EX-21 3 ex21.htm

 

EXHIBIT 21
     
SUBSIDIARIES OF UMH PROPERTIES, INC.

 

Name   Description
     
Heather Highlands Mobile Home Village Associates, LP   Pennsylvania limited partnership
Mobile Home Village, Inc.   New Jersey corporation
Oxford Village Homes, LLC   Pennsylvania limited liability company
Oxford Village Ltd.   Pennsylvania limited partnership
UMH Allentown, LLC   Tennessee limited liability company
UMH Central OH, LLC   Ohio limited liability company
UMH IN Broadmore, LLC   Delaware limited liability company
UMH IN Countryside Estates, LLC   Indiana limited liability company
UMH IN Forest Creek, LLC   Delaware limited liability company
UMH IN Highland, LLC   Delaware limited liability company
UMH IN Holiday Village, LLC   Delaware limited liability company
UMH IN Meadows, LLC   Delaware limited liability company
UMH IN Monopoly, LLC   Delaware limited liability company
UMH IN Oak Ridge Estates, LLC   Delaware limited liability company
UMH IN Twin Pines, LLC   Delaware limited liability company
UMH IN Woods Edge, LLC   Delaware limited liability company
UMH Melrose, LLC   Delaware limited liability company
UMH Memphis, LLC   Tennessee limited liability company
UMH MI Birchwood Farms, LLC   Delaware limited liability company
UMH MI Candlewick Court, LLC   Delaware limited liability company
UMH NJ Cedarcrest, LLC   Delaware limited liability company
UMH NJ Fairview Manor, LLC   Delaware limited liability company
UMH Northern OH, LLC   Ohio limited liability company
UMH NY Brookview MHP, LLC   Delaware limited liability company
UMH NY Brookview, LLC   New York limited liability company
UMH NY Collingwood, LLC   New York limited liability company
UMH NY D&R Village, LLC   Delaware limited liability company
UMH NY Kinnebrook MHP, LLC   Delaware limited liability company
UMH NY Waterfalls Village, LLC   Delaware limited liability company
UMH of Coxsackie, LLC   New York limited liability company
UMH of Indiana, Inc.   Indiana corporation
UMH of Michigan, Inc.   Michigan corporation
UMH of Nashville, Inc.   Tennessee corporation
UMH OH Buckeye II, LLC   Delaware limited liability company
UMH OH Buckeye, LLC   Delaware limited liability company
UMH OH Catalina, LLC   Delaware limited liability company
UMH OH Clinton MHP, LLC   Delaware limited liability company
UMH OH Colonial Heights, LLC   Delaware limited liability company
UMH OH Hayden Heights, LLC   Delaware limited liability company
UMH OH Hillcrest, LLC   Delaware limited liability company
UMH OH Lake Sherman Village, LLC   Delaware limited liability company
UMH OH Lakeview, LLC   Delaware limited liability company
UMH OH Marysville Estates, LLC   Delaware limited liability company
UMH OH Meadowood, LLC   Delaware limited liability company

 

   
  

 

Name   Description
     
UMH OH Olmsted Falls, LLC   Delaware limited liability company
UMH OH Southern Terrace, LLC   Delaware limited liability company
UMH OH Springfield Meadows, LLC   Delaware limited liability company
UMH OH Twin Oaks, LLC   Ohio limited liability company
UMH OH Valley Hills, LLC   Delaware limited liability company
UMH OH Wayside, LLC   Delaware limited liability company
UMH OH Worthington Arms, LLC   Delaware limited liability company
UMH PA Athens, LLC   Pennsylvania limited liability company
UMH PA Brookside Village LLC   Pennsylvania limited liability company
UMH PA Chambersburg, LLC   Pennsylvania limited liability company
UMH PA City View, LLC   Pennsylvania limited liability company
UMH PA Cranberry Village, LLC   Delaware limited liability company
UMH PA Forest Park, LLC   Delaware limited liability company
UMH PA Frieden Manor, LLC   Pennsylvania limited liability company
UMH PA Gregory Courts, LLC   Delaware limited liability company
UMH PA Hillcrest Crossing, LLC   Delaware limited liability company
UMH PA Holly Acres, LLC   Delaware limited liability company
UMH PA Huntingdon Pointe, LLC   Delaware limited liability company
UMH PA Independence, LLC   Delaware limited liability company
UMH PA Lancaster County, LLC   Pennsylvania limited liability company
UMH PA Maple Manor, LLC   Pennsylvania limited liability company
UMH PA Monroe Valley, LLC   Pennsylvania limited liability company
UMH PA Moosic Heights, LLC   Pennsylvania limited liability company
UMH PA Oakwood Lake Village, LLC   Pennsylvania limited liability company
UMH PA Pleasant View, LLC   Pennsylvania limited liability company
UMH PA Rolling Hills Estates, LLC   Pennsylvania limited liability company
UMH PA Suburban Estates, LLC   Delaware limited liability company
UMH PA Sunny Acres, LLC   Delaware limited liability company
UMH PA Sunnyside, LLC   Delaware limited liability company
UMH PA Valley Stream, LLC   Delaware limited liability company
UMH PA Valley View-Danboro, LLC   Delaware limited liability company
UMH PA Valley View-Honey Brook, LLC   Delaware limited liability company
UMH PA Voyager Estates, LLC   Delaware limited liability company
UMH Sales and Finance, Inc.   New Jersey corporation
UMH TN Allentown, LLC   Delaware limited liability company
UMH TN Countryside Village, LLC   Tennessee limited liability company
UMH TN Holiday Village MHP, LLC   Delaware limited liability company
UMH TN Shady Hills MHP, LLC   Delaware limited liability company
UMH TN Trailmont MHP, LLC   Delaware limited liability company
UMH TN Weatherly Estates, LLC   Delaware limited liability company
United Mobile Homes of Buffalo, Inc.   New York corporation
United Mobile Homes of Florida, Inc.   Florida corporation
United Mobile Homes of New York, Inc.   New York corporation
United Mobile Homes of Ohio, Inc.   Ohio corporation
United Mobile Homes of Pennsylvania, Inc.   Pennsylvania corporation
United Mobile Homes of Tennessee, Inc.   Tennessee corporation
United Mobile Homes of Vineland, Inc.   New Jersey corporation

 

   
  

 EX-23 4 ex23.htm

 

Exhibit 23

 

Consent of Independent Registered Public Accounting Firm

 

The Board of Directors

UMH Properties, Inc.

 

We consent to the incorporation by reference in the registration statements on Form S-8 (File No. 333-193475), on Form S-3D (File No. 333-213075) and on Form S-3 (File No. 333-209078) of UMH Properties, Inc. and subsidiaries of our reports dated March 7, 2017, with respect to the consolidated balance sheets of UMH Properties, Inc. and subsidiaries as of December 31, 2016 and 2015 and the related consolidated statements of income (loss), comprehensive income (loss), shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2016 and the related financial statement schedule, and with respect to the effectiveness of internal control over financial reporting as of December 31, 2016, which reports appear in the December 31, 2016 annual report on Form 10-K of UMH Properties, Inc.

 

  /s/ PKF O’Connor Davies, LLP
   
New York, New York  
March 7, 2017  

 

 
 

 

 

 EX-31.1 5 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO
SARBANES-OXLEY ACT SECTION 302

 

I, Samuel A. Landy, certify that:

 

  1.   I have reviewed this annual report on Form 10-K of UMH Properties, Inc.;
       
  2.   Based on my knowledge, this annual report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
       
  3.   Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods represented in this annual report;
       
  4.  

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a)   Designed such disclosure control and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
       
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
       
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
       
  (d)  

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.  

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
       
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Samuel A. Landy
  President and Chief Executive Officer
Date: March 8, 2017  

 

 
 

 

 EX-31.2 6 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO
SARBANES-OXLEY ACT SECTION 302

 

I, Anna T. Chew, certify that:

 

  1.   I have reviewed this annual report on Form 10-K of UMH Properties, Inc.;
       
  2.   Based on my knowledge, this annual report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
       
  3.   Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods represented in this annual report;
       
  4.  

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a)   Designed such disclosure control and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
       
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
       
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
       
  (d)  

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.  

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
       
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Anna T. Chew
 

Anna T. Chew

Vice President and Chief Financial Officer

Date: March 8, 2017  

 

   

 

 

 EX-32 7 ex32.htm

 

EXHIBIT 32

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of UMH Properties, Inc. (the “Company”) on Form 10-K for the fiscal year ended December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Samuel A. Landy, President and Chief Executive Officer and Anna T. Chew, Vice President and Chief Financial Officer, of the Company, each hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

 

  (1)   The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and
       
  (2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/Samuel A. Landy  

Samuel A. Landy

President and Chief Executive Officer

March 8, 2017

  
   
/s/Anna T. Chew  

Anna T. Chew

Vice President and Chief Financial Officer

March 8, 2017

  

 

   

 

 

 GRAPHIC 8 image_001.jpg begin 644 image_001.jpg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umh-20161231.xml XBRL INSTANCE FILE 0000752642 2016-01-01 2016-12-31 0000752642 2017-02-28 0000752642 2016-12-31 0000752642 2015-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2016-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2015-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2016-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2015-12-31 0000752642 2015-01-01 2015-12-31 0000752642 2014-12-31 0000752642 UMH:RealEstateInvestmentTrustsMember 2016-01-01 2016-12-31 0000752642 UMH:SwapAgreementsMember 2016-01-01 2016-12-31 0000752642 UMH:SwapAgreementsMember 2016-12-31 0000752642 UMH:MonmouthRealEstateInvestmentCorporationMember 2016-01-01 2016-12-31 0000752642 us-gaap:CommonStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:PreferredStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:CommonStockMember 2016-12-31 0000752642 us-gaap:PreferredStockMember 2016-12-31 0000752642 UMH:OceanFirstBankMember 2016-01-06 2016-01-07 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel1Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel1Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel2Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel2Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel3Member 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2016-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel1Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel1Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel2Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel2Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel3Member 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2015-12-31 0000752642 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2015-12-31 0000752642 us-gaap:MinimumMember 2016-01-01 2016-12-31 0000752642 us-gaap:MaximumMember 2016-01-01 2016-12-31 0000752642 UMH:PurchasePriceMember us-gaap:MinimumMember 2016-01-01 2016-12-31 0000752642 UMH:PurchasePriceMember us-gaap:MaximumMember 2016-01-01 2016-12-31 0000752642 us-gaap:OtherAssetsMember 2015-12-31 0000752642 2016-04-28 2016-05-02 0000752642 2016-10-01 2016-12-31 0000752642 2015-10-01 2015-12-31 0000752642 UMH:WellsFargoOnWaterfallsVillageMember 2016-05-02 0000752642 UMH:WellsFargoOnValleyHillsMember 2016-05-02 0000752642 2016-05-02 0000752642 UMH:EightPercentageSeriesBCumulativeRedeemablePreferredStockMember 2016-12-31 0000752642 us-gaap:MaximumMember 2016-04-04 0000752642 2016-04-04 0000752642 us-gaap:SeriesAPreferredStockMember 2016-04-04 0000752642 us-gaap:SeriesBPreferredStockMember 2016-04-05 0000752642 us-gaap:SeriesAPreferredStockMember UMH:AmendmentMember 2016-04-04 0000752642 us-gaap:SeriesBPreferredStockMember UMH:AmendmentMember 2016-04-04 0000752642 UMH:OhioManufacturedHomeCommunitiesMember 2016-09-01 0000752642 UMH:OhioManufacturedHomeCommunitiesMember 2016-08-28 2016-09-01 0000752642 us-gaap:MaximumMember 2016-08-11 0000752642 2016-08-11 0000752642 us-gaap:SeriesAPreferredStockMember 2016-08-11 0000752642 us-gaap:SeriesBPreferredStockMember 2016-08-11 0000752642 us-gaap:SeriesAPreferredStockMember UMH:AmendmentMember 2016-08-11 0000752642 us-gaap:SeriesBPreferredStockMember UMH:AmendmentMember 2016-08-11 0000752642 2014-01-01 2014-12-31 0000752642 us-gaap:CommonStockMember 2014-01-01 2014-12-31 0000752642 us-gaap:CommonStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:CommonStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:CommonStockMember 2013-12-31 0000752642 us-gaap:CommonStockMember 2014-12-31 0000752642 us-gaap:CommonStockMember 2015-12-31 0000752642 us-gaap:CommonStockMember 2016-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2014-01-01 2014-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2013-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2014-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2015-12-31 0000752642 us-gaap:SeriesAPreferredStockMember 2016-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2014-01-01 2014-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2013-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2014-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2015-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2016-12-31 0000752642 2013-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-12-31 0000752642 us-gaap:RetainedEarningsMember 2014-01-01 2014-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-12-31 0000752642 us-gaap:RetainedEarningsMember 2015-01-01 2015-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-12-31 0000752642 us-gaap:RetainedEarningsMember 2016-01-01 2016-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0000752642 us-gaap:RetainedEarningsMember 2013-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0000752642 us-gaap:RetainedEarningsMember 2014-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0000752642 us-gaap:RetainedEarningsMember 2015-12-31 0000752642 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0000752642 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0000752642 us-gaap:RetainedEarningsMember 2016-12-31 0000752642 UMH:SitesAndBuildingsMember us-gaap:MinimumMember 2016-01-01 2016-12-31 0000752642 UMH:SitesAndBuildingsMember us-gaap:MaximumMember 2016-01-01 2016-12-31 0000752642 UMH:ImprovementsOfInvestmentPropertyAndEquipmentMember us-gaap:MinimumMember 2016-01-01 2016-12-31 0000752642 UMH:ImprovementsOfInvestmentPropertyAndEquipmentMember us-gaap:MaximumMember 2016-01-01 2016-12-31 0000752642 UMH:EmplyeesStockOptionMember 2016-01-01 2016-12-31 0000752642 UMH:EmplyeesStockOptionMember 2015-01-01 2015-12-31 0000752642 UMH:EmplyeesStockOptionMember 2014-01-01 2014-12-31 0000752642 UMH:SpringfieldMeadowsMember 2016-12-19 0000752642 UMH:SpringfieldMeadowsMember 2016-12-18 2016-12-19 0000752642 UMH:HollyAcresMember 2015-01-21 0000752642 UMH:HollyAcresMember 2015-01-20 2015-01-21 0000752642 UMH:HuntingdonPointeAndVoyagerEstatesMember 2015-04-23 0000752642 UMH:HuntingdonPointeAndVoyagerEstatesMember 2015-04-22 2015-04-23 0000752642 UMH:ValleyStreamMember 2015-05-27 0000752642 UMH:ValleyStreamMember 2015-05-26 2015-05-27 0000752642 us-gaap:ShareBasedCompensationAwardTrancheOneMember UMH:SixCommunityAcquisitionMember 2015-08-19 0000752642 us-gaap:ShareBasedCompensationAwardTrancheOneMember UMH:ThreeManufacturedHomeCommunitiesMember 2015-08-19 0000752642 us-gaap:ShareBasedCompensationAwardTrancheOneMember UMH:ThreeManufacturedHomeCommunitiesMember 2015-08-18 2015-08-19 0000752642 us-gaap:ShareBasedCompensationAwardTrancheTwoMember UMH:ThreeManufacturedHomeCommunitiesMember 2015-10-16 0000752642 us-gaap:ShareBasedCompensationAwardTrancheTwoMember UMH:ThreeManufacturedHomeCommunitiesMember 2015-10-15 2015-10-16 0000752642 UMH:SiteAndLandImprovementsMember 2016-12-31 0000752642 UMH:SiteAndLandImprovementsMember 2015-12-31 0000752642 us-gaap:LandBuildingsAndImprovementsMember 2016-12-31 0000752642 us-gaap:LandBuildingsAndImprovementsMember 2015-12-31 0000752642 UMH:RentalHomesAndAccessoriesMember 2016-12-31 0000752642 UMH:RentalHomesAndAccessoriesMember 2015-12-31 0000752642 UMH:EquipmentAndVehiclesMember 2016-12-31 0000752642 UMH:EquipmentAndVehiclesMember 2015-12-31 0000752642 UMH:AshfordHospitalityTrustIncSeriesAMember 2016-12-31 0000752642 UMH:AshfordHospitalityTrustIncSeriesAMember 2015-12-31 0000752642 UMH:CBLAssociatesPropertiesIncSeriesDMember 2016-12-31 0000752642 UMH:CBLAssociatesPropertiesIncSeriesDMember 2015-12-31 0000752642 UMH:CBLAssociatesPropertiesIncSeriesEMember 2016-12-31 0000752642 UMH:CBLAssociatesPropertiesIncSeriesEMember 2015-12-31 0000752642 UMH:CedarRealtyTrustIncSeriesBMember 2016-12-31 0000752642 UMH:CedarRealtyTrustIncSeriesBMember 2015-12-31 0000752642 UMH:ChesapeakeLodgingTrustSeriesAMember 2016-12-31 0000752642 UMH:ChesapeakeLodgingTrustSeriesAMember 2015-12-31 0000752642 UMH:CorporateOfficePropertiesTrustSeriesLMember 2016-12-31 0000752642 UMH:CorporateOfficePropertiesTrustSeriesLMember 2015-12-31 0000752642 UMH:KilroyRealtyCorporationSeriesGMember 2016-12-31 0000752642 UMH:KilroyRealtyCorporationSeriesGMember 2015-12-31 0000752642 UMH:LaSalleHotelPropertiesSeriesHMember 2016-12-31 0000752642 UMH:LaSalleHotelPropertiesSeriesHMember 2015-12-31 0000752642 UMH:PennsylvaniaRealEstateInvestmentTrustSeriesAMember 2016-12-31 0000752642 UMH:PennsylvaniaRealEstateInvestmentTrustSeriesAMember 2015-12-31 0000752642 UMH:PennsylvaniaRealEstateInvestmentTrustSeriesBMember 2016-12-31 0000752642 UMH:PennsylvaniaRealEstateInvestmentTrustSeriesBMember 2015-12-31 0000752642 UMH:RetailPropertiesOfAmericaIncSeriesAMember 2016-12-31 0000752642 UMH:RetailPropertiesOfAmericaIncSeriesAMember 2015-12-31 0000752642 UMH:StagIndustrialIncSeriesBMember 2016-12-31 0000752642 UMH:StagIndustrialIncSeriesBMember 2015-12-31 0000752642 UMH:SummitHotelPropertiesIncSeriesBMember 2016-12-31 0000752642 UMH:SummitHotelPropertiesIncSeriesBMember 2015-12-31 0000752642 UMH:SunCommunitiesIncSeriesAMember 2016-12-31 0000752642 UMH:SunCommunitiesIncSeriesAMember 2015-12-31 0000752642 UMH:TerrenoRealtyCorporationSeriesAMember 2016-12-31 0000752642 UMH:TerrenoRealtyCorporationSeriesAMember 2015-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncSeriesFMember 2016-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncSeriesFMember 2015-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncSeriesGMember 2016-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncSeriesGMember 2015-12-31 0000752642 UMH:CBLAssociatesPropertiesIncMember 2016-12-31 0000752642 UMH:CBLAssociatesPropertiesIncMember 2015-12-31 0000752642 UMH:CousinsPropertiesIncMember 2016-12-31 0000752642 UMH:GladstoneCommercialCorporationMember 2016-12-31 0000752642 UMH:GladstoneCommercialCorporationMember 2015-12-31 0000752642 UMH:GovernmentPropertiesIncomeTrustMember 2016-12-31 0000752642 UMH:GovernmentPropertiesIncomeTrustMember 2015-12-31 0000752642 UMH:MonmouthRealEstateInvestmentCorporationMember 2016-12-31 0000752642 UMH:MonmouthRealEstateInvestmentCorporationMember 2015-12-31 0000752642 UMH:NobilityHomesIncMember 2016-12-31 0000752642 UMH:NobilityHomesIncMember 2015-12-31 0000752642 UMH:ParkwayPropertiesIncMember 2016-12-31 0000752642 UMH:ParkwayPropertiesIncMember 2015-12-31 0000752642 UMH:SelectIncomeRealEstateInvestmentTrustMember 2016-12-31 0000752642 UMH:SelectIncomeRealEstateInvestmentTrustMember 2015-12-31 0000752642 UMH:SeniorHousingPropertiesTrustMember 2016-12-31 0000752642 UMH:SeniorHousingPropertiesTrustMember 2015-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncMember 2016-12-31 0000752642 UMH:UrstadtBiddlePropertiesIncMember 2015-12-31 0000752642 UMH:VereitIncMember 2016-12-31 0000752642 UMH:VereitIncMember 2015-12-31 0000752642 UMH:CubeSmartSeriesAMember 2015-12-31 0000752642 UMH:DupontFabrosTechnologyIncSeriesAMember 2015-12-31 0000752642 UMH:DupontFabrosTechnologyIncSeriesBMember 2015-12-31 0000752642 UMH:GettyRealtyCorporationMember 2015-12-31 0000752642 UMH:MackCaliRealtyCorporationMember 2015-12-31 0000752642 UMH:RMRGroupIncMember 2015-12-31 0000752642 UMH:WeingartenRealtyInvestorsMember 2015-12-31 0000752642 us-gaap:PreferredStockMember 2015-12-31 0000752642 us-gaap:CommonStockMember 2015-12-31 0000752642 UMH:SecuritiesGroupOneMember 2016-12-31 0000752642 UMH:SecuritiesGroupOneMember 2016-01-01 2016-12-31 0000752642 UMH:SecuritiesGroupTwoMember 2016-12-31 0000752642 UMH:SecuritiesGroupTwoMember 2016-01-01 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember 2016-01-01 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember us-gaap:PrimeRateMember us-gaap:MinimumMember 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember us-gaap:PrimeRateMember UMH:AfterEighteenMonthsMember us-gaap:MinimumMember 2016-12-31 0000752642 us-gaap:RevolvingCreditFacilityMember 2015-12-31 0000752642 UMH:OceanFirstBankMember 2016-12-31 0000752642 UMH:OceanFirstBankMember 2016-01-01 2016-12-31 0000752642 UMH:OceanFirstBankMember us-gaap:PrimeRateMember 2016-12-31 0000752642 UMH:OceanFirstBankMember 2015-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember UMH:NewUnitsMember 2016-01-01 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember UMH:ExistingUnitsMember 2016-01-01 2016-12-31 0000752642 UMH:TwentyFirstMortgageCorporationMember 2015-12-31 0000752642 UMH:TwoRiverCommunityBankMember 2016-12-31 0000752642 UMH:TwoRiverCommunityBankMember 2016-01-01 2016-12-31 0000752642 UMH:TwoRiverCommunityBankMember 2015-12-31 0000752642 UMH:BankOfMontrealMember 2013-03-28 2013-03-29 0000752642 UMH:BankOfMontrealMember 2013-03-29 0000752642 UMH:BankOfMontrealMember 2016-01-01 2016-12-31 0000752642 UMH:BankOfMontrealMember 2015-01-01 2015-12-31 0000752642 UMH:BankOfMontrealMember 2016-12-31 0000752642 us-gaap:MinimumMember 2016-12-31 0000752642 us-gaap:MaximumMember 2016-12-31 0000752642 UMH:NoteOneMember 2016-12-31 0000752642 UMH:NoteTwoMember 2016-12-31 0000752642 UMH:OceanFirstBankMember 2016-01-07 0000752642 UMH:WellsFargoOnFairviewManorMember 2016-10-31 0000752642 UMH:SpringfieldMeadowsMember 2016-12-19 0000752642 UMH:SpringfieldMeadowsMember 2016-12-18 2016-12-19 0000752642 UMH:WellsFargoOnDAndRVillageMember 2015-02-27 0000752642 UMH:WellsFargoOnDAndRVillageMember 2015-02-26 2015-02-27 0000752642 UMH:DAndRVillageAndWaterfallsVillageMember 2015-02-27 0000752642 UMH:WellsFargoOnOlmstedFallsMember 2015-03-06 0000752642 UMH:WellsFargoOnOlmstedFallsMember 2015-03-05 2015-03-06 0000752642 UMH:WellsFargoOnSevenFreddieMacMortgagesMember 2015-03-20 0000752642 UMH:WellsFargoOnSevenFreddieMacMortgagesMember 2015-03-19 2015-03-20 0000752642 UMH:WellsFargoOnCedarcrestMember 2015-04-02 0000752642 UMH:WellsFargoOnCedarcrestMember 2015-04-01 2015-04-02 0000752642 UMH:WellsFargoOnFiveFreddieMacMortgagesMember 2015-08-19 0000752642 UMH:WellsFargoOnFiveFreddieMacMortgagesMember 2015-08-18 2015-08-19 0000752642 UMH:OceanFirstBankMember 2015-08-18 2015-08-19 0000752642 UMH:OceanFirstBankMember 2015-08-19 0000752642 UMH:WellsFargoOnFourFreddieMacMortgagesMember 2015-10-02 0000752642 UMH:WellsFargoOnFourFreddieMacMortgagesMember 2015-10-01 2015-10-02 0000752642 UMH:WellsFargoOnHolidayVillageMember 2015-10-16 0000752642 UMH:WellsFargoOnHolidayVillageMember 2015-10-15 2015-10-16 0000752642 UMH:AllentownMember 2016-12-31 0000752642 UMH:AllentownMember 2016-01-01 2016-12-31 0000752642 UMH:BrookviewVillageMember 2016-01-01 2016-12-31 0000752642 UMH:BrookviewVillageMember 2016-12-31 0000752642 UMH:CandlewickCourtMember 2016-01-01 2016-12-31 0000752642 UMH:CandlewickCourtMember 2016-12-31 0000752642 UMH:CatalinaMember 2016-01-01 2016-12-31 0000752642 UMH:CatalinaMember 2016-12-31 0000752642 UMH:CedarcrestMember 2016-01-01 2016-12-31 0000752642 UMH:CedarcrestMember 2016-12-31 0000752642 UMH:ClintonMobileHomeResortMember 2016-01-01 2016-12-31 0000752642 UMH:ClintonMobileHomeResortMember 2016-12-31 0000752642 UMH:CranberryVillageMember 2016-01-01 2016-12-31 0000752642 UMH:CranberryVillageMember 2016-12-31 0000752642 UMH:DAndRVillageMember 2016-01-01 2016-12-31 0000752642 UMH:DAndRVillageMember 2016-12-31 0000752642 UMH:FairviewManorMember 2016-01-01 2016-12-31 0000752642 UMH:FairviewManorMember 2016-12-31 0000752642 UMH:ForestParkVillageMember 2016-01-01 2016-12-31 0000752642 UMH:ForestParkVillageMember 2016-12-31 0000752642 UMH:HaydenHeightsMember 2016-01-01 2016-12-31 0000752642 UMH:HaydenHeightsMember 2016-12-31 0000752642 UMH:HeatherHighlandsMember 2016-01-01 2016-12-31 0000752642 UMH:HeatherHighlandsMember 2016-12-31 0000752642 UMH:HighlandEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HighlandEstatesMember 2016-12-31 0000752642 UMH:HolidayVillageMember 2016-01-01 2016-12-31 0000752642 UMH:HolidayVillageMember 2016-12-31 0000752642 UMH:HolidayVillageINMember 2016-01-01 2016-12-31 0000752642 UMH:HolidayVillageINMember 2016-12-31 0000752642 UMH:HollyAcresEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HollyAcresEstatesMember 2016-12-31 0000752642 UMH:KinnebrookVillageMember 2016-01-01 2016-12-31 0000752642 UMH:KinnebrookVillageMember 2016-12-31 0000752642 UMH:LakeShermanVillageMember 2016-01-01 2016-12-31 0000752642 UMH:LakeShermanVillageMember 2016-12-31 0000752642 UMH:OxfordVillageMember 2016-01-01 2016-12-31 0000752642 UMH:OxfordVillageMember 2016-12-31 0000752642 UMH:ShadyHillsMember 2016-01-01 2016-12-31 0000752642 UMH:ShadyHillsMember 2016-12-31 0000752642 UMH:SomersetEstatesAndWhisperingPinesMember 2016-01-01 2016-12-31 0000752642 UMH:SomersetEstatesAndWhisperingPinesMember 2016-12-31 0000752642 UMH:SpringfieldMeadowsMember 2016-01-01 2016-12-31 0000752642 UMH:SpringfieldMeadowsMember 2016-12-31 0000752642 UMH:SuburbanEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:SuburbanEstatesMember 2016-12-31 0000752642 UMH:SunnyAcresMember 2016-01-01 2016-12-31 0000752642 UMH:SunnyAcresMember 2016-12-31 0000752642 UMH:SouthwindVillageMember 2016-01-01 2016-12-31 0000752642 UMH:SouthwindVillageMember 2016-12-31 0000752642 UMH:TrailmontMember 2016-01-01 2016-12-31 0000752642 UMH:TrailmontMember 2016-12-31 0000752642 UMH:TwinOaksMember 2016-01-01 2016-12-31 0000752642 UMH:TwinOaksMember 2016-12-31 0000752642 UMH:ValleyHillsMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyHillsMember 2016-12-31 0000752642 UMH:WaterfallsMember 2016-01-01 2016-12-31 0000752642 UMH:WaterfallsMember 2016-12-31 0000752642 UMH:WeatherlyEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:WeatherlyEstatesMember 2016-12-31 0000752642 UMH:WoodsEdgeMember 2016-01-01 2016-12-31 0000752642 UMH:WoodsEdgeMember 2016-12-31 0000752642 UMH:WorthingtonArmsMember 2016-01-01 2016-12-31 0000752642 UMH:WorthingtonArmsMember 2016-12-31 0000752642 UMH:VariousThreePropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousThreePropertiesMember 2016-12-31 0000752642 UMH:VariousFourPropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousFourPropertiesMember 2016-12-31 0000752642 UMH:VariousFivePropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousFivePropertiesMember 2016-12-31 0000752642 UMH:VariousFiveOnePropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousFiveOnePropertiesMember 2016-12-31 0000752642 UMH:VariousFiveTwoPropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousFiveTwoPropertiesMember 2016-12-31 0000752642 UMH:VariousElevenPropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousElevenPropertiesMember 2016-12-31 0000752642 UMH:VariousThirteenPropertiesMember 2016-01-01 2016-12-31 0000752642 UMH:VariousThirteenPropertiesMember 2016-12-31 0000752642 UMH:AllentownMember 2015-12-31 0000752642 UMH:BrookviewVillageMember 2015-12-31 0000752642 UMH:CandlewickCourtMember 2015-12-31 0000752642 UMH:CatalinaMember 2015-12-31 0000752642 UMH:CedarcrestMember 2015-12-31 0000752642 UMH:ClintonMobileHomeResortMember 2015-12-31 0000752642 UMH:CranberryVillageMember 2015-12-31 0000752642 UMH:DAndRVillageMember 2015-12-31 0000752642 UMH:FairviewManorMember 2015-12-31 0000752642 UMH:ForestParkVillageMember 2015-12-31 0000752642 UMH:HaydenHeightsMember 2015-12-31 0000752642 UMH:HeatherHighlandsMember 2015-12-31 0000752642 UMH:HighlandEstatesMember 2015-12-31 0000752642 UMH:HolidayVillageMember 2015-12-31 0000752642 UMH:HolidayVillageINMember 2015-12-31 0000752642 UMH:HollyAcresEstatesMember 2015-12-31 0000752642 UMH:KinnebrookVillageMember 2015-12-31 0000752642 UMH:LakeShermanVillageMember 2015-12-31 0000752642 UMH:OlmstedFallsMember 2015-12-31 0000752642 UMH:OxfordVillageMember 2015-12-31 0000752642 UMH:ShadyHillsMember 2015-12-31 0000752642 UMH:SomersetEstatesAndWhisperingPinesMember 2015-12-31 0000752642 UMH:SpringfieldMeadowsMember 2015-12-31 0000752642 UMH:SuburbanEstatesMember 2015-12-31 0000752642 UMH:SunnyAcresMember 2015-12-31 0000752642 UMH:SouthwindVillageMember 2015-12-31 0000752642 UMH:TrailmontMember 2015-12-31 0000752642 UMH:TwinOaksMember 2015-12-31 0000752642 UMH:ValleyHillsMember 2015-12-31 0000752642 UMH:WaterfallsMember 2015-12-31 0000752642 UMH:WeatherlyEstatesMember 2015-12-31 0000752642 UMH:WoodsEdgeMember 2015-12-31 0000752642 UMH:WorthingtonArmsMember 2015-12-31 0000752642 UMH:VariousThreePropertiesMember 2015-12-31 0000752642 UMH:VariousFourPropertiesMember 2015-12-31 0000752642 UMH:VariousFivePropertiesMember 2015-12-31 0000752642 UMH:VariousFiveOnePropertiesMember 2015-12-31 0000752642 UMH:VariousFiveTwoPropertiesMember 2015-12-31 0000752642 UMH:VariousElevenPropertiesMember 2015-12-31 0000752642 UMH:VariousThirteenPropertiesMember 2015-12-31 0000752642 us-gaap:MortgagesMember 2016-12-31 0000752642 UMH:TwoThousandAndThirteenStockOptionandStockAwardPlanMember 2013-06-13 0000752642 UMH:TwoThousandAndThirteenStockOptionandStockAwardPlanMember us-gaap:RestrictedStockMember us-gaap:MaximumMember 2013-06-13 0000752642 UMH:StockOptionsMember UMH:TwentyEmployeesMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionsMember 2015-01-01 2015-12-31 0000752642 UMH:StockOptionsMember 2014-01-01 2014-12-31 0000752642 UMH:StockOptionsMember UMH:ThirtyFourEmployeesMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionsMember UMH:TwentyFourEmployeesMember 2015-01-01 2015-12-31 0000752642 UMH:StockOptionsMember UMH:TwentyFiveEmployeesMember 2014-01-01 2014-12-31 0000752642 UMH:StockOptionsMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionsMember UMH:FiveEmployeesMember 2015-01-01 2015-12-31 0000752642 UMH:StockOptionsMember UMH:TwoEmployeesMember 2014-01-01 2014-12-31 0000752642 UMH:StockOptionsMember UMH:OneEmployeeMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionsMember UMH:SixteenEmployeesMember 2015-01-01 2015-12-31 0000752642 UMH:StockOptionsMember UMH:ElevenEmployeesMember 2014-01-01 2014-12-31 0000752642 us-gaap:RestrictedStockMember 2016-04-03 2016-04-05 0000752642 us-gaap:RestrictedStockMember 2016-09-13 2016-09-14 0000752642 us-gaap:RestrictedStockMember 2015-02-04 2015-02-05 0000752642 us-gaap:RestrictedStockMember 2015-09-13 2015-09-16 0000752642 us-gaap:RestrictedStockMember 2014-01-01 2014-12-31 0000752642 us-gaap:RestrictedStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:RestrictedStockMember 2015-01-01 2015-12-31 0000752642 us-gaap:RestrictedStockMember 2016-12-31 0000752642 us-gaap:RestrictedStockMember 2015-12-31 0000752642 us-gaap:RestrictedStockMember 2014-12-31 0000752642 UMH:TwoThousandAndThirteenStockOptionandStockAwardPlanMember us-gaap:RestrictedStockMember 2016-12-31 0000752642 UMH:StockOptionGrantOneMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantTwoMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantThreeMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantFourMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantFiveMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantSixMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantSevenMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantEightMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantNineMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantTenMember 2016-01-01 2016-12-31 0000752642 UMH:StockOptionGrantElevenMember 2016-01-01 2016-12-31 0000752642 us-gaap:RestrictedStockMember 2013-12-31 0000752642 UMH:FourHundredAndOnekPlanMember 2016-01-01 2016-12-31 0000752642 UMH:FourHundredAndOnekPlanMember 2015-01-01 2015-12-31 0000752642 UMH:FourHundredAndOnekPlanMember 2014-01-01 2014-12-31 0000752642 UMH:MonmouthRealEstateInvestmentCorporationMember 2016-12-31 0000752642 UMH:MrEugeneWLandyMrSamuelALandyAndMsAnnaTChewMember 2016-01-01 2016-12-31 0000752642 UMH:MrEugeneAndWLandyMember 2016-12-31 0000752642 2015-05-01 2015-05-02 0000752642 UMH:JanuaryNineteenTwoThousandSeventeenMember 2016-01-01 2016-12-31 0000752642 us-gaap:CumulativePreferredStockMember UMH:JanuaryNineteenTwoThousandSeventeenMember 2016-01-01 2016-12-31 0000752642 UMH:EightPercentageOfSeriesBCumulativeRedeemablePreferredStockMember UMH:JanuaryNineteenTwoThousandSeventeenMember 2016-01-01 2016-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2016-01-01 2016-12-31 0000752642 us-gaap:SeriesAPreferredStockMember UMH:DecemberOneTwoThousandSixteenThroughFebruaryTwentyEightTwothousandSeventeenMember 2016-01-01 2016-12-31 0000752642 UMH:SeriesAPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:SeriesBPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:OrdinaryIncomeMember 2016-01-01 2016-12-31 0000752642 UMH:CapitalGainsMember 2016-01-01 2016-12-31 0000752642 UMH:ReturnOfCapitalMember 2016-01-01 2016-12-31 0000752642 UMH:OrdinaryIncomeMember 2015-01-01 2015-12-31 0000752642 UMH:CapitalGainsMember 2015-01-01 2015-12-31 0000752642 UMH:ReturnOfCapitalMember 2015-01-01 2015-12-31 0000752642 UMH:OrdinaryIncomeMember 2014-01-01 2014-12-31 0000752642 UMH:CapitalGainsMember 2014-01-01 2014-12-31 0000752642 UMH:ReturnOfCapitalMember 2014-01-01 2014-12-31 0000752642 us-gaap:SubsequentEventMember UMH:OhioMember 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:OhioMember 2017-01-19 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:TwoManufacturedHomeCommunitiesMember UMH:OsoloIndianaMember 2017-01-19 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:OsoloIndianaBoardwalkMember UMH:OneManufacturedHomeCommunitiesMember 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:OsoloIndianaMember UMH:SecondManufacturedHomeCommunitiesMember UMH:ParkePlaceMember 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:OsoloIndianaMember 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:OsoloIndianaMember 2017-01-19 2017-01-20 0000752642 us-gaap:SubsequentEventMember UMH:HillcrestCrossingMember UMH:LowerBurrellPennsylvaniaMember 2017-01-23 2017-01-24 0000752642 us-gaap:SubsequentEventMember UMH:HillcrestCrossingMember UMH:LowerBurrellPennsylvaniaMember 2017-01-24 0000752642 us-gaap:SubsequentEventMember 2017-01-23 2017-01-24 0000752642 2016-01-01 2016-03-31 0000752642 2016-04-01 2016-06-30 0000752642 2016-07-01 2016-09-30 0000752642 2015-01-01 2015-03-31 0000752642 2015-04-01 2015-06-30 0000752642 2015-07-01 2015-09-30 0000752642 2015-01-01T00:00:00 2015-03-31T22:00:00 0000752642 2014-01-01 2014-03-31 0000752642 2014-04-01 2014-06-30 0000752642 2014-07-01 2014-09-30 0000752642 2014-10-01 2014-12-31 0000752642 UMH:DividendPaymentDateOneMember UMH:SeriesAPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateTwoMember UMH:SeriesAPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateThreeMember UMH:SeriesAPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateFourMember UMH:SeriesAPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateFiveMember UMH:SeriesAPreferredStocksMember 2015-01-01 2015-12-31 0000752642 UMH:DividendPaymentDateSixMember UMH:SeriesAPreferredStocksMember 2015-01-01 2015-12-31 0000752642 UMH:DividendPaymentDateSevenMember UMH:SeriesAPreferredStocksMember 2015-01-01 2015-12-31 0000752642 UMH:DividendPaymentDateEightMember UMH:SeriesAPreferredStocksMember 2015-01-01 2015-12-31 0000752642 UMH:SeriesAPreferredStocksMember 2015-01-01 2015-12-31 0000752642 UMH:DividendPaymentDateNineMember UMH:SeriesAPreferredStocksMember 2014-01-01 2014-12-31 0000752642 UMH:DividendPaymentDateTenMember UMH:SeriesAPreferredStocksMember 2014-01-01 2014-12-31 0000752642 UMH:DividendPaymentDateElevenMember UMH:SeriesAPreferredStocksMember 2014-01-01 2014-12-31 0000752642 UMH:DividendPaymentDateTwelveMember UMH:SeriesAPreferredStocksMember 2014-01-01 2014-12-31 0000752642 UMH:SeriesAPreferredStocksMember 2014-01-01 2014-12-31 0000752642 UMH:DividendPaymentDateOneMember UMH:SeriesBPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateTwoMember UMH:SeriesBPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateThreeMember UMH:SeriesBPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:DividendPaymentDateFourMember UMH:SeriesBPreferredStocksMember 2016-01-01 2016-12-31 0000752642 UMH:AllentownMember 2016-01-01 2016-12-31 0000752642 UMH:ArborEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:AuburnEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:BirchwoodFarmsMember 2016-01-01 2016-12-31 0000752642 UMH:BroadmoreEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:BrooksideVillageMember 2016-01-01 2016-12-31 0000752642 UMH:BrookviewVillageMember 2016-01-01 2016-12-31 0000752642 UMH:CandlewickCourtMember 2016-01-01 2016-12-31 0000752642 UMH:CarsonsMember 2016-01-01 2016-12-31 0000752642 UMH:CatalinaMember 2016-01-01 2016-12-31 0000752642 UMH:CedarcrestMember 2016-01-01 2016-12-31 0000752642 UMH:ChambersburgIAndIIMember 2016-01-01 2016-12-31 0000752642 UMH:ChelseaMember 2016-01-01 2016-12-31 0000752642 UMH:CityViewMember 2016-01-01 2016-12-31 0000752642 UMH:ClintonMember 2016-01-01 2016-12-31 0000752642 UMH:CollingwoodMember 2016-01-01 2016-12-31 0000752642 UMH:ColonialHeightsMember 2016-01-01 2016-12-31 0000752642 UMH:CountrysideEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:CountrysideEstatesOneMember 2016-01-01 2016-12-31 0000752642 UMH:CountrysideVillageMember 2016-01-01 2016-12-31 0000752642 UMH:CranberryVillageMember 2016-01-01 2016-12-31 0000752642 UMH:CrestviewMember 2016-01-01 2016-12-31 0000752642 UMH:CrossKeysVillageMember 2016-01-01 2016-12-31 0000752642 UMH:DallasMobileHomeMember 2016-01-01 2016-12-31 0000752642 UMH:DeerMeadowsMember 2016-01-01 2016-12-31 0000752642 UMH:DAndRVillageMember 2016-01-01 2016-12-31 0000752642 UMH:EvergreenEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:EvergreenManorMember 2016-01-01 2016-12-31 0000752642 UMH:EvergreenVillageMember 2016-01-01 2016-12-31 0000752642 UMH:FairviewManorMember 2016-01-01 2016-12-31 0000752642 UMH:ForestCreekMember 2016-01-01 2016-12-31 0000752642 UMH:ForestParkVillageMember 2016-01-01 2016-12-31 0000752642 UMH:FriedenManorMember 2016-01-01 2016-12-31 0000752642 UMH:GreenAcresMember 2016-01-01 2016-12-31 0000752642 UMH:GregoryCourtsMember 2016-01-01 2016-12-31 0000752642 UMH:HaydenHeightsMember 2016-01-01 2016-12-31 0000752642 UMH:HeatherHighlandsMember 2016-01-01 2016-12-31 0000752642 UMH:HighlandMember 2016-01-01 2016-12-31 0000752642 UMH:HighlandEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HillsideEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HolidayVillageMember 2016-01-01 2016-12-31 0000752642 UMH:HolidayVillageOneMember 2016-01-01 2016-12-31 0000752642 UMH:HollyAcresEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HudsonEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:HuntingdonPointeMember 2016-01-01 2016-12-31 0000752642 UMH:IndependenceParkMember 2016-01-01 2016-12-31 0000752642 UMH:KinnebrookMember 2016-01-01 2016-12-31 0000752642 UMH:LakeShermanMember 2016-01-01 2016-12-31 0000752642 UMH:LakeviewMeadowsMember 2016-01-01 2016-12-31 0000752642 UMH:LaurelWoodsMember 2016-01-01 2016-12-31 0000752642 UMH:LittleChippewaMember 2016-01-01 2016-12-31 0000752642 UMH:MapleManorMember 2016-01-01 2016-12-31 0000752642 UMH:MeadowoodMember 2016-01-01 2016-12-31 0000752642 UMH:MeadowsMember 2016-01-01 2016-12-31 0000752642 UMH:MelroseVillageMember 2016-01-01 2016-12-31 0000752642 UMH:MelroseWestMember 2016-01-01 2016-12-31 0000752642 UMH:MemphisBluesMember 2016-01-01 2016-12-31 0000752642 UMH:MonroeValleyMember 2016-01-01 2016-12-31 0000752642 UMH:MoosicHeightsMember 2016-01-01 2016-12-31 0000752642 UMH:MountaintopMember 2016-01-01 2016-12-31 0000752642 UMH:OakRidgeEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:OakwoodLakeMember 2016-01-01 2016-12-31 0000752642 UMH:OlmstedFallsMember 2016-01-01 2016-12-31 0000752642 UMH:OxfordVillageMember 2016-01-01 2016-12-31 0000752642 UMH:PineRidgeManorMember 2016-01-01 2016-12-31 0000752642 UMH:PineValleyEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:PleasantViewEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:PortRoyalVillageMember 2016-01-01 2016-12-31 0000752642 UMH:RiverValleyEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:RollingHillsEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:RostraverEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:SandyValleyEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:ShadyHillsMember 2016-01-01 2016-12-31 0000752642 UMH:SomersetWhisperingMember 2016-01-01 2016-12-31 0000752642 UMH:SouthernTerraceMember 2016-01-01 2016-12-31 0000752642 UMH:SouthwindVillageMember 2016-01-01 2016-12-31 0000752642 UMH:SpreadingOaksMember 2016-01-01 2016-12-31 0000752642 UMH:SpringfieldMeadowsMember 2016-01-01 2016-12-31 0000752642 UMH:SuburbanEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:SummitEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:SunnyAcresMember 2016-01-01 2016-12-31 0000752642 UMH:SunnysideMember 2016-01-01 2016-12-31 0000752642 UMH:TrailmontMember 2016-01-01 2016-12-31 0000752642 UMH:TwinOaksIAndIIMember 2016-01-01 2016-12-31 0000752642 UMH:TwinPinesMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyHighMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyHillsMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyStreamMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyViewIMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyViewIIMember 2016-01-01 2016-12-31 0000752642 UMH:ValleyViewHBMember 2016-01-01 2016-12-31 0000752642 UMH:VoyagerEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:WaterfallsVillageMember 2016-01-01 2016-12-31 0000752642 UMH:WaysideMember 2016-01-01 2016-12-31 0000752642 UMH:WeatherlyEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:WoodlandManorMember 2016-01-01 2016-12-31 0000752642 UMH:WoodlawnVillageMember 2016-01-01 2016-12-31 0000752642 UMH:WoodsEdgeMember 2016-01-01 2016-12-31 0000752642 UMH:WoodValleyMember 2016-01-01 2016-12-31 0000752642 UMH:WorthingtonArmsMember 2016-01-01 2016-12-31 0000752642 UMH:YoungstownEstatesMember 2016-01-01 2016-12-31 0000752642 UMH:AllentownMember 2016-12-31 0000752642 UMH:ArborEstatesMember 2016-12-31 0000752642 UMH:AuburnEstatesMember 2016-12-31 0000752642 UMH:BirchwoodFarmsMember 2016-12-31 0000752642 UMH:BroadmoreEstatesMember 2016-12-31 0000752642 UMH:BrooksideVillageMember 2016-12-31 0000752642 UMH:BrookviewVillageMember 2016-12-31 0000752642 UMH:CandlewickCourtMember 2016-12-31 0000752642 UMH:CarsonsMember 2016-12-31 0000752642 UMH:CatalinaMember 2016-12-31 0000752642 UMH:CedarcrestMember 2016-12-31 0000752642 UMH:ChambersburgIAndIIMember 2016-12-31 0000752642 UMH:ChelseaMember 2016-12-31 0000752642 UMH:CityViewMember 2016-12-31 0000752642 UMH:ClintonMember 2016-12-31 0000752642 UMH:CollingwoodMember 2016-12-31 0000752642 UMH:ColonialHeightsMember 2016-12-31 0000752642 UMH:CountrysideEstatesMember 2016-12-31 0000752642 UMH:CountrysideEstatesOneMember 2016-12-31 0000752642 UMH:CountrysideVillageMember 2016-12-31 0000752642 UMH:CranberryVillageMember 2016-12-31 0000752642 UMH:CrestviewMember 2016-12-31 0000752642 UMH:CrossKeysVillageMember 2016-12-31 0000752642 UMH:DallasMobileHomeMember 2016-12-31 0000752642 UMH:DeerMeadowsMember 2016-12-31 0000752642 UMH:DAndRVillageMember 2016-12-31 0000752642 UMH:EvergreenEstatesMember 2016-12-31 0000752642 UMH:EvergreenManorMember 2016-12-31 0000752642 UMH:EvergreenVillageMember 2016-12-31 0000752642 UMH:FairviewManorMember 2016-12-31 0000752642 UMH:ForestCreekMember 2016-12-31 0000752642 UMH:ForestParkVillageMember 2016-12-31 0000752642 UMH:FriedenManorMember 2016-12-31 0000752642 UMH:GreenAcresMember 2016-12-31 0000752642 UMH:GregoryCourtsMember 2016-12-31 0000752642 UMH:HaydenHeightsMember 2016-12-31 0000752642 UMH:HeatherHighlandsMember 2016-12-31 0000752642 UMH:HighlandMember 2016-12-31 0000752642 UMH:HighlandEstatesMember 2016-12-31 0000752642 UMH:HillsideEstatesMember 2016-12-31 0000752642 UMH:HolidayVillageMember 2016-12-31 0000752642 UMH:HolidayVillageOneMember 2016-12-31 0000752642 UMH:HollyAcresEstatesMember 2016-12-31 0000752642 UMH:HudsonEstatesMember 2016-12-31 0000752642 UMH:HuntingdonPointeMember 2016-12-31 0000752642 UMH:IndependenceParkMember 2016-12-31 0000752642 UMH:KinnebrookMember 2016-12-31 0000752642 UMH:LakeShermanMember 2016-12-31 0000752642 UMH:LakeviewMeadowsMember 2016-12-31 0000752642 UMH:LaurelWoodsMember 2016-12-31 0000752642 UMH:LittleChippewaMember 2016-12-31 0000752642 UMH:MapleManorMember 2016-12-31 0000752642 UMH:MeadowoodMember 2016-12-31 0000752642 UMH:MeadowsMember 2016-12-31 0000752642 UMH:MelroseVillageMember 2016-12-31 0000752642 UMH:MelroseWestMember 2016-12-31 0000752642 UMH:MemphisBluesMember 2016-12-31 0000752642 UMH:MonroeValleyMember 2016-12-31 0000752642 UMH:MoosicHeightsMember 2016-12-31 0000752642 UMH:MountaintopMember 2016-12-31 0000752642 UMH:OakRidgeEstatesMember 2016-12-31 0000752642 UMH:OakwoodLakeMember 2016-12-31 0000752642 UMH:OlmstedFallsMember 2016-12-31 0000752642 UMH:OxfordVillageMember 2016-12-31 0000752642 UMH:PineRidgeManorMember 2016-12-31 0000752642 UMH:PineValleyEstatesMember 2016-12-31 0000752642 UMH:PleasantViewEstatesMember 2016-12-31 0000752642 UMH:PortRoyalVillageMember 2016-12-31 0000752642 UMH:RiverValleyEstatesMember 2016-12-31 0000752642 UMH:RollingHillsEstatesMember 2016-12-31 0000752642 UMH:RostraverEstatesMember 2016-12-31 0000752642 UMH:SandyValleyEstatesMember 2016-12-31 0000752642 UMH:ShadyHillsMember 2016-12-31 0000752642 UMH:SomersetWhisperingMember 2016-12-31 0000752642 UMH:SouthernTerraceMember 2016-12-31 0000752642 UMH:SouthwindVillageMember 2016-12-31 0000752642 UMH:SpreadingOaksMember 2016-12-31 0000752642 UMH:SpringfieldMeadowsMember 2016-12-31 0000752642 UMH:SuburbanEstatesMember 2016-12-31 0000752642 UMH:SummitEstatesMember 2016-12-31 0000752642 UMH:SunnyAcresMember 2016-12-31 0000752642 UMH:SunnysideMember 2016-12-31 0000752642 UMH:TrailmontMember 2016-12-31 0000752642 UMH:TwinOaksIAndIIMember 2016-12-31 0000752642 UMH:TwinPinesMember 2016-12-31 0000752642 UMH:ValleyHighMember 2016-12-31 0000752642 UMH:ValleyHillsMember 2016-12-31 0000752642 UMH:ValleyStreamMember 2016-12-31 0000752642 UMH:ValleyViewIMember 2016-12-31 0000752642 UMH:ValleyViewIIMember 2016-12-31 0000752642 UMH:ValleyViewHBMember 2016-12-31 0000752642 UMH:VoyagerEstatesMember 2016-12-31 0000752642 UMH:WaterfallsVillageMember 2016-12-31 0000752642 UMH:WaysideMember 2016-12-31 0000752642 UMH:WeatherlyEstatesMember 2016-12-31 0000752642 UMH:WoodlandManorMember 2016-12-31 0000752642 UMH:WoodlawnVillageMember 2016-12-31 0000752642 UMH:WoodsEdgeMember 2016-12-31 0000752642 UMH:WoodValleyMember 2016-12-31 0000752642 UMH:WorthingtonArmsMember 2016-12-31 0000752642 UMH:YoungstownEstatesMember 2016-12-31 0000752642 us-gaap:SeriesBPreferredStockMember 2015-10-20 0000752642 us-gaap:SeriesBPreferredStockMember 2015-10-19 2015-10-20 0000752642 2015-10-21 2015-12-31 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember 2015-10-20 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember us-gaap:CommonStockMember us-gaap:MinimumMember 2015-10-20 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember UMH:EightPointTwoFivePercentageSeriesACumulativeRedeemablePreferredStockMember us-gaap:MinimumMember 2015-10-20 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember us-gaap:CommonStockMember us-gaap:MaximumMember 2015-10-20 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember UMH:EightPointTwoFivePercentageSeriesACumulativeRedeemablePreferredStockMember us-gaap:MaximumMember 2015-10-20 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember 2015-10-19 2015-10-20 0000752642 us-gaap:SeriesBPreferredStockMember us-gaap:CommonStockMember 2015-10-20 0000752642 us-gaap:SeriesBPreferredStockMember 2016-04-03 2016-04-05 0000752642 UMH:NineteenJanuaryTwoThousandSeventeenMember 2016-12-31 0000752642 us-gaap:RevolvingCreditFacilityMember 2016-12-31 0000752642 UMH:AprilThirtyTwoThousandTwentyMember 2016-12-31 0000752642 UMH:AprilThirtyTwoThousandTwentyTwoMember 2016-12-31 0000752642 UMH:DividendReinvestmentStockPurchasePlanMember 2016-01-01 2016-12-31 0000752642 UMH:DividendReinvestmentStockPurchasePlanMember 2015-01-01 2015-12-31 0000752642 UMH:DividendReinvestmentStockPurchasePlanMember 2014-01-01 2014-12-31 0000752642 UMH:SeriesAPreferredStocksMember 2016-12-31 0000752642 UMH:FederalStateAndLocalIncomeTaxesMember 2016-01-01 2016-12-31 0000752642 UMH:FederalStateAndLocalIncomeTaxesMember 2015-01-01 2015-12-31 0000752642 UMH:FederalStateAndLocalIncomeTaxesMember 2014-01-01 2014-12-31 0000752642 UMH:NonAffiliatesMember 2016-06-30 0000752642 UMH:AffiliatesMember 2016-06-30 0000752642 UMH:CreditAgreementsToFinanceInventoryPurchasesMember 2016-12-31 0000752642 UMH:AutomotiveLoansMember 2016-12-31 0000752642 UMH:EightPointTwoFivePercentageSeriesACumulativeRedeemablePreferredStockMember 2016-04-04 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember us-gaap:MaximumMember 2015-10-19 2015-10-20 0000752642 us-gaap:MaximumMember 2016-04-03 2016-04-04 0000752642 us-gaap:CommonStockMember UMH:AmendmentMember 2016-04-04 0000752642 us-gaap:MaximumMember 2016-08-10 2016-08-11 0000752642 us-gaap:CommonStockMember 2016-08-11 0000752642 us-gaap:SubsequentEventMember UMH:HillcrestEstatesAndMarysvilleEstatesMember 2017-01-19 2017-01-20 0000752642 UMH:TotalMember 2016-12-31 0000752642 us-gaap:CommonStockMember 2016-04-04 0000752642 UMH:TwoThousandSixteenAcquisitionsMember 2016-01-01 2016-12-31 0000752642 UMH:TwoThousandFifteenAcquisitionsMember 2016-01-01 2016-12-31 0000752642 UMH:TwoThousandFifteenAcquisitionsMember 2015-01-01 2015-12-31 0000752642 UMH:OlmstedFallsMember 2016-01-01 2016-12-31 0000752642 UMH:OlmstedFallsMember 2016-12-31 0000752642 us-gaap:SubsequentEventMember UMH:CommunityAcquisitionsMember 2017-01-18 0000752642 UMH:TwentyFirstMortgageCorporationMember UMH:PrimeRatePlusMember us-gaap:MaximumMember 2016-12-31 0000752642 UMH:WellsFargoOnFairviewManorMember 2016-10-29 2016-10-31 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember us-gaap:CommonStockMember 2016-04-04 0000752642 UMH:MarylandStateDepartmentOfAssessmentsAndTaxationMember 2016-08-11 0000752642 UMH:DAndRVillageAndWaterfallsVillageMember 2015-02-26 2015-02-27 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure UMH:HomeSites UMH:HomeCommunity UMH:Security utr:acre UMH:Employees UMH:Participants UMH:DirectorsAndShareholders UMH:BoardwalkHomesites UMH:ParkePlaceHomesites UMH PROPERTIES, INC. 10-K 2016-12-31 false --12-31 Accelerated Filer FY 30089483 4216592 6535897 8082792 7615143 293025592 283049802 4760000 3498000 3195000 2300000 43100000 8851000 7200000 16346000 3195000 8100000 6800000 2200000 34685000 12670000 37067000 6000000 29859000 8851000 0.10 0.10 0.10 0.10 0.10 3663800 3663800 4000000 2000000 3663800 2000000 3663800 4000000 3663800 4000000 3663800 4000000 3663800 3663800 3663800 3663800 3663800 3801200 1801200 1801200 3663800 3663800 3801200 1801200 3663800 0.0825 0.0825 0.080 0.080 0.080 0.10 0.10 62000000 4000000 62000000 75000000 48663800 42000000 64000000 2000000 71000000 75000000 73000000 62000000 71000000 29388811 27086838 29388811 27086838 0.10 0.10 3000000 3000000 -2283 37985 155 0 0 0 0 0 0 0 0 0 0 155 0 0 37985 0 0 -2283 0 2285301 204230 1542589 21057498 -6930717 5505772 14103432 8267198 7556588 30304473 -4952757 8201141 16201041 -13219955 644553 1064678 855768 922944 312400 102000 98000 29353412 25708212 24326461 665605 904200 596105 -1878719 1976958 904960 145747 991997 195580 435124 706779 -553730 1204014 -840066 -279590 3113164 2004695 -1479326 -77567390 -148674626 -56033767 27518151 23019035 9707038 3728869 921141 268983 1114503 777394 768641 58184812 51218338 41858627 4081798 78926525 15879551 24437000 2485000 9588000 45894673 121419519 32174955 17630270 16740833 14427337 14563645 7556588 7556588 7556588 7007057 7556588 7556588 2485060 170075 167460 20012393 22593531 30933748 668338 2311829 623023 25072315 37756234 4639539 406935 -19452727 28320234 31804000 139432000 0 -2319305 -1546895 467649 <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>NOTE 4 &#8211; SECURITIES AVAILABLE FOR SALE</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016 and 2015, the Company&#8217;s securities are all classified as available-for-sale. See Note 13 for Fair Value Measurements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a listing of securities available for sale at December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Series</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity Securities:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ashford Hospitality Trust, Inc.</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.550</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">251,205</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">253,800</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,269</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">48,900</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">62,724</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,487,145</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,440,789</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedar Realty Trust, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,577</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,411,846</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,426,126</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chesapeake Lodging Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,806</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Corporate Office Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">L</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,330</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">656,760</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kilroy Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,948</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">844,770</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">885,932</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LaSalle Hotel Properties</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">H</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">982,589</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,002,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">68,800</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,720,885</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,739,952</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Retail Properties of America, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">481,949</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Stag Industrial, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,100</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">470,007</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">501,495</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Hotel Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">514,780</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sun Communities, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">45,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,117,377</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,133,550</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Terreno Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,300</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,791</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">512,575</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">F</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,421</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">756,304</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">775,735</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">125,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">128,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Preferred Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,857,467</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Common Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,785,016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,500,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cousins Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">105,950</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">820,348</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">901,635</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gladstone Commercial Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">180,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,199,933</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,618,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Government Properties Income Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">810,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15,520,076</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15,442,650</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monmouth Real Estate Investment Corporation <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,237,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19,231,411</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,100,835</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nobility Homes Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">158,200</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">315,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Parkway Properties Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">33,243</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">628,819</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">739,657</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Select Income Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">740,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,802,516</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18,648,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Senior Housing Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">220,911</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,760,406</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,181,845</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">85,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,761,151</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,049,350</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vereit, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,512,658</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,230,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Common Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">79,180,534</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Securities Available for Sale</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">92,038,001</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,755,172</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">(1) Related entity &#8211; See Note 8.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a listing of securities available for sale at December 31, 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Series</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity Securities:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ashford Hospitality Trust, Inc.</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.550</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">251,205</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">252,480</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,269</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,580</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">62,724</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,487,144</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,564,963</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedar Realty Trust, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">54,596</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,310,210</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,348,510</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chesapeake Lodging Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">516,600</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Corporate Office Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">L</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,330</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">670,280</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CubeSmart</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">52,153</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">52,280</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dupont Fabros Technology, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,412</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">657,703</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">668,224</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dupont Fabros Technology, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">252,100</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kilroy Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,948</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">844,770</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">902,008</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LaSalle Hotel Properties</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">H</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">982,589</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,006,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">68,800</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,720,885</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,775,728</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,008,400</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Retail Properties of America, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">481,949</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">513,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Stag Industrial, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,100</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">470,007</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">509,334</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Hotel Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">515,998</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sun Communities, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">45,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,117,377</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,179,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Terreno Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,300</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,791</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">516,840</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">F</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,421</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">756,305</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">786,687</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">125,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">130,700</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Preferred Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,715,687</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Common Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,295,133</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,669,951</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Getty Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,544,483</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,315,250</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gladstone Commercial Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">946,184</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">802,450</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Government Properties Income Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">550,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,244,317</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,728,500</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mack-Cali Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,095,616</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,152,250</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monmouth Real Estate Investment Corporation <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,125,270</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,855,054</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,230,328</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nobility Homes Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">158,200</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">242,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Parkway Properties Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">959,887</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">859,650</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">RMR Group, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">256,256</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">284,050</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Select Income Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">700,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,909,351</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,874,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Senior Housing Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">175,911</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,032,483</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,610,519</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,103,323</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,058,200</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vereit, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">25,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">202,787</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">198,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weingarten Realty Investors</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">80,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,747,526</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,766,400</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Common Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">63,350,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Securities Available for Sale</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">77,066,287</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,011,260</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">(1) Related entity &#8211; See Note 8.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company held five securities that the Company determined were temporarily impaired investments. 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. The following is a summary of temporarily impaired securities at December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Less than 12 Months</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12 Months or Longer &#160;</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unrealized Loss</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unrealized Loss</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 39%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Preferred Stock</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,489,689</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(47,724</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">31,172,650</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(645,100</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">32,662,339</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(692,824</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of the range of the losses:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Individual</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Securities</b></p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unrealized Loss</b></p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range of Loss</b></p></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 20%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">28,432,339</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(410,166</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 31%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Less than or equal to 3%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,230,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(282,658</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6%</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">32,662,339</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(692,824</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2016, 2015 and 2014, the securities portfolio had net unrealized holding gains (losses) of $16,717,171, $(2,055,027) and $5,079,921, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the years ended December 31, 2016, 2015 and 2014, the Company received proceeds of $14,831,737, $4,633,019 and $10,911,791, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities, net:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gross realized gains</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,287,454</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">208,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,555,656</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gross realized losses</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,153</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,970</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(13,067</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Realized Gain on Sales of Securities, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,285,301</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">204,230</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,542,589</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company had margin loan balances of $22,727,458 and $15,766,573 at December 31, 2016 and 2015, respectively, which were collateralized by the Company&#8217;s securities portfolio.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>NOTE 5 &#8211; LOANS AND MORTGAGES PAYABLE</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Loans Payable</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2016 and 2015 was 2.0%. These margin loans are due on demand. At December 31, 2016 and 2015, respectively, the margin loans amounted to $22,727,458 and $15,766,573, respectively, and are collateralized by the Company&#8217;s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has revolving credit agreements totaling $28,500,000 with 21<sup>st</sup> Mortgage Corporation (&#8220;21<sup>st</sup> Mortgage&#8221;), Customers Bank and Northpoint Commercial Finance to finance inventory purchases. Interest rates on these agreements range from prime with a minimum of 6% to Prime plus 2% with a minimum of 8% after 18 months. As of December 31, 2016 and 2015, the total amount outstanding on these lines was $6,314,352 and $12,112,039, respectively, with a weighted average interest rate of 5.9% and 6.5%, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has a revolving line of credit with OceanFirst Bank (&#8220;OceanFirst Line&#8221;) secured by the Company&#8217;s eligible notes receivable. The maximum availability on this line is $10.0 million. Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. As of December 31, 2016 and 2015, the amount outstanding on this revolving line of credit was $4,000,000, and the interest rate was 4.25% and 4.0%, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has an agreement with 21<sup>st</sup> Mortgage to finance the Company&#8217;s purchase of rental units. These loans are at an interest rate of 6.99%, with an origination fee of 2% on new units and 3% on existing units. These loans will have a 10 year term from the date of the borrowing. The amount outstanding on this loan was $467,101 and $671,717, as of December 31, 2016 and 2015, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has a $4,000,000 loan from Two River Community Bank, secured by 1,000,000 shares of Monmouth Real Estate Investment Corporation common stock. This loan is at an interest rate of 4.625%, with interest only payments through October 2017, and matures on October 30, 2019. The amount outstanding on this loan was $4,000,000 as of December 31, 2016 and 2015, respectively. The Company also has $884,528 in automotive loans with a weighted average interest rate of 3.8%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Unsecured Lines of Credit</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 29, 2013, the Company entered into a $35 million Unsecured Revolving Credit Facility with Bank of Montreal (&#8220;Credit Facility&#8221;). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility was extended to March 29, 2017. <font style="letter-spacing: -0.15pt">The Company is in the process of renewing this Credit Facility.</font> Borrowings under the Credit Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness. Borrowings will bear interest at the Company&#8217;s option of LIBOR plus 1.75% to 2.50% or BMO&#8217;s prime lending rate plus 0.75% to 1.50%, based on the Company&#8217;s overall leverage. Based on leverage ratios, interest on this borrowing is at LIBOR plus 200 basis points or 2.69% as of December 31, 2016, and LIBOR plus 250 basis points or 2.79% as of December 31, 2015. The Company incurs a fee on the unused commitment amount of up to 0.35% per annum. As of December 31, 2016, the amount outstanding on the Credit Facility was $20,000,000.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended December 31,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 30%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,566,256</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">255,164</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">255,955</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,245,631</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">136,771</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,933,662</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Loans Payable</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,393,439</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(108,054</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Total Loans Payable, net of</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;&#160;Unamortized Debt Issuance Costs</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,285,385</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Mortgages Payable</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mortgages Payable represents the principal amounts outstanding as of December 31, 2016. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.83% and variable rates ranging from Prime plus 1.0% to LIBOR plus 3.0%. The weighted average interest rate as of December 31, 2016 was 4.4%, compared to 4.6% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Mortgage Notes Payable was 6.9 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 7.1 years as of December 31, 2015.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of mortgages payable at December 31, 2016 and 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>At December 31, 2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at December 31,</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Property</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 38%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Allentown</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,637,719</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,873,376</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookview Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,832,889</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,884,660</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,551,134</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,629,572</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Catalina</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/19/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.20</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,739,657</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,936,296</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.71</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,268,266</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,501,441</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton Mobile Home Resort</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,579,289</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,641,139</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,769,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,911,589</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D &#38; R Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">03/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.85</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,837,828</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,983,634</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.85</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,299,292</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,921,261</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,486,324</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,632,586</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,134,846</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,173,861</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/28/18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Prime + 1.0%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">354,529</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">678,288</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/17</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.175</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,035,246</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,226,700</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,075,696</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,214,880</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village- IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.96</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,674,151</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,826,242</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/05/21</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,228,629</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,260,360</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kinnebrook Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,127,176</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,202,600</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lake Sherman Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,611,924</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,708,646</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.98</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,133,656</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,172,210</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/20</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.94</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,963,586</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,162,128</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,089,892</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,182,910</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset Estates and Whispering Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/26/19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.89</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">395,886</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">566,425</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/06/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.83</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,191,381</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,686,136</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,784,391</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,329,351</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,438,720</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/20</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.94</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,562,311</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,720,900</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,393,262</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,455,273</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/01/19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.75</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,494,084</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,567,451</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.32</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,466,014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.38</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,716,994</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,279,558</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,430,867</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/07/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.30</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,969,958</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,514,851</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,678,840</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (3 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">05/01/16</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.66% <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,618,982</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (4 properties) </font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/01/23</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.975</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,226,015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,363,756</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties) </font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/22</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.25</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,072,987</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,382,719</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/06/22</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.75</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,294,460</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,426,995</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/01/18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.83</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,818,862</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,954,713</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (11 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/01/17</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LIBOR + 3.0%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,625,352</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,416,309</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (13 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">03/01/23</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.065</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,095,192</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">51,106,376</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Mortgages Payable</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">296,563,983</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">286,637,096</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,538,391</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,587,294</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Mortgages Payable, net of</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">293,025,592</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">283,049,802</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 31, 2016 and 2015, mortgages were collateralized by real property with a carrying value of $488,623,061 and $444,098,037, respectively, before accumulated depreciation and amortization. Interest costs amounting to $359,906, $277,944 and $280,354 were capitalized during 2016, 2015 and 2014, respectively, in connection with the Company&#8217;s expansion program.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><i>Recent Transactions</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>During the year ended December 31, 2016</u></i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 2, 2016, the Company obtained a $4,760,000 Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) mortgage through Wells Fargo Bank, N.A. (&#8220;Wells Fargo&#8221;) on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay existing mortgages on three communities with an average interest rate of 6.66%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 31, 2016, the Company obtained a $16,346,000 Freddie Mac mortgage through Wells Fargo on Fairview Manor. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures November 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing mortgage with a principal balance of approximately $9,700,000 and an interest rate of 5.785%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 19, 2016, the Company assumed a mortgage loan with a balance of approximately $3,195,000, in conjunction with its acquisition of Springfield Meadows. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>During the year ended December 31, 2015</u></i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 21, 2015, the Company assumed a mortgage loan of $2,300,000 in conjunction with its acquisition of Holly Acres. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 27, 2015, the Company obtained an $8,100,000 Freddie Mac mortgage through Wells Fargo on D&#38;R Village. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures on March 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing D&#38;R Village and Waterfalls Village mortgage of approximately $6.8 million, which had a variable rate of LIBOR plus 2.25%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 6, 2015, the Company obtained a $2,200,000 Freddie Mac mortgage through Wells Fargo on Olmsted Falls. The interest rate on this mortgage is fixed at 3.98%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 20, 2015, the Company obtained seven Freddie Mac mortgages totaling $34,685,000 through Wells Fargo on the following communities: Brookview Village, Cranberry Village, Hayden Heights, Kinnebrook, Shady Hills, Trailmont and Weatherly Estates. The interest rates on these mortgages are fixed at 3.92%. These mortgages mature on April 1, 2025, with principal repayments based on a 30-year amortization schedule.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing Cedarcrest Village mortgage of approximately $8.9 million, which had an interest rate of 5.125%. The Company incurred a prepayment penalty of approximately $89,000 on this repayment.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 19, 2015, the Company obtained five Freddie Mac mortgages totaling $37,067,000 through Wells Fargo for the following communities: Candlewick Court, Forest Park Village, Holiday Village, Lake Sherman Village and Worthington Arms. The interest rate on these mortgages is fixed at 4.1%. These mortgages mature on September 1, 2025, with principal repayment based on a 30-year amortization schedule.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 19, 2015, the Company obtained a $6,000,000 mortgage loan on Catalina from OceanFirst Bank. This mortgage is at a fixed rate of 4.2% and matures on August 19, 2025. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 1, 2015, the Company obtained four Freddie Mac mortgages totaling $29,859,000 through Wells Fargo for the following communities: Allentown, Clinton Mobile Home Resort, Suburban Estates and Sunny Acres. The interest rates on these mortgages are fixed at 4.06%. These mortgages mature October 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing mortgages of approximately $16.6 million, with a weighted average interest rate of 4.24%. The Company incurred total prepayment fees and penalties of approximately $154,000 on these repayments.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 16, 2015, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on Holiday Village. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate principal payments of all mortgages payable are scheduled as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Year Ended December 31,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,905,661</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,701,232</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,675,147</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,779,756</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2021</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">20,396,125</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Thereafter</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">210,106,062</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total </font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">296,563,983</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 9 &#8211; SHAREHOLDERS&#8217; EQUITY </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Common Stock</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has a Dividend Reinvestment and Stock Purchase Plan (&#8220;DRIP&#8221;), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Amounts Received</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,400,945</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24,599,818</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">32,792,239</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Less: Dividends Reinvested</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,388,552</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,006,287</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,858,491</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Amounts Received, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,012,393</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,593,531</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,933,748</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Number of Shares Issued</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,966,133</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,657,255</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,554,191</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Preferred Stock</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company had a total of 3,663,800 shares of Series A Preferred Stock outstanding representing an aggregate liquidation preference of $91,595,000.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Series A Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Effective May 26, 2016, at any time and, from time to time, the Series A Preferred Stock can be redeemed in whole or in part, at the Company&#8217;s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series A Preferred Stock will have the right to convert all or part of the shares of the Series A Preferred Stock held, unless the Company elects to redeem the Series A Preferred Stock.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 20, 2015, the Company issued and sold 1,801,200 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (&#8220;Series B Preferred Stock&#8221;) in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering of approximately $43 million, after deducting offering related expenses. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 at an annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. The first quarterly dividend payment date for the Series B Preferred Stock was payable March 15, 2016 and was for the dividend period from October 20, 2015 to February 29, 2016. A portion of the dividend to be paid on March 15, 2016, covering the period October 20, 2015 to December 31, 2015, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Series B Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company&#8217;s qualification as a REIT, and as described below, the Series B Preferred Stock is not redeemable prior to October 20, 2020. On and after October 20, 2020, the Series B Preferred Stock will be redeemable at the Company&#8217;s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series B Preferred shares ranks on a parity with the Company&#8217;s Series A Preferred shares with respect to dividend rights and rights upon liquidation, dissolution or winding up.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held, unless the Company elects to redeem the Series B Preferred Stock.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Holders of the Series B Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In conjunction with the issuance of the Company&#8217;s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the &#8220;Maryland SDAT&#8221;), an amendment to the Company&#8217;s charter to increase the authorized number of shares of the Company&#8217;s common stock by 22,000,000 shares. As a result of this amendment, the Company&#8217;s total authorized shares were increased from 48,663,800 shares (classified as 42,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 70,663,800 shares (classified as 64,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series B Preferred Stock and reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company&#8217;s authorized stock consisted of 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 5, 2016, the Company issued an additional 2,000,000 shares of its Series B Preferred stock in a registered direct placement at a sale price of $25.50 per share, including accrued dividends. The Company received net proceeds from the offering after expenses of approximately $49.1 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In conjunction with the issuance of the Company&#8217;s Series B Preferred shares, on April 4, 2016, the Company filed with the Maryland State Department of Assessments and Taxation (the &#8220;Maryland SDAT&#8221;), an amendment to the Company&#8217;s charter to increase the authorized number of shares of the Company&#8217;s common stock by 11,000,000 shares. As a result of this amendment, the Company&#8217;s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred stock. After the reclassification, the Company&#8217;s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 11, 2016, the Company filed with the MSAT a further amendment to the Company&#8217;s charter to increase the authorized number of shares of the Company&#8217;s common stock by 4,000,000 shares. As a result of this amendment, the Company&#8217;s total authorized shares were increased from 81,663,800 shares (classified as 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 85,663,800 shares (classified as 75,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Issuer Purchases of Equity Securities</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 19, 2017, the Board of Directors reaffirmed its Share Repurchase Program (the &#8220;Repurchase Program&#8221;) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company&#8217;s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company&#8217;s discretion without prior notice. There have been no purchases under the Repurchase Program to date.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 6 &#8211; STOCK COMPENSATION PLAN</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 13, 2013, the shareholders approved and ratified the Company&#8217;s 2013 Stock Option and Stock Award Plan (the &#8220;2013 Plan&#8221;) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3,000,000 shares of common stock. The option price shall not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 2013 Plan replaced the Company&#8217;s 2003 Stock Option Plan (the &#8220;2003 Plan&#8221;), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. Not more than 200,000 shares of the Company&#8217;s common stock may be granted as options in any one fiscal year to a participant under the 2013 Plan. In general, each option may be exercised only after one year of continued service with the Company. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant is 100,000 shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Compensation Committee determines the recipients of restricted stock awards; the number of restricted shares to be awarded; the length of the restricted period of the award; the restrictions applicable to the award including, without limitation, the employment or retirement status of the participant; rules governing forfeiture and restrictions applicable to any sale, assignment, transfer, pledge or other encumbrance of the restricted stock during the restricted period; and the eligibility to share in dividends and other distributions paid to the Company&#8217;s stockholders during the restricted period. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant shall be 100,000 shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided for in an underlying restricted stock award agreement, if a participant&#8217;s status as an employee or director of the Company is terminated by reason of death or disability, the restrictions will lapse on such date. Unless otherwise provided for in an underlying restricted stock award agreement, the Plan provides that if an individual&#8217;s status as an employee or director is terminated by reason of retirement following an involuntary termination (other than for &#8220;cause&#8221; as defined in the 2013 Plan), the restrictions will generally lapse, unless the restricted stock award is intended to constitute &#8220;performance based&#8221; compensation for purposes of Section 162(m) of the Internal Revenue Code. If a participant&#8217;s status as an employee or director terminates for any other reason, the Plan provides that a participant will generally forfeit any outstanding restricted stock awards, unless otherwise indicated in the applicable award agreement. Shares of restricted stock that are forfeited become available again for issuance under the 2013 Plan. The Compensation Committee has the authority to accelerate the time at which the restrictions may lapse whenever it considers that such action is in the best interests of the Company and of its stockholders, whether by reason of changes in tax laws, a &#8220;change in control&#8221; as defined in the 2013 Plan or otherwise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for 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).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Stock Options</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2016, thirty-four employees were granted options to purchase a total of 527,000 shares. During the year ended December 31, 2015, twenty-four employees were granted options to purchase a total of 425,000 shares. During the year ended December 31, 2014, twenty-five employees were granted options to purchase a total of 339,000 shares. The fair value of these options for the years ended December 31, 2016, 2015 and 2014 was approximately $425,000, $393,000 and $332,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $85,997 as of December 31, 2016, which will be expensed in 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 14px; text-align: justify">&#160;</td> <td style="width: 24px; text-align: center"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The assumed dividend yield is based on the Company&#8217;s expectation of an annual dividend rate for regular dividends over the estimated life of the option. </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Expected volatility is based on the historical volatility of the Company&#8217;s stock over a period relevant to the related stock option grant. </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company&#8217;s option awards. </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Expected life of the options granted is estimated based on historical data reflecting actual hold periods. </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Estimated forfeiture is based on historical data reflecting actual forfeitures. </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 in the following years:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2014</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Dividend yield</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.32</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.37</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.14</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26.30</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27.17</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27.12</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.49</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.12</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.23</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected lives</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Estimated forfeitures</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2016, options to twenty employees to purchase a total of 277,500 shares were exercised. During the year ended December 31, 2015, options to five employees to purchase a total of 22,500 shares were exercised. During the year ended December 31, 2014, options to two employees to purchase a total of 23,000 shares were exercised. During the year ended December 31, 2016, options to one employee to purchase a total of 50,000 shares expired. During the year ended December 31, 2015, options to sixteen employees to purchase a total of 143,000 shares expired or were forfeited. During the year ended December 31, 2014, options to eleven employees to purchase a total of 108,000 shares expired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of the status of the Company&#8217;s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2014</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%"><font style="font-size: 10pt">Outstanding at beginning of year</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">1,560,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">9.92</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">1,301,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">10.34</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">1,093,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">10.86</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">527,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.77</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">425,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.82</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">339,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.85</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(277,500</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.96</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(22,500</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7.56</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(23,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7.28</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(37,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.63</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(50,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">11.97</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(106,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">14.84</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(108,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">14.52</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at end of year</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,760,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">9.97</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,560,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">9.92</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,301,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">10.34</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Options exercisable at end of year</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,233,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,135,500</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">962,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Weighted average fair value of options </font><br /> <font style="font-size: 10pt">granted during the year</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.81</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.93</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.98</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of stock options outstanding as of December 31, 2016:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Date of Grant</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of Employees</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Option Price</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Expiration</b></font><br /> <font style="font-size: 10pt"><b>Date</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">06/22/09</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">5</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">18,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">7.57</font></td> <td style="width: 1%">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">06/22/17</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">01/08/10</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,900</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.13</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">01/08/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">01/08/10</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.30</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">01/08/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">07/27/10</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">52,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11.40</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">07/27/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">07/05/11</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">58,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11.16</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">07/05/19</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">08/29/12</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">70,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11.29</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">08/29/20</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">02/28/13</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.02</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">02/28/21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">06/26/13</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">18</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">343,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.08</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">06/26/21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">06/11/14</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">19</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">276,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.85</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">06/11/22</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">06/24/15</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">19</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">380,500</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.82</font></td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">06/24/23</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">04/05/16</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">34</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">527,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">*</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.77</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">04/05/24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="padding-left: 5.4pt; text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,760,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">* Unexercisable</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company&#8217;s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2016, 2015 and 2014 was $8,939,488, $669,098 and $395,243, respectively, of which $6,156,928, $541,598 and $395,243 relate to options exercisable. The intrinsic value of options exercised in 2016, 2015 and 2014 was $1,018,730, $62,230 and $57,250 respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 5.6, 5.4 and 4.3 years as of December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $463,864, $365,560 and $437,063, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Restricted Stock</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 5, 2016, the Company awarded 40,500 shares of restricted stock to two participants. On September 14, 2016, the Company awarded 20,000 shares of restricted stock to one participant. On February 5, 2015, the Company awarded 25,000 shares of restricted stock to one participant. On September 16, 2015, the Company awarded 10,000 shares to ten participants. During 2014, the Company awarded 25,000 shares of restricted stock to one participant. The grant date fair value of restricted stock grants awarded to participants was $627,085, $334,450 and $232,750 for the years ended December 31, 2016, 2015 and 2014, respectively. These grants vest in equal installments over five years. As of December 31, 2016, there remained a total of $685,925 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.3 years. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $600,814, $490,208 and $485,881, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of the status of the Company&#8217;s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2014</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Grant Date</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Grant Date</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Grant Date</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%"><font style="font-size: 10pt">Non-vested at beginning of year</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">121,242</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">9.83</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">137,346</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">10.37</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 6%; text-align: right"><font style="font-size: 10pt">152,292</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">10.77</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">60,500</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.37</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">35,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.56</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">25,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.31</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Dividend Reinvested Shares</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,430</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.82</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,736</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.09</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,194</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.22</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,160</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.83</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vested</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(54,697</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">10.07</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(61,840</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.63</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(52,140</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">10.77</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Non-vested at end of year</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">133,315</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">10.04</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">121,242</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">9.83</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">137,346</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">10.37</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, there were 1,235,500 shares available for grant as stock options or restricted stock under the 2013 Plan.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 13 - FAIR VALUE MEASUREMENTS</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. 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 certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements at Reporting Date Using</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>in Active</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Markets for</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Assets</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 1)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other Observable Inputs</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 2)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Unobservable Inputs</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 3)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31, 2016:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Preferred Stock</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Interest Rate Swap <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,751,189</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,755,172</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31, 2015:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Preferred Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Interest Rate Swap <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,009,560</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,011,260</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Included in accrued liabilities and deposits</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the Company&#8217;s investment in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its 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&#8217;s entire holdings of a particular financial instrument. All of the Company&#8217;s securities available for sale have quoted market prices. However, for a portion of the Company&#8217;s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of securities available for sale is primarily based upon quoted market values. 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. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2016, the fair and carrying value of fixed rate mortgages payable amounted to $282,369,063 and $285,584,102, respectively. As of December 31, 2015, the fair and carrying value of fixed rate mortgages payable amounted to $276,657,074 and $274,542,499, respectively. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 12 &#8211; COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Included in the Company&#8217;s Community Operating Expenses for the year ended December 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of completing a new manufactured home community at this location, which is expected to open in the first quarter of 2017. Once fully developed, the community will contain a total of 134 developed homesites.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">In November 2013, the Company entered into an agreement with 21st Mortgage under which 21st Mortgage can provide financing for home purchasers in the Company&#8217;s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their&#160;loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st&#160;Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject&#160;to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2016, the total loan balance was approximately $5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st&#160;Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject&#160;to certain adjustments. As of December 31, 2016, the total loan balance was approximately $4 million. Although this agreement is still active, this program is not being utilized by the Company&#8217;s new customers as a source of financing.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (&#8220;COP Program&#8221;) with Triad Financial Services, effective January 1, 2016. The Company does not receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad&#8217;s portfolio of outside lenders. If the loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad and subsequently purchased by the Company. Included in Notes and Other Receivables is approximately $3,495,000 of loans that the Company purchased under the COP Program during the year ended December 31, 2016.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 14 &#8211; SUPPLEMENTAL CASH FLOW INFORMATION</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash paid for interest during the years ended December 31, 2016, 2015 and 2014 was $15,406,689, $12,497,858 and $10,832,747, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the years ended December 31, 2016 and 2015, the Company assumed mortgages totaling approximately $3.2 million and $2.3 million for the acquisition of communities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the years ended December 31, 2016, 2015 and 2014, land development costs of $170,925, $60,857 and $100,372, respectively were transferred to investment property and equipment and placed in service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the years ended December 31, 2016, 2015 and 2014, the Company had dividend reinvestments of $2,388,552, $2,006,287 and $1,858,491, respectively which required no cash transfers.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 15 &#8211; SUBSEQUENT EVENTS</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Material subsequent events have been evaluated and are disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 18, 2017, the Company drew down the remaining $15,000,000 on our Credit Facility in anticipation of community acquisitions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 20, 2017, the Company acquired two manufactured home communities located in Osolo, Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a $14,250,000 Freddie Mac mortgage with Wells Fargo. The mortgage has an interest rate of 4.56% and a 10-year term with a 30-year amortization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Lower Burrell, Pennsylvania for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the average occupancy for these communities was approximately 40%.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 16 &#8211; PRO FORMA FINANCIAL INFORMATION (UNAUDITED)</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following unaudited pro forma condensed financial information reflects the 2016 and 2015 acquisitions that have closed. 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 2016 and 2015 assuming that the acquisitions had occurred as of January 1, 2015, 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 and (d) depreciation expense related to the new 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.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rental and Related Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">100,038,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">88,769,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Community Operating Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42,818,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40,166,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,440,000</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(6,371,000</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders per Share:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;Basic and Diluted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.09</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.25</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of temporarily impaired securities at December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Less than 12 Months</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12 Months or Longer &#160;</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unrealized Loss</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unrealized Loss</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 39%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Preferred Stock</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,489,689</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(47,724</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">31,172,650</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(645,100</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">32,662,339</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(692,824</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of the range of the losses:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Individual</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Securities</b></p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unrealized Loss</b></p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Range of Loss</b></p></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 20%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">28,432,339</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(410,166</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 31%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Less than or equal to 3%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,230,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(282,658</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6%</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">32,662,339</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(692,824</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of mortgages payable at December 31, 2016 and 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>At December 31, 2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance at December 31,</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Property</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 38%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Allentown</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,637,719</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,873,376</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookview Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,832,889</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,884,660</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,551,134</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,629,572</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Catalina</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/19/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.20</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,739,657</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,936,296</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.71</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,268,266</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,501,441</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton Mobile Home Resort</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,579,289</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,641,139</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,769,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,911,589</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D &#38; R Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">03/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.85</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,837,828</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,983,634</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.85</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,299,292</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,921,261</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,486,324</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,632,586</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,134,846</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,173,861</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/28/18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Prime + 1.0%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">354,529</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">678,288</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/17</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.175</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,035,246</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,226,700</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,075,696</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,214,880</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village- IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.96</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,674,151</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,826,242</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/05/21</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,228,629</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,260,360</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kinnebrook Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,127,176</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,202,600</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lake Sherman Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,611,924</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,708,646</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.98</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,133,656</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,172,210</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/20</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.94</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,963,586</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,162,128</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,089,892</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,182,910</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset Estates and Whispering Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/26/19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.89</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">395,886</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">566,425</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/06/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.83</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,191,381</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,686,136</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,784,391</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.06</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,329,351</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,438,720</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/20</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.94</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,562,311</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,720,900</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,393,262</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,455,273</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/01/19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5.75</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,494,084</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,567,451</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.32</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,466,014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/01/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.38</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,716,994</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.92</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,279,558</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,430,867</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/07/26</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.30</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,969,958</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">09/01/25</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.10</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,514,851</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,678,840</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (3 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">05/01/16</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.66% <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,618,982</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (4 properties) </font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/01/23</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.975</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,226,015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,363,756</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties) </font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/01/22</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.25</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,072,987</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,382,719</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/06/22</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.75</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,294,460</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,426,995</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (5 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/01/18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.83</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,818,862</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,954,713</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (11 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/01/17</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LIBOR + 3.0%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,625,352</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,416,309</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various (13 properties)</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">03/01/23</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4.065</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,095,192</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">51,106,376</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Mortgages Payable</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">296,563,983</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">286,637,096</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,538,391</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,587,294</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Mortgages Payable, net of</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">293,025,592</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">283,049,802</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements at Reporting Date Using</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>in Active</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Markets for</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Assets</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 1)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other Observable Inputs</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 2)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Unobservable Inputs</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level 3)</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31, 2016:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Preferred Stock</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Interest Rate Swap <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,751,189</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,755,172</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,983</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31, 2015:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Preferred Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equity Securities - Common Stock</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Interest Rate Swap <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,009,560</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,011,260</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,700</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Included in accrued liabilities and deposits</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rental and Related Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">100,038,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">88,769,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Community Operating Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42,818,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40,166,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,440,000</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(6,371,000</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders per Share:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;Basic and Diluted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.09</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.25</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> 0.20 101 Various - 11 properties 2017-08-01 LIBOR + 3.00% 0.0389 10625352 1760000 1560500 1301000 32662339 31172650 1489689 692824 645100 47724 0 0 0 0 0 0 0.0438 0.0432 0.0483 0.065 0.0396 0.0699 0.04625 0.0371 0.0683 0.043 0.0385 0.0483 0.0385 0.0398 0.0392 0.0371 0.041 0.042 0.0406 0.0396 0.0406 0.0392 0.0410 0.0420 0.0371 0.0406 0.0392 0.0385 0.0385 0.0410 0.0392 0.06175 0.0410 0.0396 0.0650 0.0392 0.0410 0.0594 0.0392 0.0489 0.0483 0.0406 0.0406 0.0594 0.0392 0.0575 0.0432 0.0438 0.0392 0.0430 0.0410 0.0666 0.04975 0.0425 0.0475 0.0683 0.04065 0.0398 2026-01-07 2026-06-01 2025-10-06 2021-10-05 2025-11-01 2025-10-06 2025-03-01 2025-04-01 2025-04-01 2025-04-01 2025-09-01 2025-08-19 2025-10-01 2025-11-01 2025-10-01 2025-04-01 2025-09-01 2025-08-19 2025-04-01 2025-10-01 2025-04-01 2025-03-01 2026-11-01 2025-09-01 2025-04-01 2018-08-28 2017-09-01 2025-09-01 2025-11-01 2021-10-05 2025-04-01 2025-09-01 2020-01-01 2025-04-01 2019-02-26 2025-10-06 2025-10-01 2025-10-01 2020-01-01 2025-04-01 2019-12-01 2026-06-01 2026-06-01 2025-04-01 2026-01-07 2025-09-01 2016-05-01 2023-07-01 2022-01-01 2022-12-06 2018-02-01 2017-08-01 2023-03-01 2025-04-01 2026-11-01 296563983 286637096 13637719 2832889 4551134 5739657 12268266 3579289 7769600 7837828 16299292 8486324 2134846 354529 9035246 8075696 8674151 2228629 4127176 5611924 6963586 5089892 395886 3191381 5686136 6329351 5562311 3393262 2494084 3466014 4716994 8279558 6969958 9514851 0 8226015 14072987 7294460 8818862 10625352 50095192 13873376 2884660 4629572 5936296 12501441 3641139 7911589 7983634 9921261 8632586 2173861 678288 9226700 8214880 8826242 2260360 4202600 5708646 2172210 7162128 5182910 566425 0 5784391 6438720 5720900 3455273 2567451 0 0 8430867 0 9678840 8618982 8363756 14382719 7426995 8954713 11416309 51106376 2133656 710610 2016-02-15 2016-02-16 2016-05-16 2016-08-15 2016-11-17 2015-02-17 2015-05-15 2015-08-15 2015-11-17 2014-02-18 2014-05-15 2014-08-15 2014-11-17 2016-02-16 2016-05-16 2016-08-15 2016-11-17 2.0625 0.0825 1760000 1560500 1301000 1093000 200000 100000 1235500 -277500 -22500 -23000 23000 22500 277500 277500 22500 23000 members plus 2.5%. members plus 2.15% 124297 16717171 -2055027 5079921 50000 106000 108000 22727458 15766573 0.020 0.020 P30Y P30Y P30Y P30Y P30Y P30Y P30Y P30Y P30Y P30Y 514947360 473645388 140255603 117761146 99161090 85654138 4947543 4217886 24906990 17767602 11239980 10121520 655202963 591406534 14986196 13697460 640216767 577709074 172862227 134708763 21101836 20307097 398776390 377215400 47476314 45477814 165497458 126672002 10279992 6722048 20323191 20028574 17424574 14311410 108755172 75011260 680444818 600317390 363412851 354078965 70387259 71029163 4319695 3654090 4820142 6696577 58285385 57862206 2962037 2816290 91595000 91595000 95030000 45030000 2938881 2708684 0 0 317031967 246238425 208827105 2076989 2437208 2708684 2938881 91595000 91595000 91595000 91595000 0 0 45030000 95030000 190585737 96504643 1076898 -667793 110422454 5040236 -667793 109629260 -2056726 -667793 111422691 16713188 -667793 -667793 -667793 16713188 -2056726 111422691 109629260 680444818 600317390 99213829 81516671 25143697 21924143 71431933 23504374 25210707 25355051 18344086 19553443 21694999 8534272 6754123 7545923 90679557 74762548 63886010 83255514 72076546 20634766 19256221 64521158 19876382 21176977 21567389 16369803 17484822 18965700 23214100 18877511 15163420 79231 957219 483522 8004925 7345644 6465973 2852405 2788360 2983376 6466520 5058350 5832540 42638333 37049462 33592327 15432364 14074446 10716722 504759 435816 328888 2285301 204230 1542589 6636126 4399181 4065986 1584585 1819567 2098974 -4421593 -7215652 -1153663 -2479582 -2680285 -1743611 -937242 -587077 -1260479 -1790710 -1684881 -2568873 -6122993 -413132 -2425296 -3318785 -883278 -682729 -589734 -1170630 -1685165 -841902 -14103432 -8267198 -7556588 11534559 2144205 3376615 174461 4237803 0 0 0 0 0 0 0 0 0 0 0 4237803 0 0 2144205 0 0 11534559 1906469 3051462 3200013 718517 203982 1047245 3051 -574201 -226870 -2163 -80268 7313 11536722 2224473 4230490 49120853 43042124 0 43000000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 in the following years:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2014</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Dividend yield</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.32</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.37</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">7.14</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26.30</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27.17</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27.12</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.49</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.12</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.23</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected lives</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Estimated forfeitures</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> 3711591 2016-01-19 2016-01-15 2016-04-04 2016-07-01 2016-10-03 2015-01-15 2015-04-01 2015-07-01 2015-10-01 2014-01-15 2014-04-01 2014-07-01 2014-10-01 2016-01-15 2016-04-04 2016-07-01 2016-10-03 2017-03-15 2016-03-15 2016-06-15 2016-09-15 2016-12-15 2015-03-16 2015-06-16 2015-09-15 2015-12-15 2014-03-17 2014-06-16 2014-09-15 2014-12-15 2016-03-15 2016-06-15 2016-09-15 2016-12-15 2016-03-15 22400945 24599818 32792239 355419 265726 196613 0 0 0 0 0 0 32436820 0 0 24334092 0 0 22204332 0 0 22400945 24599818 32792239 3554191 2657255 1966133 1966133 2657255 3554191 70663800 81663800 81663800 85663800 393000 332000 425000 P1Y P5Y 2485060 170075 167460 2300 2250 27750 0 0 0 0 0 0 165160 0 0 167825 0 0 2457310 0 0 8.96 7.56 7.28 0.72 0.72 0.18 0.18 0.72 0.09549 0.01425 0.61026 0.00000 0.00000 0.72000 0.01114 0.00265 0.70621 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 -0.51 -0.32 -0.34 2.0625 0.515625 0.50 2.00 2.0625 2.22466 0.515625 0.515625 0.515625 0.515625 0.515625 0.515625 0.515625 0.515625 2.0625 0.515625 0.515625 0.515625 0.515625 2.0625 0.72466 0.50 0.50 0.50 4497937 4062813 27808895 25932626 22496103 0.42 0.08 0.19 -0.09 -0.24 -0.01 -0.10 -0.15 -0.03 -0.03 -0.02 -0.05 -0.06 -0.03 7277000 81217000 2000000 6109300 5277000 74889775 2954000 4323000 3800000 5300000 3517000 68600000 32500000 36100000 2 2 71 121 40 141 43 177 316 0.64 0.82 0.96 0.63 0.64 0.69 0.56 165 124 141 324 158 897 1254 0.06 8939488 669098 395243 6156928 541598 395243 0.094 0.0456 0.40 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 3 &#8211; INVESTMENT PROPERTY AND EQUIPMENT</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Acquisitions in 2016</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 1, 2016, the Company acquired two manufactured home communities, Lakeview Meadows and Wayside, located in Ohio for approximately $2,954,000. These all-age communities contain a total of 165 developed homesites that are situated on approximately 71 total acres. At the date of acquisition, the average occupancy for these communities was approximately 64%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 19, 2016, the Company acquired Springfield Meadows, a manufactured home community located in Springfield, Ohio, for approximately $4,323,000. This all-age community contains a total of 124 developed homesites that are situated on approximately 121 total acres. At the date of acquisition, the average occupancy for this community was approximately 82%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $3,195,000. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Acquisitions in 2015</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania, for $3,800,000. This all-age community contains a total of 141 developed homesites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 23, 2015, the Company acquired two manufactured home communities, Huntingdon Pointe and Voyager Estates, for $5,300,000. These all-age communities are located in western Pennsylvania and contain a total of 324 developed homesites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 19, 2015, the Company completed the first tranche of a six community acquisition for a total purchase price of $68,600,000. This tranche consisted of three manufactured home communities, two located in Ohio and one located in Michigan, for $32,500,000. These three all-age communities contain 897 developed homesites that are situated on approximately 177 total acres. At the date of acquisition, the average occupancy for these communities was approximately 69%. In conjunction with this acquisition, the Company completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43,100,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 16, 2015, the Company completed the second tranche of the six community acquisition. This tranche consisted of three manufactured home communities, located in Indiana, for $36,100,000. These three all-age communities contain 1,254 developed home sites, situated on approximately 316 total acres. At the date of acquisition, the average occupancy for these communities was approximately 56%. In conjunction with this acquisition, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on one of the acquired communities, Holiday Village in Elkhart, Indiana. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These acquisitions have 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 income (loss) from the dates of acquisition. The allocations of the fair value of the assets acquired is subject to further adjustment as final costs and valuations are determined. The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value at Acquisition Date</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016 Acquisitions</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015 Acquisitions</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Assets Acquired:</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 64%"><font style="font-size: 10pt">Land</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">6,109,300</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Depreciable Property</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,277,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">74,889,775</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-0-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">217,925</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total Assets Acquired</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,277,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">81,217,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total Income, Community Net Operating Income (&#8220;Community NOI&#8221;)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016 Acquisitions</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015 Acquisitions</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="3">&#160;</td> <td>&#160;</td> <td colspan="3">&#160;</td> <td>&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total Income</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">172,050</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,044,476</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,495,116</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Community NOI *</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103,578</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,315,690</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,935,101</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net Income (Loss)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,051</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(574,201</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(226,870</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Community NOI is defined as rental and related income less community operating expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Accumulated Depreciation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following is a summary of accumulated depreciation by major classes of assets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2015</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%"><font style="font-size: 10pt">Site and Land Improvements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">99,161,090</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">85,654,138</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Buildings and Improvements</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,947,543</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,217,886</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Rental Homes and Accessories</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24,906,990</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17,767,602</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Equipment and Vehicles</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11,239,980</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,121,520</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total Accumulated Depreciation</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">140,255,603</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,761,146</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value at Acquisition Date</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 Acquisitions</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015 Acquisitions</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets Acquired:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 64%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Land</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,109,300</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Depreciable Property</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,277,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">74,889,775</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">217,925</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Assets Acquired</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,277,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">81,217,000</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 488623061 444098037 3587294 0.0666 0.05785 0.05125 No No Yes 20769892 24372083 27086838 29388811 0 0 0 2500 3500 6050 0 0 0 0 0 0 -2500 0 0 -3500 0 0 -6050 0 0 25000 35000 60500 -34582467 -26303708 -23842416 0 0 0 0 0 0 0 0 0 -19604613 0 -4237803 -24159503 0 -2144205 -23047908 0 -11534559 1064678 855768 922944 0 0 0 0 0 0 0 0 0 922944 0 0 855768 0 0 1064678 0 0 18772197 -7134947 3963183 0 0 0 0 0 0 0 0 0 0 3963183 0 0 -7134947 0 0 18772197 0 0 -216 0 0 216 0 0 -2160 49120853 43042124 0 0 0 0 45030000 50000000 -1987876 0 0 -879147 0 0 <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 1 &#8211; ORGANIZATION </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">UMH Properties, Inc., a Maryland corporation, and its subsidiaries (the &#8220;Company&#8221;) operates as a real estate investment trust (&#8220;REIT&#8221;) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (&#8220;S&#38;F&#8221;), also sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&#38;F was established to fill these vacancies and enhance the value of the communities. The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets (which is the Company&#8217;s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 2 &#8211; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Description of the Business </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These manufactured home communities are listed by trade names as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Allentown</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Arbor Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Doylestown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Auburn Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Orrville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Birchwood Farms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Birch Run, Michigan</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Broadmore Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Berwick, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookview Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greenfield Center, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Owosso, Michigan</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carsons</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Catalina</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Middletown, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vineland, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chelsea</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sayre, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">City View</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewistown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton Mobile Home Resort</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tiffin, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Collingwood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Horseheads, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Colonial Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wintersville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Muncie, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbia, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Township, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Crestview</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sayre, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cross Keys Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Duncansville, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dallas Mobile Home Community</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Toronto, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Deer Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Springfield, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D &#38; R Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clifton Park, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lodi, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bedford, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mantua, Ohio</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Millville, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Creek</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Township, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Frieden Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Schuylkill Haven, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Green Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gregory Courts</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dublin, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inkerman, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kutztown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hillside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Erie, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hudson Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Peninsula, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Huntingdon Pointe</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tarrs, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Independence Park</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kinnebrook</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monticello, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lake Sherman Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Navarre, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Laurel Woods</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cresson, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Little Chippewa</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Orrville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Maple Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Taylor, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadowood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Middletown, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nappanee, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose West</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis Blues</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monroe Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Moosic Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Avoca, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oak Ridge Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oakwood Lake Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tunkhannock, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Grove, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Ridge Village/Pine Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Apollo, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pleasant View Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bloomsburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Port Royal Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">River Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Marion, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rolling Hills Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rostraver Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sandy Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Magnolia, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset Estates/Whispering Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southern Terrace</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbiana, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jackson, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Spreading Oaks Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Athens, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunnyside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eagleville, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goodlettsville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, Ohio</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley High</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ruffs Dale, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Stream</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View I</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View Honeybrook</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Voyager Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Newton, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hamburg, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wayside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lebanon, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodland Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Monroe, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodlawn Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eatontown, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Lafayette, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wood Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Caledonia, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewis Center, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown, New York</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Basis of Presentation and Principles of Consolidation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The Company&#8217;s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Use of Estimates</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In preparing the consolidated financial statements, 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Investment Property and Equipment and Depreciation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year&#8217;s results of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company applies Financial Accounting Standards Board Accounting Standards Codification (&#8220;ASC&#8221;) 360-10, Property, Plant&#38; Equipment (&#8220;ASC 360-10&#8221;) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21<font style="color: #1F497D">. </font>The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property&#8217;s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Acquisitions</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (&#8220;ASC 805&#8221;). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Cash and Cash Equivalents </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Securities Available for Sale </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company&#8217;s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders&#8217; Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company&#8217;s Comprehensive Income (loss).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%">&#160;</td> <td style="width: 29px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">a.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">b.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Any downgrading of the security by a rating agency.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">c.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Whether the financial condition of the issuer has deteriorated.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">d.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Status of dividends &#8211; Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">e.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Inventory of Manufactured Homes</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Accounts and Notes Receivables </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Unamortized Financing Costs </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Derivative Instruments and Hedging Activities </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the normal course of business, the Company is exposed to financial 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&#8217;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 does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mortgage</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mortgage</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Interest Rate</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Effective</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fixed Rate</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>12/31/16</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various &#8211; 11 properties</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/1/2017</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LIBOR + 3.00%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.89</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,625,352</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, 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 December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Revenue Recognition </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Net Income (Loss) Per Share</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895, 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). 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. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Stock Compensation Plan</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&#8217;s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Income Tax</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (&#8220;TRS&#8221;) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.2pt">The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Comprehensive Income (Loss)</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Reclassifications</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recently Adopted Accounting Pronouncements</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In September 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2015-16, &#8220;Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.&#8221; ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In April 2015, the FASB issued ASU No. 2015-03, &#8220;Interest &#8211; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#8221; ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, &#8220;Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.&#8221; ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2015, the FASB issued ASU 2015-02, &#8220;Consolidation (Topic 810): Amendments to the Consolidation Analysis.&#8221; ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity&#8217;s voting rights; or (3) the exposure to a majority of the legal entity&#8217;s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Other Recent Accounting Pronouncements</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2017, the FASB issued ASU 2017-01, &#8220;Business Combinations (Topic 805), Clarifying the Definition of a Business.&#8221; ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2016, the FASB issued ASU No. 2016-15, &#8220;Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.&#8221; ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2016, the FASB issued ASU No. 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; ASU 2016-13 requires that entities use a new forward looking &#8220;expected loss&#8221; model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2016, the FASB issued ASU 2016-09, &#8220;Compensation&#8212;Stock Compensation.&#8221; ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December&#160;15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases.&#8221; ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.&#8221; ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2015, the FASB issued ASU No. 2015-11, &#8220;Simplifying the Measurement of Inventory.&#8221;&#160; ASU 2015-11 applies to inventory that is measured using first-in, first-out (&#8220;FIFO&#8221;) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.&#160; Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation.&#160; The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (&#8220;IFRS&#8221;).&#160; ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2014, the FASB issued ASU 2014-09 &#34;Revenue from Contracts with Customers (Topic 606)&#34;. The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 7 &#8211; 401(k) PLAN</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All full-time employees who are over 21 years old are eligible for the Company&#8217;s 401(k) Plan (&#8220;Plan&#8221;). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2016, 2015 and 2014, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $245,057, $167,971 and $226,953 in 2016, 2015 and 2014, respectively.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 8 &#8211; RELATED PARTY TRANSACTIONS AND OTHER MATTERS</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Transactions with Monmouth Real Estate Investment Corporation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There are six Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (&#8220;MREIC&#8221;). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2016, the Company owns a total of 2,237,588 shares of MREIC common stock, representing 3.2% of the total shares outstanding at December 31, 2016 (See Note 4). The Company shares 1 officer (Chairman of the Board) with MREIC.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Employment Agreements and Compensation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has three year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew.&#160; The agreements provide for base compensation aggregating approximating $1 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Other Matters</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company&#8217;s corporate office space is located. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. On May 1, 2015, the Company renewed this lease for additional space and an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>NOTE 10 &#8211; DISTRIBUTIONS</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Common Stock</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quarter Ended</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 18%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,879,009</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,481,730</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,853,595</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,903,286</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,633,318</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,991,110</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">September 30</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,031,818</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,767,312</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,125,060</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,204,709</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,864,760</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,316,063</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,018,822</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18,747,120</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,285,828</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These amounts do not include the discount on shares purchased through the Company&#8217;s DRIP.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 19, 2017, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Preferred Stock</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Declaration Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Record Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 17%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 22%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/16/2016</font></td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/4/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/16/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/3/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/17/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/16/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/16/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/18/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/17/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/16/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2016 through February 28, 2017, on the Company&#8217;s 8.25% Series A Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Declaration Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Record Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 17%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 22%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/16/2016</font></td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,305,257</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72466</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/4/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/16/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/3/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,007,057</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.22466</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2016 through February 28, 2017, on the Company&#8217;s 8.0% Series B Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>NOTE 11 &#8211; FEDERAL INCOME TAXES</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Characterization of Distributions</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016 </b>&#160;</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2015 </b>&#160;</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2014 </b>&#160;</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Percent</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Percent</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Percent</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 22%; text-align: justify"><font style="font-size: 10pt">Ordinary income</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.09549</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">13.26</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.00000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.00</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.01114</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.55</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Capital gains</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.01425</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.98</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.00000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.00</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.00265</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.37</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Return of capital</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">0.61026</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">84.76</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">0.72000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">100.00</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">0.70621</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">98.08</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.72</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.72</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.72</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the year ended December 31, 2016, total distributions paid by the Company for its Series A Preferred Stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2015, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.36264 characterized as ordinary income, $0.03439 characterized as capital gains and $0.66547 characterized as a return of capital). For the year ended December 31, 2014, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.66551 characterized as ordinary income and $0.39699 characterized as capital gains).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the year ended December 31, 2016, total distributions paid by the Company for its Series B preferred stock, amounted to $7,007,057 or $2.22466 per share (for income tax purposes, $1.93582 characterized as ordinary income and $0.28884 characterized as capital gains).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the above, taxable income from non-REIT activities conducted by S&#38;F, a Taxable REIT Subsidiary (&#8220;TRS&#8221;), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&#38;F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2016, 2015 and 2014, S&#38;F had operating losses for financial reporting purposes of $2,307,104, $3,550,961 and $3,946,571, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&#38;F. For the years ended December 31, 2016, 2015 and 2014, S&#38;F recorded $5,000, $15,000 and $15,000, respectively, in federal, state and franchise taxes.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>NOTE 17 &#8211; SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">THREE MONTHS ENDED</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>March 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>June 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>September 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>December 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">23,504,374</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,210,707</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,355,051</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,143,697</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,876,382</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,176,977</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,567,389</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">20,634,766</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Other Income (Expense)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,743,611</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(937,242</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(587,077</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,153,663</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Income</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,906,469</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,051,462</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,200,013</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,376,615</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net Loss Attributable to</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Common Shareholders</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(883,278</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(682,729</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(589,734</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(413,132</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net Loss Attributable to Common</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Shareholders per Share &#8211;<br /> Basic and Diluted</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.02</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.01</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>March 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>June 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>September 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>December 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18,344,086</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,553,443</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,694,999</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,924,143</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16,369,803</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17,484,822</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18,965,700</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,256,221</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Other Income (Expense)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,260,479</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,790,710</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,684,881</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,479,582</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Income</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">718,517</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">203,982</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,047,245</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">174,461</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to </font><br /> <font style="font: 10pt/115% Times New Roman, Times, Serif">Common Shareholders</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,170,630</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,685,165</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(841,902</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,425,296</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders per Share &#8211; Basic and Diluted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.05</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.06</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.10</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></p> 1.00 P15Y P27Y6M P3Y P27Y6M Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. 18000 18361298 18281392 1138282 1040415 909397 1123926 1020655 811530 1151976 1049577 P6Y10M24D P7Y1M6D P10Y 3085952 2455392 588000 482000 475000 439000 439000 4700 532 195 364 200 The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. 733485 829017 522250 0 217925 0.10 14831737 4633019 10911791 22727458 15766573 10000 10000 2000 2000 62724 62724 58577 54596 20000 20000 26000 26000 34948 34948 40000 40000 68800 68800 40000 40000 20000 20000 20100 20100 20000 20000 45000 45000 20300 20300 30421 30421 5000 5000 1000000 135000 105950 180000 55000 810000 550000 2237588 2125270 20000 20000 33243 55000 740000 700000 220911 175911 85000 55000 500000 25000 2000 26412 10000 135000 135000 19712 80000 0.08550 0.08550 0.07375 0.07375 0.06625 0.06625 0.07250 0.07250 0.07750 0.07750 0.07375 0.07375 0.06875 0.06875 0.07500 0.07500 0.08250 0.08250 0.07375 0.07375 0.07000 0.07000 0.06625 0.06625 0.07875 0.07875 0.07125 0.07125 0.07750 0.07750 0.07125 0.07125 0.06750 0.06750 0.07750 0.07875 0.07625 92038001 77066287 79180534 12857467 251205 251205 50269 50269 1487145 1487144 1411846 1310210 500000 500000 650330 650330 844770 844770 982589 982589 1720885 1720885 1000000 1000000 481949 481949 470007 470007 500000 500000 1117377 1117377 507791 507791 756304 756305 125000 125000 11785016 2295133 820348 3199933 946184 15520076 11244317 19231411 17855054 158200 158200 628819 959887 17802516 16909351 3760406 3032483 1761151 1103323 4512658 202787 52153 657703 250000 2544483 3095616 256256 2747526 13715687 63350600 108755172 75011260 95726972 13028200 253800 252480 48900 50580 1440789 1564963 1426126 1348510 507806 516600 656760 670280 885932 902008 1002000 1006000 1739952 1775728 1000000 1008400 500000 513000 501495 509334 514780 515998 1133550 1179000 512575 516840 775735 786687 128000 130700 11500000 1669951 901635 3618000 802450 15442650 8728500 34100835 22230328 315000 242000 739657 859650 18648000 13874000 4181845 2610519 2049350 1058200 4230000 198000 52280 668224 252100 2315250 3152250 284050 2766400 14219712 60791548 5 4 1 32662339 28432339 4230000 692824 410166 282658 Less than or equal to 3% 2287454 208200 1555656 2153 3970 13067 The Company must maintain a coverage ratio of approximately 2 times. 10000000 50000000 28500000 Prime plus 1.0% LIBOR plus 3.0% Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. Borrowings will bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. LIBOR plus 200 basis points or 2.69% LIBOR plus 250 basis points or 2.79% The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%. 0.06 0.08 0.0425 -0.005 0.040 0.02 12112039 4000000 4000000 4000000 20000000 6314352 0.044 0.046 0.065 0.0623 0.1275 0.0424 0.059 0.038 2017-06-01 2017-03-29 0.02 0.03 1000000 35000000 The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement 15000000 15000000 0.0035 359906 277944 280354 9700000 Prime + 1.0% LIBOR + 3.0% LIBOR plus 2.25% 89000 154000 22933662 210106062 136771 20396125 4245631 5779756 255955 19675147 255164 14701232 30566256 25905661 58393439 296563983 -3538391 -3587294 3000000 1760000 527000 425000 339000 18500 10900 14100 52000 58000 70000 10000 343000 276000 380500 527000 85997 685925 1018730 62230 57250 P5Y7M6D P5Y4M24D P4Y3M18D P3Y3M18D 463864 365560 437063 485881 600814 490208 40500 20000 25000 10000 25000 60500 35000 2 1 1 10 1 627085 334450 232750 0.0732 0.0737 0.0714 0.2630 0.2717 0.2712 0.0149 0.0212 0.0223 P8Y P8Y P8Y 0 0 0 527000 425000 339000 0 -37000 0 11.97 14.84 14.52 0 10.63 0 9.77 9.82 9.85 9.97 9.92 10.34 10.86 0.81 0.93 0.98 2009-06-22 2010-01-08 2010-01-08 2010-07-27 2011-07-05 2012-08-29 2013-02-28 2013-06-26 2014-06-11 2015-06-24 2016-04-05 5 1 1 6 7 10 1 18 19 19 34 7.57 9.13 8.30 11.40 11.16 11.29 10.02 10.08 9.85 9.82 9.77 2017-06-22 2018-01-08 2018-01-08 2018-07-27 2019-07-05 2020-08-29 2021-02-28 2021-06-26 2022-06-11 2023-06-24 2024-04-05 133315 121242 137346 152292 12194 8430 10736 0 -2160 0 52140 54697 61840 10.04 9.83 10.37 10.77 9.31 10.37 9.56 9.22 10.82 9.09 0 9.83 0 -10.77 -10.07 -9.63 P21Y Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. 245057 167971 226953 6 2237588 0.032 P3Y 0.24 P7Y 0.18 2307104 3550961 3946571 5000 15000 15000 1.00 1.00 1.00 0.1326 0.0198 0.8476 0.00 0.00 1.00 0.0155 0.0037 0.9808 125000 134 0.80 0.95 0.55 1.00 5000000 4000000 3495000 282369063 276657074 285584102 274542499 13028200 95726972 0 0 0 0 13028200 95726972 14219712 60791548 0 0 0 0 14219712 60791548 -3983 0 -3983 0 -1700 0 -1700 0 108751189 108755172 -3983 0 75009560 75011260 -1700 0 15406689 12497858 10832747 3200000 2300000 170925 60857 100372 2388552 2006287 1858491 149 155 78 0.57 0.77 100038000 88769000 42818000 40166000 -2440000 -6371000 -0.09 -0.25 Memphis, TN Doylestown, PA Orrville, OH Birch Run, MI Goshen, IN Berwick, PA Greenfield Ctr, NY Owosso, MI Chambersburg, PA Middletown, OH Vineland, NJ Chambersburg, PA Sayre, PA Lewistown, PA Tiffin, OH Horseheads, NY Wintersville, OH Muncie, IN Ravenna, OH Columbia, TN Cranberry Twp, PA Sayre, PA Duncansville, PA Toronto, OH New Springfield, OH Clifton Park, NY Lodi, OH Bedford, OH Mantua, OH Millville, NJ Elkhart, IN Cranberry Twp, PA Schuylkill Haven, PA Chambersburg, PA Honey Brook, PA Dublin, OH Inkerman, PA Elkhart, IN Kutztown, PA Greensburg, PA Nashville, TN Elkhart, IN Erie, PA Peninsula, OH Tarrs, PA Clinton, PA Monticello, NY Navarre, OH Lakeview, OH Cresson, PA Orrville, OH Taylor, PA New Middletown, OH Nappanee, IN Wooster, OH Wooster, OH Memphis, TN Ephrata, PA Avoca, PA Ephrata, PA Elkhart, IN Tunkhannock, PA Olmsted Falls, OH West Grove, PA Carlisle, PA Apollo, PA Bloomsburg, PA Belle Vernon, PA Marion, OH Carlisle, PA Belle Vernon, PA Magnolia, OH Nashville, TN Somerset, PA Columbiana, OH Jackson, NJ Athens, OH Springfield, OH Greensburg, PA Ravenna, OH Somerset, PA Eagleville, PA Goodlettsville, TN Olmsted Twp, OH Goshen, IN Ruffs Dale, PA Ravenna, OH Mountaintop, PA Ephrata, PA Ephrata, PA Honey Brook, PA West Newton, PA Hamburg, NY Lakeview, OH Lebanon, TN West Monroe, NY Eatontown, NJ West Lafayette, IN Caledonia, OH Lewis Center, OH Youngstown, NY 13637719 50095192 2832889 4551134 5739657 12268266 10625352 0 3579289 0 8818862 0 7769600 0 0 7837828 16299292 8486324 2134846 354529 9035246 8075696 8674151 2228629 0 0 8226015 4127176 5611924 0 0 14072989 0 7294460 0 2133656 6963586 0 0 0 0 0 0 5089892 395886 5562310 0 3191381 5686136 0 6329350 3393262 2494084 3466014 0 0 4716994 0 8279558 0 0 6969958 0 9514851 296563983 250000 2650000 114000 70000 1120000 372000 37500 159200 176000 1008000 320000 108000 124000 137000 142000 196000 67000 174000 205000 394000 181930 188000 60774 275600 226000 391724 99000 49000 105000 216000 440000 75000 643000 63000 370000 248100 510000 572500 145000 483600 1632000 490600 194000 141000 399000 686400 235600 290000 574000 432700 113000 674000 152000 548600 767000 94000 78435 114000 330000 134000 500000 379000 569000 175000 37540 670000 282000 150000 236000 301000 813600 270000 337000 1485000 63000 100095 67000 1230000 299000 198000 287000 450000 411000 823000 650000 284000 996000 323000 191000 72000 1380000 742000 424000 196000 1184000 77000 157421 1808100 260000 436800 269000 40830819 2569101 8266000 1174000 2797000 11136000 4776000 232547 7087221 2411000 11734640 1866323 2397000 2049000 613000 3301800 2317500 2383000 1926000 2895997 6916500 1922931 2258000 378093 2728503 2299275 704021 1121300 2372258 1277001 1166517 7004000 977225 5293500 584000 1220000 2147700 7084000 2151569 1695041 2678525 5618000 13808269 3591000 3515878 865450 2783633 1402572 1457673 1103600 2070426 1135000 9432800 3191000 6720900 5429000 1040000 810477 994000 3794100 1665000 7524000 1639000 3031000 990515 198321 1336600 2174800 2491796 785293 1419013 2203506 1941430 3379000 2050400 3387000 602820 1326800 3092706 5837272 2779260 6113528 2674000 1867000 3527000 6307000 2266750 6542178 3190550 4359000 1746000 5348000 3142725 3812000 1080050 4034480 841000 280749 13321318 1753206 12705530 1606000 331050462 9843420 969266 355280 1686954 6206691 1221426 4369792 1188057 935152 1993004 2628346 373954 758722 1241302 199155 1202057 3772898 2635057 2616020 7961498 3501615 1148016 3178652 916762 1081149 3202804 330820 526753 692114 9483856 1685875 6914108 1713786 105105 346398 519943 1884592 8228321 11631628 1437008 6519687 1599404 247768 3250757 442514 1834765 10328190 8936710 59348 3141475 854599 3971321 2027873 1278258 3652118 48618 1612983 428713 1437446 479395 1560097 740354 969391 1988629 7770336 4894957 986050 11533104 5994421 1416113 1227696 6844079 3443837 6644002 383118 2528575 2759056 0 2431158 1609677 958253 201512 3431368 1387658 2470027 841848 4822424 556089 958252 2508 1249830 1390989 3390639 14093 4497402 2393082 1383879 849953 3897202 836527 598191 264695674 480000 2650000 114000 70000 1120000 372000 122865 159200 176000 1008000 408206 108000 124000 137000 142000 196000 67000 174000 205000 609000 181930 361500 60774 275600 226000 391724 119000 49000 105000 2534892 440000 75000 643000 63000 370000 248100 510000 572500 404239 483600 1632000 490600 194000 141000 399000 686400 352972 290000 574000 432700 113000 674000 152000 548600 767000 94000 335935 114000 330000 134000 500000 379000 569000 155000 145473 732089 282000 505000 236000 301000 813600 270000 337000 1488600 63000 100095 67000 1230000 299000 198000 287000 450000 411000 998000 650000 284000 996000 323000 191000 72000 1380000 742000 424000 196000 1184000 77000 135421 1808100 260000 436800 269000 45257515 12182521 9235266 1529280 4483954 17342691 5997426 4516974 8275278 3346152 13727644 4406463 2770954 2807722 1854302 3500955 3519557 6155898 4561057 5512017 14662998 5424546 3232516 3556745 3645265 3380424 3906825 1432120 2899011 1969115 8331481 8689875 7891333 7007286 689105 1566398 2667643 8968592 10379890 13067430 4115533 12137687 15407673 3838768 6766635 1307964 4618398 11613390 10394383 1162948 5211901 1989599 13404121 5218873 7999158 9081118 1088618 2165960 1422713 5231546 2144395 9084097 2379354 4000391 2999144 7860724 6169468 3160850 13669900 6779714 2835126 3431202 8785509 6822837 8690802 3770118 3131395 4085856 3092706 8268430 4388937 7071781 2875512 5298368 4739658 8777027 3108598 11364602 3746639 5317252 1748508 6597830 4533714 7202639 1094143 8531882 3234082 1686628 14171271 5650408 13542057 2204191 591319440 636576955 574283574 444908976 362707205 12662521 11885266 1643280 4553954 18462691 6369426 4639839 8434478 3522152 14735644 4814669 2878954 2931722 1991302 3642955 3715557 6222898 4735057 5717017 15271998 5606476 3594016 3617519 3920865 3606424 4298549 1551120 2948011 2074115 10866373 9129875 7966333 7650286 752105 1936398 2915743 9478592 10952390 13471669 4599133 13769687 15898273 4032768 6907635 1706964 5304798 11966362 10684383 1736948 5644601 2102599 14078121 5370873 8547758 9848118 1182618 2501895 1536713 5561546 2278395 9584097 2758354 4569391 3154144 8006197 6901557 3442850 14174900 7015714 3136126 4244802 9055509 7159837 10179402 3833118 3231490 4152856 4322706 8567430 4586937 7358781 3325512 5709368 5737658 9427027 3392598 12360602 4069639 5508252 1820508 7977830 5275714 7626639 1290143 9715882 3311082 1822049 15979371 5910408 13978857 2473191 636576955 128780501 107453972 90277082 76328213 5187063 1197142 163398 629232 2186065 1160539 2209561 441471 461349 728492 2730868 424733 384891 246952 659270 481544 772241 582843 434912 2326197 2733960 425472 1199569 296191 291027 1955811 129557 257836 174552 4775026 1343487 2890114 1032959 99847 192436 225356 1296725 4592021 6261207 318242 1302883 694801 271745 519837 66588 323859 4536547 3538456 15339 1847290 181674 2470919 749139 387480 836307 119131 1212347 204572 967745 320795 1424232 440784 558463 1974506 2715002 2373531 587530 6019395 3205477 400518 285378 4356449 1061745 2819604 568089 1919130 1543619 9599 1532384 362907 1564458 381052 786338 693329 1160152 252991 966118 219935 808807 281190 891195 264698 3390559 16411 2697726 885408 733269 684613 2582955 691591 201752 128780501 prior to 1980 1959 1971/1985/1995 1976-1977 1950/1990 1973-1976 prior to 1970 1975 1963 1968-1976 1973 1955 1972 prior to 1980 1968/1987 1970 1972 1996 1972 1988/1992 1974 1964 1961 1950-1957 1973 1972 1965 1960 1960 prior to 1980 1996-1997 prior to 1980 1969 1978 1970 1973 1969 1970 1971 1980 1967 1966 1977/2007 1956 2000 1987 1972 prior to 1980 1995 prior to 1980 1968 1972 1957 1965-1973 1970-1978 1995 1955 1969 1972 1972 1990 1972 1953/1970 1971 1961 prior to 1980 1960's 1973 1950 1972-1975 1970 prior to 1980 1954 prior to 1980 1983 1969 prior to 1980 1970 1968/1980 1969 1970 1960 1964 1952/1997 1956/1990 1974 1960-1970 1970 1961 1999 1970 1968 prior to 1980 1960's 1997 prior to 1980 1964 1974 prior to 1980 1968 1963 1986 2013 2013 2013 2013 2010 1977 2015 2012 2015 1986 2012 2012 2011 2011 2012 2012 2012 2014 2011 1986 2012 1979 2014 2014 1978 2014 2014 2014 1985 2013 1982 2012 2012 2013 2014 2013 1992 1979 2014 2013 2015 2015 2014 2015 2014 1988 1987 2016 2001 2013 2010 2012 2015 2013 2013 1985 2012 2010 2012 2013 2010 2012 1974 1969 1995 2010 1983 1986 2013 2014 1985 2011 2004 2012 1969 1996 2016 2010 2014 2010 2013 2011 2012 2013 2014 2014 2015 2012 2012 2013 2015 1997 2016 2006 2003 1978 2015 1996 2015 2013 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 5 to 27.5 7276356 82276902 42422064 56417927 48263233 40659958 63694283 130540135 83082022 -1400902 -1165537 -880251 21625264 17481811 14306274 21625264 17481811 14306274 -298735 -304921 -357405 0.95 500 1000 91595000 25.00 25.00 The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15. annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. 25.00 2000000 25.50 49100000 10000000 UMH Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. 1233000 1135500 962000 14900 15300 -2388552 -2006287 -1858491 20012393 22593531 30933748 20018822 18747120 5204709 4864760 16285828 4879009 4903286 5031818 4633318 4767312 4481730 3853595 3991110 4125060 4316063 7556588 7007057 1889147 1889147 1889147 1889147 1889147 1889147 1889147 1889147 7556588 1889147 1889147 1889147 1889147 7556588 1305257 1900600 1900600 1900600 <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Description of the Business </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These manufactured home communities are listed by trade names as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Allentown</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Arbor Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Doylestown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Auburn Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Orrville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Birchwood Farms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Birch Run, Michigan</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Broadmore Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Berwick, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Brookview Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greenfield Center, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Owosso, Michigan</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carsons</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Catalina</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Middletown, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vineland, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chelsea</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sayre, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">City View</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewistown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton Mobile Home Resort</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tiffin, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Collingwood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Horseheads, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Colonial Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wintersville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Muncie, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Countryside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbia, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Township, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Crestview</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sayre, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cross Keys Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Duncansville, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dallas Mobile Home Community</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Toronto, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Deer Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Springfield, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D &#38; R Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clifton Park, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lodi, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bedford, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Evergreen Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mantua, Ohio</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Millville, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Creek</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cranberry Township, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Frieden Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Schuylkill Haven, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Green Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chambersburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gregory Courts</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dublin, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inkerman, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Highland Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kutztown, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hillside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Erie, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hudson Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Peninsula, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Huntingdon Pointe</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tarrs, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Independence Park</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Clinton, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kinnebrook</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monticello, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lake Sherman Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Navarre, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Laurel Woods</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cresson, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Little Chippewa</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Orrville, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Maple Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Taylor, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadowood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Middletown, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nappanee, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose West</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis Blues</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monroe Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Moosic Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Avoca, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oak Ridge Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oakwood Lake Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tunkhannock, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Grove, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Ridge Village/Pine Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Apollo, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pleasant View Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bloomsburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Port Royal Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">River Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Marion, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rolling Hills Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rostraver Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sandy Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Magnolia, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset Estates/Whispering Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southern Terrace</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbiana, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jackson, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Spreading Oaks Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Athens, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunnyside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eagleville, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goodlettsville, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, Ohio</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>MANUFACTURED HOME COMMUNITY</b></font></td> <td style="width: 3%; line-height: 115%">&#160;</td> <td style="width: 48%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCATION</b></font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley High</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ruffs Dale, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Stream</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View I</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View Honeybrook</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Voyager Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Newton, Pennsylvania</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hamburg, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wayside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lebanon, Tennessee</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodland Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Monroe, New York</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodlawn Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eatontown, New Jersey</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Lafayette, Indiana</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wood Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Caledonia, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewis Center, Ohio</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown, New York</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Basis of Presentation and Principles of Consolidation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The Company&#8217;s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Use of Estimates</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In preparing the consolidated financial statements, 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Investment Property and Equipment and Depreciation</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year&#8217;s results of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company applies Financial Accounting Standards Board Accounting Standards Codification (&#8220;ASC&#8221;) 360-10, Property, Plant&#38; Equipment (&#8220;ASC 360-10&#8221;) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21<font style="color: #1F497D">. </font>The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property&#8217;s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Acquisitions</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (&#8220;ASC 805&#8221;). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Cash and Cash Equivalents </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Securities Available for Sale </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company&#8217;s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders&#8217; Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company&#8217;s Comprehensive Income (loss).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%">&#160;</td> <td style="width: 29px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">a.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">b.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Any downgrading of the security by a rating agency.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">c.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Whether the financial condition of the issuer has deteriorated.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">d.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Status of dividends &#8211; Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">e.</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Inventory of Manufactured Homes</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Accounts and Notes Receivables </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Unamortized Financing Costs </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Derivative Instruments and Hedging Activities </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the normal course of business, the Company is exposed to financial 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&#8217;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 does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mortgage</b></font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td> <td style="border-bottom: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mortgage</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Interest Rate</b></p></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Effective</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fixed Rate</b></p></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>12/31/16</b></p></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Various &#8211; 11 properties</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">8/1/2017</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">LIBOR + 3.00%</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.89</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,625,352</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&#160;</td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, 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 December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Revenue Recognition </u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Net Income (Loss) Per Share</u></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895; 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). 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. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.&#160;</font></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Stock Compensation Plan</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&#8217;s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Income Tax</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (&#8220;TRS&#8221;) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.2pt">The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Comprehensive Income (Loss)</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Reclassifications</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recently Adopted Accounting Pronouncements</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In September 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2015-16, &#8220;Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.&#8221; ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In April 2015, the FASB issued ASU No. 2015-03, &#8220;Interest &#8211; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#8221; ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, &#8220;Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.&#8221; ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2015, the FASB issued ASU 2015-02, &#8220;Consolidation (Topic 810): Amendments to the Consolidation Analysis.&#8221; ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity&#8217;s voting rights; or (3) the exposure to a majority of the legal entity&#8217;s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Other Recent Accounting Pronouncements</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2017, the FASB issued ASU 2017-01, &#8220;Business Combinations (Topic 805), Clarifying the Definition of a Business.&#8221; ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2016, the FASB issued ASU No. 2016-15, &#8220;Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.&#8221; ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2016, the FASB issued ASU No. 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; ASU 2016-13 requires that entities use a new forward looking &#8220;expected loss&#8221; model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2016, the FASB issued ASU 2016-09, &#8220;Compensation&#8212;Stock Compensation.&#8221; ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December&#160;15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases.&#8221; ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.&#8221; ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July 2015, the FASB issued ASU No. 2015-11, &#8220;Simplifying the Measurement of Inventory.&#8221;&#160; ASU 2015-11 applies to inventory that is measured using first-in, first-out (&#8220;FIFO&#8221;) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.&#160; Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation.&#160; The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (&#8220;IFRS&#8221;).&#160; ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2014, the FASB issued ASU 2014-09 &#34;Revenue from Contracts with Customers (Topic 606)&#34;. The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mortgage</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Due Date</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mortgage</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Interest Rate</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Effective</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fixed Rate</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Balance</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>12/31/16</b></p></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 30%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Various &#8211; 11 properties</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 14%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/1/2017</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LIBOR + 3.00%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3.89</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,625,352</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following is a summary of accumulated depreciation by major classes of assets:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2015</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Site and Land Improvements</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">99,161,090</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">85,654,138</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Buildings and Improvements</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,947,543</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,217,886</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rental Homes and Accessories</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24,906,990</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,767,602</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Equipment and Vehicles</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,239,980</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,121,520</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Accumulated Depreciation</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">140,255,603</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">117,761,146</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a listing of securities available for sale at December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Series</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity Securities:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ashford Hospitality Trust, Inc.</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.550</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">251,205</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">253,800</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,269</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">48,900</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">62,724</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,487,145</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,440,789</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedar Realty Trust, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,577</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,411,846</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,426,126</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chesapeake Lodging Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,806</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Corporate Office Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">L</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,330</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">656,760</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kilroy Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,948</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">844,770</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">885,932</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LaSalle Hotel Properties</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">H</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">982,589</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,002,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">68,800</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,720,885</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,739,952</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Retail Properties of America, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">481,949</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Stag Industrial, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,100</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">470,007</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">501,495</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Hotel Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">514,780</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sun Communities, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">45,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,117,377</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,133,550</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Terreno Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,300</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,791</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">512,575</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">F</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,421</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">756,304</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">775,735</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">125,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">128,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Preferred Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,857,467</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,028,200</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Common Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,785,016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,500,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cousins Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">105,950</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">820,348</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">901,635</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gladstone Commercial Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">180,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,199,933</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,618,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Government Properties Income Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">810,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15,520,076</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15,442,650</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monmouth Real Estate Investment Corporation <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,237,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19,231,411</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,100,835</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nobility Homes Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">158,200</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">315,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Parkway Properties Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">33,243</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">628,819</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">739,657</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Select Income Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">740,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,802,516</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18,648,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Senior Housing Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">220,911</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,760,406</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,181,845</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">85,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,761,151</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,049,350</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vereit, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,512,658</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,230,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Common Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">79,180,534</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">95,726,972</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Securities Available for Sale</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">92,038,001</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">108,755,172</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">(1) Related entity &#8211; See Note 8.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a listing of securities available for sale at December 31, 2015:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Series</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity Securities:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ashford Hospitality Trust, Inc.</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; text-align: center; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.550</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">251,205</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">252,480</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,269</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">50,580</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">62,724</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,487,144</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,564,963</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Cedar Realty Trust, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">54,596</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,310,210</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,348,510</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Chesapeake Lodging Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">516,600</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Corporate Office Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">L</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,330</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">670,280</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CubeSmart</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">52,153</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">52,280</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dupont Fabros Technology, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">26,412</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">657,703</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">668,224</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dupont Fabros Technology, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">252,100</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Kilroy Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34,948</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">844,770</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">902,008</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">LaSalle Hotel Properties</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">H</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">982,589</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,006,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.250</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">68,800</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,720,885</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,775,728</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pennsylvania Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.375</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,008,400</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Retail Properties of America, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">481,949</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">513,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Stag Industrial, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.625</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,100</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">470,007</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">509,334</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Hotel Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.875</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">515,998</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sun Communities, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">45,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,117,377</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,179,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Terreno Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,300</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">507,791</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">516,840</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">F</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.125</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,421</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">756,305</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">786,687</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">G</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6.750</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">125,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">130,700</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Preferred Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,715,687</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,219,712</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Common Stock:</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">CBL &#38; Associates Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,295,133</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,669,951</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Getty Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,544,483</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,315,250</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gladstone Commercial Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">946,184</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">802,450</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Government Properties Income Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">550,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,244,317</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,728,500</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mack-Cali Realty Corporation</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,095,616</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,152,250</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monmouth Real Estate Investment Corporation <sup>(1)</sup></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,125,270</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,855,054</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,230,328</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nobility Homes Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">158,200</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">242,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Parkway Properties Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">959,887</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">859,650</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">RMR Group, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19,712</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">256,256</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">284,050</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Select Income Real Estate Investment Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">700,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,909,351</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,874,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Senior Housing Properties Trust</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">175,911</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,032,483</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,610,519</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Urstadt Biddle Properties, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">55,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,103,323</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,058,200</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vereit, Inc.</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">25,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">202,787</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">198,000</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weingarten Realty Investors</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">80,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,747,526</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,766,400</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Common Stock</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">63,350,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,791,548</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Securities Available for Sale</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">77,066,287</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">75,011,260</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">(1) Related entity &#8211; See Note 8.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company recorded the following Gain (Loss) on Sale of Securities, net:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gross realized gains</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,287,454</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">208,200</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,555,656</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Gross realized losses</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,153</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3,970</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(13,067</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Realized Gain on Sales of Securities, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,285,301</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">204,230</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,542,589</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended December 31,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 30%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,566,256</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">255,164</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">255,955</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,245,631</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">136,771</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,933,662</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Loans Payable</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,393,439</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized Debt Issuance Costs</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(108,054</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Total Loans Payable, net of</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;&#160;Unamortized Debt Issuance Costs</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,285,385</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate principal payments of all mortgages payable are scheduled as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Year Ended December 31,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,905,661</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,701,232</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,675,147</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,779,756</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2021</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">20,396,125</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Thereafter</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">210,106,062</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total </font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">296,563,983</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of the status of the Company&#8217;s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of year</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,560,500</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.92</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,301,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.34</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,093,000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.86</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">527,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.77</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">425,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.82</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">339,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.85</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(277,500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.96</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(22,500</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.56</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(23,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.28</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forfeited</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(37,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.63</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(50,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11.97</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(106,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14.84</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(108,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14.52</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at end of year</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,760,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.97</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,560,500</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.92</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,301,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.34</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Options exercisable at end of year</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,233,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,135,500</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">962,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average fair value of options </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">granted during the year</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.93</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.98</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary of stock options outstanding as of December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date of Grant</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of Employees</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Option Price</b></p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expiration</b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 16%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/22/09</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 15%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 15%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18,500</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7.57</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/22/17</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/08/10</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,900</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.13</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/08/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/08/10</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,100</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8.30</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">01/08/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/27/10</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">52,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11.40</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/27/18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/05/11</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">58,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11.16</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">07/05/19</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/29/12</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">70,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11.29</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">08/29/20</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/28/13</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.02</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">02/28/21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/26/13</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">343,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.08</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/26/21</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/11/14</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">276,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.85</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/11/22</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/24/15</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">19</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">380,500</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.82</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">06/24/23</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/05/16</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">527,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.77</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">04/05/24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: right; line-height: 115%">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,760,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: right; line-height: 115%">&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">* Unexercisable</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of the status of the Company&#8217;s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Grant Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Grant Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Grant Date</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Non-vested at beginning of year</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">121,242</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.83</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">137,346</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.37</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 6%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">152,292</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.77</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">60,500</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.37</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">35,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.56</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">25,000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.31</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Dividend Reinvested Shares</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,430</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.82</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,736</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.09</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,194</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.22</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Forfeited</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,160</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.83</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Vested</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(54,697</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.07</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(61,840</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.63</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(52,140</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.77</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Non-vested at end of year</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">133,315</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.04</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">121,242</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9.83</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">137,346</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10.37</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Amounts Received</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,400,945</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24,599,818</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">32,792,239</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Less: Dividends Reinvested</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,388,552</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2,006,287</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,858,491</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Amounts Received, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,012,393</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">22,593,531</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">30,933,748</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Number of Shares Issued</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,966,133</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,657,255</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,554,191</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quarter Ended</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 18%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,879,009</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,481,730</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,853,595</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,903,286</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,633,318</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,991,110</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">September 30</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,031,818</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,767,312</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,125,060</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">December 31</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,204,709</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,864,760</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,316,063</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.18</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20,018,822</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">18,747,120</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,285,828</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Declaration Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Record Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 17%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 22%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/16/2016</font></td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/4/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/16/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/3/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/17/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/16/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/16/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/1/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/18/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/17/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/16/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/1/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,889,147</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.515625</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,556,588</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.0625</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Declaration Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Record Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 17%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 22%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2/16/2016</font></td> <td style="width: 2%; line-height: 115%">&#160;</td> <td style="width: 18%; padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3/15/2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,305,257</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72466</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4/4/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5/16/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7/1/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10/3/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11/17/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12/15/2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,900,600</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.50</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,007,057</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2.22466</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 </b>&#160;</font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015 </b>&#160;</font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014 </b>&#160;</font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percent</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percent</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percent</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 22%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ordinary income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.09549</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13.26</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.00000</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.01114</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 10%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Capital gains</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.01425</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1.98</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.00000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.00265</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.37</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Return of capital</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.61026</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">84.76</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72000</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100.00</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.70621</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">98.08</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">0.72</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>March 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>June 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>September 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>December 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">23,504,374</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,210,707</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,355,051</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25,143,697</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,876,382</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,176,977</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,567,389</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">20,634,766</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Other Income (Expense)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,743,611</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(937,242</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(587,077</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,153,663</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Income</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,906,469</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,051,462</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,200,013</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,376,615</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net Loss Attributable to</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Common Shareholders</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(883,278</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(682,729</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(589,734</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(413,132</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net Loss Attributable to Common</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Shareholders per Share &#8211;<br /> Basic and Diluted</p></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.02</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.01</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>2015</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>March 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>June 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>September 30</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>December 31</b></font></td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18,344,086</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,553,443</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,694,999</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21,924,143</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Total Expenses</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16,369,803</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17,484,822</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18,965,700</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19,256,221</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Other Income (Expense)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,260,479</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,790,710</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,684,881</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,479,582</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Income</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">718,517</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">203,982</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,047,245</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">174,461</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to </font><br /> <font style="font: 10pt/115% Times New Roman, Times, Serif">Common Shareholders</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,170,630</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(1,685,165</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(841,902</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(2,425,296</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Net Loss Attributable to Common Shareholders per Share &#8211; Basic and Diluted</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.05</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.06</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.03</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(0.10</font></td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>UMH PROPERTIES, INC.</u></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SCHEDULE III</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>REAL ESTATE AND ACCUMULATED DEPRECIATION</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>DECEMBER 31, 2016</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column B</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column C</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column D</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Initial Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Site, Land</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>&#38; Building</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Capitalization</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Improvements</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Subsequent to</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Encumbrances</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Land</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>and Rental Homes</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Acquisition</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 13%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Allentown</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: top; width: 14%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,637,719</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 3%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">250,000</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,569,101</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,843,420</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Arbor Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Doylestown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,650,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,266,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">969,266</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Auburn Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (4)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">114,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,174,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">355,280</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birchwood Farms</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birch Run, MI</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,797,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,686,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Broadmore Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">50,095,192</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,120,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,136,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,206,691</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookside Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Berwick, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (1)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">372,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,776,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,221,426</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookview Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greenfield Ctr, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,832,889</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">37,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">232,547</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,369,792</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Owosso, MI</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,551,134</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">159,200</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,087,221</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,188,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Carsons</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">176,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,411,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">935,152</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Catalina</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Middletown, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,739,657</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,008,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,734,640</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,993,004</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Vineland, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">12,268,266</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">320,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,866,323</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,628,346</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg I &#38; II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,625,352</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">108,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,397,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">373,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chelsea</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">124,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,049,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">758,722</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">City View</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lewistown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">137,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">613,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,241,302</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tiffin, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,579,289</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">142,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,301,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">199,155</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Collingwood</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Horseheads, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">196,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,317,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,202,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Colonial Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Wintersville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,383,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,772,898</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Muncie, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">174,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,926,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,635,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,818,862</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (5)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">205,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,895,997</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,616,020</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Columbia, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">394,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,916,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,961,498</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,769,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">181,930</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,922,931</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,501,615</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Crestview</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">188,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,258,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,148,016</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cross Keys Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Duncansville, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">60,774</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">378,093</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,178,652</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dallas Mobile Home</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Toronto, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">275,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,728,503</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">916,762</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deer Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">New Springfield, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (5)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">226,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,299,275</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,081,149</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">D&#38;R Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clifton Park, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,837,828</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">391,724</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">704,021</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,202,804</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lodi, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (5)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">99,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,121,300</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">330,820</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Bedford, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (5)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">49,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,372,258</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">526,753</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Mantua, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (5)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">105,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,277,001</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">692,114</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Millville, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16,299,292</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">216,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,166,517</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,483,856</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Creek</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">440,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,004,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,685,875</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,486,324</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">75,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">977,225</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,914,108</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Frieden Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Schuylkill Haven, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">643,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,293,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,713,786</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Green Acres</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">584,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">105,105</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Gregory Courts</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">370,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,220,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">346,398</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dublin, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,134,846</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">248,100</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,147,700</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">519,943</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Inkerman, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">510,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,084,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,884,592</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">354,529</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">572,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,151,569</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,228,321</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kutztown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,035,246</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">145,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,695,041</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,631,628</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hillside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (6)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">483,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,678,525</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,437,008</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,075,696</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,632,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,618,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,519,687</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,674,151</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">490,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,808,269</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,599,404</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Erie, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,228,629</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">194,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,591,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">247,768</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hudson Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Peninsula, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">141,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,515,878</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,250,757</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Huntingdon Pointe</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tarrs, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">399,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">865,450</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">442,514</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Independence Park</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,226,015</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (6)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">686,400</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,783,633</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,834,765</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kinnebrook</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Monticello, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,127,176</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">235,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,402,572</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,328,190</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lake Sherman</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Navarre, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,611,924</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">290,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,457,673</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,936,710</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">574,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,103,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59,348</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Laurel Woods</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cresson, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">432,700</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,070,426</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,141,475</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Little Chippewa</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (4)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">113,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,135,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">854,599</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maple Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Taylor, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,072,989</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160; (1)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">674,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,432,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,971,321</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Column B</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column C</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column D</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Initial Cost</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Site, Land</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#38; Building</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Capitalization</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Improvements</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Subsequent to</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Encumbrances</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>and Rental Homes</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Acquisition</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 11%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadowood</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: top; width: 11%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Middletown, OH</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 12%; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 3%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 17%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">152,000</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,191,000</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,027,873</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nappanee, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">548,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,720,900</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,278,258</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,294,460</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">767,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,429,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,652,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose West</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">94,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,040,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">48,618</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis Blues</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">78,435</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">810,477</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,612,983</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monroe Valley</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">114,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">994,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">428,713</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Moosic Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Avoca, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">330,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,794,100</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,437,446</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">134,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,665,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">479,395</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oak Ridge Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,524,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,560,097</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oakwood Lake</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tunkhannock, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">379,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,639,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">740,354</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,133,656</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">569,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,031,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">969,391</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Grove, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,963,586</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">175,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">990,515</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,988,629</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Ridge/Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">37,540</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">198,321</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,770,336</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Apollo, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">670,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,336,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,894,957</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pleasant View Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bloomsburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">282,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,174,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">986,050</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Port Royal Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">150,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,491,796</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,533,104</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">River Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Marion, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">236,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">785,293</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,994,421</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rolling Hills Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">301,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,419,013</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,416,113</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rostraver Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(6)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">813,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,203,506</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,227,696</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sandy Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Magnolia, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">270,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,941,430</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,844,079</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,089,892</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">337,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,379,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,443,837</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset/Whispering</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">395,886</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,485,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,050,400</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,644,002</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southern Terrace</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbiana, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">63,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,387,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">383,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jackson, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,562,310</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100,095</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">602,820</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,528,575</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Spreading Oaks</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Athens, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">67,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,326,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,759,056</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,191,381</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,230,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,092,706</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,686,136</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">299,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,837,272</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,431,158</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">198,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,779,260</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,609,677</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,329,350</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">287,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,113,528</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">958,253</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunnyside</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eagleville, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">450,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,674,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">201,512</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goodlettsville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,393,262</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">411,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,867,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,431,368</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks I &#38; II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Twp, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,494,084</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">823,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,527,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,387,658</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Pines</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,307,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,470,027</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley High</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ruffs Dale, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(6)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">284,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,266,750</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">841,848</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,466,014</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">996,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,542,178</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,822,424</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Stream</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">323,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,190,550</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">556,089</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-I</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">191,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,359,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">958,252</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">72,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,746,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,508</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-HB</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,380,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,348,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,249,830</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Voyager Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Newton, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">742,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,142,725</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,390,989</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hamburg, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,716,994</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">424,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,812,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,390,639</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wayside</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">196,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,080,050</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,093</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lebanon, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,279,558</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,184,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,034,480</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,497,402</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodland Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Monroe, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">77,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">841,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,393,082</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodlawn Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eatontown, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">157,421</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">280,749</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,383,879</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Lafayette, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,969,958</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,808,100</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,321,318</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">849,953</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wood Valley</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Caledonia, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-0-</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">260,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,753,206</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,897,202</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewis Center, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,514,851</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">436,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,705,530</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">836,527</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">269,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,606,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">598,191</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">296,563,983</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,830,819</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">331,050,462</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">264,695,674</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b>&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column E (6) (7)</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column F</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Gross Amount at Which Carried at 12/31/15</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Site, Land</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>&#38; Building</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Improvements</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Accumulated</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Land</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>and Rental Homes</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Depreciation</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 20%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Allentown</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: top; width: 15%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">480,000</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">12,182,521</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">12,662,521</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,187,063</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Arbor Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Doylestown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,650,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,235,266</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,885,266</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,197,142</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Auburn Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">114,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,529,280</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,643,280</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">163,398</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birchwood Farms</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birch Run, MI</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,483,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,553,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">629,232</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Broadmore Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,120,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17,342,691</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18,462,691</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,186,065</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookside Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Berwick, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">372,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,997,426</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,369,426</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,160,539</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookview Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greenfield Ctr, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">122,865</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,516,974</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,639,839</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,209,561</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Owosso, MI</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">159,200</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,275,278</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,434,478</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">441,471</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Carsons</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">176,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,346,152</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,522,152</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">461,349</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Catalina</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Middletown, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,008,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,727,644</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,735,644</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">728,492</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Vineland, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">408,206</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,406,463</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,814,669</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,730,868</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg I &#38; II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">108,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,770,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,878,954</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">424,733</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chelsea</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">124,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,807,722</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,931,722</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">384,891</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">City View</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lewistown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">137,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,854,302</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,991,302</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">246,952</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tiffin, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">142,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,500,955</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,642,955</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">659,270</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Collingwood</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Horseheads, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">196,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,519,557</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,715,557</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">481,544</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Colonial Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Wintersville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,155,898</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,222,898</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">772,241</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Muncie, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">174,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,561,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,735,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">582,843</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">205,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,512,017</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,717,017</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">434,912</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Columbia, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">609,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,662,998</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15,271,998</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,326,197</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">181,930</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,424,546</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,606,476</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,733,960</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Crestview</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">361,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,232,516</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,594,016</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">425,472</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cross Keys Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Duncansville, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">60,774</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,556,745</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,617,519</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,199,569</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dallas Mobile Home</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Toronto, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">275,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,645,265</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,920,865</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">296,191</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deer Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">New Springfield, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">226,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,380,424</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,606,424</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">291,027</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">D&#38;R Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clifton Park, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">391,724</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,906,825</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,298,549</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,955,811</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lodi, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">119,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,432,120</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,551,120</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">129,557</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Bedford, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">49,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,899,011</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,948,011</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">257,836</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Mantua, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">105,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,969,115</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,074,115</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">174,552</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Millville, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,534,892</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,331,481</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,866,373</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,775,026</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Creek</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">440,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,689,875</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,129,875</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,343,487</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">75,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,891,333</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,966,333</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,890,114</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Frieden Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Schuylkill Haven, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">643,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,007,286</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">7,650,286</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,032,959</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Green Acres</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">689,105</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">752,105</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">99,847</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Gregory Courts</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">370,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,566,398</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,936,398</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">192,436</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dublin, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">248,100</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,667,643</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,915,743</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">225,356</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Inkerman, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">510,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">8,968,592</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">9,478,592</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,296,725</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">572,500</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,379,890</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,952,390</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,592,021</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kutztown, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">404,239</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,067,430</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,471,669</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,261,207</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hillside Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">483,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,115,533</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,599,133</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">318,242</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,632,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">12,137,687</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,769,687</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,302,883</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">490,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15,407,673</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15,898,273</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">694,801</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Erie, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">194,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,838,768</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,032,768</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">271,745</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hudson Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Peninsula, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">141,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,766,635</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">6,907,635</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">519,837</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Huntingdon Pointe</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tarrs, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">399,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,307,964</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,706,964</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66,588</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Independence Park</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">686,400</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,618,398</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,304,798</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">323,859</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kinnebrook</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Monticello, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">352,972</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,613,390</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11,966,362</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">4,536,547</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lake Sherman</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Navarre, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">290,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,394,383</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10,684,383</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">3,538,456</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">574,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,162,948</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,736,948</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15,339</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Laurel Woods</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cresson, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">432,700</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,211,901</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">5,644,601</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,847,290</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Little Chippewa</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">113,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,989,599</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,102,599</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">181,674</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maple Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Taylor, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">674,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13,404,121</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14,078,121</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2,470,919</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column E (6) (7)</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column F</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Gross Amount at Which Carried at 12/31/16</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Site, Land</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#38; Building</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Improvements</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>and Rental Homes</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 20%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadowood</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: top; width: 15%; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Middletown, OH</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">152,000</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,218,873</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,370,873</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">749,139</font></td> <td style="vertical-align: bottom; width: 1%; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nappanee, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">548,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,999,158</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,547,758</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">387,480</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">767,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,081,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,848,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">836,307</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose West</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">94,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,088,618</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,182,618</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">119,131</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis Blues</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">335,935</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,165,960</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,501,895</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,212,347</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monroe Valley</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">114,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,422,713</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,536,713</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">204,572</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Moosic Heights</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Avoca, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">330,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,231,546</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,561,546</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">967,745</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">134,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,144,395</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,278,395</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">320,795</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oak Ridge Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,084,097</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,584,097</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,424,232</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oakwood Lake</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tunkhannock, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">379,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,379,354</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,758,354</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">440,784</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">569,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,000,391</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,569,391</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">558,463</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Grove, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">155,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,999,144</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,154,144</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,974,506</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Ridge/Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">145,473</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,860,724</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,006,197</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,715,002</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Apollo, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">732,089</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,169,468</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,901,557</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,373,531</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pleasant View Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bloomsburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">282,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,160,850</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,442,850</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">587,530</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Port Royal Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">505,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,669,900</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,174,900</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,019,395</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">River Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Marion, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">236,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,779,714</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,015,714</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,205,477</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rolling Hills Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">301,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,835,126</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,136,126</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">400,518</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rostraver Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">813,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,431,202</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,244,802</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">285,378</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sandy Valley Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Magnolia, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">270,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,785,509</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,055,509</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,356,449</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">337,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,822,837</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,159,837</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,061,745</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset/Whispering</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,488,600</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,690,802</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,179,402</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,819,604</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southern Terrace</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbiana, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">63,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,770,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,833,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">568,089</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jackson, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">100,095</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,131,395</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,231,490</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,919,130</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Spreading Oaks</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Athens, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">67,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,085,856</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,152,856</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,543,619</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,230,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,092,706</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,322,706</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,599</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">299,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,268,430</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,567,430</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,532,384</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">198,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,388,937</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,586,937</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">362,907</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">287,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,071,781</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,358,781</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,564,458</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunnyside</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eagleville, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">450,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,875,512</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,325,512</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">381,052</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goodlettsville, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">411,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,298,368</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,709,368</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">786,338</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks I &#38; II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Twp, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">998,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,739,658</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,737,658</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">693,329</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Pines</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">650,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,777,027</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,427,027</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,160,152</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley High</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ruffs Dale, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">284,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,108,598</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,392,598</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">252,991</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">996,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">11,364,602</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12,360,602</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">966,118</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Stream</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">323,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,746,639</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,069,639</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">219,935</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-I</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">191,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,317,252</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,508,252</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">808,807</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-II</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">72,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,748,508</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,820,508</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">281,190</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-HB</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,380,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">6,597,830</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,977,830</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">891,195</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Voyager Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Newton, PA</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">742,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,533,714</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,275,714</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">264,698</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hamburg, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">424,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,202,639</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,626,639</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,390,559</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wayside</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">196,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,094,143</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,290,143</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16,411</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lebanon, TN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,184,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,531,882</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">9,715,882</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,697,726</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodland Manor</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Monroe, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">77,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,234,082</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,311,082</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">885,408</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodlawn Village</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eatontown, NJ</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">135,421</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,686,628</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,822,049</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">733,269</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Lafayette, IN</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,808,100</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,171,271</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15,979,371</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">684,613</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wood Valley</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Caledonia, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">260,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,650,408</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,910,408</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,582,955</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewis Center, OH</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">436,800</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,542,057</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">13,978,857</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">691,591</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown Estates</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown, NY</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">269,000</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,204,191</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,473,191</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">201,752</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: top; padding-left: 0.6pt; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">45,257,515</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">591,319,440</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">636,576,955</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">128,780,501</font></td> <td style="vertical-align: bottom; line-height: 115%">&#160;</td></tr> </table> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column G</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column H</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Column I</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Date of</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Depreciable</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Construction</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Acquired</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Life</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Allentown</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1986</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Arbor Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Doylestown, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1959</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Auburn Estates</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 19%; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1971/1985/1995</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birchwood Farms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Birch Run, MI</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1976-1977</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Broadmore Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1950/1990</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Berwick, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1973-1976</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Brookview Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greenfield Ctr, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1977</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Candlewick Court</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Owosso, MI</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1975</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Carsons</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1963</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Catalina</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Middletown, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1968-1976</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cedarcrest</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Vineland, NJ</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1973</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1986</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1955</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chelsea</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">City View</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lewistown, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2011</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tiffin, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1968/1987</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2011</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Collingwood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Horseheads, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Colonial Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Wintersville, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Muncie, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1996</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Countryside Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Columbia, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1988/1992</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2011</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1974</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1986</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Crestview</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Sayre, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1964</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cross Keys Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Duncansville, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1961</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1979</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dallas Mobile Home</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Toronto, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1950-1957</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deer Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">New Springfield, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1973</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">D&#38;R Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clifton Park, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1978</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lodi, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1965</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Bedford, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1960</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Evergreen Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Mantua, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1960</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Fairview Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Millville, NJ</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1985</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Creek</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1996-1997</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forest Park Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cranberry Twp, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1982</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Frieden Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Schuylkill Haven, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Green Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chambersburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1978</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Gregory Courts</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hayden Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dublin, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1973</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Heather Highlands</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Inkerman, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1992</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Highland Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kutztown, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1971</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1979</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hillside Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1967</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holiday Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1966</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Holly Acres Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Erie, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1977/2007</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Hudson Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Peninsula, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1956</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Huntingdon Pointe</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tarrs, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2000</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Independence Park</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Clinton, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1987</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Kinnebrook</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Monticello, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1988</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lake Sherman</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Navarre, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1987</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1995</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Laurel Woods</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cresson, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2001</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Little Chippewa</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Orrville, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1968</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maple Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Taylor, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column A</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column G</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column H</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Column I</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date of</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Depreciable</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Location</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Construction</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Acquired</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadowood</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">New Middletown, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1957</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nappanee, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1965-1973</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970-1978</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Melrose West</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wooster, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1995</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis Blues</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Memphis, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1955</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1985</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Monroe Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Moosic Heights</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Avoca, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oak Ridge Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Elkhart, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1990</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oakwood Lake</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Tunkhannock, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1972</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 19%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Falls, OH</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1953/1970</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 18%; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Oxford Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Grove, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1971</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1974</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Ridge/Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1961</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pine Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Apollo, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1995</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pleasant View Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Bloomsburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1960&#8217;s</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Port Royal Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1973</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1983</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">River Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Marion, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1950</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1986</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rolling Hills Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Carlisle, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1972-1975</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Rostraver Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Belle Vernon, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sandy Valley Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Magnolia, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1985</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shady Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Nashville, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1954</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2011</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset/Whispering</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2004</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southern Terrace</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Columbiana, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1983</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Southwind Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jackson, NJ</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Spreading Oaks</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Athens, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1996</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield Meadows</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Springfield, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Suburban Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Greensburg, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1968/1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Summit Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1969</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunny Acres</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Somerset, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Sunnyside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eagleville, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1960</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Trailmont</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goodlettsville, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1964</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2011</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Oaks I &#38; II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Olmsted Twp, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1952/1997</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Twin Pines</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Goshen, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1956/1990</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley High</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ruffs Dale, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1974</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Hills</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ravenna, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1960-1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley Stream</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mountaintop, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-I</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1961</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-II</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ephrata, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1999</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Valley View-HB</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Honey Brook, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1970</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Voyager Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Newton, PA</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1968</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Waterfalls Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Hamburg, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1997</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wayside</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lakeview, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1960&#8217;s</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Weatherly Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lebanon, TN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1997</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2006</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodland Manor</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Monroe, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2003</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woodlawn Village</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Eatontown, NJ</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1964</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1978</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Woods Edge</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">West Lafayette, IN</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1974</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Wood Valley</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Caledonia, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">prior to 1980</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1996</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Worthington Arms</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Lewis Center, OH</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1968</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown Estates</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Youngstown, NY</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1963</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td> <td style="line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;5 to 27.5</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by five properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by eleven properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by thirteen properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by five properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(5)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by five properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(6)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Represents one mortgage note payable secured by four properties.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(7)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Reconciliation </font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>/&#8212;&#8212;&#8212;&#8212;FIXED ASSETS&#8212;&#8212;&#8212;&#8212;/</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/16</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/15</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/14</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Balance &#8211; Beginning of Year</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">574,283,574</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">444,908,976</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">362,707,205</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Additions:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Acquisitions</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,276,356</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">82,276,902</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">42,422,064</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Improvements</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">56,417,927</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">48,263,233</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">40,659,958</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Additions</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">63,694,283</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">130,540,135</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">83,082,022</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Deletions</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,400,902</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,165,537</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(880,251</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Balance &#8211; End of Year</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">636,576,955</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">574,283,574</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">444,908,976</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><br clear="all" /> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>/&#8212;&#8212;ACCUMULATED DEPRECIATION&#8212;&#8212;/</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/16</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/15</b></font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/14</b></font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="2" style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Balance &#8211; Beginning of Year</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">107,453,972</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">90,277,082</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">76,328,213</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Additions:</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">21,625,264</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,481,811</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,306,274</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Total Additions</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">21,625,264</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17,481,811</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">14,306,274</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Deletions</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(298,735</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(304,921</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(357,405</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Balance &#8211; End of Year</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">128,780,501</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">107,453,972</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">90,277,082</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><br clear="all" /> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(8)</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">The aggregate cost for Federal tax purposes approximates historical cost.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></p> P10Y 0 282536483 310625561 884528 1000000 22000000 70663800 11000000 4000000 14250000 P10Y P30Y 0000752642 -37000 0 50000 143000 108000 172050 10044476 3495116 103578 5315690 1935101 <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total Income, Community Net Operating Income (&#8220;Community NOI&#8221;)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 Acquisitions</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015 Acquisitions</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Total Income</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">172,050</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">10,044,476</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,495,116</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Community NOI *</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">103,578</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5,315,690</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,935,101</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Net Income (Loss)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,051</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(574,201</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(226,870</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">*Community NOI is defined as rental and related income less community operating expenses.</p> 1.79472 1.93582 1.36264 1.66551 0.26778 0.28884 0.03439 0.39699 0.66547 108054 467101 671717 4000000 8900000 16600000 2016 Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%. Unexercisable Included in accrued liabilities and deposits Represents one mortgage note payable secured by thirteen properties. Represents one mortgage note payable secured by five properties. Represents one mortgage note payable secured by five properties. Represents one mortgage note payable secured by eleven properties. Represents one mortgage note payable secured by five properties. Represents one mortgage note payable secured by four properties. Reconciliation Related entity. Dividend Reinvestment and Stock Purchase Plan. Community NOI is defined as rental and related income less community operating expenses. EX-101.SCH 10 umh-20161231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Income (Loss) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Comprehensive Income (Loss) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Organization link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Investment Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Securities Available For Sale link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Loans and Mortgages Payable link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Stock Compensation Plan link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 401(k) Plan link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Related Party Transactions and Other Matters link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Distributions link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Federal Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Commitments, Contingencies and Legal Matters link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Supplemental Cash Flow Information link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Proforma Financial Information (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Selected Quarterly Financial Data (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Investment Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Securities Available For Sale (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Loans and Mortgages Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Stock Compensation Plan (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Shareholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Distributions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Federal Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Proforma Financial Information (Unaudited) (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Selected Quarterly Financial Data (Unaudited) (Tables) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Organization (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Summary of Significant Accounting Policies - Summary of Interest Rate Swap Agreement (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Investment Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Securities Available For Sale (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Securities Available For Sale - Summary of Available-for-sale Securities (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Securities Available For Sale - Summary of Temporarily Impaired Securities (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Securities Available For Sale - Summary of Range of Losses (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Loans and Mortgages Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Loans and Mortgages Payable - Summary of Mortgages Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Stock Compensation Plan (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Stock Compensation Plan - Summary of Stock Options Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) link:presentationLink link:calculationLink link:definitionLink 00000060 - Disclosure - 401(k) Plan (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000061 - Disclosure - Related Party Transactions and Other Matters (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000062 - Disclosure - Shareholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000063 - Disclosure - Shareholders' Equity - Schedule of Amount Received in Connection With DRIP (Details) link:presentationLink link:calculationLink link:definitionLink 00000064 - Disclosure - Distributions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000065 - Disclosure - Distributions - Summary of Payment of Distributions to Shareholders (Details) link:presentationLink link:calculationLink link:definitionLink 00000066 - Disclosure - Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) link:presentationLink link:calculationLink link:definitionLink 00000067 - Disclosure - Federal Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000068 - Disclosure - Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000069 - Disclosure - Contingencies, Commitments and Other Matters (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000070 - Disclosure - Fair Value Measurements (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000071 - Disclosure - Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) link:presentationLink link:calculationLink link:definitionLink 00000072 - Disclosure - Supplemental Cash Flow Information (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000073 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000074 - Disclosure - Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000075 - Disclosure - Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) link:presentationLink link:calculationLink link:definitionLink 00000076 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation (Details) link:presentationLink link:calculationLink link:definitionLink 00000077 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Invesment (Details) link:presentationLink link:calculationLink link:definitionLink 00000078 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 11 umh-20161231_cal.xml XBRL CALCULATION FILE EX-101.DEF 12 umh-20161231_def.xml XBRL DEFINITION FILE EX-101.LAB 13 umh-20161231_lab.xml XBRL LABEL FILE Class of Stock [Axis] Preferred Stock Series A [Member] Series B Cumulative Redeemable Preferred Stock [Member] Legal Entity [Axis] Real Estate Investment Trusts [Member] Major Types of Debt and Equity Securities [Axis] Swap Agreements [Member] Monmouth Real Estate Investment Corporation [Member] Common Stock [Member] Preferred Stock [Member] Related Party [Axis] Ocean First Bank [Member] Measurement Frequency [Axis] Fair Value, Measurements, Recurring [Member] Asset Class [Axis] Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Range [Axis] Minimum [Member] Maximum [Member] Other Commitments [Axis] Purchase Price [Member] Balance Sheet Location [Axis] Other Assets [Member] Debt Instrument [Axis] Wells Fargo On Waterfalls Village [Member] Wells Fargo On Valley Hills [Member] 8.0% Series B Cumulative Redeemable Preferred Stock [Member] Scenario [Axis] Amendment [Member] Business Acquisition [Axis] Ohio Manufactured Home Communities [Member] Equity Components [Axis] Additional Paid-In Capital [Member] Accumulated Other Comprehensive Income (Loss) [Member] Undistributed Income (Accumulated Deficit) [Member] Property, Plant and Equipment, Type [Axis] Sites and Buildings [Member] Improvements of Investment Property and Equipment [Member] Stock Option [Member] Springfield Meadows [Member] Holly Acres [Member] Huntingdon Pointe and Voyager Estates [Member] Valley Stream [Member] Vesting [Axis] Tranche One [Member] Six Community Acquisition [Member] Three Manufactured Home Communities [Member] Tranche Two [Member] Site and Land Improvements [Member] Buildings and Improvements [Member] Rental Homes and Accessories [Member] Equipment and Vehicles [Member] Ashford Hospitality Trust, Inc Preferred Stock Series A [Member] CBL & Associates Properties, Inc Preferred Stock Series D [Member] CBL & Associates Properties, Inc Preferred Stock Series E [Member] Cedar Realty Trust, Inc Preferred Stock Series B [Member] Chesapeake Lodging Trust Preferred Stock Series A [Member] Corporate Office Properties Trust Preferred Stock Series L [Member] Kilroy Realty Corporation Preferred Stock Series G [Member] LaSalle Hotel Properties Preferred Stock Series H [Member] Pennsylvania Real Estate Investment Trust Preferred Stock Series A [Member] Pennsylvania Real Estate Investment Trust Preferred Stock Series B [Member] Retail Properties of America, Inc Preferred Stock Series A [Member] Stag Industrial, Inc Preferred Stock Series B [Member] Summit Hotel Properties, Inc Preferred Stock Series B [Member] Sun Communities, Inc Preferred Stock Series A [Member] Terreno Realty Corporation Preferred Stock Series A [Member] Urstadt Biddle Properties, Inc Preferred Stock Series F [Member] Urstadt Biddle Properties, Inc Preferred Stock Series G [Member] CBL & Associates Properties, Inc [Member] Cousins Properties, Inc [Member] Gladstone Commercial Corporation [Member] Government Properties Income Trust [Member] Nobility Homes Inc [Member] Parkway Properties Inc [Member] Select Income Real Estate Investment Trust [Member] Senior Housing Properties Trust [Member] Urstadt Biddle Properties, Inc [Member] Vereit, Inc [Member] CubeSmart Preferred Stock Series A [Member] Dupont Fabros Technology, Inc Preferred Stock Series A [Member] Dupont Fabros Technology, Inc Preferred Stock Series B [Member] Getty Realty Corporation [Member] Mack-Cali Realty Corporation [Member] RMR Group, Inc [Member] Weingarten Realty Investors [Member] Disposal Group Classification [Axis] Securities Group One [Member] Securities Group Two [Member] 21st Mortgage Corporation [Member] Variable Rate [Axis] Prime Rate [Member] After 18 Months [Member] Credit Facility [Axis] Revolving Credit Facility [Member] New Units [Member] Existing Units [Member] Two River Community Bank [Member] Bank of Montreal [Member] Note One [Member] Note Two [Member] Wells Fargo On Fairview Manor [Member] Wells Fargo On D&R Village [Member] D&R Village And Waterfalls Village [Member] Wells Fargo On Olmsted Falls [Member] Wells Fargo On Seven Freddie Mac Mortgages [Member] Wells Fargo On Cedarcrest [Member] Wells Fargo On Five Freddie Mac Mortgages [Member] Wells Fargo On Four Freddie Mac Mortgages [Member] Wells Fargo On Holiday Village [Member] Allentown [Member] Brookview Village [Member] Candlewick Court [Member] Catalina [Member] Cedarcrest [Member] Clinton Mobile Home Resort [Member] Cranberry Village [Member] D & R Village [Member] Fairview Manor [Member] Forest Park Village [Member] Hayden Heights [Member] Heather Highlands [Member] Highland Estates [Member] Holiday Village [Member] Holiday Village- IN [Member] Holly Acres Estates [Member] Kinnebrook Village [Member] Lake Sherman Village [Member] Oxford Village [Member] Shady Hills [Member] Somerset Estates And Whispering Pines [Member] Suburban Estates [Member] Sunny Acres [Member] Southwind Village [Member] Trailmont [Member] Twin Oaks [Member] Valley Hills [Member] Waterfalls [Member] Weatherly Estates [Member] Woods Edge [Member] Worthington Arms [Member] Various (3 Properties) [Member] Various (4 Properties) [Member] Various (5 Properties) [Member] Various (5 Properties) [Member] Various (5 Properties) [Member] Various (11 Properties) [Member] Various (13 Properties) [Member] Olmsted Falls [Member] Long-term Debt, Type [Axis] Mortgages [Member] Plan Name [Axis] 2013 Stock Option and Stock Award Plan [Member] Award Type [Axis] Restricted Stock [Member] Stock Options [Member] Twenty Employees [Member] Thirty Four Employees [Member] Twenty Four Employees [Member] Twenty Five Employees [Member] Five Employees [Member] Two Employees [Member] One Employee [Member] Sixteen Employees [Member] Eleven Employees [Member] Stock Option Grant One [Member] Stock Option Grant Two [Member] Stock Option Grant Three [Member] Stock Option Grant Four [Member] Stock Option Grant Five [Member] Stock Option Grant Six [Member] Stock Option Grant Seven [Member] Stock Option Grant Eight [Member] Stock Option Grant Nine [Member] Stock Option Grant Ten [Member] Stock Option Grant Eleven [Member] 401(k) Plan [Member] Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member] Mr. Eugene and W. Landy [Member] Report Date [Axis] January 19, 2017 [Member] Cumulative Preferred Stock [Member] 8% Series B Cumulative Redeemable Preferred Stock [Member] December 1, 2016 through February 28, 2017 [Member] Series A Preferred Stock [Member] Series B Preferred Stock [Member] Characterization Of Distributions [Axis] Ordinary Income [Member] Capital Gains [Member] Return Of Capital [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Geographical [Axis] Ohio [Member] Two Manufactured Home Communities [Member] Osolo Indiana [Member] Osolo Indiana Boardwalk [Member] First Manufactured Home Communities [Member] Second Manufactured Home Communities [Member] Parke Place [Member] Hillcrest Crossing [Member] Lower Burrell, Pennsylvania [Member] Dividends [Axis] Dividend Payment Date One [Member] Dividend Payment Date Two [Member] Dividend Payment Date Three [Member] Dividend Payment Date Four [Member] Dividend Payment Date Five [Member] Dividend Payment Date Six [Member] Dividend Payment Date Seven [Member] Dividend Payment Date Eight [Member] Dividend Payment Date Nine [Member] Dividend Payment Date Ten [Member] Dividend Payment Date Eleven [Member] Dividend Payment Date Twelve [Member] Name of Property [Axis] Arbor Estates [Member] Auburn Estates [Member] Birchwood Farms [Member] Broadmore Estates [Member] Brookside Village [Member] Carsons [Member] Chambersburg I & II [Member] Chelsea [Member] City View [Member] Clinton [Member] Collingwood [Member] Colonial Heights [Member] Countryside Estates [Member] Countryside Estates [Member] Countryside Village [Member] Crestview [Member] Cross Keys Village [Member] Dallas Mobile Home [Member] Deer Meadows [Member] D&R Village [Member] Evergreen Estates [Member] Evergreen Manor [Member] Evergreen Village [Member] Forest Creek [Member] Frieden Manor [Member] Green Acres [Member] Gregory Courts [Member] Highland [Member] Hillside Estates [Member] Holiday Village [Member] Hudson Estates [Member] Huntingdon Pointe [Member] Independence Park [Member] Kinnebrook [Member] Lake Sherman [Member] Lakeview Meadows [Member] Laurel Woods [Member] Little Chippewa [Member] Maple Manor [Member] Meadowood [Member] Meadows [Member] Melrose Village [Member] Melrose West [Member] Memphis Blues [Member] Monroe Valley [Member] Moosic Heights [Member] Mountaintop [Member] Oak Ridge Estates [Member] Oakwood Lake [Member] Pine Ridge/Manor [Member] Pine Valley Estates [Member] Pleasant View Estates [Member] Port Royal Village [Member] River Valley Estates [Member] Rolling Hills Estates [Member] Rostraver Estates [Member] Sandy Valley Estates [Member] Somerset/Whispering [Member] Southern Terrace [Member] Spreading Oaks [Member] Summit Estates [Member] Sunnyside [Member] Twin Oaks I & II [Member] Twin Pines [Member] Valley High [Member] Valley View-I [Member] Valley View-II [Member] Valley View-HB [Member] Voyager Estates [Member] Waterfalls Village [Member] Wayside [Member] Woodland Manor [Member] Woodlawn Village [Member] Wood Valley [Member] Youngstown Estates [Member] Title of Individual [Axis] Maryland State Department of Assessments and Taxation [Member] 8.25% Series A Cumulative Redeemable Preferred Stock [Member] January 19, 2017 [Member] April 30, 2020 [Member] April 30, 2022 [Member] Dividend Reinvestment Stock Purchase Plan [Member] Income Tax Authority [Axis] S&F Tax [Member] Non Affiliates [Member] Affiliates [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Credit Agreements to Finance Inventory Purchases [Member] Automotive Loans [Member] Hillcrest Estates and Marysville Estates [Member] Total [Member] 2016 Acquisitions [Member] 2015 Acquisitions [Member] Community Acquisitions [Member] Prime Rate Plus [Member] Statement [Table] Statement [Line Items] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Trading symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] - ASSETS - Investment Property and Equipment Land Site and Land Improvements Buildings and Improvements Rental Homes and Accessories Total Investment Property Equipment and Vehicles Total Investment Property and Equipment Accumulated Depreciation Net Investment Property and Equipment Other Assets Cash and Cash Equivalents Securities Available for Sale at Fair Value Inventory of Manufactured Homes Notes and Other Receivables, net Prepaid Expenses and Other Assets Land Development Costs Total Other Assets TOTAL ASSETS - LIABILITIES AND SHAREHOLDERS' EQUITY - Liabilities: Mortgages Payable, net of unamortized debt issuance costs Other Liabilities: Accounts Payable Loans Payable, net of unamortized debt issuance costs Accrued Liabilities and Deposits Tenant Security Deposits Total Other Liabilities Total Liabilities Commitments And Contingencies Shareholders' equity: Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 3,663,800 shares authorized, issued and outstanding as of December 31, 2016 and 2015, respectively Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 and 2,000,000 shares authorized; 3,801,200 and 1,801,200 shares issued and outstanding as of December 31, 2016 and 2015, respectively Common Stock - $0.10 par value per share, 75,000,000 and 62,000,000 shares authorized; 29,388,811 and 27,086,838 shares issued and outstanding as of December 31, 2016 and 2015, respectively Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2016 and 2015, respectively Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Shareholders' Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Percentage rate on cumulative redeemable preferred stock Cumulative redeemable preferred stock, par value Cumulative redeemable preferred stock, shares authorized Cumulative redeemable preferred stock, shares issued Cumulative redeemable preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Excess stock, par value Excess stock, shares authorized Excess stock, shares issued Excess stock, shares outstanding Income Statement [Abstract] INCOME: Rental and Related Income Sales of Manufactured Homes Total Income EXPENSES: Community Operating Expenses Cost of Sales of Manufactured Homes Selling Expenses General and Administrative Acquisition Costs Depreciation Expense Total Expenses OTHER INCOME (EXPENSE): Interest Income Dividend Income Gain on Sales of Securities, net Other Income Interest Expense Total Other Income (Expense) Income before Gain (Loss) on Sales of Investment Property and Equipment Gain (Loss) on Sales of Investment Property and Equipment NET INCOME Less: Preferred Dividends NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic and Diluted Income (Loss) Per Share: Net Income Less: Preferred Dividends Net Loss Attributable to Common Shareholders Weighted Average Common Shares Outstanding: Basic and Diluted Net Income Other Comprehensive Income (Loss): Unrealized Holding Gains (Losses) Arising During the Year Reclassification Adjustment for Net Gains Realized in Income Change in Fair Value of Interest Rate Swap Agreements Comprehensive Income (Loss) Less: Preferred Dividends Comprehensive Income (Loss) Attributable to Common Shareholders Balance Balance, shares Common Stock Issued with the DRIP Common Stock Issued with the DRIP, shares Common Stock Issued through Restricted Stock Awards Common Stock Issued through Restricted Stock Awards, shares Common Stock Issued through Stock Options Common Stock Issued through Stock Options, shares Cancellation of Shares Due to Restricted Stock Forfeitures Cancellation of Shares Due to Restricted Stock Forfeitures, shares Preferred Stock Issued through Direct Placement, net Distributions Stock Compensation Expense Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment Interest Rate Swaps Balance Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Non-cash items included in Net Income: Depreciation Amortization of Financing Costs Stock Compensation Expense Provision for Uncollectible Notes and Other Receivables Gain on Sales of Securities, net (Gain) Loss on Sales of Investment Property & Equipment Changes in Operating Assets and Liabilities: Inventory of Manufactured Homes Notes and Other Receivables Prepaid Expenses and Other Assets Accounts Payable Accrued Liabilities and Deposits Tenant Security Deposits Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Manufactured Home Communities, net of mortgages assumed Purchase of Investment Property and Equipment Proceeds from Sales of Investment Property and Equipment Additions to Land Development Costs Purchase of Securities Available for Sale Proceeds from Sales of Securities Available for Sale Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Mortgages, net of mortgages assumed Net Proceeds (Payments) from Short Term Borrowings Principal Payments of Mortgages and Loans Financing Costs on Debt Proceeds from Issuance of Preferred Stock, net Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments Proceeds from Exercise of Stock Options Preferred Dividends Paid Common Dividends Paid, net of Dividend Reinvestments Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year CASH AND CASH EQUIVALENTS AT END OF YEAR Accounting Policies [Abstract] Organization Summary of Significant Accounting Policies Real Estate [Abstract] Investment Property and Equipment Investments, Debt and Equity Securities [Abstract] Securities Available For Sale Debt Disclosure [Abstract] Loans and Mortgages Payable Compensation Related Costs [Abstract] Stock Compensation Plan Compensation and Retirement Disclosure [Abstract] 401(k) Plan Related Party Transactions [Abstract] Related Party Transactions and Other Matters Equity [Abstract] Shareholders' Equity Distributions [Abstract] Distributions Income Tax Disclosure [Abstract] Federal Income Taxes Commitments and Contingencies Disclosure [Abstract] Commitments, Contingencies and Legal Matters Fair Value Disclosures [Abstract] Fair Value Measurements Supplemental Cash Flow Elements [Abstract] Supplemental Cash Flow Information Subsequent Events [Abstract] Subsequent Events Business Combinations [Abstract] Proforma Financial Information (Unaudited) Quarterly Financial Information Disclosure [Abstract] Selected Quarterly Financial Data (Unaudited) SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] Real Estate and Accumulated Depreciation Description of the Business Basis of Presentation and Principles of Consolidation Use of Estimates Investment Property and Equipment and Depreciation Acquisitions Cash and Cash Equivalents Securities Available for Sale Inventory of Manufactured Homes Accounts and Notes Receivables Unamortized Financing Costs Derivative Instruments and Hedging Activities Revenue Recognition Net Income (Loss) Per Share Stock Compensation Plan Income Tax Comprehensive Income (Loss) Reclassifications Recent Accounting Pronouncements Other Recent Accounting Pronouncements Summary of Interest Rate Swap Agreement Schedule of Estimated Fair Value of Assets Acquired Schedule of Community Net Operating Income and Net Income (Loss) Acquired Summary of Accumulated Depreciation By Major Classes of Assets Summary of Available-for-sale Securities Summary of Temporarily Impaired Securities Summary of Range of Losses Summary of Gain (loss) on Securities Transactions Schedule of Aggregate Principal Payments of All Loans Payable Including Credit Facility Summary of Mortgages Payable Schedule of Aggregate Principal Payments of All Mortgages Payable Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of Fair Value of Option Grant of Weighted-average Assumptions Schedule of Stock Option Plans and Changes in Stock Options Summary of Stock Options Outstanding Schedule of Nonvested Restricted Stock Awards Schedule of Amount Received in Connection With DRIP Distributions Tables Summary of Payment of Distributions to Shareholders Summary of Payment of Dividends to Preferred Shareholders Schedule of Characterized Distributions Paid per Common Share Summary of Financial Assets and Liabilities Recognized at Fair Value on a Recurring Basis Summary of Pro Forma Financial Information Summary of Selected Quarterly Financial Data Maximum percentage of undepreciated assets Derivative Instrument [Axis] Swap [Member] Number of operates manufacture home communities Number of developed home sites company own and operates Ownership percentage in subsidiaries Investment property and equipment, estimated useful lives Portfolio of gross assets Description of temporarily impairment security Note receivables Reserves for uncollectible accounts, notes and other receivables Provisions for uncollectible notes and other receivables Charge-offs and other adjustments related to repossessed homes Average interest rate on loan Average maturity of loan Accumulated amortization of deferred finance cost Estimated amortization expense of finance cost for 2017 Estimated amortization expense of finance cost for 2018 Estimated amortization expense of finance cost for 2019 Estimated amortization expense of finance cost for 2020 Estimated amortization expense of finance cost for 2021 Fair value of interest rate swaps Number of rental units owned Weighted average common shares outstanding basic and diluted Number of employee stock option to purchase shares Compensation costs Description for applicable income tax provisions Deferred debt issuance costs Mortgages payable Loans payable Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 12/31/16 Number of manufactured home communities acquired Purchase price of acquired entity Number of property sites Area of acquired real estate property Percentage of average occupancy Mortgage loan Interest rate on mortgage Maturity Date Amortization of principal repayments term Land Depreciable Property Other Total Assets Acquired Total Income Community NOI * Net Income (Loss) Total Accumulated Depreciation Maximum percentage of available for sale securities Total net unrealized gains in REIT securities portfolio Proceeds from sales of securities available for sale Margin loan outstanding Interest Rate Number of Shares Cost Market Value Less Than 12 Months, Fair Value Less Than 12 Months, Unrealized Loss 12 Months or Longer, Fair Value 12 Months or Longer, Unrealized Loss Number of Individual Securities Fair Value Unrealized Loss Range of Loss description Range of Loss Gross realized gains Gross realized losses Total Realized Gain on Sales of Securities, net Percentage of margin loan interest rate Outstanding on margin loan Number of coverage ratio, description Maximum revolving credit agreement Line of credit facility interest rate, description Interest rate of line of credit Lines of credit, outstanding amount Weighted average interest rate Line of credit facility, maturity date Origination fee Mortgage loans term Loans outstanding Shares of monmouth real estate investment corporation pledged as collateral Bank automotive loans Unsecured line of credit Borrowing capacity, description Line of credit facility, remaining borrowing capacity Percentage of unused commitment amount to be paid per annum Mortgage loans on real estate, carrying amount Accumulated Capitalized Interest Costs Interest rate description Interest rate on mortgage that was paid off Amount of prior loan paid off Proceeds from repayment of mortgage loan Repayment of penalty amount Mortgage loan variable rate, description Loans And Mortgages Payable - Schedule Of Aggregate Principal Payments Of All Loans Payable Including Credit Facility Details 2017 2018 2019 2020 2021 Thereafter Total Loans Payable Unamortized Debt Issuance Costs Total Loans Payable, net of Unamortized Debt Issuance Costs Due Date Interest Rate Interest Rate, description Total Mortgages Payable Unamortized debt issuance costs Total Mortgages Payable, net of Unamortized Debt Issuance Costs Total Stock option authorized to grant to officers and key employees Available for grant under plan Number of granted options to purchase, shares Fair value of stock options granted Stock option vested term Unamortized stock option expense Number of exercised shares Number of shares expired or forfeited Aggregate intrinsic value of outstanding Aggregate intrinsic value of options exercised Intrinsic value of options exercised Weighted-average remaining contractual term Stock compensation expense of general and administrative expenses Number of granted, shares Number of participants in restricted stock grants awarded Fair value of restricted stock grants Dividend yield Expected volatility Risk-free interest rate Expected lives Estimated forfeitures Stock Compensation Plan - Schedule Of Stock Option Plans And Changes In Stock Options Details Outstanding at beginning of year, Shares Granted, Shares Exercised, Shares Forfeited, shares Expired, Shares Outstanding at end of year, Shares Options exercisable at end of year Outstanding at beginning of year, Weighted Average Exercise Price Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Forfeited Weighted Average Exercise Price, Expired Outstanding at end of year, Weighted Average Exercise Price Weighted-average fair value of options granted during the year Date of Grant Number of Employees Number of Shares Option Price Expiration Date Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Non-vested at beginning of year, Shares Granted, Shares Dividend Reinvested Shares, Shares Forfeited, Shares Vested, Shares Non-vested at end of year, Shares Non-vested at beginning of year, Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value, Granted Weighted Average Grant Date Fair Value, Dividend Reinvested Shares Weighted Average Grant Date Fair Value, Forfeited Weighted Average Grant Date Fair Value, Vested Non-vested at end of year, Weighted Average Grant Date Fair Value Eligibility age of employees Description of contribution Total expense of contributions amount Number of directors and shareholders Number of shares owned in affiliate company Percentage of shares owned in affiliate company Employment agreements term Approximate value of compensation Interest in the entity of landlord of the property Renewed lease term Lease payment through April 30, 2020 Lease payment through April 30, 2022 Discount rate on purchase price under dividend reinvestment plan Amount of optional cash payments Preferred stock, shares outstanding Aggregate liquidation preference, value Annual rate on dividend per share payable quarterly Annual dividend rate Shares issued price per share Description of preferred stock dividend Preferred stock par value Cumulative redemption price per share Proceeds from issuance of preferred stock Dividends payment Paid on dividend date Common stock shares authorized Increase in authorized number of shares Number of shares issued and sold during period Sale price per share Proceeds from sale of common stock Shares authorized Number of share authorized to repurchase under Share Repurchase Program Class of Stock [Line Items] Amounts Received Less: Dividends Reinvested Amounts Received, net Number of Shares Issued Dividends Payable [Table] Dividends Payable [Line Items] Declaration Date Record Date Payment Date Dividends declared per share Preferred stock, dividend declared per share, paid Cumulative redeemable preferred stock, dividend rate, percentage Distributions including dividends reinvested paid to common shareholders Dividend declared per share, paid Amount of distributions paid for preferred stock Preferred Dividends Paid, net Percentage of distributions characterized as ordinary income Percentage of distributions characterized as capital gains Percentage of distributions characterized as return capital Amount of operating losses of S&F Federal state and franchise taxes included in general and administrative expenses Characterization Of Distributions [Table] Characterization Of Distributions [Line Items] Amount of distributions paid per common share Percentage of distributions paid per common share Litigation settlement amount Number of developed home sites Range of purchase price repossessed Total original loan amount Total loan balance Notes and other receivables Fair value of fixed rate mortgages payable Carrying value of fixed rate mortgages payable Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Equity Securities Interest Rate Swap Total Cash paid for interest Mortgages for the acquisition of communities Land development costs Reinvestment of dividends Remaining amount drew down form credit facility Payments to acquire home communities Number of All-Age communities Area of real estate property Percentage of acquisition average occupancy of communities Mortgage loan Interest rate percentage on mortgage loan Mortgage loans on realestate term Amortization period of mortgage loans on realestate Rental and Related Income Community Operating Expenses Net Loss Attributable to Common Shareholders Net Loss Attributable to Common Shareholders per Share - Basic and Diluted Total Income Total Expenses Other Income (Expense) Net Loss Attributable to Common Shareholders Net Loss Attributable to Common Shareholders Per Share - Basic and Diluted Location Date of Construction Date Acquired Depreciable Life (in years) Encumbrances Land Site, Land & Building Improvements and Rental Homes Capitalization Subsequent to Acquisition Land, gross Site, Land & Building Improvements and Rental Homes, gross Total Accumulated Depreciation Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Real Estate Invesment Details Balance - Beginning of Year Acquisitions Improvements Total Additions Deletions Balance - End of Year Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Accumulated Depreciation Details Balance - Beginning of Year Depreciation Total Additions Deletions Balance - End of Year Carrying value as of the balance sheet date of obligations incurred and payable along with the deposit liabilities held by the entity. April 4, 2016 [Member] 8.0% Series B Cumulative Redeemable Preferred Stock [Member] 8.25% Series A Cumulative Redeemable Preferred Stock [Member] Face amount or stated value of Excess Stock per share; generally not indicative of the fair market value per share. Aggregate par or stated value of issued excess stock (or Excess Stock redeemable solely at the option of the issuer). Fixed Rate Mortgages [Member] The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Also includes net cash inflow or outflow for the increase (decrease) in the beginning and end of period deposits balances. Interest rate description. Interest rate swap agreement, due date. Interest rate swap agreement, Effective fixed rate. Interest rate swap agreement, Mortgage. Interest rate swap agreement, Mortgage interest rate. Interest Rate Swap Amount. Sum of the carrying amounts as of the balance sheet date of all investment properties excluding equipment and vehicles. Maximum percentage of undepreciated assets. Monmouth Real Estate Investment Corporation [Member] Number of developed home sites own and operates. Number of Individual Securities. Number of operates manufacture home communites. Ocean First Bank [Member] One EmplyeesStock Option [Member] The change in the fair value of Interest rate swap agreement recorded as a component of Accumulated Other Comprehensive Income (Loss). Outstanding on margin loan. Percentage of margin loan interest rate. The redemption (or callable) amount of currently redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer. Proforma Financial Information Disclosure [Text Block] Purchase Price [Member] Real Estate Investment Trusts [Member] Samuel A. Landy And Anna T. Chew [Member] Security Group One [Member] Security Group Three [Member] Represents the stated rate on redeemable preferred stock as of the balance sheet date. Summary of the range of the losses. Summary of temporarily impaired securities. Swap Agreements [Member] Temporarily Impaired Securities Range of Loss Percentage. Variable Rate Mortgages [Member] Wells Fargo On Valley Hills [Member]. Wells Fargo On Waterfalls Village [Member]. Shares authorized. Employment Agreements [Member] 2013 Stock Option and Stock Award Plan [Member] Eight Participants [Member] One Participants [Member] Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeitures. Amendment [Member]. Number of manufactured home communities acquired. Area of acquired real estate property. The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Percentage of average occupancy. Ohio Manufactured Home Communities [Member] Number of property sites. Eugene W. Landy[Member] Interest rate on mortgage that was paid off. Eleven Participants [Member] Repaid Mortgage [Member] Preferred Stock Issued through Direct Placement, net. The entire disclosure of cash, cash equivalents, and equity securities. Disclosure of accounting policy for description of business. Unamortized Financing Costs. Summary of Accumulated Depreciation [Table Text Block] Schedule of amount received in Connection with DRIP [Table Text Block] Schedule for payment of cash distributions, including dividends reinvested, were paid to common shareholders. Sites and Buildings [Member] Improvements of Investment Property and Equipment [Member] Description of temporarily impairment security. Reserves for uncollectible accounts, notes and other receivables. Mortgage loans on real estate average maturity period. Description for applicable income tax provisions. Springfield Meadows [Member] Valley Stream [Member] Six Community Acquisition [Member] Three Manufactured Home Communities [Member] Maximum percentage of available for sale securities not held by company. Margin loan outstanding. Available-for-sale equity securities interest rate percentage. Available-for-sale equity securities number of shares. Temporarily impaired securities, range of loss. Number of coverage ratio, description. New Units [Member] Existing Units [Member] Shares of subsidiaries owned and pledged as collateral. Unsecured line of credit. Percentage of unused commitment amount to be paid per annum. Repayment of penalty amount. Mortgages payable unamortized debt issuance costs. Allentown [Member] Brookview Village [Member] Candlewick Court [Member] Catalina [Member] Cedarcrest [Member] Clinton Mobile Home Resort [Member] Cranberry Village [Member] D&R Village [Member] Fairview Manor [Member] Forest Park Village [Member] Hayden Heights [Member] Heather Highlands [Member] Highland Estates [Member] Holiday Village [Member] Holiday Village- IN [Member] Holly Acres Estates [Member] Kinnebrook Village [Member] Lake Sherman Village [Member] Olmstead Falls [Member] Oxford Village [Member] Shady Hills [Member] Suburban Estates [Member] Sunny Acres [Member] Southwind Village [Member] Trailmont [Member] Twin Oaks [Member] Valley Hills [Member] Waterfalls [Member] Weatherly Estates [Member] Woods Edge [Member] Worthington Arms [Member] Various (3 Properties) [Member] Various (4 Properties) [Member] Various (5 Properties) [Member] Various (5 Properties) [Member] Various (11 Properties) [Member] Various (13 Properties) [Member] 2013 Stock Option and Stock Award Plan [Member] Number of employees eligible for employee stock option. Stock Options [Member] Remained of unrecognized restricted stock compensation related to outstanding nonvested restricted stock grants awarded under the Plan and outstanding at that date. Twenty Employees [Member] Thirty Four Employees [Member] Twenty Four Employees [Member] Twenty Five Employees [Member] Five Employees [Member] Two Employees [Member] One Employee [Member] Sixteen Employees [Member] Eleven Employees [Member] Number of participants in restricted stock grants awarded. Fair value of restricted stock grants. Share-based compensation arrangement by share-based payment award date of grant. Share-based compensation arrangement by share-based payment award option price. Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Stock Option Grant [Member] Share based compensation arrangement by share based payment award equity instruments other than options dividend reinvested shares in period. Share based compensation arrangement by share based payment award equity instruments other than options dividend reinvested shares in period weighted average grant date fair value. Eligibility age of employees for plan. 401(k) Plan [Member] Number of directors in company who are directors and shareholders of MREIC. Number of shares owned in affiliate company. Percentage of shares owned in affiliate company. Board Of Chairman [Member] Employment agreements term. Mr. Eugene and W. Landy [Member] Renewed lease term. Distributions. January 19, 2017 [Member] Eight Percentage Of Series B Cumulative Redeemable Preferred Stock [Member]. December 1, 2016 through February 28, 2017 [Member] Series A Preferred Stock [Member] Series B Preferred Stock [Member] Net loss of taxable REIT subsidiary. Federal state and franchise taxes included in general and administrative expenses. Characterization of Distributions. Characterization of Distributions. Characterization of Distributions. Characterization of Distributions. Ordinary income. Capital gains. Return of capital. Percentage of distributions paid per common share. Number of developed homesites. Range of purchase price of each repossessed. Total loan balance. Available for sale securities and derivative fair value. The value of mortgages for acquisition. Reinvestment of dividends. Hillcrest Estates [Member] Ohio [Member] Marysville Estates [Member] Two Manufactured Home Communities [Member] Osolo Indiana [Member] First Manufactured Home Communities [Member] Second Manufactured Home Communities [Member] Hillcrest Crossing [Member] Lower Burrell, Pennsylvania [Member] Percentage of acquisition average occupancy of communities. Mortgage loans on realestate term. Amortization period of mortgage loans on realestate. Business acquisition pro forma community operating expenses. Business acquisition pro forma earnings per share basic and diluted. Dividend payment date. Dividend payment date. Dividend payment date three. Dividend payment date. Dividend payment date. Dividend payment date. Dividend payment date. Dividend payment date. Dividend payment date. Dividend payment date. Dividend Payment Date Eleven [Member] Dividend Payment Date Twelve [Member] Arbor Estates [Member] Auburn Estates [Member] Birchwood Farms [Member] Broadmore Estates [Member] Brookside Village [Member] Carsons [Member] Chambersburg I & II [Member] Chelsea [Member] City View [Member] Clinton [Member] Collingwood [Member] Colonial Heights [Member] Countryside Estates [Member] Countryside Estates [Member] Countryside Village [Member] Crestview [Member] Cross Keys Village [Member] Dallas Mobile Home [Member] Deer Meadows [Member] Evergreen Estates [Member] Evergreen Manor [Member] Evergreen Village [Member] Forest Creek [Member] Frieden Manor [Member] Green Acres [Member] Gregory Courts [Member] Highland [Member] Hillside Estates [Member] Holiday Village [Member] Hudson Estates [Member] Huntingdon Pointe [Member] Independence Park [Member] Kinnebrook [Member] Lake Sherman [Member] Lakeview Meadows [Member] Laurel Woods [Member] Little Chippewa [Member] Maple Manor [Member] Meadowood [Member] Meadows [Member] Melrose Village [Member] Melrose West [Member] Memphis Blues [Member] Monroe Valley [Member] Moosic Heights [Member] Mountaintop [Member] Oak Ridge Estates [Member] Oakwood Lake [Member] Olmsted Falls [Member] Pine Ridge/Manor [Member] Pine Valley Estates [Member] Pleasant View Estates [Member] Port Royal Village [Member] River Valley Estates [Member] Rolling Hills Estates [Member] Rostraver Estates [Member] Sandy Valley Estates [Member] Somerset/Whispering [Member] Southern Terrace [Member] Spreading Oaks [Member] Summit Estates [Member] Sunnyside [Member] Twin Oaks I & II [Member] Twin Pines [Member] Valley High [Member] Valley View-I [Member] Valley View-II [Member] Valley View-Danboro [Member] Valley View-HB [Member] Voyager Estates [Member] Waterfalls Village [Member] Wayside [Member] Weatherly Estates [Member] Woodlawn Village [Member] Wood Valley [Member] Youngstown Estates [Member] Real Estate and Accumulated Depreciation Location. Real estate and accumulated depreciation dates of construction. Real estate and accumulated depreciation dates acquired. Real estate and accumulated depreciation depreciable life. Fixed assets aggregate additions. Accumulated depreciation aggregate additions. Percentage of discount on purchase price under dividend reinvestment plan. Amount of optional cash payments. Description of preferred stock dividend. Cumulative redemption price per share. Maryland State Department of Assessments and Taxation [Member] January 19, 2017 [Member] April 30, 2020 [Member] April 30, 2022 [Member] Dividend reinvestment stock purchase plan member. The amount of dividends reinvested. Net amounts of dividend after deduction from dividends reinvested. S&F Tax [Member] Other Recent Accounting Pronouncements [Policy Text Block] Average maturity of loan. Non Affiliates [Member] Affiliates [Member] Credit Agreements to Finance Inventory Purchases [Member] Automotive Loans [Member] Hillcrest Estates and Marysville Estates [Member] Osolo Indiana Boardwalk [Member] Total [Member] Schedule of Community Net Operating Income and Net Income (Loss) Acquired [Table Text Block] Community net operating income. 2016 Acquisitions [Member] 2015 Acquisitions [Member] Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member] Percentage of distributions characterized as ordinary income. Percentage of distributions characterized as capital gains. Percentage of distributions characterized as return capital. Amount of prior loan paid off. VariousFiveOnePropertiesMember VariousFiveTwoPropertiesMember CountrysideEstatesOneMember HolidayVillageOneMember NineteenJanuaryTwoThousandSeventeenMember Investment Property Excluding Equipment And Vehicles Real Estate Investment Property, at Cost Real Estate Investment Property, Net Other Assets [Default Label] Assets Other Liabilities Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Real Estate Revenue, Net Interest Expense, Other Income (Loss) before Gain (Loss) on Sale of Properties Dividends, Preferred Stock Net Income (Loss) Available to Common Stockholders, Basic Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Preferred Stock Dividends, Income Statement Impact Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest Shares, Outstanding Increase (Decrease) in Inventories Increase (Decrease) in Accounts and Notes Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) In Accrued Liabilities and Deposits Increase (Decrease) in Security Deposits Net Cash Provided by (Used in) Operating Activities Payments for Capital Improvements Payments to Develop Real Estate Assets Payments to Acquire Available-for-sale Securities Net Cash Provided by (Used in) Investing Activities Repayments of Debt Payments of Financing Costs Payments of Ordinary Dividends, Common Stock Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Real Estate Disclosure [Text Block] DistributionsTextBlock Cash and Cash Equivalents, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss Available-for-sale Securities, Gross Realized Losses Unamortized Debt Issuance Expense Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Available For Sale Securities and Derivative Fair Value Business Acquisition, Pro Forma Revenue Business Acquisition Pro Forma Community Operating Expenses SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land SEC Schedule III, Real Estate, Gross SEC Schedule III, Real Estate, Other Acquisitions Fixed Assets Aggregate Additions Accumulated Depreciation Aggregate Additions SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold EX-101.PRE 14 umh-20161231_pre.xml XBRL PRESENTATION FILE XML 15 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2016
Feb. 28, 2017
Jun. 30, 2016
Entity Registrant Name UMH PROPERTIES, INC.    
Entity Central Index Key 0000752642    
Document Type 10-K    
Document Period End Date Dec. 31, 2016    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity a Well-known Seasoned Issuer No    
Entity a Voluntary Filer No    
Entity's Reporting Status Current Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float $ 0    
Entity Common Stock, Shares Outstanding   30,089,483  
Trading symbol UMH    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2016    
Affiliates [Member]      
Entity Public Float     $ 310,625,561
Non Affiliates [Member]      
Entity Public Float     $ 282,536,483
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Investment Property and Equipment    
Land $ 47,476,314 $ 45,477,814
Site and Land Improvements 398,776,390 377,215,400
Buildings and Improvements 21,101,836 20,307,097
Rental Homes and Accessories 172,862,227 134,708,763
Total Investment Property 640,216,767 577,709,074
Equipment and Vehicles 14,986,196 13,697,460
Total Investment Property and Equipment 655,202,963 591,406,534
Accumulated Depreciation (140,255,603) (117,761,146)
Net Investment Property and Equipment 514,947,360 473,645,388
Other Assets    
Cash and Cash Equivalents 4,216,592 6,535,897
Securities Available for Sale at Fair Value 108,755,172 75,011,260
Inventory of Manufactured Homes 17,424,574 14,311,410
Notes and Other Receivables, net 20,323,191 20,028,574
Prepaid Expenses and Other Assets 4,497,937 4,062,813
Land Development Costs 10,279,992 6,722,048
Total Other Assets 165,497,458 126,672,002
TOTAL ASSETS 680,444,818 600,317,390
Liabilities:    
Mortgages Payable, net of unamortized debt issuance costs 293,025,592 283,049,802
Other Liabilities:    
Accounts Payable 2,962,037 2,816,290
Loans Payable, net of unamortized debt issuance costs 58,285,385 57,862,206
Accrued Liabilities and Deposits 4,820,142 6,696,577
Tenant Security Deposits 4,319,695 3,654,090
Total Other Liabilities 70,387,259 71,029,163
Total Liabilities 363,412,851 354,078,965
Commitments And Contingencies
Shareholders' equity:    
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 3,663,800 shares authorized, issued and outstanding as of December 31, 2016 and 2015, respectively 91,595,000 91,595,000
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 and 2,000,000 shares authorized; 3,801,200 and 1,801,200 shares issued and outstanding as of December 31, 2016 and 2015, respectively 95,030,000 45,030,000
Common Stock - $0.10 par value per share, 75,000,000 and 62,000,000 shares authorized; 29,388,811 and 27,086,838 shares issued and outstanding as of December 31, 2016 and 2015, respectively 2,938,881 2,708,684
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2016 and 2015, respectively 0 0
Additional Paid-In Capital 111,422,691 109,629,260
Accumulated Other Comprehensive Income (Loss) 16,713,188 (2,056,726)
Accumulated Deficit (667,793) (667,793)
Total Shareholders' Equity 317,031,967 246,238,425
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 680,444,818 $ 600,317,390
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2016
Dec. 31, 2015
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized   62,000,000
Common stock, shares issued 29,388,811 27,086,838
Common stock, shares outstanding 29,388,811 27,086,838
Excess stock, par value $ 0.10 $ 0.10
Excess stock, shares authorized   3,000,000
Excess stock, shares issued
Excess stock, shares outstanding
Preferred Stock Series A [Member]    
Percentage rate on cumulative redeemable preferred stock 8.25% 8.25%
Cumulative redeemable preferred stock, par value $ 0.10 $ 0.10
Cumulative redeemable preferred stock, shares authorized 3,663,800 3,663,800
Cumulative redeemable preferred stock, shares issued 3,663,800 3,663,800
Cumulative redeemable preferred stock, shares outstanding 3,663,800 3,663,800
Series B Cumulative Redeemable Preferred Stock [Member]    
Percentage rate on cumulative redeemable preferred stock 8.00% 8.00%
Cumulative redeemable preferred stock, par value $ 0.10 $ 0.10
Cumulative redeemable preferred stock, shares authorized 4,000,000 2,000,000
Cumulative redeemable preferred stock, shares issued 3,801,200 1,801,200
Cumulative redeemable preferred stock, shares outstanding 3,801,200 1,801,200
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income (Loss) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
INCOME:      
Rental and Related Income $ 90,679,557 $ 74,762,548 $ 63,886,010
Sales of Manufactured Homes 8,534,272 6,754,123 7,545,923
Total Income 99,213,829 81,516,671 71,431,933
EXPENSES:      
Community Operating Expenses 42,638,333 37,049,462 33,592,327
Cost of Sales of Manufactured Homes 6,466,520 5,058,350 5,832,540
Selling Expenses 2,852,405 2,788,360 2,983,376
General and Administrative 8,004,925 7,345,644 6,465,973
Acquisition Costs 79,231 957,219 483,522
Depreciation Expense 23,214,100 18,877,511 15,163,420
Total Expenses 83,255,514 72,076,546 64,521,158
OTHER INCOME (EXPENSE):      
Interest Income 1,584,585 1,819,567 2,098,974
Dividend Income 6,636,126 4,399,181 4,065,986
Gain on Sales of Securities, net 2,285,301 204,230 1,542,589
Other Income 504,759 435,816 328,888
Interest Expense (15,432,364) (14,074,446) (10,716,722)
Total Other Income (Expense) (4,421,593) (7,215,652) (2,680,285)
Income before Gain (Loss) on Sales of Investment Property and Equipment 11,536,722 2,224,473 4,230,490
Gain (Loss) on Sales of Investment Property and Equipment (2,163) (80,268) 7,313
NET INCOME 11,534,559 2,144,205 4,237,803
Less: Preferred Dividends 14,103,432 8,267,198 7,556,588
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (2,568,873) $ (6,122,993) $ (3,318,785)
Basic and Diluted Income (Loss) Per Share:      
Net Income $ 0.42 $ 0.08 $ 0.19
Less: Preferred Dividends (0.51) (0.32) (0.34)
Net Loss Attributable to Common Shareholders $ (0.09) $ (0.24) $ (0.15)
Weighted Average Common Shares Outstanding:      
Basic and Diluted 27,808,895 25,932,626 22,496,103
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]      
Net Income $ 11,534,559 $ 2,144,205 $ 4,237,803
Other Comprehensive Income (Loss):      
Unrealized Holding Gains (Losses) Arising During the Year 21,057,498 (6,930,717) 5,505,772
Reclassification Adjustment for Net Gains Realized in Income (2,285,301) (204,230) (1,542,589)
Change in Fair Value of Interest Rate Swap Agreements (2,283) 37,985 155
Comprehensive Income (Loss) 30,304,473 (4,952,757) 8,201,141
Less: Preferred Dividends (14,103,432) (8,267,198) (7,556,588)
Comprehensive Income (Loss) Attributable to Common Shareholders $ 16,201,041 $ (13,219,955) $ 644,553
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
Common Stock [Member]
Preferred Stock Series A [Member]
Series B Cumulative Redeemable Preferred Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Undistributed Income (Accumulated Deficit) [Member]
Total
Balance at Dec. 31, 2013 $ 2,076,989 $ 91,595,000 $ 0 $ 96,504,643 $ 1,076,898 $ (667,793) $ 190,585,737
Balance, shares at Dec. 31, 2013 20,769,892            
Common Stock Issued with the DRIP $ 355,419 [1] 0 [1] 0 [1] 32,436,820 [1] 0 [1] 0 32,792,239 [1]
Common Stock Issued with the DRIP, shares [1] 3,554,191            
Common Stock Issued through Restricted Stock Awards $ 2,500 0 0 (2,500) 0 0 0
Common Stock Issued through Restricted Stock Awards, shares 25,000            
Common Stock Issued through Stock Options $ 2,300 0 0 165,160 0 0 $ 167,460
Common Stock Issued through Stock Options, shares 23,000           (23,000)
Distributions $ 0 0 0 (19,604,613) 0 (4,237,803) $ (23,842,416)
Stock Compensation Expense 0 0 0 922,944 0 0 922,944
Net Income 0 0 0 0 0 4,237,803 4,237,803
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment 0 0 0 0 3,963,183 0 3,963,183
Interest Rate Swaps 0 0 0 0 155 0 155
Balance at Dec. 31, 2014 $ 2,437,208 91,595,000 0 110,422,454 5,040,236 (667,793) 208,827,105
Balance, shares at Dec. 31, 2014 24,372,083            
Common Stock Issued with the DRIP [1] $ 265,726 0 0 24,334,092 0 0 24,599,818
Common Stock Issued with the DRIP, shares [1] 2,657,255            
Common Stock Issued through Restricted Stock Awards $ 3,500 0 0 (3,500) 0 0 0
Common Stock Issued through Restricted Stock Awards, shares 35,000            
Common Stock Issued through Stock Options $ 2,250 0 0 167,825 0 0 $ 170,075
Common Stock Issued through Stock Options, shares 22,500           (22,500)
Preferred Stock Issued through Direct Placement, net $ 0 0 45,030,000 (1,987,876) 0 0 $ 43,042,124
Distributions 0 0 0 (24,159,503) 0 (2,144,205) (26,303,708)
Stock Compensation Expense 0 0 0 855,768 0 0 855,768
Net Income 0 0 0 0 0 2,144,205 2,144,205
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment 0 0 0 0 (7,134,947) 0 (7,134,947)
Interest Rate Swaps 0 0 0 0 37,985 0 37,985
Balance at Dec. 31, 2015 $ 2,708,684 91,595,000 45,030,000 109,629,260 (2,056,726) (667,793) 246,238,425
Balance, shares at Dec. 31, 2015 27,086,838            
Common Stock Issued with the DRIP [1] $ 196,613 0 0 22,204,332 0 0 22,400,945
Common Stock Issued with the DRIP, shares [1] 1,966,133            
Common Stock Issued through Restricted Stock Awards $ 6,050 0 0 (6,050) 0 0 0
Common Stock Issued through Restricted Stock Awards, shares 60,500            
Common Stock Issued through Stock Options $ 27,750 0 0 2,457,310 0 0 $ 2,485,060
Common Stock Issued through Stock Options, shares 277,500           (277,500)
Cancellation of Shares Due to Restricted Stock Forfeitures $ (216) 0 0 216 0 0 $ 0
Cancellation of Shares Due to Restricted Stock Forfeitures, shares (2,160)            
Preferred Stock Issued through Direct Placement, net $ 0 0 50,000,000 (879,147) 0 0 49,120,853
Distributions 0 0 0 (23,047,908) 0 (11,534,559) (34,582,467)
Stock Compensation Expense 0 0 0 1,064,678 0 0 1,064,678
Net Income 0 0 0 0 0 11,534,559 11,534,559
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment 0 0 0 0 18,772,197 0 18,772,197
Interest Rate Swaps 0 0 0 0 (2,283) 0 (2,283)
Balance at Dec. 31, 2016 $ 2,938,881 $ 91,595,000 $ 95,030,000 $ 111,422,691 $ 16,713,188 $ (667,793) $ 317,031,967
Balance, shares at Dec. 31, 2016 29,388,811            
[1] Dividend Reinvestment and Stock Purchase Plan.
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 11,534,559 $ 2,144,205 $ 4,237,803
Non-cash items included in Net Income:      
Depreciation 23,214,100 18,877,511 15,163,420
Amortization of Financing Costs 733,485 829,017 522,250
Stock Compensation Expense 1,064,678 855,768 922,944
Provision for Uncollectible Notes and Other Receivables 909,397 1,123,926 1,020,655
Gain on Sales of Securities, net (2,285,301) (204,230) (1,542,589)
(Gain) Loss on Sales of Investment Property & Equipment 2,163 80,268 (7,313)
Changes in Operating Assets and Liabilities:      
Inventory of Manufactured Homes (3,113,164) (2,004,695) 1,479,326
Notes and Other Receivables (1,204,014) 840,066 279,590
Prepaid Expenses and Other Assets (435,124) (706,779) 553,730
Accounts Payable 145,747 991,997 195,580
Accrued Liabilities and Deposits (1,878,719) 1,976,958 904,960
Tenant Security Deposits 665,605 904,200 596,105
Net Cash Provided by Operating Activities 29,353,412 25,708,212 24,326,461
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Manufactured Home Communities, net of mortgages assumed (4,081,798) (78,926,525) (15,879,551)
Purchase of Investment Property and Equipment (58,184,812) (51,218,338) (41,858,627)
Proceeds from Sales of Investment Property and Equipment 1,114,503 777,394 768,641
Additions to Land Development Costs (3,728,869) (921,141) (268,983)
Purchase of Securities Available for Sale (27,518,151) (23,019,035) (9,707,038)
Proceeds from Sales of Securities Available for Sale 14,831,737 4,633,019 10,911,791
Net Cash Used in Investing Activities (77,567,390) (148,674,626) (56,033,767)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Mortgages, net of mortgages assumed 31,804,000 139,432,000 0
Net Proceeds (Payments) from Short Term Borrowings 406,935 (19,452,727) 28,320,234
Principal Payments of Mortgages and Loans (25,072,315) (37,756,234) (4,639,539)
Financing Costs on Debt (668,338) (2,311,829) (623,023)
Proceeds from Issuance of Preferred Stock, net 49,120,853 43,042,124 0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments 20,012,393 22,593,531 30,933,748
Proceeds from Exercise of Stock Options 2,485,060 170,075 167,460
Preferred Dividends Paid (14,563,645) (7,556,588) (7,556,588)
Common Dividends Paid, net of Dividend Reinvestments (17,630,270) (16,740,833) (14,427,337)
Net Cash Provided by Financing Activities 45,894,673 121,419,519 32,174,955
Net Increase (Decrease) in Cash and Cash Equivalents (2,319,305) (1,546,895) 467,649
Cash and Cash Equivalents at Beginning of Year 6,535,897 8,082,792 7,615,143
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 4,216,592 $ 6,535,897 $ 8,082,792
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Organization

NOTE 1 – ORGANIZATION

 

UMH Properties, Inc., a Maryland corporation, and its subsidiaries (the “Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), also sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F was established to fill these vacancies and enhance the value of the communities. The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources.
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of the Business

 

As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan.

 

These manufactured home communities are listed by trade names as follows:

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Allentown   Memphis, Tennessee
Arbor Estates   Doylestown, Pennsylvania
Auburn Estates   Orrville, Ohio
Birchwood Farms   Birch Run, Michigan
Broadmore Estates   Goshen, Indiana
Brookside Village   Berwick, Pennsylvania
Brookview Village   Greenfield Center, New York
Candlewick Court   Owosso, Michigan
Carsons   Chambersburg, Pennsylvania
Catalina   Middletown, Ohio
Cedarcrest   Vineland, New Jersey
Chambersburg I & II   Chambersburg, Pennsylvania
Chelsea   Sayre, Pennsylvania
City View   Lewistown, Pennsylvania
Clinton Mobile Home Resort   Tiffin, Ohio
Collingwood   Horseheads, New York
Colonial Heights   Wintersville, Ohio
Countryside Estates   Muncie, Indiana
Countryside Estates   Ravenna, Ohio
Countryside Village   Columbia, Tennessee
Cranberry Village   Cranberry Township, Pennsylvania
Crestview   Sayre, Pennsylvania
Cross Keys Village   Duncansville, Pennsylvania
Dallas Mobile Home Community   Toronto, Ohio
Deer Meadows   New Springfield, Ohio
D & R Village   Clifton Park, New York
Evergreen Estates   Lodi, Ohio
Evergreen Manor   Bedford, Ohio
Evergreen Village   Mantua, Ohio

  

MANUFACTURED HOME COMMUNITY   LOCATION
     
Fairview Manor   Millville, New Jersey
Forest Creek   Elkhart, Indiana
Forest Park Village   Cranberry Township, Pennsylvania
Frieden Manor   Schuylkill Haven, Pennsylvania
Green Acres   Chambersburg, Pennsylvania
Gregory Courts   Honey Brook, Pennsylvania
Hayden Heights   Dublin, Ohio
Heather Highlands   Inkerman, Pennsylvania
Highland   Elkhart, Indiana
Highland Estates   Kutztown, Pennsylvania
Hillside Estates   Greensburg, Pennsylvania
Holiday Village   Nashville, Tennessee
Holiday Village   Elkhart, Indiana
Holly Acres Estates   Erie, Pennsylvania
Hudson Estates   Peninsula, Ohio
Huntingdon Pointe   Tarrs, Pennsylvania
Independence Park   Clinton, Pennsylvania
Kinnebrook   Monticello, New York
Lake Sherman Village   Navarre, Ohio
Lakeview Meadows   Lakeview, Ohio
Laurel Woods   Cresson, Pennsylvania
Little Chippewa   Orrville, Ohio
Maple Manor   Taylor, Pennsylvania
Meadowood   New Middletown, Ohio
Meadows   Nappanee, Indiana
Melrose Village   Wooster, Ohio
Melrose West   Wooster, Ohio
Memphis Blues   Memphis, Tennessee
Monroe Valley   Ephrata, Pennsylvania
Moosic Heights   Avoca, Pennsylvania
Mountaintop   Ephrata, Pennsylvania
Oak Ridge Estates   Elkhart, Indiana
Oakwood Lake Village   Tunkhannock, Pennsylvania
Olmsted Falls   Olmsted Falls, Ohio
Oxford Village   West Grove, Pennsylvania
Pine Ridge Village/Pine Manor   Carlisle, Pennsylvania
Pine Valley Estates   Apollo, Pennsylvania
Pleasant View Estates   Bloomsburg, Pennsylvania
Port Royal Village   Belle Vernon, Pennsylvania
River Valley Estates   Marion, Ohio
Rolling Hills Estates   Carlisle, Pennsylvania
Rostraver Estates   Belle Vernon, Pennsylvania
Sandy Valley Estates   Magnolia, Ohio
Shady Hills   Nashville, Tennessee
Somerset Estates/Whispering Pines   Somerset, Pennsylvania
Southern Terrace   Columbiana, Ohio
Southwind Village   Jackson, New Jersey
Spreading Oaks Village   Athens, Ohio
Springfield Meadows   Springfield, Ohio
Suburban Estates   Greensburg, Pennsylvania
Summit Estates   Ravenna, Ohio
Sunny Acres   Somerset, Pennsylvania
Sunnyside   Eagleville, Pennsylvania
Trailmont   Goodlettsville, Tennessee
Twin Oaks I & II   Olmsted Falls, Ohio

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Twin Pines   Goshen, Indiana
Valley High   Ruffs Dale, Pennsylvania
Valley Hills   Ravenna, Ohio
Valley Stream   Mountaintop, Pennsylvania
Valley View I   Ephrata, Pennsylvania
Valley View II   Ephrata, Pennsylvania
Valley View Honeybrook   Honey Brook, Pennsylvania
Voyager Estates   West Newton, Pennsylvania
Waterfalls Village   Hamburg, New York
Wayside   Lakeview, Ohio
Weatherly Estates   Lebanon, Tennessee
Woodland Manor   West Monroe, New York
Woodlawn Village   Eatontown, New Jersey
Woods Edge   West Lafayette, Indiana
Wood Valley   Caledonia, Ohio
Worthington Arms   Lewis Center, Ohio
Youngstown Estates   Youngstown, New York

 

Basis of Presentation and Principles of Consolidation

 

The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.

 

Use of Estimates

 

In preparing the consolidated financial statements, 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.

 

Investment Property and Equipment and Depreciation

 

Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations.

 

The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant& Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.

  

The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.

 

Acquisitions

 

The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred.

 

Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.

 

Securities Available for Sale

 

Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company’s Comprehensive Income (loss).

 

The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:

  

  a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.
     
  b. Any downgrading of the security by a rating agency.
     
  c. Whether the financial condition of the issuer has deteriorated.
     
  d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.
     
  e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.

 

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.

 

Inventory of Manufactured Homes

 

Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods.

 

Accounts and Notes Receivables

 

The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively.

 

The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years.

 

Unamortized Financing Costs

 

Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021.

 

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial 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 does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans.

 

As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date  

Mortgage

Interest Rate

  

Effective

Fixed Rate

    

Balance

12/31/16

  
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 10,625,352  
                         

 

The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, 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 December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.

 

Revenue Recognition

 

The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less.

 

Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.

 

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895, 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). 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. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

  

Stock Compensation Plan

 

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, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.

 

Income Tax

 

The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11).

 

The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.

 

Comprehensive Income (Loss)

 

Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives.

 

Reclassifications

 

Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.

 

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.

 

Other Recent Accounting Pronouncements

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.”  ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.  Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation.  The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”).  ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.
XML 24 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Investment Property and Equipment

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

 

Acquisitions in 2016

 

On September 1, 2016, the Company acquired two manufactured home communities, Lakeview Meadows and Wayside, located in Ohio for approximately $2,954,000. These all-age communities contain a total of 165 developed homesites that are situated on approximately 71 total acres. At the date of acquisition, the average occupancy for these communities was approximately 64%.

 

On December 19, 2016, the Company acquired Springfield Meadows, a manufactured home community located in Springfield, Ohio, for approximately $4,323,000. This all-age community contains a total of 124 developed homesites that are situated on approximately 121 total acres. At the date of acquisition, the average occupancy for this community was approximately 82%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $3,195,000. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.

 

Acquisitions in 2015

 

On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania, for $3,800,000. This all-age community contains a total of 141 developed homesites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

 

On April 23, 2015, the Company acquired two manufactured home communities, Huntingdon Pointe and Voyager Estates, for $5,300,000. These all-age communities are located in western Pennsylvania and contain a total of 324 developed homesites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%.

 

On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%.

 

On August 19, 2015, the Company completed the first tranche of a six community acquisition for a total purchase price of $68,600,000. This tranche consisted of three manufactured home communities, two located in Ohio and one located in Michigan, for $32,500,000. These three all-age communities contain 897 developed homesites that are situated on approximately 177 total acres. At the date of acquisition, the average occupancy for these communities was approximately 69%. In conjunction with this acquisition, the Company completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43,100,000.

 

On October 16, 2015, the Company completed the second tranche of the six community acquisition. This tranche consisted of three manufactured home communities, located in Indiana, for $36,100,000. These three all-age communities contain 1,254 developed home sites, situated on approximately 316 total acres. At the date of acquisition, the average occupancy for these communities was approximately 56%. In conjunction with this acquisition, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on one of the acquired communities, Holiday Village in Elkhart, Indiana. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

These acquisitions have 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 income (loss) from the dates of acquisition. The allocations of the fair value of the assets acquired is subject to further adjustment as final costs and valuations are determined. The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015:

 

    Fair Value at Acquisition Date  
    2016 Acquisitions     2015 Acquisitions  
Assets Acquired:                
Land   $ 2,000,000     $ 6,109,300  
Depreciable Property     5,277,000       74,889,775  
Other     -0-       217,925  
Total Assets Acquired   $ 7,277,000     $ 81,217,000  

 

Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows:

 

    2016 Acquisitions   2015 Acquisitions
    2016   2016   2015
             
Total Income   $ 172,050     $ 10,044,476     $ 3,495,116  
Community NOI *   $ 103,578     $ 5,315,690     $ 1,935,101  
Net Income (Loss)   $ 3,051     $ (574,201 )   $ (226,870 )

 

*Community NOI is defined as rental and related income less community operating expenses.

 

See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions.

 

Accumulated Depreciation

 

The following is a summary of accumulated depreciation by major classes of assets:

 

    December 31, 2016     December 31, 2015  
             
Site and Land Improvements   $ 99,161,090     $ 85,654,138  
Buildings and Improvements     4,947,543       4,217,886  
Rental Homes and Accessories     24,906,990       17,767,602  
Equipment and Vehicles     11,239,980       10,121,520  
Total Accumulated Depreciation   $ 140,255,603     $ 117,761,146  
XML 25 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Available For Sale

NOTE 4 – SECURITIES AVAILABLE FOR SALE

 

The Company’s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest.

 

As of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale. See Note 13 for Fair Value Measurements.

 

The following is a listing of securities available for sale at December 31, 2016:

 

          Interest     Number           Market  
    Series     Rate     of Shares     Cost     Value  
                               
Equity Securities:                                        
Preferred Stock:                                        
Ashford Hospitality Trust, Inc.     A       8.550 %     10,000     $ 251,205     $ 253,800  
CBL & Associates Properties, Inc.     D       7.375 %     2,000       50,269       48,900  
CBL & Associates Properties, Inc.     E       6.625 %     62,724       1,487,145       1,440,789  
Cedar Realty Trust, Inc.     B       7.250 %     58,577       1,411,846       1,426,126  
Chesapeake Lodging Trust     A       7.750 %     20,000       500,000       507,806  
Corporate Office Properties Trust     L       7.375 %     26,000       650,330       656,760  
Kilroy Realty Corporation     G       6.875 %     34,948       844,770       885,932  
LaSalle Hotel Properties     H       7.500 %     40,000       982,589       1,002,000  
Pennsylvania Real Estate Investment Trust     A       8.250 %     68,800       1,720,885       1,739,952  
Pennsylvania Real Estate Investment Trust     B       7.375 %     40,000       1,000,000       1,000,000  
Retail Properties of America, Inc.     A       7.000 %     20,000       481,949       500,000  
Stag Industrial, Inc.     B       6.625 %     20,100       470,007       501,495  
Summit Hotel Properties, Inc.     B       7.875 %     20,000       500,000       514,780  
Sun Communities, Inc.     A       7.125 %     45,000       1,117,377       1,133,550  
Terreno Realty Corporation     A       7.750 %     20,300       507,791       512,575  
Urstadt Biddle Properties, Inc.     F       7.125 %     30,421       756,304       775,735  
Urstadt Biddle Properties, Inc.     G       6.750 %     5,000       125,000       128,000  
Total Preferred Stock                             12,857,467       13,028,200  
                                         
Common Stock:                                        
CBL & Associates Properties, Inc.                     1,000,000       11,785,016       11,500,000  
Cousins Properties, Inc.                     105,950       820,348       901,635  
Gladstone Commercial Corporation                     180,000       3,199,933       3,618,000  
Government Properties Income Trust                     810,000       15,520,076       15,442,650  
Monmouth Real Estate Investment Corporation (1)                     2,237,588       19,231,411       34,100,835  
Nobility Homes Inc.                     20,000       158,200       315,000  
Parkway Properties Inc.                     33,243       628,819       739,657  
Select Income Real Estate Investment Trust                     740,000       17,802,516       18,648,000  
Senior Housing Properties Trust                     220,911       3,760,406       4,181,845  
Urstadt Biddle Properties, Inc.                     85,000       1,761,151       2,049,350  
Vereit, Inc.                     500,000       4,512,658       4,230,000  
Total Common Stock                             79,180,534       95,726,972  
                                         
Total Securities Available for Sale                           $ 92,038,001     $ 108,755,172  

 

(1) Related entity – See Note 8.

  

The following is a listing of securities available for sale at December 31, 2015:

 

          Interest     Number           Market  
    Series     Rate     of Shares     Cost     Value  
Equity Securities:                                        
Preferred Stock:                                        
Ashford Hospitality Trust, Inc.     A       8.550 %     10,000     $ 251,205     $ 252,480  
CBL & Associates Properties, Inc.     D       7.375 %     2,000       50,269       50,580  
CBL & Associates Properties, Inc.     E       6.625 %     62,724       1,487,144       1,564,963  
Cedar Realty Trust, Inc.     B       7.250 %     54,596       1,310,210       1,348,510  
Chesapeake Lodging Trust     A       7.750 %     20,000       500,000       516,600  
Corporate Office Properties Trust     L       7.375 %     26,000       650,330       670,280  
CubeSmart     A       7.750 %     2,000       52,153       52,280  
Dupont Fabros Technology, Inc.     A       7.875 %     26,412       657,703       668,224  
Dupont Fabros Technology, Inc.     B       7.625 %     10,000       250,000       252,100  
Kilroy Realty Corporation     G       6.875 %     34,948       844,770       902,008  
LaSalle Hotel Properties     H       7.500 %     40,000       982,589       1,006,000  
Pennsylvania Real Estate Investment Trust     A       8.250 %     68,800       1,720,885       1,775,728  
Pennsylvania Real Estate Investment Trust     B       7.375 %     40,000       1,000,000       1,008,400  
Retail Properties of America, Inc.     A       7.000 %     20,000       481,949       513,000  
Stag Industrial, Inc.     B       6.625 %     20,100       470,007       509,334  
Summit Hotel Properties, Inc.     B       7.875 %     20,000       500,000       515,998  
Sun Communities, Inc.     A       7.125 %     45,000       1,117,377       1,179,000  
Terreno Realty Corporation     A       7.750 %     20,300       507,791       516,840  
Urstadt Biddle Properties, Inc.     F       7.125 %     30,421       756,305       786,687  
Urstadt Biddle Properties, Inc.     G       6.750 %     5,000       125,000       130,700  
Total Preferred Stock                             13,715,687       14,219,712  
                                         
Common Stock:                                        
CBL & Associates Properties, Inc.                     135,000       2,295,133       1,669,951  
Getty Realty Corporation                     135,000       2,544,483       2,315,250  
Gladstone Commercial Corporation                     55,000       946,184       802,450  
Government Properties Income Trust                     550,000       11,244,317       8,728,500  
Mack-Cali Realty Corporation                     135,000       3,095,616       3,152,250  
Monmouth Real Estate Investment Corporation (1)                     2,125,270       17,855,054       22,230,328  
Nobility Homes Inc.                     20,000       158,200       242,000  
Parkway Properties Inc.                     55,000       959,887       859,650  
RMR Group, Inc.                     19,712       256,256       284,050  
Select Income Real Estate Investment Trust                     700,000       16,909,351       13,874,000  
Senior Housing Properties Trust                     175,911       3,032,483       2,610,519  
Urstadt Biddle Properties, Inc.                     55,000       1,103,323       1,058,200  
Vereit, Inc.                     25,000       202,787       198,000  
Weingarten Realty Investors                     80,000       2,747,526       2,766,400  
Total Common Stock                             63,350,600       60,791,548  
                                         
Total Securities Available for Sale                           $ 77,066,287     $ 75,011,260  

 

(1) Related entity – See Note 8.

 

As of December 31, 2016, the Company held five securities that the Company determined were temporarily impaired investments. 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. The following is a summary of temporarily impaired securities at December 31, 2016:

 

    Less than 12 Months     12 Months or Longer    
    Fair Value     Unrealized Loss     Fair Value     Unrealized Loss  
                         
Preferred Stock   $ 1,489,689     $ (47,724 )   $ -0-     $ -0-  
Common Stock     31,172,650       (645,100 )     -0-       -0-  
                                 
Total   $ 32,662,339     $ (692,824 )   $ -0-     $ -0-  

 

The following is a summary of the range of the losses:

 

Number of

Individual

Securities

     Fair Value    

 

 

Unrealized Loss

    

 

 

Range of Loss

  
                     
  4     $ 28,432,339     $ (410,166 )     Less than or equal to 3%  
  1       4,230,000       (282,658 )     6%  
                             
  5     $ 32,662,339     $ (692,824 )        

 

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2016, 2015 and 2014, the securities portfolio had net unrealized holding gains (losses) of $16,717,171, $(2,055,027) and $5,079,921, respectively.

 

During the years ended December 31, 2016, 2015 and 2014, the Company received proceeds of $14,831,737, $4,633,019 and $10,911,791, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities, net:

 

    2016     2015     2014  
                   
Gross realized gains   $ 2,287,454     $ 208,200     $ 1,555,656  
Gross realized losses     (2,153 )     (3,970 )     (13,067 )
                         
Total Realized Gain on Sales of Securities, net   $ 2,285,301     $ 204,230     $ 1,542,589  

 

The Company had margin loan balances of $22,727,458 and $15,766,573 at December 31, 2016 and 2015, respectively, which were collateralized by the Company’s securities portfolio.
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Loans and Mortgages Payable

NOTE 5 – LOANS AND MORTGAGES PAYABLE

 

Loans Payable

 

The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2016 and 2015 was 2.0%. These margin loans are due on demand. At December 31, 2016 and 2015, respectively, the margin loans amounted to $22,727,458 and $15,766,573, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times.

 

The Company has revolving credit agreements totaling $28,500,000 with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank and Northpoint Commercial Finance to finance inventory purchases. Interest rates on these agreements range from prime with a minimum of 6% to Prime plus 2% with a minimum of 8% after 18 months. As of December 31, 2016 and 2015, the total amount outstanding on these lines was $6,314,352 and $12,112,039, respectively, with a weighted average interest rate of 5.9% and 6.5%, respectively.

 

The Company has a revolving line of credit with OceanFirst Bank (“OceanFirst Line”) secured by the Company’s eligible notes receivable. The maximum availability on this line is $10.0 million. Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. As of December 31, 2016 and 2015, the amount outstanding on this revolving line of credit was $4,000,000, and the interest rate was 4.25% and 4.0%, respectively.

 

The Company has an agreement with 21st Mortgage to finance the Company’s purchase of rental units. These loans are at an interest rate of 6.99%, with an origination fee of 2% on new units and 3% on existing units. These loans will have a 10 year term from the date of the borrowing. The amount outstanding on this loan was $467,101 and $671,717, as of December 31, 2016 and 2015, respectively.

 

The Company has a $4,000,000 loan from Two River Community Bank, secured by 1,000,000 shares of Monmouth Real Estate Investment Corporation common stock. This loan is at an interest rate of 4.625%, with interest only payments through October 2017, and matures on October 30, 2019. The amount outstanding on this loan was $4,000,000 as of December 31, 2016 and 2015, respectively. The Company also has $884,528 in automotive loans with a weighted average interest rate of 3.8%.

 

Unsecured Lines of Credit

 

On March 29, 2013, the Company entered into a $35 million Unsecured Revolving Credit Facility with Bank of Montreal (“Credit Facility”). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility was extended to March 29, 2017. The Company is in the process of renewing this Credit Facility. Borrowings under the Credit Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness. Borrowings will bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. Based on leverage ratios, interest on this borrowing is at LIBOR plus 200 basis points or 2.69% as of December 31, 2016, and LIBOR plus 250 basis points or 2.79% as of December 31, 2015. The Company incurs a fee on the unused commitment amount of up to 0.35% per annum. As of December 31, 2016, the amount outstanding on the Credit Facility was $20,000,000.

 

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:

 

Year Ended December 31,        
2017     $ 30,566,256  
2018       255,164  
2019       255,955  
2020       4,245,631  
2021       136,771  
Thereafter       22,933,662  
           
Total Loans Payable       58,393,439  
Unamortized Debt Issuance Costs       (108,054 )

Total Loans Payable, net of

   Unamortized Debt Issuance Costs

     $ 58,285,385  

 

Mortgages Payable

 

Mortgages Payable represents the principal amounts outstanding as of December 31, 2016. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.83% and variable rates ranging from Prime plus 1.0% to LIBOR plus 3.0%. The weighted average interest rate as of December 31, 2016 was 4.4%, compared to 4.6% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Mortgage Notes Payable was 6.9 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 7.1 years as of December 31, 2015.

  

The following is a summary of mortgages payable at December 31, 2016 and 2015:

 

    At December 31, 2016   Balance at December 31,  
Property   Due Date   Interest Rate     2016     2015  
                       
Allentown   10/01/25     4.06 %   $ 13,637,719     $ 13,873,376  
Brookview Village   04/01/25     3.92 %     2,832,889       2,884,660  
Candlewick Court   09/01/25     4.10 %     4,551,134       4,629,572  
Catalina   08/19/25     4.20 %     5,739,657       5,936,296  
Cedarcrest   04/01/25     3.71 %     12,268,266       12,501,441  
Clinton Mobile Home Resort   10/01/25     4.06 %     3,579,289       3,641,139  
Cranberry Village   04/01/25     3.92 %     7,769,600       7,911,589  
D & R Village   03/01/25     3.85 %     7,837,828       7,983,634  
Fairview Manor   11/01/26     3.85 %     16,299,292       9,921,261  
Forest Park Village   09/01/25     4.10 %     8,486,324       8,632,586  
Hayden Heights   04/01/25     3.92 %     2,134,846       2,173,861  
Heather Highlands   08/28/18     Prime + 1.0%       354,529       678,288  
Highland Estates   09/01/17     6.175 %     9,035,246       9,226,700  
Holiday Village   09/01/25     4.10 %     8,075,696       8,214,880  
Holiday Village- IN   11/01/25     3.96 %     8,674,151       8,826,242  
Holly Acres Estates   10/05/21     6.50 %     2,228,629       2,260,360  
Kinnebrook Village   04/01/25     3.92 %     4,127,176       4,202,600  
Lake Sherman Village   09/01/25     4.10 %     5,611,924       5,708,646  
Olmsted Falls   04/01/25     3.98 %     2,133,656       2,172,210  
Oxford Village   01/01/20     5.94 %     6,963,586       7,162,128  
Shady Hills   04/01/25     3.92 %     5,089,892       5,182,910  
Somerset Estates and Whispering Pines   02/26/19     4.89 %     395,886       566,425  
Springfield Meadows   10/06/25     4.83 %     3,191,381       -0-  
Suburban Estates   10/01/25     4.06 %     5,686,136       5,784,391  
Sunny Acres   10/01/25     4.06 %     6,329,351       6,438,720  
Southwind Village   01/01/20     5.94 %     5,562,311       5,720,900  
Trailmont   04/01/25     3.92 %     3,393,262       3,455,273  
Twin Oaks   12/01/19     5.75 %     2,494,084       2,567,451  
Valley Hills   06/01/26     4.32 %     3,466,014       -0-  
Waterfalls   06/01/26     4.38 %     4,716,994       -0-  
Weatherly Estates   04/01/25     3.92 %     8,279,558       8,430,867  
Woods Edge   01/07/26     4.30 %     6,969,958       -0-  
Worthington Arms   09/01/25     4.10 %     9,514,851       9,678,840  
Various (3 properties)   05/01/16     6.66% (1)       -0-       8,618,982  
Various (4 properties)   07/01/23     4.975 %     8,226,015       8,363,756  
Various (5 properties)   01/01/22     4.25 %     14,072,987       14,382,719  
Various (5 properties)   12/06/22     4.75 %     7,294,460       7,426,995  
Various (5 properties)   02/01/18     6.83 %     8,818,862       8,954,713  
Various (11 properties)   08/01/17     LIBOR + 3.0%       10,625,352       11,416,309  
Various (13 properties)   03/01/23     4.065 %     50,095,192       51,106,376  
                             
Total Mortgages Payable                 296,563,983       286,637,096  
Unamortized Debt Issuance Costs                 (3,538,391 )     (3,587,294 )
Total Mortgages Payable, net of                            
Unamortized Debt Issuance Costs               $ 293,025,592     $ 283,049,802  

 

  (1) Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.

 

At December 31, 2016 and 2015, mortgages were collateralized by real property with a carrying value of $488,623,061 and $444,098,037, respectively, before accumulated depreciation and amortization. Interest costs amounting to $359,906, $277,944 and $280,354 were capitalized during 2016, 2015 and 2014, respectively, in connection with the Company’s expansion program.

  

Recent Transactions

 

During the year ended December 31, 2016

 

On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%.

 

On May 2, 2016, the Company obtained a $4,760,000 Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage through Wells Fargo Bank, N.A. (“Wells Fargo”) on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay existing mortgages on three communities with an average interest rate of 6.66%.

 

On October 31, 2016, the Company obtained a $16,346,000 Freddie Mac mortgage through Wells Fargo on Fairview Manor. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures November 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing mortgage with a principal balance of approximately $9,700,000 and an interest rate of 5.785%.

 

On December 19, 2016, the Company assumed a mortgage loan with a balance of approximately $3,195,000, in conjunction with its acquisition of Springfield Meadows. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025.

 

During the year ended December 31, 2015

 

On January 21, 2015, the Company assumed a mortgage loan of $2,300,000 in conjunction with its acquisition of Holly Acres. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

 

On February 27, 2015, the Company obtained an $8,100,000 Freddie Mac mortgage through Wells Fargo on D&R Village. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures on March 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing D&R Village and Waterfalls Village mortgage of approximately $6.8 million, which had a variable rate of LIBOR plus 2.25%.

 

On March 6, 2015, the Company obtained a $2,200,000 Freddie Mac mortgage through Wells Fargo on Olmsted Falls. The interest rate on this mortgage is fixed at 3.98%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

On March 20, 2015, the Company obtained seven Freddie Mac mortgages totaling $34,685,000 through Wells Fargo on the following communities: Brookview Village, Cranberry Village, Hayden Heights, Kinnebrook, Shady Hills, Trailmont and Weatherly Estates. The interest rates on these mortgages are fixed at 3.92%. These mortgages mature on April 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing Cedarcrest Village mortgage of approximately $8.9 million, which had an interest rate of 5.125%. The Company incurred a prepayment penalty of approximately $89,000 on this repayment.

 

On August 19, 2015, the Company obtained five Freddie Mac mortgages totaling $37,067,000 through Wells Fargo for the following communities: Candlewick Court, Forest Park Village, Holiday Village, Lake Sherman Village and Worthington Arms. The interest rate on these mortgages is fixed at 4.1%. These mortgages mature on September 1, 2025, with principal repayment based on a 30-year amortization schedule.

 

On August 19, 2015, the Company obtained a $6,000,000 mortgage loan on Catalina from OceanFirst Bank. This mortgage is at a fixed rate of 4.2% and matures on August 19, 2025. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%.

 

On October 1, 2015, the Company obtained four Freddie Mac mortgages totaling $29,859,000 through Wells Fargo for the following communities: Allentown, Clinton Mobile Home Resort, Suburban Estates and Sunny Acres. The interest rates on these mortgages are fixed at 4.06%. These mortgages mature October 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing mortgages of approximately $16.6 million, with a weighted average interest rate of 4.24%. The Company incurred total prepayment fees and penalties of approximately $154,000 on these repayments.

 

On October 16, 2015, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on Holiday Village. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

The aggregate principal payments of all mortgages payable are scheduled as follows:

 

Year Ended December 31,        
2017     $ 25,905,661  
2018       14,701,232  
2019       19,675,147  
2020       5,779,756  
2021       20,396,125  
Thereafter       210,106,062  
           
Total     $ 296,563,983  

 
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan
 12 Months Ended
Dec. 31, 2016
Compensation Related Costs [Abstract]  
Stock Compensation Plan

NOTE 6 – STOCK COMPENSATION PLAN

 

On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3,000,000 shares of common stock. The option price shall not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 2013 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. Not more than 200,000 shares of the Company’s common stock may be granted as options in any one fiscal year to a participant under the 2013 Plan. In general, each option may be exercised only after one year of continued service with the Company. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant is 100,000 shares.

 

The Compensation Committee determines the recipients of restricted stock awards; the number of restricted shares to be awarded; the length of the restricted period of the award; the restrictions applicable to the award including, without limitation, the employment or retirement status of the participant; rules governing forfeiture and restrictions applicable to any sale, assignment, transfer, pledge or other encumbrance of the restricted stock during the restricted period; and the eligibility to share in dividends and other distributions paid to the Company’s stockholders during the restricted period. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant shall be 100,000 shares.

 

Unless otherwise provided for in an underlying restricted stock award agreement, if a participant’s status as an employee or director of the Company is terminated by reason of death or disability, the restrictions will lapse on such date. Unless otherwise provided for in an underlying restricted stock award agreement, the Plan provides that if an individual’s status as an employee or director is terminated by reason of retirement following an involuntary termination (other than for “cause” as defined in the 2013 Plan), the restrictions will generally lapse, unless the restricted stock award is intended to constitute “performance based” compensation for purposes of Section 162(m) of the Internal Revenue Code. If a participant’s status as an employee or director terminates for any other reason, the Plan provides that a participant will generally forfeit any outstanding restricted stock awards, unless otherwise indicated in the applicable award agreement. Shares of restricted stock that are forfeited become available again for issuance under the 2013 Plan. The Compensation Committee has the authority to accelerate the time at which the restrictions may lapse whenever it considers that such action is in the best interests of the Company and of its stockholders, whether by reason of changes in tax laws, a “change in control” as defined in the 2013 Plan or otherwise.

 

The Company accounts for 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).

 

Stock Options

 

During the year ended December 31, 2016, thirty-four employees were granted options to purchase a total of 527,000 shares. During the year ended December 31, 2015, twenty-four employees were granted options to purchase a total of 425,000 shares. During the year ended December 31, 2014, twenty-five employees were granted options to purchase a total of 339,000 shares. The fair value of these options for the years ended December 31, 2016, 2015 and 2014 was approximately $425,000, $393,000 and $332,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $85,997 as of December 31, 2016, which will be expensed in 2017.

 

The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows:

 

  ● The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option.
     
  ● Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant.
     
  ● The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards.
     
  ● Expected life of the options granted is estimated based on historical data reflecting actual hold periods.
     
  ● Estimated forfeiture is based on historical data reflecting actual forfeitures.

 

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 in the following years:

 

    2016     2015     2014  
                   
Dividend yield     7.32 %     7.37 %     7.14 %
Expected volatility     26.30 %     27.17 %     27.12 %
Risk-free interest rate     1.49 %     2.12 %     2.23 %
Expected lives     8       8       8  
Estimated forfeitures     -0-       -0-       -0-  

 

During the year ended December 31, 2016, options to twenty employees to purchase a total of 277,500 shares were exercised. During the year ended December 31, 2015, options to five employees to purchase a total of 22,500 shares were exercised. During the year ended December 31, 2014, options to two employees to purchase a total of 23,000 shares were exercised. During the year ended December 31, 2016, options to one employee to purchase a total of 50,000 shares expired. During the year ended December 31, 2015, options to sixteen employees to purchase a total of 143,000 shares expired or were forfeited. During the year ended December 31, 2014, options to eleven employees to purchase a total of 108,000 shares expired.

 

A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows:

 

    2016     2015     2014  
          Weighted-           Weighted-           Weighted-  
          Average           Average           Average  
          Exercise           Exercise           Exercise  
    Shares     Price     Shares     Price     Shares     Price  
                                     
Outstanding at beginning of year     1,560,500     $ 9.92       1,301,000     $ 10.34       1,093,000     $ 10.86  
Granted     527,000       9.77       425,000       9.82       339,000       9.85  
Exercised     (277,500 )     8.96       (22,500 )     7.56       (23,000 )     7.28  
Forfeited     -0-       -0-       (37,000 )     10.63       -0-       -0-  
Expired     (50,000 )     11.97       (106,000 )     14.84       (108,000 )     14.52  
Outstanding at end of year     1,760,000       9.97       1,560,500       9.92       1,301,000       10.34  
Options exercisable at end of year     1,233,000               1,135,500               962,000          
Weighted average fair value of options
granted during the year		           $ 0.81             $ 0.93             $ 0.98  

 

The following is a summary of stock options outstanding as of December 31, 2016:

 

Date of Grant     Number of Employees     Number of Shares    

 

Option Price

     Expiration
Date
                         
06/22/09       5       18,500       7.57     06/22/17  
01/08/10       1       10,900       9.13     01/08/18  
01/08/10       1       14,100       8.30     01/08/18  
07/27/10       6       52,000       11.40     07/27/18  
07/05/11       7       58,000       11.16     07/05/19  
08/29/12       10       70,000       11.29     08/29/20  
02/28/13       1       10,000       10.02     02/28/21  
06/26/13       18       343,000       10.08     06/26/21  
06/11/14       19       276,000       9.85     06/11/22  
06/24/15       19       380,500       9.82     06/24/23  
04/05/16       34       527,000 *     9.77     04/05/24  
                                 
                1,760,000                

 

* Unexercisable

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2016, 2015 and 2014 was $8,939,488, $669,098 and $395,243, respectively, of which $6,156,928, $541,598 and $395,243 relate to options exercisable. The intrinsic value of options exercised in 2016, 2015 and 2014 was $1,018,730, $62,230 and $57,250 respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 5.6, 5.4 and 4.3 years as of December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $463,864, $365,560 and $437,063, respectively.

 

Restricted Stock

 

On April 5, 2016, the Company awarded 40,500 shares of restricted stock to two participants. On September 14, 2016, the Company awarded 20,000 shares of restricted stock to one participant. On February 5, 2015, the Company awarded 25,000 shares of restricted stock to one participant. On September 16, 2015, the Company awarded 10,000 shares to ten participants. During 2014, the Company awarded 25,000 shares of restricted stock to one participant. The grant date fair value of restricted stock grants awarded to participants was $627,085, $334,450 and $232,750 for the years ended December 31, 2016, 2015 and 2014, respectively. These grants vest in equal installments over five years. As of December 31, 2016, there remained a total of $685,925 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.3 years. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $600,814, $490,208 and $485,881, respectively.

 

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below:

 

    2016     2015     2014  
          Weighted-           Weighted-           Weighted-  
          Average           Average           Average  
          Grant Date           Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value     Shares     Fair Value  
                                     
Non-vested at beginning of year     121,242     $ 9.83       137,346     $ 10.37       152,292     $ 10.77  
Granted     60,500       10.37       35,000       9.56       25,000       9.31  
Dividend Reinvested Shares     8,430       10.82       10,736       9.09       12,194       9.22  
Forfeited     (2,160 )     9.83       -0-       -0-       -0-       -0-  
Vested     (54,697 )     10.07       (61,840 )     9.63       (52,140 )     10.77  
Non-vested at end of year     133,315     $ 10.04       121,242     $ 9.83       137,346     $ 10.37  

 

As of December 31, 2016, there were 1,235,500 shares available for grant as stock options or restricted stock under the 2013 Plan.
XML 28 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
401(k) Plan
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
401(k) Plan

NOTE 7 – 401(k) PLAN

 

All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2016, 2015 and 2014, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $245,057, $167,971 and $226,953 in 2016, 2015 and 2014, respectively.
XML 29 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions and Other Matters
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions and Other Matters

NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS

 

Transactions with Monmouth Real Estate Investment Corporation

 

There are six Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (“MREIC”). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2016, the Company owns a total of 2,237,588 shares of MREIC common stock, representing 3.2% of the total shares outstanding at December 31, 2016 (See Note 4). The Company shares 1 officer (Chairman of the Board) with MREIC.

 

Employment Agreements and Compensation

 

The Company has three year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew.  The agreements provide for base compensation aggregating approximating $1 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control.

 

Other Matters

 

Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. On May 1, 2015, the Company renewed this lease for additional space and an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere.
XML 30 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Shareholders' Equity

NOTE 9 – SHAREHOLDERS’ EQUITY

 

Common Stock

 

The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company.

 

Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows:

 

    2016     2015     2014  
                   
Amounts Received   $ 22,400,945     $ 24,599,818     $ 32,792,239  
Less: Dividends Reinvested     (2,388,552 )     (2,006,287 )     (1,858,491 )
Amounts Received, net   $ 20,012,393     $ 22,593,531     $ 30,933,748  
                         
Number of Shares Issued     1,966,133       2,657,255       3,554,191  

 

Preferred Stock

 

As of December 31, 2016, the Company had a total of 3,663,800 shares of Series A Preferred Stock outstanding representing an aggregate liquidation preference of $91,595,000.

 

The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15.

 

The Series A Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Effective May 26, 2016, at any time and, from time to time, the Series A Preferred Stock can be redeemed in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.

 

Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series A Preferred Stock will have the right to convert all or part of the shares of the Series A Preferred Stock held, unless the Company elects to redeem the Series A Preferred Stock.

 

Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. 

 

On October 20, 2015, the Company issued and sold 1,801,200 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering of approximately $43 million, after deducting offering related expenses. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 at an annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. The first quarterly dividend payment date for the Series B Preferred Stock was payable March 15, 2016 and was for the dividend period from October 20, 2015 to February 29, 2016. A portion of the dividend to be paid on March 15, 2016, covering the period October 20, 2015 to December 31, 2015, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements.

 

The Series B Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series B Preferred Stock is not redeemable prior to October 20, 2020. On and after October 20, 2020, the Series B Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series B Preferred shares ranks on a parity with the Company’s Series A Preferred shares with respect to dividend rights and rights upon liquidation, dissolution or winding up.

 

Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held, unless the Company elects to redeem the Series B Preferred Stock.

 

Holders of the Series B Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events.

 

In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 22,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 48,663,800 shares (classified as 42,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 70,663,800 shares (classified as 64,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series B Preferred Stock and reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock.

 

On April 5, 2016, the Company issued an additional 2,000,000 shares of its Series B Preferred stock in a registered direct placement at a sale price of $25.50 per share, including accrued dividends. The Company received net proceeds from the offering after expenses of approximately $49.1 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis.

 

In conjunction with the issuance of the Company’s Series B Preferred shares, on April 4, 2016, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred stock. After the reclassification, the Company’s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock. 

 

On August 11, 2016, the Company filed with the MSAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 4,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 81,663,800 shares (classified as 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 85,663,800 shares (classified as 75,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock).

 

Issuer Purchases of Equity Securities

 

On January 19, 2017, the Board of Directors reaffirmed its Share Repurchase Program (the “Repurchase Program”) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. There have been no purchases under the Repurchase Program to date.
XML 31 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Distributions
 12 Months Ended
Dec. 31, 2016
Distributions [Abstract]  
Distributions

NOTE 10 – DISTRIBUTIONS

 

Common Stock

 

The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014:

 

      2016     2015     2014  
Quarter Ended     Amount     Per Share     Amount     Per Share     Amount     Per Share  
                                       
March 31     $ 4,879,009     $ 0.18     $ 4,481,730     $ 0.18     $ 3,853,595     $ 0.18  
June 30       4,903,286       0.18       4,633,318       0.18       3,991,110       0.18  
September 30       5,031,818       0.18       4,767,312       0.18       4,125,060       0.18  
December 31       5,204,709       0.18       4,864,760       0.18       4,316,063       0.18  
                                                   
      $ 20,018,822     $ 0.72     $ 18,747,120     $ 0.72     $ 16,285,828     $ 0.72  

 

These amounts do not include the discount on shares purchased through the Company’s DRIP.

 

On January 19, 2017, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

  

Preferred Stock

 

The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014:

 

Declaration Date   Record Date   Payment
Date		   Dividend     Dividend
per Share		  
                     
1/15/2016   2/16/2016   3/15/2016   $ 1,889,147     $ 0.515625  
4/4/2016   5/16/2016   6/15/2016     1,889,147       0.515625  
7/1/2016   8/15/2016   9/15/2016     1,889,147       0.515625  
10/3/2016   11/17/2016   12/15/2016     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  
                         
1/15/2015   2/17/2015   3/16/2015   $ 1,889,147     $ 0.515625  
4/1/2015   5/15/2015   6/16/2015     1,889,147       0.515625  
7/1/2015   8/15/2015   9/15/2015     1,889,147       0.515625  
10/1/2015   11/17/2015   12/15/2015     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  
                         
1/15/2014   2/18/2014   3/17/2014   $ 1,889,147     $ 0.515625  
4/1/2014   5/15/2014   6/16/2014     1,889,147       0.515625  
7/1/2014   8/15/2014   9/15/2014     1,889,147       0.515625  
10/1/2014   11/17/2014   12/15/2014     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

 

The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016:

 

Declaration Date   Record Date   Payment
Date		   Dividend     Dividend
per Share		  
                     
1/15/2016   2/16/2016   3/15/2016   $ 1,305,257     $ 0.72466  
4/4/2016   5/16/2016   6/15/2016     1,900,600       0.50  
7/1/2016   8/15/2016   9/15/2016     1,900,600       0.50  
10/3/2016   11/17/2016   12/15/2016     1,900,600       0.50  
                         
            $ 7,007,057     $ 2.22466  

 

On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.0% Series B Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.
XML 32 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Federal Income Taxes
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Federal Income Taxes

NOTE 11 – FEDERAL INCOME TAXES

 

Characterization of Distributions

 

The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014:

 

    2016       2015       2014    
    Amount     Percent     Amount     Percent     Amount     Percent  
                                     
Ordinary income   $ 0.09549       13.26 %   $ 0.00000       0.00 %   $ 0.01114       1.55 %
Capital gains     0.01425       1.98 %     0.00000       0.00 %     0.00265       0.37 %
Return of capital     0.61026       84.76 %     0.72000       100.00 %     0.70621       98.08 %
    $ 0.72       100 %   $ 0.72       100 %   $ 0.72       100 %

 

For the year ended December 31, 2016, total distributions paid by the Company for its Series A Preferred Stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2015, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.36264 characterized as ordinary income, $0.03439 characterized as capital gains and $0.66547 characterized as a return of capital). For the year ended December 31, 2014, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.66551 characterized as ordinary income and $0.39699 characterized as capital gains).

 

For the year ended December 31, 2016, total distributions paid by the Company for its Series B preferred stock, amounted to $7,007,057 or $2.22466 per share (for income tax purposes, $1.93582 characterized as ordinary income and $0.28884 characterized as capital gains).

 

In addition to the above, taxable income from non-REIT activities conducted by S&F, a Taxable REIT Subsidiary (“TRS”), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2016, 2015 and 2014, S&F had operating losses for financial reporting purposes of $2,307,104, $3,550,961 and $3,946,571, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2016, 2015 and 2014, S&F recorded $5,000, $15,000 and $15,000, respectively, in federal, state and franchise taxes.
XML 33 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments, Contingencies and Legal Matters
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Legal Matters

NOTE 12 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

 

The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company.

 

Included in the Company’s Community Operating Expenses for the year ended December 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of completing a new manufactured home community at this location, which is expected to open in the first quarter of 2017. Once fully developed, the community will contain a total of 134 developed homesites.

  

In November 2013, the Company entered into an agreement with 21st Mortgage under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has 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. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2016, the total loan balance was approximately $5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of December 31, 2016, the total loan balance was approximately $4 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing.

 

The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. The Company does not receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If the loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad and subsequently purchased by the Company. Included in Notes and Other Receivables is approximately $3,495,000 of loans that the Company purchased under the COP Program during the year ended December 31, 2016.
XML 34 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 13 - FAIR VALUE MEASUREMENTS

 

The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. 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 certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015:

 

    Fair Value Measurements at Reporting Date Using  
    Total    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

    

Significant Other Observable Inputs

(Level 2)

    

Significant Unobservable Inputs

(Level 3)

  
                         
December 31, 2016:                                
Equity Securities - Preferred Stock   $ 13,028,200     $ 13,028,200     $ -0-     $ -0-  
Equity Securities - Common Stock     95,726,972       95,726,972       -0-       -0-  
Interest Rate Swap (1)     (3,983 )     -0-       (3,983 )     -0-  
Total   $ 108,751,189     $ 108,755,172     $ (3,983 )   $ -0-  
                                 
December 31, 2015:                                
Equity Securities - Preferred Stock   $ 14,219,712     $ 14,219,712     $ -0-     $ -0-  
Equity Securities - Common Stock     60,791,548       60,791,548       -0-       -0-  
Interest Rate Swap (1)     (1,700 )     -0-       (1,700 )     -0-  
Total   $ 75,009,560     $ 75,011,260     $ (1,700 )   $ -0-  

 

  (1) Included in accrued liabilities and deposits

 

In addition to the Company’s investment in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its 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. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates.

 

The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of securities available for sale is primarily based upon quoted market values. 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. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2016, the fair and carrying value of fixed rate mortgages payable amounted to $282,369,063 and $285,584,102, respectively. As of December 31, 2015, the fair and carrying value of fixed rate mortgages payable amounted to $276,657,074 and $274,542,499, respectively. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy.
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

NOTE 14 – SUPPLEMENTAL CASH FLOW INFORMATION

 

Cash paid for interest during the years ended December 31, 2016, 2015 and 2014 was $15,406,689, $12,497,858 and $10,832,747, respectively.

 

During the years ended December 31, 2016 and 2015, the Company assumed mortgages totaling approximately $3.2 million and $2.3 million for the acquisition of communities.

 

During the years ended December 31, 2016, 2015 and 2014, land development costs of $170,925, $60,857 and $100,372, respectively were transferred to investment property and equipment and placed in service.

 

During the years ended December 31, 2016, 2015 and 2014, the Company had dividend reinvestments of $2,388,552, $2,006,287 and $1,858,491, respectively which required no cash transfers.
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 15 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On January 18, 2017, the Company drew down the remaining $15,000,000 on our Credit Facility in anticipation of community acquisitions.

 

On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%.

 

On January 20, 2017, the Company acquired two manufactured home communities located in Osolo, Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a $14,250,000 Freddie Mac mortgage with Wells Fargo. The mortgage has an interest rate of 4.56% and a 10-year term with a 30-year amortization.

 

On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Lower Burrell, Pennsylvania for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the average occupancy for these communities was approximately 40%.
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Proforma Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Proforma Financial Information (Unaudited)

NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

 

The following unaudited pro forma condensed financial information reflects the 2016 and 2015 acquisitions that have closed. 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 2016 and 2015 assuming that the acquisitions had occurred as of January 1, 2015, 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 and (d) depreciation expense related to the new 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.

 

    For the years ended December 31,  
    2016     2015  
             
Rental and Related Income   $ 100,038,000     $ 88,769,000  
Community Operating Expenses     42,818,000       40,166,000  
Net Loss Attributable to Common Shareholders     (2,440,000 )     (6,371,000 )
Net Loss Attributable to Common Shareholders per Share:                
 Basic and Diluted     (0.09 )     (0.25 )
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)

NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

THREE MONTHS ENDED

 

2016   March 31     June 30     September 30     December 31  
                         
Total Income   $ 23,504,374     $ 25,210,707     $ 25,355,051     $ 25,143,697  
Total Expenses     19,876,382       21,176,977       21,567,389       20,634,766  
Other Income (Expense)     (1,743,611 )     (937,242 )     (587,077 )     (1,153,663 )
Net Income     1,906,469       3,051,462       3,200,013       3,376,615  

Net Loss Attributable to

Common Shareholders

     (883,278 )     (682,729 )     (589,734 )     (413,132 )

Net Loss Attributable to Common

Shareholders per Share –
Basic and Diluted

     (0.03 )     (0.03 )     (0.02 )     (0.01 )

 

2015   March 31     June 30     September 30     December 31  
                         
Total Income   $ 18,344,086     $ 19,553,443     $ 21,694,999     $ 21,924,143  
Total Expenses     16,369,803       17,484,822       18,965,700       19,256,221  
Other Income (Expense)     (1,260,479 )     (1,790,710 )     (1,684,881 )     (2,479,582 )
Net Income     718,517       203,982       1,047,245       174,461  
Net Loss Attributable to
Common Shareholders		     (1,170,630 )     (1,685,165 )     (841,902 )     (2,425,296 )
Net Loss Attributable to Common Shareholders per Share – Basic and Diluted     (0.05 )     (0.06 )     (0.03 )     (0.10 )
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Real Estate and Accumulated Depreciation

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016

 

Column A   Column B         Column C     Column D  
Description             Initial Cost        
                        Site, Land        
                        & Building     Capitalization  
                        Improvements     Subsequent to  
Name   Location   Encumbrances         Land     and Rental Homes     Acquisition  
                                 
Allentown   Memphis, TN   $ 13,637,719         $ 250,000     $ 2,569,101     $ 9,843,420  
Arbor Estates   Doylestown, PA             (3)     2,650,000       8,266,000       969,266  
Auburn Estates   Orrville, OH             (4)     114,000       1,174,000       355,280  
Birchwood Farms   Birch Run, MI             (3)     70,000       2,797,000       1,686,954  
Broadmore Estates   Goshen, IN     50,095,192       (3)     1,120,000       11,136,000       6,206,691  
Brookside Village   Berwick, PA             (1)     372,000       4,776,000       1,221,426  
Brookview Village   Greenfield Ctr, NY     2,832,889           37,500       232,547       4,369,792  
Candlewick Court   Owosso, MI     4,551,134           159,200       7,087,221       1,188,057  
Carsons   Chambersburg, PA             (2)     176,000       2,411,000       935,152  
Catalina   Middletown, OH     5,739,657           1,008,000       11,734,640       1,993,004  
Cedarcrest   Vineland, NJ     12,268,266           320,000       1,866,323       2,628,346  
Chambersburg I & II   Chambersburg, PA     10,625,352       (2)     108,000       2,397,000       373,954  
Chelsea   Sayre, PA             (2)     124,000       2,049,000       758,722  
City View   Lewistown, PA     -0-           137,000       613,000       1,241,302  
Clinton   Tiffin, OH     3,579,289           142,000       3,301,800       199,155  
Collingwood   Horseheads, NY             (2)     196,000       2,317,500       1,202,057  
Colonial Heights   Wintersville, OH             (3)     67,000       2,383,000       3,772,898  
Countryside Estates   Muncie, IN     -0-           174,000       1,926,000       2,635,057  
Countryside Estates   Ravenna, OH     8,818,862       (5)     205,000       2,895,997       2,616,020  
Countryside Village   Columbia, TN     -0-           394,000       6,916,500       7,961,498  
Cranberry Village   Cranberry Twp, PA     7,769,600           181,930       1,922,931       3,501,615  
Crestview   Sayre, PA             (2)     188,000       2,258,000       1,148,016  
Cross Keys Village   Duncansville, PA     -0-           60,774       378,093       3,178,652  
Dallas Mobile Home   Toronto, OH     -0-           275,600       2,728,503       916,762  
Deer Meadows   New Springfield, OH             (5)     226,000       2,299,275       1,081,149  
D&R Village   Clifton Park, NY     7,837,828           391,724       704,021       3,202,804  
Evergreen Estates   Lodi, OH             (5)     99,000       1,121,300       330,820  
Evergreen Manor   Bedford, OH             (5)     49,000       2,372,258       526,753  
Evergreen Village   Mantua, OH             (5)     105,000       1,277,001       692,114  
Fairview Manor   Millville, NJ     16,299,292           216,000       1,166,517       9,483,856  
Forest Creek   Elkhart, IN             (3)     440,000       7,004,000       1,685,875  
Forest Park Village   Cranberry Twp, PA     8,486,324           75,000       977,225       6,914,108  
Frieden Manor   Schuylkill Haven, PA             (2)     643,000       5,293,500       1,713,786  
Green Acres   Chambersburg, PA             (2)     63,000       584,000       105,105  
Gregory Courts   Honey Brook, PA             (3)     370,000       1,220,000       346,398  
Hayden Heights   Dublin, OH     2,134,846           248,100       2,147,700       519,943  
Heather Highlands   Inkerman, PA             (3)     510,000       7,084,000       1,884,592  
Highland   Elkhart, IN     354,529           572,500       2,151,569       8,228,321  
Highland Estates   Kutztown, PA     9,035,246           145,000       1,695,041       11,631,628  
Hillside Estates   Greensburg, PA             (6)     483,600       2,678,525       1,437,008  
Holiday Village   Nashville, TN     8,075,696           1,632,000       5,618,000       6,519,687  
Holiday Village   Elkhart, IN     8,674,151           490,600       13,808,269       1,599,404  
Holly Acres Estates   Erie, PA     2,228,629           194,000       3,591,000       247,768  
Hudson Estates   Peninsula, OH     -0-           141,000       3,515,878       3,250,757  
Huntingdon Pointe   Tarrs, PA     -0-           399,000       865,450       442,514  
Independence Park   Clinton, PA     8,226,015       (6)     686,400       2,783,633       1,834,765  
Kinnebrook   Monticello, NY     4,127,176           235,600       1,402,572       10,328,190  
Lake Sherman   Navarre, OH     5,611,924           290,000       1,457,673       8,936,710  
Lakeview Meadows   Lakeview, OH     -0-           574,000       1,103,600       59,348  
Laurel Woods   Cresson, PA     -0-           432,700       2,070,426       3,141,475  
Little Chippewa   Orrville, OH             (4)     113,000       1,135,000       854,599  
Maple Manor   Taylor, PA     14,072,989       (1)     674,000       9,432,800       3,971,321  

 

Column A    Column B         Column C     Column D  
Description             Initial Cost        
                        Site, Land        
                        & Building     Capitalization  
                        Improvements     Subsequent to  
Name   Location    Encumbrances         Land     and Rental Homes     Acquisition  
                                 
Meadowood   New Middletown, OH   $       (3)   $ 152,000     $ 3,191,000     $ 2,027,873  
Meadows   Nappanee, IN     -0-           548,600       6,720,900       1,278,258  
Melrose Village   Wooster, OH     7,294,460     (4)     767,000       5,429,000       3,652,118  
Melrose West   Wooster, OH           (4)     94,000       1,040,000       48,618  
Memphis Blues   Memphis, TN     -0-           78,435       810,477       1,612,983  
Monroe Valley   Ephrata, PA           (2)     114,000       994,000       428,713  
Moosic Heights   Avoca, PA           (1)     330,000       3,794,100       1,437,446  
Mountaintop   Ephrata, PA           (2)     134,000       1,665,000       479,395  
Oak Ridge Estates   Elkhart, IN           (3)     500,000       7,524,000       1,560,097  
Oakwood Lake   Tunkhannock, PA           (1)     379,000       1,639,000       740,354  
Olmsted Falls   Olmsted Falls, OH     2,133,656           569,000       3,031,000       969,391  
Oxford Village   West Grove, PA     6,963,586           175,000       990,515       1,988,629  
Pine Ridge/Manor   Carlisle, PA     -0-           37,540       198,321       7,770,336  
Pine Valley Estates   Apollo, PA     -0-           670,000       1,336,600       4,894,957  
Pleasant View Estates   Bloomsburg, PA           (1)     282,000       2,174,800       986,050  
Port Royal Village   Belle Vernon, PA     -0-           150,000       2,491,796       11,533,104  
River Valley Estates   Marion, OH     -0-           236,000       785,293       5,994,421  
Rolling Hills Estates   Carlisle, PA     -0-           301,000       1,419,013       1,416,113  
Rostraver Estates   Belle Vernon, PA           (6)     813,600       2,203,506       1,227,696  
Sandy Valley Estates   Magnolia, OH     -0-           270,000       1,941,430       6,844,079  
Shady Hills   Nashville, TN     5,089,892           337,000       3,379,000       3,443,837  
Somerset/Whispering   Somerset, PA     395,886           1,485,000       2,050,400       6,644,002  
Southern Terrace   Columbiana, OH           (3)     63,000       3,387,000       383,118  
Southwind Village   Jackson, NJ     5,562,310           100,095       602,820       2,528,575  
Spreading Oaks   Athens, OH     -0-           67,000       1,326,800       2,759,056  
Springfield Meadows   Springfield, OH     3,191,381           1,230,000       3,092,706       -0-  
Suburban Estates   Greensburg, PA     5,686,136           299,000       5,837,272       2,431,158  
Summit Estates   Ravenna, OH     -0-           198,000       2,779,260       1,609,677  
Sunny Acres   Somerset, PA     6,329,350           287,000       6,113,528       958,253  
Sunnyside   Eagleville, PA           (3)     450,000       2,674,000       201,512  
Trailmont   Goodlettsville, TN     3,393,262           411,000       1,867,000       3,431,368  
Twin Oaks I & II   Olmsted Twp, OH     2,494,084           823,000       3,527,000       1,387,658  
Twin Pines   Goshen, IN           (3)     650,000       6,307,000       2,470,027  
Valley High   Ruffs Dale, PA           (6)     284,000       2,266,750       841,848  
Valley Hills   Ravenna, OH     3,466,014           996,000       6,542,178       4,822,424  
Valley Stream   Mountaintop, PA     -0-           323,000       3,190,550       556,089  
Valley View-I   Ephrata, PA           (2)     191,000       4,359,000       958,252  
Valley View-II   Ephrata, PA           (2)     72,000       1,746,000       2,508  
Valley View-HB   Honey Brook, PA           (3)     1,380,000       5,348,000       1,249,830  
Voyager Estates   West Newton, PA     -0-           742,000       3,142,725       1,390,989  
Waterfalls Village   Hamburg, NY     4,716,994           424,000       3,812,000       3,390,639  
Wayside   Lakeview, OH     -0-           196,000       1,080,050       14,093  
Weatherly Estates   Lebanon, TN     8,279,558           1,184,000       4,034,480       4,497,402  
Woodland Manor   West Monroe, NY     -0-           77,000       841,000       2,393,082  
Woodlawn Village   Eatontown, NJ     -0-           157,421       280,749       1,383,879  
Woods Edge   West Lafayette, IN     6,969,958           1,808,100       13,321,318       849,953  
Wood Valley   Caledonia, OH     -0-           260,000       1,753,206       3,897,202  
Worthington Arms   Lewis Center, OH     9,514,851           436,800       12,705,530       836,527  
Youngstown Estates   Youngstown, NY           (4)     269,000       1,606,000       598,191  
        $ 296,563,983         $ 40,830,819     $ 331,050,462     $ 264,695,674  

  

Column A   Column E (6) (7)     Column F  
Description   Gross Amount at Which Carried at 12/31/15        
              Site, Land              
              & Building              
              Improvements           Accumulated  
Name   Location   Land     and Rental Homes     Total     Depreciation  
                             
Allentown   Memphis, TN   $ 480,000     $ 12,182,521     $ 12,662,521     $ 5,187,063  
Arbor Estates   Doylestown, PA     2,650,000       9,235,266       11,885,266       1,197,142  
Auburn Estates   Orrville, OH     114,000       1,529,280       1,643,280       163,398  
Birchwood Farms   Birch Run, MI     70,000       4,483,954       4,553,954       629,232  
Broadmore Estates   Goshen, IN     1,120,000       17,342,691       18,462,691       2,186,065  
Brookside Village   Berwick, PA     372,000       5,997,426       6,369,426       1,160,539  
Brookview Village   Greenfield Ctr, NY     122,865       4,516,974       4,639,839       2,209,561  
Candlewick Court   Owosso, MI     159,200       8,275,278       8,434,478       441,471  
Carsons   Chambersburg, PA     176,000       3,346,152       3,522,152       461,349  
Catalina   Middletown, OH     1,008,000       13,727,644       14,735,644       728,492  
Cedarcrest   Vineland, NJ     408,206       4,406,463       4,814,669       2,730,868  
Chambersburg I & II   Chambersburg, PA     108,000       2,770,954       2,878,954       424,733  
Chelsea   Sayre, PA     124,000       2,807,722       2,931,722       384,891  
City View   Lewistown, PA     137,000       1,854,302       1,991,302       246,952  
Clinton   Tiffin, OH     142,000       3,500,955       3,642,955       659,270  
Collingwood   Horseheads, NY     196,000       3,519,557       3,715,557       481,544  
Colonial Heights   Wintersville, OH     67,000       6,155,898       6,222,898       772,241  
Countryside Estates   Muncie, IN     174,000       4,561,057       4,735,057       582,843  
Countryside Estates   Ravenna, OH     205,000       5,512,017       5,717,017       434,912  
Countryside Village   Columbia, TN     609,000       14,662,998       15,271,998       2,326,197  
Cranberry Village   Cranberry Twp, PA     181,930       5,424,546       5,606,476       2,733,960  
Crestview   Sayre, PA     361,500       3,232,516       3,594,016       425,472  
Cross Keys Village   Duncansville, PA     60,774       3,556,745       3,617,519       1,199,569  
Dallas Mobile Home   Toronto, OH     275,600       3,645,265       3,920,865       296,191  
Deer Meadows   New Springfield, OH     226,000       3,380,424       3,606,424       291,027  
D&R Village   Clifton Park, NY     391,724       3,906,825       4,298,549       1,955,811  
Evergreen Estates   Lodi, OH     119,000       1,432,120       1,551,120       129,557  
Evergreen Manor   Bedford, OH     49,000       2,899,011       2,948,011       257,836  
Evergreen Village   Mantua, OH     105,000       1,969,115       2,074,115       174,552  
Fairview Manor   Millville, NJ     2,534,892       8,331,481       10,866,373       4,775,026  
Forest Creek   Elkhart, IN     440,000       8,689,875       9,129,875       1,343,487  
Forest Park Village   Cranberry Twp, PA     75,000       7,891,333       7,966,333       2,890,114  
Frieden Manor   Schuylkill Haven, PA     643,000       7,007,286       7,650,286       1,032,959  
Green Acres   Chambersburg, PA     63,000       689,105       752,105       99,847  
Gregory Courts   Honey Brook, PA     370,000       1,566,398       1,936,398       192,436  
Hayden Heights   Dublin, OH     248,100       2,667,643       2,915,743       225,356  
Heather Highlands   Inkerman, PA     510,000       8,968,592       9,478,592       1,296,725  
Highland   Elkhart, IN     572,500       10,379,890       10,952,390       4,592,021  
Highland Estates   Kutztown, PA     404,239       13,067,430       13,471,669       6,261,207  
Hillside Estates   Greensburg, PA     483,600       4,115,533       4,599,133       318,242  
Holiday Village   Nashville, TN     1,632,000       12,137,687       13,769,687       1,302,883  
Holiday Village   Elkhart, IN     490,600       15,407,673       15,898,273       694,801  
Holly Acres Estates   Erie, PA     194,000       3,838,768       4,032,768       271,745  
Hudson Estates   Peninsula, OH     141,000       6,766,635       6,907,635       519,837  
Huntingdon Pointe   Tarrs, PA     399,000       1,307,964       1,706,964       66,588  
Independence Park   Clinton, PA     686,400       4,618,398       5,304,798       323,859  
Kinnebrook   Monticello, NY     352,972       11,613,390       11,966,362       4,536,547  
Lake Sherman   Navarre, OH     290,000       10,394,383       10,684,383       3,538,456  
Lakeview Meadows   Lakeview, OH     574,000       1,162,948       1,736,948       15,339  
Laurel Woods   Cresson, PA     432,700       5,211,901       5,644,601       1,847,290  
Little Chippewa   Orrville, OH     113,000       1,989,599       2,102,599       181,674  
Maple Manor   Taylor, PA     674,000       13,404,121       14,078,121       2,470,919  

 

Column A   Column E (6) (7)     Column F  
Description   Gross Amount at Which Carried at 12/31/16        
              Site, Land              
              & Building              
              Improvements           Accumulated  
Name   Location   Land     and Rental Homes     Total     Depreciation  
                             
Meadowood   New Middletown, OH   $ 152,000     $ 5,218,873     $ 5,370,873     $ 749,139  
Meadows   Nappanee, IN     548,600       7,999,158       8,547,758       387,480  
Melrose Village   Wooster, OH     767,000       9,081,118       9,848,118       836,307  
Melrose West   Wooster, OH     94,000       1,088,618       1,182,618       119,131  
Memphis Blues   Memphis, TN     335,935       2,165,960       2,501,895       1,212,347  
Monroe Valley   Ephrata, PA     114,000       1,422,713       1,536,713       204,572  
Moosic Heights   Avoca, PA     330,000       5,231,546       5,561,546       967,745  
Mountaintop   Ephrata, PA     134,000       2,144,395       2,278,395       320,795  
Oak Ridge Estates   Elkhart, IN     500,000       9,084,097       9,584,097       1,424,232  
Oakwood Lake   Tunkhannock, PA     379,000       2,379,354       2,758,354       440,784  
Olmsted Falls   Olmsted Falls, OH     569,000       4,000,391       4,569,391       558,463  
Oxford Village   West Grove, PA     155,000       2,999,144       3,154,144       1,974,506  
Pine Ridge/Manor   Carlisle, PA     145,473       7,860,724       8,006,197       2,715,002  
Pine Valley Estates   Apollo, PA     732,089       6,169,468       6,901,557       2,373,531  
Pleasant View Estates   Bloomsburg, PA     282,000       3,160,850       3,442,850       587,530  
Port Royal Village   Belle Vernon, PA     505,000       13,669,900       14,174,900       6,019,395  
River Valley Estates   Marion, OH     236,000       6,779,714       7,015,714       3,205,477  
Rolling Hills Estates   Carlisle, PA     301,000       2,835,126       3,136,126       400,518  
Rostraver Estates   Belle Vernon, PA     813,600       3,431,202       4,244,802       285,378  
Sandy Valley Estates   Magnolia, OH     270,000       8,785,509       9,055,509       4,356,449  
Shady Hills   Nashville, TN     337,000       6,822,837       7,159,837       1,061,745  
Somerset/Whispering   Somerset, PA     1,488,600       8,690,802       10,179,402       2,819,604  
Southern Terrace   Columbiana, OH     63,000       3,770,118       3,833,118       568,089  
Southwind Village   Jackson, NJ     100,095       3,131,395       3,231,490       1,919,130  
Spreading Oaks   Athens, OH     67,000       4,085,856       4,152,856       1,543,619  
Springfield Meadows   Springfield, OH     1,230,000       3,092,706       4,322,706       9,599  
Suburban Estates   Greensburg, PA     299,000       8,268,430       8,567,430       1,532,384  
Summit Estates   Ravenna, OH     198,000       4,388,937       4,586,937       362,907  
Sunny Acres   Somerset, PA     287,000       7,071,781       7,358,781       1,564,458  
Sunnyside   Eagleville, PA     450,000       2,875,512       3,325,512       381,052  
Trailmont   Goodlettsville, TN     411,000       5,298,368       5,709,368       786,338  
Twin Oaks I & II   Olmsted Twp, OH     998,000       4,739,658       5,737,658       693,329  
Twin Pines   Goshen, IN     650,000       8,777,027       9,427,027       1,160,152  
Valley High   Ruffs Dale, PA     284,000       3,108,598       3,392,598       252,991  
Valley Hills   Ravenna, OH     996,000       11,364,602       12,360,602       966,118  
Valley Stream   Mountaintop, PA     323,000       3,746,639       4,069,639       219,935  
Valley View-I   Ephrata, PA     191,000       5,317,252       5,508,252       808,807  
Valley View-II   Ephrata, PA     72,000       1,748,508       1,820,508       281,190  
Valley View-HB   Honey Brook, PA     1,380,000       6,597,830       7,977,830       891,195  
Voyager Estates   West Newton, PA     742,000       4,533,714       5,275,714       264,698  
Waterfalls Village   Hamburg, NY     424,000       7,202,639       7,626,639       3,390,559  
Wayside   Lakeview, OH     196,000       1,094,143       1,290,143       16,411  
Weatherly Estates   Lebanon, TN     1,184,000       8,531,882       9,715,882       2,697,726  
Woodland Manor   West Monroe, NY     77,000       3,234,082       3,311,082       885,408  
Woodlawn Village   Eatontown, NJ     135,421       1,686,628       1,822,049       733,269  
Woods Edge   West Lafayette, IN     1,808,100       14,171,271       15,979,371       684,613  
Wood Valley   Caledonia, OH     260,000       5,650,408       5,910,408       2,582,955  
Worthington Arms   Lewis Center, OH     436,800       13,542,057       13,978,857       691,591  
Youngstown Estates   Youngstown, NY     269,000       2,204,191       2,473,191       201,752  
                                     
        $ 45,257,515     $ 591,319,440     $ 636,576,955     $ 128,780,501  

 

 

Column A   Column G   Column H   Column I
Description            
        Date of   Date   Depreciable
Name   Location   Construction   Acquired   Life
                 
Allentown   Memphis, TN   prior to 1980   1986    5 to 27.5
Arbor Estates   Doylestown, PA   1959   2013    5 to 27.5
Auburn Estates   Orrville, OH   1971/1985/1995   2013    5 to 27.5
Birchwood Farms   Birch Run, MI   1976-1977   2013    5 to 27.5
Broadmore Estates   Goshen, IN   1950/1990   2013    5 to 27.5
Brookside Village   Berwick, PA   1973-1976   2010    5 to 27.5
Brookview Village   Greenfield Ctr, NY   prior to 1970   1977    5 to 27.5
Candlewick Court   Owosso, MI   1975   2015    5 to 27.5
Carsons   Chambersburg, PA   1963   2012    5 to 27.5
Catalina   Middletown, OH   1968-1976   2015    5 to 27.5
Cedarcrest   Vineland, NJ   1973   1986    5 to 27.5
Chambersburg I & II   Chambersburg, PA   1955   2012    5 to 27.5
Chelsea   Sayre, PA   1972   2012    5 to 27.5
City View   Lewistown, PA   prior to 1980   2011    5 to 27.5
Clinton   Tiffin, OH   1968/1987   2011    5 to 27.5
Collingwood   Horseheads, NY   1970   2012    5 to 27.5
Colonial Heights   Wintersville, OH   1972   2012    5 to 27.5
Countryside Estates   Muncie, IN   1996   2012    5 to 27.5
Countryside Estates   Ravenna, OH   1972   2014    5 to 27.5
Countryside Village   Columbia, TN   1988/1992   2011    5 to 27.5
Cranberry Village   Cranberry Twp, PA   1974   1986    5 to 27.5
Crestview   Sayre, PA   1964   2012    5 to 27.5
Cross Keys Village   Duncansville, PA   1961   1979    5 to 27.5
Dallas Mobile Home   Toronto, OH   1950-1957   2014    5 to 27.5
Deer Meadows   New Springfield, OH   1973   2014    5 to 27.5
D&R Village   Clifton Park, NY   1972   1978    5 to 27.5
Evergreen Estates   Lodi, OH   1965   2014    5 to 27.5
Evergreen Manor   Bedford, OH   1960   2014    5 to 27.5
Evergreen Village   Mantua, OH   1960   2014    5 to 27.5
Fairview Manor   Millville, NJ   prior to 1980   1985    5 to 27.5
Forest Creek   Elkhart, IN   1996-1997   2013    5 to 27.5
Forest Park Village   Cranberry Twp, PA   prior to 1980   1982    5 to 27.5
Frieden Manor   Schuylkill Haven, PA   1969   2012    5 to 27.5
Green Acres   Chambersburg, PA   1978   2012    5 to 27.5
Gregory Courts   Honey Brook, PA   1970   2013    5 to 27.5
Hayden Heights   Dublin, OH   1973   2014    5 to 27.5
Heather Highlands   Inkerman, PA   1969   2013    5 to 27.5
Highland   Elkhart, IN   1970   1992    5 to 27.5
Highland Estates   Kutztown, PA   1971   1979    5 to 27.5
Hillside Estates   Greensburg, PA   1980   2014    5 to 27.5
Holiday Village   Nashville, TN   1967   2013    5 to 27.5
Holiday Village   Elkhart, IN   1966   2015    5 to 27.5
Holly Acres Estates   Erie, PA   1977/2007   2015    5 to 27.5
Hudson Estates   Peninsula, OH   1956   2014    5 to 27.5
Huntingdon Pointe   Tarrs, PA   2000   2015    5 to 27.5
Independence Park   Clinton, PA   1987   2014    5 to 27.5
Kinnebrook   Monticello, NY   1972   1988    5 to 27.5
Lake Sherman   Navarre, OH   prior to 1980   1987    5 to 27.5
Lakeview Meadows   Lakeview, OH   1995   2016    5 to 27.5
Laurel Woods   Cresson, PA   prior to 1980   2001    5 to 27.5
Little Chippewa   Orrville, OH   1968   2013    5 to 27.5
Maple Manor   Taylor, PA   1972   2010    5 to 27.5

 

Column A   Column G   Column H   Column I
Description            
        Date of   Date   Depreciable
Name   Location   Construction   Acquired   Life
                 
Meadowood   New Middletown, OH   1957   2012    5 to 27.5
Meadows   Nappanee, IN   1965-1973   2015    5 to 27.5
Melrose Village   Wooster, OH   1970-1978   2013    5 to 27.5
Melrose West   Wooster, OH   1995   2013    5 to 27.5
Memphis Blues   Memphis, TN   1955   1985    5 to 27.5
Monroe Valley   Ephrata, PA   1969   2012    5 to 27.5
Moosic Heights   Avoca, PA   1972   2010    5 to 27.5
Mountaintop   Ephrata, PA   1972   2012    5 to 27.5
Oak Ridge Estates   Elkhart, IN   1990   2013    5 to 27.5
Oakwood Lake   Tunkhannock, PA   1972   2010    5 to 27.5
Olmsted Falls   Olmsted Falls, OH   1953/1970   2012    5 to 27.5
Oxford Village   West Grove, PA   1971   1974    5 to 27.5
Pine Ridge/Manor   Carlisle, PA   1961   1969    5 to 27.5
Pine Valley Estates   Apollo, PA   prior to 1980   1995    5 to 27.5
Pleasant View Estates   Bloomsburg, PA   1960’s   2010    5 to 27.5
Port Royal Village   Belle Vernon, PA   1973   1983    5 to 27.5
River Valley Estates   Marion, OH   1950   1986    5 to 27.5
Rolling Hills Estates   Carlisle, PA   1972-1975   2013    5 to 27.5
Rostraver Estates   Belle Vernon, PA   1970   2014    5 to 27.5
Sandy Valley Estates   Magnolia, OH   prior to 1980   1985    5 to 27.5
Shady Hills   Nashville, TN   1954   2011    5 to 27.5
Somerset/Whispering   Somerset, PA   prior to 1980   2004    5 to 27.5
Southern Terrace   Columbiana, OH   1983   2012    5 to 27.5
Southwind Village   Jackson, NJ   1969   1969    5 to 27.5
Spreading Oaks   Athens, OH   prior to 1980   1996    5 to 27.5
Springfield Meadows   Springfield, OH   1970   2016    5 to 27.5
Suburban Estates   Greensburg, PA   1968/1980   2010    5 to 27.5
Summit Estates   Ravenna, OH   1969   2014    5 to 27.5
Sunny Acres   Somerset, PA   1970   2010    5 to 27.5
Sunnyside   Eagleville, PA   1960   2013    5 to 27.5
Trailmont   Goodlettsville, TN   1964   2011    5 to 27.5
Twin Oaks I & II   Olmsted Twp, OH   1952/1997   2012    5 to 27.5
Twin Pines   Goshen, IN   1956/1990   2013    5 to 27.5
Valley High   Ruffs Dale, PA   1974   2014    5 to 27.5
Valley Hills   Ravenna, OH   1960-1970   2014    5 to 27.5
Valley Stream   Mountaintop, PA   1970   2015    5 to 27.5
Valley View-I   Ephrata, PA   1961   2012    5 to 27.5
Valley View-II   Ephrata, PA   1999   2012    5 to 27.5
Valley View-HB   Honey Brook, PA   1970   2013    5 to 27.5
Voyager Estates   West Newton, PA   1968   2015    5 to 27.5
Waterfalls Village   Hamburg, NY   prior to 1980   1997    5 to 27.5
Wayside   Lakeview, OH   1960’s   2016    5 to 27.5
Weatherly Estates   Lebanon, TN   1997   2006    5 to 27.5
Woodland Manor   West Monroe, NY   prior to 1980   2003    5 to 27.5
Woodlawn Village   Eatontown, NJ   1964   1978    5 to 27.5
Woods Edge   West Lafayette, IN   1974   2015    5 to 27.5
Wood Valley   Caledonia, OH   prior to 1980   1996    5 to 27.5
Worthington Arms   Lewis Center, OH   1968   2015    5 to 27.5
Youngstown Estates   Youngstown, NY   1963   2013    5 to 27.5

  

(1) Represents one mortgage note payable secured by five properties.
   
(2) Represents one mortgage note payable secured by eleven properties.
   
(3) Represents one mortgage note payable secured by thirteen properties.
   
(4) Represents one mortgage note payable secured by five properties.
   
(5) Represents one mortgage note payable secured by five properties.
   
(6) Represents one mortgage note payable secured by four properties.
   
(7) Reconciliation

 

    /————FIXED ASSETS————/  
    12/31/16     12/31/15     12/31/14  
                   
Balance – Beginning of Year   $ 574,283,574     $ 444,908,976     $ 362,707,205  
                         
Additions:                        
Acquisitions     7,276,356       82,276,902       42,422,064  
Improvements     56,417,927       48,263,233       40,659,958  
Total Additions     63,694,283       130,540,135       83,082,022  
                         
Deletions     (1,400,902 )     (1,165,537 )     (880,251 )
                         
Balance – End of Year   $ 636,576,955     $ 574,283,574     $ 444,908,976  


 

    /——ACCUMULATED DEPRECIATION——/  
    12/31/16     12/31/15     12/31/14  
                   
Balance – Beginning of Year   $ 107,453,972     $ 90,277,082     $ 76,328,213  
                         
Additions:                        
Depreciation     21,625,264       17,481,811       14,306,274  
 Total Additions     21,625,264       17,481,811       14,306,274  
                         
Deletions     (298,735 )     (304,921 )     (357,405 )
                         
Balance – End of Year   $ 128,780,501     $ 107,453,972     $ 90,277,082  


 

(8) The aggregate cost for Federal tax purposes approximates historical cost.
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Description of the Business

Description of the Business

 

As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan.

 

These manufactured home communities are listed by trade names as follows:

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Allentown   Memphis, Tennessee
Arbor Estates   Doylestown, Pennsylvania
Auburn Estates   Orrville, Ohio
Birchwood Farms   Birch Run, Michigan
Broadmore Estates   Goshen, Indiana
Brookside Village   Berwick, Pennsylvania
Brookview Village   Greenfield Center, New York
Candlewick Court   Owosso, Michigan
Carsons   Chambersburg, Pennsylvania
Catalina   Middletown, Ohio
Cedarcrest   Vineland, New Jersey
Chambersburg I & II   Chambersburg, Pennsylvania
Chelsea   Sayre, Pennsylvania
City View   Lewistown, Pennsylvania
Clinton Mobile Home Resort   Tiffin, Ohio
Collingwood   Horseheads, New York
Colonial Heights   Wintersville, Ohio
Countryside Estates   Muncie, Indiana
Countryside Estates   Ravenna, Ohio
Countryside Village   Columbia, Tennessee
Cranberry Village   Cranberry Township, Pennsylvania
Crestview   Sayre, Pennsylvania
Cross Keys Village   Duncansville, Pennsylvania
Dallas Mobile Home Community   Toronto, Ohio
Deer Meadows   New Springfield, Ohio
D & R Village   Clifton Park, New York
Evergreen Estates   Lodi, Ohio
Evergreen Manor   Bedford, Ohio
Evergreen Village   Mantua, Ohio

 

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Fairview Manor   Millville, New Jersey
Forest Creek   Elkhart, Indiana
Forest Park Village   Cranberry Township, Pennsylvania
Frieden Manor   Schuylkill Haven, Pennsylvania
Green Acres   Chambersburg, Pennsylvania
Gregory Courts   Honey Brook, Pennsylvania
Hayden Heights   Dublin, Ohio
Heather Highlands   Inkerman, Pennsylvania
Highland   Elkhart, Indiana
Highland Estates   Kutztown, Pennsylvania
Hillside Estates   Greensburg, Pennsylvania
Holiday Village   Nashville, Tennessee
Holiday Village   Elkhart, Indiana
Holly Acres Estates   Erie, Pennsylvania
Hudson Estates   Peninsula, Ohio
Huntingdon Pointe   Tarrs, Pennsylvania
Independence Park   Clinton, Pennsylvania
Kinnebrook   Monticello, New York
Lake Sherman Village   Navarre, Ohio
Lakeview Meadows   Lakeview, Ohio
Laurel Woods   Cresson, Pennsylvania
Little Chippewa   Orrville, Ohio
Maple Manor   Taylor, Pennsylvania
Meadowood   New Middletown, Ohio
Meadows   Nappanee, Indiana
Melrose Village   Wooster, Ohio
Melrose West   Wooster, Ohio
Memphis Blues   Memphis, Tennessee
Monroe Valley   Ephrata, Pennsylvania
Moosic Heights   Avoca, Pennsylvania
Mountaintop   Ephrata, Pennsylvania
Oak Ridge Estates   Elkhart, Indiana
Oakwood Lake Village   Tunkhannock, Pennsylvania
Olmsted Falls   Olmsted Falls, Ohio
Oxford Village   West Grove, Pennsylvania
Pine Ridge Village/Pine Manor   Carlisle, Pennsylvania
Pine Valley Estates   Apollo, Pennsylvania
Pleasant View Estates   Bloomsburg, Pennsylvania
Port Royal Village   Belle Vernon, Pennsylvania
River Valley Estates   Marion, Ohio
Rolling Hills Estates   Carlisle, Pennsylvania
Rostraver Estates   Belle Vernon, Pennsylvania
Sandy Valley Estates   Magnolia, Ohio
Shady Hills   Nashville, Tennessee
Somerset Estates/Whispering Pines   Somerset, Pennsylvania
Southern Terrace   Columbiana, Ohio
Southwind Village   Jackson, New Jersey
Spreading Oaks Village   Athens, Ohio
Springfield Meadows   Springfield, Ohio
Suburban Estates   Greensburg, Pennsylvania
Summit Estates   Ravenna, Ohio
Sunny Acres   Somerset, Pennsylvania
Sunnyside   Eagleville, Pennsylvania
Trailmont   Goodlettsville, Tennessee
Twin Oaks I & II   Olmsted Falls, Ohio

 

 

MANUFACTURED HOME COMMUNITY   LOCATION
     
Twin Pines   Goshen, Indiana
Valley High   Ruffs Dale, Pennsylvania
Valley Hills   Ravenna, Ohio
Valley Stream   Mountaintop, Pennsylvania
Valley View I   Ephrata, Pennsylvania
Valley View II   Ephrata, Pennsylvania
Valley View Honeybrook   Honey Brook, Pennsylvania
Voyager Estates   West Newton, Pennsylvania
Waterfalls Village   Hamburg, New York
Wayside   Lakeview, Ohio
Weatherly Estates   Lebanon, Tennessee
Woodland Manor   West Monroe, New York
Woodlawn Village   Eatontown, New Jersey
Woods Edge   West Lafayette, Indiana
Wood Valley   Caledonia, Ohio
Worthington Arms   Lewis Center, Ohio
Youngstown Estates   Youngstown, New York
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

 

The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated.
Use of Estimates

Use of Estimates

 

In preparing the consolidated financial statements, 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. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.
Investment Property and Equipment and Depreciation

Investment Property and Equipment and Depreciation

 

Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations.

 

The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant& Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. 

 

The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company utilizes the experience and knowledge of its internal valuation team to derive certain assumptions used to determine an operating property’s cash flow. Such assumptions include lease-up rates, rental rates, rental growth rates, and capital expenditures. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2016, the undiscounted cash flows over the expected holding period for these properties were in excess of their carrying values and, therefore, no impairment charges were required.
Acquisitions

Acquisitions

 

The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred.

 

Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.
Securities Available for Sale

Securities Available for Sale

 

Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company’s Comprehensive Income (loss).

 

The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as:

  

  a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area.
     
  b. Any downgrading of the security by a rating agency.
     
  c. Whether the financial condition of the issuer has deteriorated.
     
  d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made.
     
  e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions.

 

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.
Inventory of Manufactured Homes

Inventory of Manufactured Homes

 

Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods.
Accounts and Notes Receivables

Accounts and Notes Receivables

 

The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively.

 

The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years.
Unamortized Financing Costs

Unamortized Financing Costs

 

Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021.
Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

 

In the normal course of business, the Company is exposed to financial 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 does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans. 

 

As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date  

Mortgage

Interest Rate

  

Effective

Fixed Rate

    

Balance

12/31/16

  
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 10,625,352  
                         

 

The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, 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 December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits.
Revenue Recognition

Revenue Recognition

 

The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less.

 

Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful.
Net Income (Loss) Per Share

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895; 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). 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. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. 
Stock Compensation Plan

Stock Compensation Plan

 

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, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.
Income Tax

Income Tax

 

The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11).

 

The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

 

Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives.
Reclassifications

Reclassifications

 

Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.
Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows. 

 

In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss).

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows.
Other Recent Accounting Pronouncements

Other Recent Accounting Pronouncements

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

 

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.”  ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.  Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation.  The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”).  ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows.

 

In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". The objective of this amendment 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 this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements.

 

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.
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Summary of Interest Rate Swap Agreement

As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows:

 

Mortgage   Due Date  

Mortgage

Interest Rate

  

Effective

Fixed Rate

    

Balance

12/31/16

  
Various – 11 properties   8/1/2017   LIBOR + 3.00%     3.89 %   $ 10,625,352  
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Schedule of Estimated Fair Value of Assets Acquired

The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015:

 

    Fair Value at Acquisition Date  
    2016 Acquisitions     2015 Acquisitions  
Assets Acquired:                
Land   $ 2,000,000     $ 6,109,300  
Depreciable Property     5,277,000       74,889,775  
Other     -0-       217,925  
Total Assets Acquired   $ 7,277,000     $ 81,217,000  
Schedule of Community Net Operating Income and Net Income (Loss) Acquired

Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows:

 

    2016 Acquisitions   2015 Acquisitions
    2016   2016   2015
             
Total Income   $ 172,050     $ 10,044,476     $ 3,495,116  
Community NOI *   $ 103,578     $ 5,315,690     $ 1,935,101  
Net Income (Loss)   $ 3,051     $ (574,201 )   $ (226,870 )

 

*Community NOI is defined as rental and related income less community operating expenses.
Summary of Accumulated Depreciation By Major Classes of Assets

The following is a summary of accumulated depreciation by major classes of assets:

 

    December 31, 2016     December 31, 2015  
             
Site and Land Improvements   $ 99,161,090     $ 85,654,138  
Buildings and Improvements     4,947,543       4,217,886  
Rental Homes and Accessories     24,906,990       17,767,602  
Equipment and Vehicles     11,239,980       10,121,520  
Total Accumulated Depreciation   $ 140,255,603     $ 117,761,146  
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Securities

The following is a listing of securities available for sale at December 31, 2016:

 

          Interest     Number           Market  
    Series     Rate     of Shares     Cost     Value  
                               
Equity Securities:                                        
Preferred Stock:                                        
Ashford Hospitality Trust, Inc.     A       8.550 %     10,000     $ 251,205     $ 253,800  
CBL & Associates Properties, Inc.     D       7.375 %     2,000       50,269       48,900  
CBL & Associates Properties, Inc.     E       6.625 %     62,724       1,487,145       1,440,789  
Cedar Realty Trust, Inc.     B       7.250 %     58,577       1,411,846       1,426,126  
Chesapeake Lodging Trust     A       7.750 %     20,000       500,000       507,806  
Corporate Office Properties Trust     L       7.375 %     26,000       650,330       656,760  
Kilroy Realty Corporation     G       6.875 %     34,948       844,770       885,932  
LaSalle Hotel Properties     H       7.500 %     40,000       982,589       1,002,000  
Pennsylvania Real Estate Investment Trust     A       8.250 %     68,800       1,720,885       1,739,952  
Pennsylvania Real Estate Investment Trust     B       7.375 %     40,000       1,000,000       1,000,000  
Retail Properties of America, Inc.     A       7.000 %     20,000       481,949       500,000  
Stag Industrial, Inc.     B       6.625 %     20,100       470,007       501,495  
Summit Hotel Properties, Inc.     B       7.875 %     20,000       500,000       514,780  
Sun Communities, Inc.     A       7.125 %     45,000       1,117,377       1,133,550  
Terreno Realty Corporation     A       7.750 %     20,300       507,791       512,575  
Urstadt Biddle Properties, Inc.     F       7.125 %     30,421       756,304       775,735  
Urstadt Biddle Properties, Inc.     G       6.750 %     5,000       125,000       128,000  
Total Preferred Stock                             12,857,467       13,028,200  
                                         
Common Stock:                                        
CBL & Associates Properties, Inc.                     1,000,000       11,785,016       11,500,000  
Cousins Properties, Inc.                     105,950       820,348       901,635  
Gladstone Commercial Corporation                     180,000       3,199,933       3,618,000  
Government Properties Income Trust                     810,000       15,520,076       15,442,650  
Monmouth Real Estate Investment Corporation (1)                     2,237,588       19,231,411       34,100,835  
Nobility Homes Inc.                     20,000       158,200       315,000  
Parkway Properties Inc.                     33,243       628,819       739,657  
Select Income Real Estate Investment Trust                     740,000       17,802,516       18,648,000  
Senior Housing Properties Trust                     220,911       3,760,406       4,181,845  
Urstadt Biddle Properties, Inc.                     85,000       1,761,151       2,049,350  
Vereit, Inc.                     500,000       4,512,658       4,230,000  
Total Common Stock                             79,180,534       95,726,972  
                                         
Total Securities Available for Sale                           $ 92,038,001     $ 108,755,172  

 

(1) Related entity – See Note 8.

 

The following is a listing of securities available for sale at December 31, 2015:

 

          Interest     Number           Market  
    Series     Rate     of Shares     Cost     Value  
Equity Securities:                                        
Preferred Stock:                                        
Ashford Hospitality Trust, Inc.     A       8.550 %     10,000     $ 251,205     $ 252,480  
CBL & Associates Properties, Inc.     D       7.375 %     2,000       50,269       50,580  
CBL & Associates Properties, Inc.     E       6.625 %     62,724       1,487,144       1,564,963  
Cedar Realty Trust, Inc.     B       7.250 %     54,596       1,310,210       1,348,510  
Chesapeake Lodging Trust     A       7.750 %     20,000       500,000       516,600  
Corporate Office Properties Trust     L       7.375 %     26,000       650,330       670,280  
CubeSmart     A       7.750 %     2,000       52,153       52,280  
Dupont Fabros Technology, Inc.     A       7.875 %     26,412       657,703       668,224  
Dupont Fabros Technology, Inc.     B       7.625 %     10,000       250,000       252,100  
Kilroy Realty Corporation     G       6.875 %     34,948       844,770       902,008  
LaSalle Hotel Properties     H       7.500 %     40,000       982,589       1,006,000  
Pennsylvania Real Estate Investment Trust     A       8.250 %     68,800       1,720,885       1,775,728  
Pennsylvania Real Estate Investment Trust     B       7.375 %     40,000       1,000,000       1,008,400  
Retail Properties of America, Inc.     A       7.000 %     20,000       481,949       513,000  
Stag Industrial, Inc.     B       6.625 %     20,100       470,007       509,334  
Summit Hotel Properties, Inc.     B       7.875 %     20,000       500,000       515,998  
Sun Communities, Inc.     A       7.125 %     45,000       1,117,377       1,179,000  
Terreno Realty Corporation     A       7.750 %     20,300       507,791       516,840  
Urstadt Biddle Properties, Inc.     F       7.125 %     30,421       756,305       786,687  
Urstadt Biddle Properties, Inc.     G       6.750 %     5,000       125,000       130,700  
Total Preferred Stock                             13,715,687       14,219,712  
                                         
Common Stock:                                        
CBL & Associates Properties, Inc.                     135,000       2,295,133       1,669,951  
Getty Realty Corporation                     135,000       2,544,483       2,315,250  
Gladstone Commercial Corporation                     55,000       946,184       802,450  
Government Properties Income Trust                     550,000       11,244,317       8,728,500  
Mack-Cali Realty Corporation                     135,000       3,095,616       3,152,250  
Monmouth Real Estate Investment Corporation (1)                     2,125,270       17,855,054       22,230,328  
Nobility Homes Inc.                     20,000       158,200       242,000  
Parkway Properties Inc.                     55,000       959,887       859,650  
RMR Group, Inc.                     19,712       256,256       284,050  
Select Income Real Estate Investment Trust                     700,000       16,909,351       13,874,000  
Senior Housing Properties Trust                     175,911       3,032,483       2,610,519  
Urstadt Biddle Properties, Inc.                     55,000       1,103,323       1,058,200  
Vereit, Inc.                     25,000       202,787       198,000  
Weingarten Realty Investors                     80,000       2,747,526       2,766,400  
Total Common Stock                             63,350,600       60,791,548  
                                         
Total Securities Available for Sale                           $ 77,066,287     $ 75,011,260  

 

(1) Related entity – See Note 8.

 
Summary of Temporarily Impaired Securities

The following is a summary of temporarily impaired securities at December 31, 2016:

 

    Less than 12 Months     12 Months or Longer    
    Fair Value     Unrealized Loss     Fair Value     Unrealized Loss  
                         
Preferred Stock   $ 1,489,689     $ (47,724 )   $ -0-     $ -0-  
Common Stock     31,172,650       (645,100 )     -0-       -0-  
                                 
Total   $ 32,662,339     $ (692,824 )   $ -0-     $ -0-  
Summary of Range of Losses

The following is a summary of the range of the losses:

 

Number of

Individual

Securities

     Fair Value    

 

 

Unrealized Loss

    

 

 

Range of Loss

  
                     
  4     $ 28,432,339     $ (410,166 )     Less than or equal to 3%  
  1       4,230,000       (282,658 )     6%  
                             
  5     $ 32,662,339     $ (692,824 )        
Summary of Gain (loss) on Securities Transactions

The Company recorded the following Gain (Loss) on Sale of Securities, net:

 

    2016     2015     2014  
                   
Gross realized gains   $ 2,287,454     $ 208,200     $ 1,555,656  
Gross realized losses     (2,153 )     (3,970 )     (13,067 )
                         
Total Realized Gain on Sales of Securities, net   $ 2,285,301     $ 204,230     $ 1,542,589  
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Aggregate Principal Payments of All Loans Payable Including Credit Facility

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows:

 

Year Ended December 31,        
2017     $ 30,566,256  
2018       255,164  
2019       255,955  
2020       4,245,631  
2021       136,771  
Thereafter       22,933,662  
           
Total Loans Payable       58,393,439  
Unamortized Debt Issuance Costs       (108,054 )

Total Loans Payable, net of

   Unamortized Debt Issuance Costs

     $ 58,285,385  
Summary of Mortgages Payable

The following is a summary of mortgages payable at December 31, 2016 and 2015:

 

    At December 31, 2016   Balance at December 31,  
Property   Due Date   Interest Rate     2016     2015  
                       
Allentown   10/01/25     4.06 %   $ 13,637,719     $ 13,873,376  
Brookview Village   04/01/25     3.92 %     2,832,889       2,884,660  
Candlewick Court   09/01/25     4.10 %     4,551,134       4,629,572  
Catalina   08/19/25     4.20 %     5,739,657       5,936,296  
Cedarcrest   04/01/25     3.71 %     12,268,266       12,501,441  
Clinton Mobile Home Resort   10/01/25     4.06 %     3,579,289       3,641,139  
Cranberry Village   04/01/25     3.92 %     7,769,600       7,911,589  
D & R Village   03/01/25     3.85 %     7,837,828       7,983,634  
Fairview Manor   11/01/26     3.85 %     16,299,292       9,921,261  
Forest Park Village   09/01/25     4.10 %     8,486,324       8,632,586  
Hayden Heights   04/01/25     3.92 %     2,134,846       2,173,861  
Heather Highlands   08/28/18     Prime + 1.0%       354,529       678,288  
Highland Estates   09/01/17     6.175 %     9,035,246       9,226,700  
Holiday Village   09/01/25     4.10 %     8,075,696       8,214,880  
Holiday Village- IN   11/01/25     3.96 %     8,674,151       8,826,242  
Holly Acres Estates   10/05/21     6.50 %     2,228,629       2,260,360  
Kinnebrook Village   04/01/25     3.92 %     4,127,176       4,202,600  
Lake Sherman Village   09/01/25     4.10 %     5,611,924       5,708,646  
Olmsted Falls   04/01/25     3.98 %     2,133,656       2,172,210  
Oxford Village   01/01/20     5.94 %     6,963,586       7,162,128  
Shady Hills   04/01/25     3.92 %     5,089,892       5,182,910  
Somerset Estates and Whispering Pines   02/26/19     4.89 %     395,886       566,425  
Springfield Meadows   10/06/25     4.83 %     3,191,381       -0-  
Suburban Estates   10/01/25     4.06 %     5,686,136       5,784,391  
Sunny Acres   10/01/25     4.06 %     6,329,351       6,438,720  
Southwind Village   01/01/20     5.94 %     5,562,311       5,720,900  
Trailmont   04/01/25     3.92 %     3,393,262       3,455,273  
Twin Oaks   12/01/19     5.75 %     2,494,084       2,567,451  
Valley Hills   06/01/26     4.32 %     3,466,014       -0-  
Waterfalls   06/01/26     4.38 %     4,716,994       -0-  
Weatherly Estates   04/01/25     3.92 %     8,279,558       8,430,867  
Woods Edge   01/07/26     4.30 %     6,969,958       -0-  
Worthington Arms   09/01/25     4.10 %     9,514,851       9,678,840  
Various (3 properties)   05/01/16     6.66% (1)       -0-       8,618,982  
Various (4 properties)   07/01/23     4.975 %     8,226,015       8,363,756  
Various (5 properties)   01/01/22     4.25 %     14,072,987       14,382,719  
Various (5 properties)   12/06/22     4.75 %     7,294,460       7,426,995  
Various (5 properties)   02/01/18     6.83 %     8,818,862       8,954,713  
Various (11 properties)   08/01/17     LIBOR + 3.0%       10,625,352       11,416,309  
Various (13 properties)   03/01/23     4.065 %     50,095,192       51,106,376  
                             
Total Mortgages Payable                 296,563,983       286,637,096  
Unamortized Debt Issuance Costs                 (3,538,391 )     (3,587,294 )
Total Mortgages Payable, net of                            
Unamortized Debt Issuance Costs               $ 293,025,592     $ 283,049,802  

 

  (1) Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.
Schedule of Aggregate Principal Payments of All Mortgages Payable

The aggregate principal payments of all mortgages payable are scheduled as follows:

 

Year Ended December 31,        
2017     $ 25,905,661  
2018       14,701,232  
2019       19,675,147  
2020       5,779,756  
2021       20,396,125  
Thereafter       210,106,062  
           
Total     $ 296,563,983  
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Fair Value of Option Grant of Weighted-average Assumptions

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 in the following years:

 

    2016     2015     2014  
                   
Dividend yield     7.32 %     7.37 %     7.14 %
Expected volatility     26.30 %     27.17 %     27.12 %
Risk-free interest rate     1.49 %     2.12 %     2.23 %
Expected lives     8       8       8  
Estimated forfeitures     -0-       -0-       -0-  
Schedule of Stock Option Plans and Changes in Stock Options

A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows:

 

    2016     2015     2014  
          Weighted-           Weighted-           Weighted-  
          Average           Average           Average  
          Exercise           Exercise           Exercise  
    Shares     Price     Shares     Price     Shares     Price  
                                     
Outstanding at beginning of year     1,560,500     $ 9.92       1,301,000     $ 10.34       1,093,000     $ 10.86  
Granted     527,000       9.77       425,000       9.82       339,000       9.85  
Exercised     (277,500 )     8.96       (22,500 )     7.56       (23,000 )     7.28  
Forfeited     -0-       -0-       (37,000 )     10.63       -0-       -0-  
Expired     (50,000 )     11.97       (106,000 )     14.84       (108,000 )     14.52  
Outstanding at end of year     1,760,000       9.97       1,560,500       9.92       1,301,000       10.34  
Options exercisable at end of year     1,233,000               1,135,500               962,000          
Weighted average fair value of options
granted during the year		           $ 0.81             $ 0.93             $ 0.98  
Summary of Stock Options Outstanding

The following is a summary of stock options outstanding as of December 31, 2016:

 

Date of Grant     Number of Employees     Number of Shares    

 

Option Price

     Expiration
Date
                         
06/22/09       5       18,500       7.57     06/22/17  
01/08/10       1       10,900       9.13     01/08/18  
01/08/10       1       14,100       8.30     01/08/18  
07/27/10       6       52,000       11.40     07/27/18  
07/05/11       7       58,000       11.16     07/05/19  
08/29/12       10       70,000       11.29     08/29/20  
02/28/13       1       10,000       10.02     02/28/21  
06/26/13       18       343,000       10.08     06/26/21  
06/11/14       19       276,000       9.85     06/11/22  
06/24/15       19       380,500       9.82     06/24/23  
04/05/16       34       527,000 *     9.77     04/05/24  
                                 
                1,760,000                

 

* Unexercisable
Schedule of Nonvested Restricted Stock Awards

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below:

 

    2016     2015     2014  
          Weighted-           Weighted-           Weighted-  
          Average           Average           Average  
          Grant Date           Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value     Shares     Fair Value  
                                     
Non-vested at beginning of year     121,242     $ 9.83       137,346     $ 10.37       152,292     $ 10.77  
Granted     60,500       10.37       35,000       9.56       25,000       9.31  
Dividend Reinvested Shares     8,430       10.82       10,736       9.09       12,194       9.22  
Forfeited     (2,160 )     9.83       -0-       -0-       -0-       -0-  
Vested     (54,697 )     10.07       (61,840 )     9.63       (52,140 )     10.77  
Non-vested at end of year     133,315     $ 10.04       121,242     $ 9.83       137,346     $ 10.37  
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Schedule of Amount Received in Connection With DRIP

Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows:

 

    2016     2015     2014  
                   
Amounts Received   $ 22,400,945     $ 24,599,818     $ 32,792,239  
Less: Dividends Reinvested     (2,388,552 )     (2,006,287 )     (1,858,491 )
Amounts Received, net   $ 20,012,393     $ 22,593,531     $ 30,933,748  
                         
Number of Shares Issued     1,966,133       2,657,255       3,554,191  
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Distributions (Tables)
 12 Months Ended
Dec. 31, 2016
Distributions Tables  
Summary of Payment of Distributions to Shareholders

The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014:

 

      2016     2015     2014  
Quarter Ended     Amount     Per Share     Amount     Per Share     Amount     Per Share  
                                       
March 31     $ 4,879,009     $ 0.18     $ 4,481,730     $ 0.18     $ 3,853,595     $ 0.18  
June 30       4,903,286       0.18       4,633,318       0.18       3,991,110       0.18  
September 30       5,031,818       0.18       4,767,312       0.18       4,125,060       0.18  
December 31       5,204,709       0.18       4,864,760       0.18       4,316,063       0.18  
                                                   
      $ 20,018,822     $ 0.72     $ 18,747,120     $ 0.72     $ 16,285,828     $ 0.72  
Summary of Payment of Dividends to Preferred Shareholders

The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014:

 

Declaration Date   Record Date   Payment
Date		   Dividend     Dividend
per Share		  
                     
1/15/2016   2/16/2016   3/15/2016   $ 1,889,147     $ 0.515625  
4/4/2016   5/16/2016   6/15/2016     1,889,147       0.515625  
7/1/2016   8/15/2016   9/15/2016     1,889,147       0.515625  
10/3/2016   11/17/2016   12/15/2016     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  
                         
1/15/2015   2/17/2015   3/16/2015   $ 1,889,147     $ 0.515625  
4/1/2015   5/15/2015   6/16/2015     1,889,147       0.515625  
7/1/2015   8/15/2015   9/15/2015     1,889,147       0.515625  
10/1/2015   11/17/2015   12/15/2015     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  
                         
1/15/2014   2/18/2014   3/17/2014   $ 1,889,147     $ 0.515625  
4/1/2014   5/15/2014   6/16/2014     1,889,147       0.515625  
7/1/2014   8/15/2014   9/15/2014     1,889,147       0.515625  
10/1/2014   11/17/2014   12/15/2014     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  

 

The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016:

 

Declaration Date   Record Date   Payment
Date		   Dividend     Dividend
per Share		  
                     
1/15/2016   2/16/2016   3/15/2016   $ 1,305,257     $ 0.72466  
4/4/2016   5/16/2016   6/15/2016     1,900,600       0.50  
7/1/2016   8/15/2016   9/15/2016     1,900,600       0.50  
10/3/2016   11/17/2016   12/15/2016     1,900,600       0.50  
                         
            $ 7,007,057     $ 2.22466  

 
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Federal Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Characterized Distributions Paid per Common Share

The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014:

 

    2016       2015       2014    
    Amount     Percent     Amount     Percent     Amount     Percent  
                                     
Ordinary income   $ 0.09549       13.26 %   $ 0.00000       0.00 %   $ 0.01114       1.55 %
Capital gains     0.01425       1.98 %     0.00000       0.00 %     0.00265       0.37 %
Return of capital     0.61026       84.76 %     0.72000       100.00 %     0.70621       98.08 %
    $ 0.72       100 %   $ 0.72       100 %   $ 0.72       100 %
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Recognized at Fair Value on a Recurring Basis

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015:

 

    Fair Value Measurements at Reporting Date Using  
    Total    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

    

Significant Other Observable Inputs

(Level 2)

    

Significant Unobservable Inputs

(Level 3)

  
                         
December 31, 2016:                                
Equity Securities - Preferred Stock   $ 13,028,200     $ 13,028,200     $ -0-     $ -0-  
Equity Securities - Common Stock     95,726,972       95,726,972       -0-       -0-  
Interest Rate Swap (1)     (3,983 )     -0-       (3,983 )     -0-  
Total   $ 108,751,189     $ 108,755,172     $ (3,983 )   $ -0-  
                                 
December 31, 2015:                                
Equity Securities - Preferred Stock   $ 14,219,712     $ 14,219,712     $ -0-     $ -0-  
Equity Securities - Common Stock     60,791,548       60,791,548       -0-       -0-  
Interest Rate Swap (1)     (1,700 )     -0-       (1,700 )     -0-  
Total   $ 75,009,560     $ 75,011,260     $ (1,700 )   $ -0-  

 

  (1) Included in accrued liabilities and deposits
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Proforma Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Summary of Pro Forma Financial Information

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.

 

    For the years ended December 31,  
    2016     2015  
             
Rental and Related Income   $ 100,038,000     $ 88,769,000  
Community Operating Expenses     42,818,000       40,166,000  
Net Loss Attributable to Common Shareholders     (2,440,000 )     (6,371,000 )
Net Loss Attributable to Common Shareholders per Share:                
 Basic and Diluted     (0.09 )     (0.25 )

 
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Summary of Selected Quarterly Financial Data

2016   March 31     June 30     September 30     December 31  
                         
Total Income   $ 23,504,374     $ 25,210,707     $ 25,355,051     $ 25,143,697  
Total Expenses     19,876,382       21,176,977       21,567,389       20,634,766  
Other Income (Expense)     (1,743,611 )     (937,242 )     (587,077 )     (1,153,663 )
Net Income     1,906,469       3,051,462       3,200,013       3,376,615  

Net Loss Attributable to

Common Shareholders

     (883,278 )     (682,729 )     (589,734 )     (413,132 )

Net Loss Attributable to Common

Shareholders per Share –
Basic and Diluted

     (0.03 )     (0.03 )     (0.02 )     (0.01 )

 

2015   March 31     June 30     September 30     December 31  
                         
Total Income   $ 18,344,086     $ 19,553,443     $ 21,694,999     $ 21,924,143  
Total Expenses     16,369,803       17,484,822       18,965,700       19,256,221  
Other Income (Expense)     (1,260,479 )     (1,790,710 )     (1,684,881 )     (2,479,582 )
Net Income     718,517       203,982       1,047,245       174,461  
Net Loss Attributable to
Common Shareholders		     (1,170,630 )     (1,685,165 )     (841,902 )     (2,425,296 )
Net Loss Attributable to Common Shareholders per Share – Basic and Diluted     (0.05 )     (0.06 )     (0.03 )     (0.10 )
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization (Details Narrative)
 12 Months Ended
Dec. 31, 2016
Real Estate Investment Trusts [Member]  
Maximum percentage of undepreciated assets 20.00%
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Details Narrative)
 12 Months Ended
Dec. 31, 2016
USD ($)
HomeSites
HomeCommunity
shares
Dec. 31, 2015
USD ($)
shares
Dec. 31, 2014
USD ($)
shares
Number of operates manufacture home communities | HomeCommunity 101    
Number of developed home sites company own and operates | HomeSites 18,000    
Ownership percentage in subsidiaries 100.00%    
Portfolio of gross assets Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets.    
Description of temporarily impairment security Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired.    
Note receivables $ 18,361,298 $ 18,281,392  
Reserves for uncollectible accounts, notes and other receivables 1,138,282 1,040,415  
Provisions for uncollectible notes and other receivables 909,397 1,123,926 $ 1,020,655
Charge-offs and other adjustments related to repossessed homes $ 811,530 1,151,976 $ 1,049,577
Average interest rate on loan 9.40%    
Average maturity of loan 10 years    
Accumulated amortization of deferred finance cost $ 3,085,952 $ 2,455,392  
Estimated amortization expense of finance cost for 2017 588,000    
Estimated amortization expense of finance cost for 2018 482,000    
Estimated amortization expense of finance cost for 2019 475,000    
Estimated amortization expense of finance cost for 2020 439,000    
Estimated amortization expense of finance cost for 2021 $ 439,000    
Number of rental units owned | HomeCommunity 4,700    
Weighted average common shares outstanding basic and diluted | shares 27,808,895 25,932,626 22,496,103
Compensation costs $ 1,064,678 $ 855,768 $ 922,944
Description for applicable income tax provisions The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT.    
Mortgages payable $ 488,623,061 444,098,037  
Amortization of Financing Costs $ 733,485 829,017 $ 522,250
Other Assets [Member]      
Deferred debt issuance costs   3,711,591  
Mortgages payable   3,587,294  
Loans payable   $ 124,297  
Stock Option [Member]      
Number of employee stock option to purchase shares | shares 1,760,000 1,560,500 1,301,000
Compensation costs $ 312,400 $ 102,000 $ 98,000
Real Estate Investment Trusts [Member]      
Maximum percentage of undepreciated assets 20.00%    
Sites and Buildings [Member] | Minimum [Member]      
Investment property and equipment, estimated useful lives 15 years    
Sites and Buildings [Member] | Maximum [Member]      
Investment property and equipment, estimated useful lives 27 years 6 months    
Improvements of Investment Property and Equipment [Member] | Minimum [Member]      
Investment property and equipment, estimated useful lives 3 years    
Improvements of Investment Property and Equipment [Member] | Maximum [Member]      
Investment property and equipment, estimated useful lives 27 years 6 months    
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies - Summary of Interest Rate Swap Agreement (Details) - Swap Agreements [Member]
 12 Months Ended
Dec. 31, 2016
USD ($)
Mortgage Various - 11 properties
Due Date Aug. 01, 2017
Mortgage Interest Rate LIBOR + 3.00%
Effective Fixed Rate 3.89%
Balance 12/31/16 $ 10,625,352
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment (Details Narrative)
Dec. 19, 2016
USD ($)
a
HomeSites
Sep. 01, 2016
USD ($)
a
HomeSites
HomeCommunity
May 02, 2016
Oct. 16, 2015
USD ($)
a
HomeSites
Aug. 19, 2015
USD ($)
a
HomeSites
May 27, 2015
USD ($)
a
HomeSites
Apr. 23, 2015
USD ($)
a
HomeSites
HomeCommunity
Jan. 21, 2015
USD ($)
a
HomeSites
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Mortgage loan                 $ 293,025,592 $ 283,049,802
Maturity Date     Jun. 01, 2026              
Amortization of principal repayments term     30 years              
Ohio Manufactured Home Communities [Member]                    
Number of manufactured home communities acquired | HomeCommunity   2                
Purchase price of acquired entity   $ 2,954,000                
Number of property sites | HomeSites   165                
Area of acquired real estate property | a   71                
Percentage of average occupancy   64.00%                
Springfield Meadows [Member]                    
Purchase price of acquired entity $ 4,323,000                  
Number of property sites | HomeSites 124                  
Area of acquired real estate property | a 121                  
Percentage of average occupancy 82.00%                  
Mortgage loan $ 3,195,000                  
Interest rate on mortgage 4.83%                  
Maturity Date Oct. 06, 2025                  
Holly Acres [Member]                    
Purchase price of acquired entity               $ 3,800,000    
Number of property sites | HomeSites               141    
Area of acquired real estate property | a               40    
Percentage of average occupancy               96.00%    
Mortgage loan               $ 2,300,000    
Interest rate on mortgage               6.50%    
Maturity Date               Oct. 05, 2021    
Huntingdon Pointe and Voyager Estates [Member]                    
Number of manufactured home communities acquired | HomeCommunity             2      
Purchase price of acquired entity             $ 5,300,000      
Number of property sites | HomeSites             324      
Area of acquired real estate property | a             141      
Percentage of average occupancy             63.00%      
Valley Stream [Member]                    
Purchase price of acquired entity           $ 3,517,000        
Number of property sites | HomeSites           158        
Area of acquired real estate property | a           43        
Percentage of average occupancy           64.00%        
Six Community Acquisition [Member] | Tranche One [Member]                    
Purchase price of acquired entity         $ 68,600,000          
Three Manufactured Home Communities [Member] | Tranche One [Member]                    
Purchase price of acquired entity         $ 32,500,000          
Number of property sites | HomeSites         897          
Area of acquired real estate property | a         177          
Percentage of average occupancy         69.00%          
Mortgage loan         $ 43,100,000          
Three Manufactured Home Communities [Member] | Tranche Two [Member]                    
Purchase price of acquired entity       $ 36,100,000            
Number of property sites | HomeSites       1,254            
Area of acquired real estate property | a       316            
Percentage of average occupancy       56.00%            
Mortgage loan       $ 8,851,000            
Interest rate on mortgage       3.96%            
Maturity Date       Nov. 01, 2025            
Amortization of principal repayments term       30 years            
XML 56 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Real Estate [Abstract]    
Land $ 2,000,000 $ 6,109,300
Depreciable Property 5,277,000 74,889,775
Other 0 217,925
Total Assets Acquired $ 7,277,000 $ 81,217,000
XML 57 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net Income (Loss) $ 3,376,615 $ 3,200,013 $ 3,051,462 $ 1,906,469 $ 174,461 $ 1,047,245 $ 203,982 $ 718,517 $ 11,534,559 $ 2,144,205 $ 4,237,803
2016 Acquisitions [Member]                      
Total Income                 172,050    
Community NOI * [1]                 103,578    
Net Income (Loss)                 3,051    
2015 Acquisitions [Member]                      
Total Income                 10,044,476 3,495,116  
Community NOI * [1]                 5,315,690 1,935,101  
Net Income (Loss)                 $ (574,201) $ (226,870)  
[1] Community NOI is defined as rental and related income less community operating expenses.
XML 58 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Total Accumulated Depreciation $ 140,255,603 $ 117,761,146
Site and Land Improvements [Member]    
Total Accumulated Depreciation 99,161,090 85,654,138
Buildings and Improvements [Member]    
Total Accumulated Depreciation 4,947,543 4,217,886
Rental Homes and Accessories [Member]    
Total Accumulated Depreciation 24,906,990 17,767,602
Equipment and Vehicles [Member]    
Total Accumulated Depreciation $ 11,239,980 $ 10,121,520
XML 59 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Total net unrealized gains in REIT securities portfolio $ 16,717,171 $ (2,055,027) $ 5,079,921
Proceeds from sales of securities available for sale 14,831,737 4,633,019 $ 10,911,791
Margin loan outstanding $ 22,727,458 $ 15,766,573  
Real Estate Investment Trusts [Member]      
Maximum percentage of available for sale securities 10.00%    
XML 60 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale - Summary of Available-for-sale Securities (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Cost $ 92,038,001 $ 77,066,287
Market Value $ 108,755,172 $ 75,011,260
Ashford Hospitality Trust, Inc Preferred Stock Series A [Member]    
Interest Rate 8.55% 8.55%
Number of Shares 10,000 10,000
Cost $ 251,205 $ 251,205
Market Value $ 253,800 $ 252,480
CBL & Associates Properties, Inc Preferred Stock Series D [Member]    
Interest Rate 7.375% 7.375%
Number of Shares 2,000 2,000
Cost $ 50,269 $ 50,269
Market Value $ 48,900 $ 50,580
CBL & Associates Properties, Inc Preferred Stock Series E [Member]    
Interest Rate 6.625% 6.625%
Number of Shares 62,724 62,724
Cost $ 1,487,145 $ 1,487,144
Market Value $ 1,440,789 $ 1,564,963
Cedar Realty Trust, Inc Preferred Stock Series B [Member]    
Interest Rate 7.25% 7.25%
Number of Shares 58,577 54,596
Cost $ 1,411,846 $ 1,310,210
Market Value $ 1,426,126 $ 1,348,510
Chesapeake Lodging Trust Preferred Stock Series A [Member]    
Interest Rate 7.75% 7.75%
Number of Shares 20,000 20,000
Cost $ 500,000 $ 500,000
Market Value $ 507,806 $ 516,600
Corporate Office Properties Trust Preferred Stock Series L [Member]    
Interest Rate 7.375% 7.375%
Number of Shares 26,000 26,000
Cost $ 650,330 $ 650,330
Market Value $ 656,760 $ 670,280
Kilroy Realty Corporation Preferred Stock Series G [Member]    
Interest Rate 6.875% 6.875%
Number of Shares 34,948 34,948
Cost $ 844,770 $ 844,770
Market Value $ 885,932 $ 902,008
LaSalle Hotel Properties Preferred Stock Series H [Member]    
Interest Rate 7.50% 7.50%
Number of Shares 40,000 40,000
Cost $ 982,589 $ 982,589
Market Value $ 1,002,000 $ 1,006,000
Pennsylvania Real Estate Investment Trust Preferred Stock Series A [Member]    
Interest Rate 8.25% 8.25%
Number of Shares 68,800 68,800
Cost $ 1,720,885 $ 1,720,885
Market Value $ 1,739,952 $ 1,775,728
Pennsylvania Real Estate Investment Trust Preferred Stock Series B [Member]    
Interest Rate 7.375% 7.375%
Number of Shares 40,000 40,000
Cost $ 1,000,000 $ 1,000,000
Market Value $ 1,000,000 $ 1,008,400
Retail Properties of America, Inc Preferred Stock Series A [Member]    
Interest Rate 7.00% 7.00%
Number of Shares 20,000 20,000
Cost $ 481,949 $ 481,949
Market Value $ 500,000 $ 513,000
Stag Industrial, Inc Preferred Stock Series B [Member]    
Interest Rate 6.625% 6.625%
Number of Shares 20,100 20,100
Cost $ 470,007 $ 470,007
Market Value $ 501,495 $ 509,334
Summit Hotel Properties, Inc Preferred Stock Series B [Member]    
Interest Rate 7.875% 7.875%
Number of Shares 20,000 20,000
Cost $ 500,000 $ 500,000
Market Value $ 514,780 $ 515,998
Sun Communities, Inc Preferred Stock Series A [Member]    
Interest Rate 7.125% 7.125%
Number of Shares 45,000 45,000
Cost $ 1,117,377 $ 1,117,377
Market Value $ 1,133,550 $ 1,179,000
Terreno Realty Corporation Preferred Stock Series A [Member]    
Interest Rate 7.75% 7.75%
Number of Shares 20,300 20,300
Cost $ 507,791 $ 507,791
Market Value $ 512,575 $ 516,840
Urstadt Biddle Properties, Inc Preferred Stock Series F [Member]    
Interest Rate 7.125% 7.125%
Number of Shares 30,421 30,421
Cost $ 756,304 $ 756,305
Market Value $ 775,735 $ 786,687
Urstadt Biddle Properties, Inc Preferred Stock Series G [Member]    
Interest Rate 6.75% 6.75%
Number of Shares 5,000 5,000
Cost $ 125,000 $ 125,000
Market Value 128,000 130,700
Preferred Stock [Member]    
Cost 12,857,467 13,715,687
Market Value $ 13,028,200 $ 14,219,712
CBL & Associates Properties, Inc [Member]    
Number of Shares 1,000,000 135,000
Cost $ 11,785,016 $ 2,295,133
Market Value $ 11,500,000 $ 1,669,951
Cousins Properties, Inc [Member]    
Number of Shares 105,950  
Cost $ 820,348  
Market Value $ 901,635  
Gladstone Commercial Corporation [Member]    
Number of Shares 180,000 55,000
Cost $ 3,199,933 $ 946,184
Market Value $ 3,618,000 $ 802,450
Government Properties Income Trust [Member]    
Number of Shares 810,000 550,000
Cost $ 15,520,076 $ 11,244,317
Market Value $ 15,442,650 $ 8,728,500
Monmouth Real Estate Investment Corporation [Member]    
Number of Shares [1] 2,237,588 2,125,270
Cost [1] $ 19,231,411 $ 17,855,054
Market Value [1] $ 34,100,835 $ 22,230,328
Nobility Homes Inc [Member]    
Number of Shares 20,000 20,000
Cost $ 158,200 $ 158,200
Market Value $ 315,000 $ 242,000
Parkway Properties Inc [Member]    
Number of Shares 33,243 55,000
Cost $ 628,819 $ 959,887
Market Value $ 739,657 $ 859,650
Select Income Real Estate Investment Trust [Member]    
Number of Shares 740,000 700,000
Cost $ 17,802,516 $ 16,909,351
Market Value $ 18,648,000 $ 13,874,000
Senior Housing Properties Trust [Member]    
Number of Shares 220,911 175,911
Cost $ 3,760,406 $ 3,032,483
Market Value $ 4,181,845 $ 2,610,519
Urstadt Biddle Properties, Inc [Member]    
Number of Shares 85,000 55,000
Cost $ 1,761,151 $ 1,103,323
Market Value $ 2,049,350 $ 1,058,200
Vereit, Inc [Member]    
Number of Shares 500,000 25,000
Cost $ 4,512,658 $ 202,787
Market Value 4,230,000 198,000
Common Stock [Member]    
Cost 79,180,534 63,350,600
Market Value $ 95,726,972 $ 60,791,548
CubeSmart Preferred Stock Series A [Member]    
Interest Rate   7.75%
Number of Shares   2,000
Cost   $ 52,153
Market Value   $ 52,280
Dupont Fabros Technology, Inc Preferred Stock Series A [Member]    
Interest Rate   7.875%
Number of Shares   26,412
Cost   $ 657,703
Market Value   $ 668,224
Dupont Fabros Technology, Inc Preferred Stock Series B [Member]    
Interest Rate   7.625%
Number of Shares   10,000
Cost   $ 250,000
Market Value   $ 252,100
Getty Realty Corporation [Member]    
Number of Shares   135,000
Cost   $ 2,544,483
Market Value   $ 2,315,250
Mack-Cali Realty Corporation [Member]    
Number of Shares   135,000
Cost   $ 3,095,616
Market Value   $ 3,152,250
RMR Group, Inc [Member]    
Number of Shares   19,712
Cost   $ 256,256
Market Value   $ 284,050
Weingarten Realty Investors [Member]    
Number of Shares   80,000
Cost   $ 2,747,526
Market Value   $ 2,766,400
[1] Related entity.
XML 61 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale - Summary of Temporarily Impaired Securities (Details)
 12 Months Ended
Dec. 31, 2016
USD ($)
Less Than 12 Months, Fair Value $ 32,662,339
Less Than 12 Months, Unrealized Loss (692,824)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss 0
Preferred Stock [Member]  
Less Than 12 Months, Fair Value 1,489,689
Less Than 12 Months, Unrealized Loss (47,724)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss 0
Common Stock [Member]  
Less Than 12 Months, Fair Value 31,172,650
Less Than 12 Months, Unrealized Loss (645,100)
12 Months or Longer, Fair Value 0
12 Months or Longer, Unrealized Loss $ 0
XML 62 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale - Summary of Range of Losses (Details)
 12 Months Ended
Dec. 31, 2016
USD ($)
Security
Number of Individual Securities | Security 5
Fair Value $ 32,662,339
Unrealized Loss $ (692,824)
Securities Group One [Member]  
Number of Individual Securities | Security 4
Fair Value $ 28,432,339
Unrealized Loss $ (410,166)
Range of Loss description Less than or equal to 3%
Securities Group Two [Member]  
Number of Individual Securities | Security 1
Fair Value $ 4,230,000
Unrealized Loss $ (282,658)
Range of Loss 6.00%
XML 63 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]      
Gross realized gains $ 2,287,454 $ 208,200 $ 1,555,656
Gross realized losses (2,153) (3,970) (13,067)
Total Realized Gain on Sales of Securities, net $ 2,285,301 $ 204,230 $ 1,542,589
XML 64 R50.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable (Details Narrative) - USD ($)
 12 Months Ended
Dec. 19, 2016
Oct. 31, 2016
May 02, 2016
Jan. 07, 2016
Oct. 16, 2015
Oct. 02, 2015
Aug. 19, 2015
Apr. 02, 2015
Mar. 20, 2015
Mar. 06, 2015
Feb. 27, 2015
Jan. 21, 2015
Mar. 29, 2013
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Percentage of margin loan interest rate                           2.00% 2.00%  
Outstanding on margin loan                           $ 22,727,458 $ 15,766,573  
Number of coverage ratio, description                           The Company must maintain a coverage ratio of approximately 2 times.    
Weighted average interest rate                           4.40% 4.60%  
Mortgage loans term                           6 years 10 months 24 days 7 years 1 month 6 days  
Mortgage loan                           $ 293,025,592 $ 283,049,802  
Mortgage loans on real estate, carrying amount                           488,623,061 444,098,037  
Accumulated Capitalized Interest Costs                           $ 359,906 $ 277,944 $ 280,354
Maturity Date     Jun. 01, 2026                          
Amortization of principal repayments term     30 years                          
Interest rate on mortgage that was paid off     6.66%                          
Holly Acres [Member]                                
Interest rate on mortgage                       6.50%        
Mortgage loan                       $ 2,300,000        
Maturity Date                       Oct. 05, 2021        
Automotive Loans [Member]                                
Weighted average interest rate                           3.80%    
Bank automotive loans                           $ 884,528    
Wells Fargo On Waterfalls Village [Member]                                
Interest rate on mortgage     4.38%                          
Mortgage loan     $ 4,760,000                          
Wells Fargo On Valley Hills [Member]                                
Interest rate on mortgage     4.32%                          
Mortgage loan     $ 3,498,000                          
Wells Fargo On Fairview Manor [Member]                                
Interest rate on mortgage   3.85%                            
Mortgage loan   $ 16,346,000                            
Maturity Date   Nov. 01, 2026                            
Amortization of principal repayments term   30 years                            
Interest rate on mortgage that was paid off   5.785%                            
Proceeds from repayment of mortgage loan   $ 9,700,000                            
Wells Fargo On D&R Village [Member]                                
Interest rate on mortgage                     3.85%          
Mortgage loan                     $ 8,100,000          
Maturity Date                     Mar. 01, 2025          
Amortization of principal repayments term                     30 years          
D&R Village And Waterfalls Village [Member]                                
Mortgage loan                     $ 6,800,000          
Mortgage loan variable rate, description                     LIBOR plus 2.25%          
Wells Fargo On Olmsted Falls [Member]                                
Interest rate on mortgage                   3.98%            
Mortgage loan                   $ 2,200,000            
Maturity Date                   Apr. 01, 2025            
Amortization of principal repayments term                   30 years            
Wells Fargo On Seven Freddie Mac Mortgages [Member]                                
Interest rate on mortgage                 3.92%              
Mortgage loan                 $ 34,685,000              
Maturity Date                 Apr. 01, 2025              
Amortization of principal repayments term                 30 years              
Wells Fargo On Cedarcrest [Member]                                
Interest rate on mortgage               3.71%                
Mortgage loan               $ 12,670,000                
Maturity Date               Apr. 01, 2025                
Amortization of principal repayments term               30 years                
Interest rate on mortgage that was paid off               5.125%                
Amount of prior loan paid off               $ 8,900,000                
Repayment of penalty amount               $ 89,000                
Wells Fargo On Five Freddie Mac Mortgages [Member]                                
Interest rate on mortgage             4.10%                  
Mortgage loan             $ 37,067,000                  
Maturity Date             Sep. 01, 2025                  
Amortization of principal repayments term             30 years                  
Wells Fargo On Four Freddie Mac Mortgages [Member]                                
Weighted average interest rate           4.24%                    
Interest rate on mortgage           4.06%                    
Mortgage loan           $ 29,859,000                    
Maturity Date           Oct. 01, 2025                    
Amortization of principal repayments term           30 years                    
Amount of prior loan paid off           $ 16,600,000                    
Repayment of penalty amount           $ 154,000                    
Wells Fargo On Holiday Village [Member]                                
Interest rate on mortgage         3.96%                      
Mortgage loan         $ 8,851,000                      
Maturity Date         Nov. 01, 2025                      
Amortization of principal repayments term         30 years                      
Ocean First Bank [Member]                                
Maximum revolving credit agreement                           $ 10,000,000    
Line of credit facility interest rate, description             The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%.             Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017.    
Interest rate of line of credit                           4.25% 4.00%  
Lines of credit, outstanding amount                           $ 4,000,000    
Line of credit facility, maturity date                           Jun. 01, 2017    
Interest rate on mortgage             4.20%                  
Mortgage loan             $ 6,000,000                  
Maturity Date       Jan. 07, 2026     Aug. 19, 2025                  
Interest rate description       members plus 2.5%.     members plus 2.15%                  
Minimum [Member]                                
Line of credit facility interest rate, description                           Prime plus 1.0%    
Interest rate on mortgage                           3.71%    
Maximum [Member]                                
Line of credit facility interest rate, description                           LIBOR plus 3.0%    
Interest rate on mortgage                           6.83%    
Prime Rate [Member] | Ocean First Bank [Member]                                
Interest rate of line of credit                           (0.50%)    
21st Mortgage Corporation [Member]                                
Interest rate on mortgage                           6.99%    
Mortgage loans term                           10 years    
Loans outstanding                           $ 467,101 $ 671,717  
21st Mortgage Corporation [Member] | New Units [Member]                                
Origination fee                           2.00%    
21st Mortgage Corporation [Member] | Existing Units [Member]                                
Origination fee                           3.00%    
21st Mortgage Corporation [Member] | Prime Rate [Member] | Minimum [Member]                                
Interest rate of line of credit                           6.00%    
21st Mortgage Corporation [Member] | Prime Rate [Member] | Minimum [Member] | After 18 Months [Member]                                
Interest rate of line of credit                           8.00%    
21st Mortgage Corporation [Member] | Prime Rate Plus [Member] | Maximum [Member]                                
Interest rate of line of credit                           2.00%    
Two River Community Bank [Member]                                
Lines of credit, outstanding amount                           $ 4,000,000 $ 4,000,000  
Interest rate on mortgage                           4.625%    
Loans outstanding                           $ 4,000,000    
Shares of monmouth real estate investment corporation pledged as collateral                           1,000,000    
Bank of Montreal [Member]                                
Maximum revolving credit agreement                         $ 50,000,000      
Line of credit facility interest rate, description                         Borrowings will bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. LIBOR plus 200 basis points or 2.69% LIBOR plus 250 basis points or 2.79%  
Lines of credit, outstanding amount                           $ 20,000,000    
Line of credit facility, maturity date                         Mar. 29, 2017      
Unsecured line of credit                         $ 35,000,000      
Borrowing capacity, description                         The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement      
Line of credit facility, remaining borrowing capacity                         $ 15,000,000      
Percentage of unused commitment amount to be paid per annum                         0.35%      
Ocean First Bank [Member]                                
Interest rate on mortgage       4.30%                        
Mortgage loan       $ 7,200,000                        
Springfield Meadows [Member]                                
Interest rate on mortgage 4.83%                              
Mortgage loan $ 3,195,000                              
Maturity Date Oct. 06, 2025                              
Credit Agreements to Finance Inventory Purchases [Member]                                
Maximum revolving credit agreement                           28,500,000    
Revolving Credit Facility [Member]                                
Lines of credit, outstanding amount                           $ 6,314,352 $ 12,112,039  
Weighted average interest rate                           5.90% 6.50%  
XML 65 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Loans And Mortgages Payable - Schedule Of Aggregate Principal Payments Of All Loans Payable Including Credit Facility Details    
2017 $ 30,566,256  
2018 255,164  
2019 255,955  
2020 4,245,631  
2021 136,771  
Thereafter 22,933,662  
Total Loans Payable 58,393,439  
Unamortized Debt Issuance Costs (108,054)  
Total Loans Payable, net of Unamortized Debt Issuance Costs $ 58,285,385 $ 57,862,206
XML 66 R52.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($)
 12 Months Ended
May 02, 2016
Dec. 31, 2016
Dec. 31, 2015
Due Date Jun. 01, 2026    
Total Mortgages Payable   $ 296,563,983 $ 286,637,096
Unamortized debt issuance costs   (3,538,391) (3,587,294)
Total Mortgages Payable, net of Unamortized Debt Issuance Costs   $ 293,025,592 283,049,802
Allentown [Member]      
Due Date   Oct. 01, 2025  
Interest Rate   4.06%  
Total Mortgages Payable   $ 13,637,719 13,873,376
Brookview Village [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 2,832,889 2,884,660
Candlewick Court [Member]      
Due Date   Sep. 01, 2025  
Interest Rate   4.10%  
Total Mortgages Payable   $ 4,551,134 4,629,572
Catalina [Member]      
Due Date   Aug. 19, 2025  
Interest Rate   4.20%  
Total Mortgages Payable   $ 5,739,657 5,936,296
Cedarcrest [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.71%  
Total Mortgages Payable   $ 12,268,266 12,501,441
Clinton Mobile Home Resort [Member]      
Due Date   Oct. 01, 2025  
Interest Rate   4.06%  
Total Mortgages Payable   $ 3,579,289 3,641,139
Cranberry Village [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 7,769,600 7,911,589
D & R Village [Member]      
Due Date   Mar. 01, 2025  
Interest Rate   3.85%  
Total Mortgages Payable   $ 7,837,828 7,983,634
Fairview Manor [Member]      
Due Date   Nov. 01, 2026  
Interest Rate   3.85%  
Total Mortgages Payable   $ 16,299,292 9,921,261
Forest Park Village [Member]      
Due Date   Sep. 01, 2025  
Interest Rate   4.10%  
Total Mortgages Payable   $ 8,486,324 8,632,586
Hayden Heights [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 2,134,846 2,173,861
Heather Highlands [Member]      
Due Date   Aug. 28, 2018  
Interest Rate, description   Prime + 1.0%  
Total Mortgages Payable   $ 354,529 678,288
Highland Estates [Member]      
Due Date   Sep. 01, 2017  
Interest Rate   6.175%  
Total Mortgages Payable   $ 9,035,246 9,226,700
Holiday Village [Member]      
Due Date   Sep. 01, 2025  
Interest Rate   4.10%  
Total Mortgages Payable   $ 8,075,696 8,214,880
Holiday Village- IN [Member]      
Due Date   Nov. 01, 2025  
Interest Rate   3.96%  
Total Mortgages Payable   $ 8,674,151 8,826,242
Holly Acres Estates [Member]      
Due Date   Oct. 05, 2021  
Interest Rate   6.50%  
Total Mortgages Payable   $ 2,228,629 2,260,360
Kinnebrook Village [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 4,127,176 4,202,600
Lake Sherman Village [Member]      
Due Date   Sep. 01, 2025  
Interest Rate   4.10%  
Total Mortgages Payable   $ 5,611,924 5,708,646
Olmsted Falls [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.98%  
Total Mortgages Payable   $ 2,133,656 2,172,210
Oxford Village [Member]      
Due Date   Jan. 01, 2020  
Interest Rate   5.94%  
Total Mortgages Payable   $ 6,963,586 7,162,128
Shady Hills [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 5,089,892 5,182,910
Somerset Estates And Whispering Pines [Member]      
Due Date   Feb. 26, 2019  
Interest Rate   4.89%  
Total Mortgages Payable   $ 395,886 566,425
Springfield Meadows [Member]      
Due Date   Oct. 06, 2025  
Interest Rate   4.83%  
Total Mortgages Payable   $ 3,191,381 0
Suburban Estates [Member]      
Due Date   Oct. 01, 2025  
Interest Rate   4.06%  
Total Mortgages Payable   $ 5,686,136 5,784,391
Sunny Acres [Member]      
Due Date   Oct. 01, 2025  
Interest Rate   4.06%  
Total Mortgages Payable   $ 6,329,351 6,438,720
Southwind Village [Member]      
Due Date   Jan. 01, 2020  
Interest Rate   5.94%  
Total Mortgages Payable   $ 5,562,311 5,720,900
Trailmont [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 3,393,262 3,455,273
Twin Oaks [Member]      
Due Date   Dec. 01, 2019  
Interest Rate   5.75%  
Total Mortgages Payable   $ 2,494,084 2,567,451
Valley Hills [Member]      
Due Date   Jun. 01, 2026  
Interest Rate   4.32%  
Total Mortgages Payable   $ 3,466,014 0
Waterfalls [Member]      
Due Date   Jun. 01, 2026  
Interest Rate   4.38%  
Total Mortgages Payable   $ 4,716,994 0
Weatherly Estates [Member]      
Due Date   Apr. 01, 2025  
Interest Rate   3.92%  
Total Mortgages Payable   $ 8,279,558 8,430,867
Woods Edge [Member]      
Due Date   Jan. 07, 2026  
Interest Rate   4.30%  
Total Mortgages Payable   $ 6,969,958 0
Worthington Arms [Member]      
Due Date   Sep. 01, 2025  
Interest Rate   4.10%  
Total Mortgages Payable   $ 9,514,851 9,678,840
Various (3 Properties) [Member]      
Due Date   May 01, 2016  
Interest Rate [1]   6.66%  
Total Mortgages Payable   $ 0 8,618,982
Various (4 Properties) [Member]      
Due Date   Jul. 01, 2023  
Interest Rate   4.975%  
Total Mortgages Payable   $ 8,226,015 8,363,756
Various (5 Properties) [Member]      
Due Date   Jan. 01, 2022  
Interest Rate   4.25%  
Total Mortgages Payable   $ 14,072,987 14,382,719
Various (5 Properties) [Member]      
Due Date   Dec. 06, 2022  
Interest Rate   4.75%  
Total Mortgages Payable   $ 7,294,460 7,426,995
Various (5 Properties) [Member]      
Due Date   Feb. 01, 2018  
Interest Rate   6.83%  
Total Mortgages Payable   $ 8,818,862 8,954,713
Various (11 Properties) [Member]      
Due Date   Aug. 01, 2017  
Interest Rate, description   LIBOR + 3.0%  
Total Mortgages Payable   $ 10,625,352 11,416,309
Various (13 Properties) [Member]      
Due Date   Mar. 01, 2023  
Interest Rate   4.065%  
Total Mortgages Payable   $ 50,095,192 $ 51,106,376
[1] Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%.
XML 67 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical)
Dec. 31, 2016
Dec. 31, 2015
Weighted average interest rate 4.40% 4.60%
Note One [Member]    
Weighted average interest rate 6.23%  
Note Two [Member]    
Weighted average interest rate 12.75%  
XML 68 R54.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details)
Dec. 31, 2016
USD ($)
2017 $ 30,566,256
2018 255,164
2019 255,955
2020 4,245,631
2021 136,771
Thereafter 22,933,662
Total 58,393,439
Mortgages [Member]  
2017 25,905,661
2018 14,701,232
2019 19,675,147
2020 5,779,756
2021 20,396,125
Thereafter 210,106,062
Total $ 296,563,983
XML 69 R55.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan (Details Narrative)
 12 Months Ended
Sep. 14, 2016
Participants
shares
Apr. 05, 2016
Participants
shares
Sep. 16, 2015
Participants
shares
Feb. 05, 2015
Participants
shares
Dec. 31, 2016
USD ($)
shares
Dec. 31, 2015
USD ($)
shares
Dec. 31, 2014
USD ($)
Participants
shares
Jun. 13, 2013
shares
Number of granted options to purchase, shares         1,760,000      
Stock option vested term         1 year      
Unamortized stock option expense | $         $ 85,997      
Number of exercised shares         (277,500) (22,500) (23,000)  
Number of shares expired or forfeited           (37,000) 0  
Aggregate intrinsic value of outstanding | $         $ 8,939,488 $ 669,098 $ 395,243  
Aggregate intrinsic value of options exercised | $         6,156,928 541,598 395,243  
Intrinsic value of options exercised | $         $ 1,018,730 $ 62,230 $ 57,250  
Weighted-average remaining contractual term         5 years 7 months 6 days 5 years 4 months 24 days 4 years 3 months 18 days  
Stock compensation expense of general and administrative expenses | $         $ 463,864 $ 365,560 $ 437,063  
Stock Options [Member]                
Fair value of stock options granted | $         $ 425,000 $ 393,000 $ 332,000  
Stock Options [Member] | Thirty Four Employees [Member]                
Number of granted options to purchase, shares         527,000      
Stock Options [Member] | Twenty Four Employees [Member]                
Number of granted options to purchase, shares           425,000    
Stock Options [Member] | Twenty Five Employees [Member]                
Number of granted options to purchase, shares             339,000  
Stock Options [Member] | Twenty Employees [Member]                
Number of exercised shares         277,500      
Stock Options [Member] | Five Employees [Member]                
Number of exercised shares           22,500    
Stock Options [Member] | Two Employees [Member]                
Number of exercised shares             23,000  
Stock Options [Member] | One Employee [Member]                
Number of shares expired or forfeited         50,000      
Stock Options [Member] | Sixteen Employees [Member]                
Number of shares expired or forfeited           143,000    
Stock Options [Member] | Eleven Employees [Member]                
Number of shares expired or forfeited             108,000  
Restricted Stock [Member]                
Stock option vested term         5 years      
Unamortized stock option expense | $         $ 685,925      
Weighted-average remaining contractual term         3 years 3 months 18 days      
Stock compensation expense of general and administrative expenses | $         $ 600,814 $ 490,208 $ 485,881  
Number of granted, shares 20,000 40,500 10,000 25,000 60,500 35,000 25,000  
Number of participants in restricted stock grants awarded | Participants 1 2 10 1     1  
Fair value of restricted stock grants | $         $ 627,085 $ 334,450 $ 232,750  
2013 Stock Option and Stock Award Plan [Member]                
Stock option authorized to grant to officers and key employees               3,000,000
Available for grant under plan               200,000
2013 Stock Option and Stock Award Plan [Member] | Restricted Stock [Member]                
Available for grant under plan         1,235,500      
2013 Stock Option and Stock Award Plan [Member] | Maximum [Member] | Restricted Stock [Member]                
Available for grant under plan               100,000
XML 70 R56.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]      
Dividend yield 7.32% 7.37% 7.14%
Expected volatility 26.30% 27.17% 27.12%
Risk-free interest rate 1.49% 2.12% 2.23%
Expected lives 8 years 8 years 8 years
Estimated forfeitures $ 0 $ 0 $ 0
XML 71 R57.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Stock Compensation Plan - Schedule Of Stock Option Plans And Changes In Stock Options Details      
Outstanding at beginning of year, Shares 1,560,500 1,301,000 1,093,000
Granted, Shares 527,000 425,000 339,000
Exercised, Shares (277,500) (22,500) (23,000)
Forfeited, shares 0 (37,000) 0
Expired, Shares (50,000) (106,000) (108,000)
Outstanding at end of year, Shares 1,760,000 1,560,500 1,301,000
Options exercisable at end of year 1,233,000 1,135,500 962,000
Outstanding at beginning of year, Weighted Average Exercise Price $ 9.92 $ 10.34 $ 10.86
Weighted Average Exercise Price, Granted 9.77 9.82 9.85
Weighted Average Exercise Price, Exercised 8.96 7.56 7.28
Weighted Average Exercise Price, Forfeited 0 10.63 0
Weighted Average Exercise Price, Expired 11.97 14.84 14.52
Outstanding at end of year, Weighted Average Exercise Price 9.97 9.92 10.34
Weighted-average fair value of options granted during the year $ 0.81 $ 0.93 $ 0.98
XML 72 R58.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan - Summary of Stock Options Outstanding (Details)
 12 Months Ended
Dec. 31, 2016
Employees
$ / shares
shares
Number of Shares 1,760,000
Stock Option Grant One [Member]  
Date of Grant Jun. 22, 2009
Number of Employees | Employees 5
Number of Shares 18,500
Option Price | $ / shares $ 7.57
Expiration Date Jun. 22, 2017
Stock Option Grant Two [Member]  
Date of Grant Jan. 08, 2010
Number of Employees | Employees 1
Number of Shares 10,900
Option Price | $ / shares $ 9.13
Expiration Date Jan. 08, 2018
Stock Option Grant Three [Member]  
Date of Grant Jan. 08, 2010
Number of Employees | Employees 1
Number of Shares 14,100
Option Price | $ / shares $ 8.30
Expiration Date Jan. 08, 2018
Stock Option Grant Four [Member]  
Date of Grant Jul. 27, 2010
Number of Employees | Employees 6
Number of Shares 52,000
Option Price | $ / shares $ 11.40
Expiration Date Jul. 27, 2018
Stock Option Grant Five [Member]  
Date of Grant Jul. 05, 2011
Number of Employees | Employees 7
Number of Shares 58,000
Option Price | $ / shares $ 11.16
Expiration Date Jul. 05, 2019
Stock Option Grant Six [Member]  
Date of Grant Aug. 29, 2012
Number of Employees | Employees 10
Number of Shares 70,000
Option Price | $ / shares $ 11.29
Expiration Date Aug. 29, 2020
Stock Option Grant Seven [Member]  
Date of Grant Feb. 28, 2013
Number of Employees | Employees 1
Number of Shares 10,000
Option Price | $ / shares $ 10.02
Expiration Date Feb. 28, 2021
Stock Option Grant Eight [Member]  
Date of Grant Jun. 26, 2013
Number of Employees | Employees 18
Number of Shares 343,000
Option Price | $ / shares $ 10.08
Expiration Date Jun. 26, 2021
Stock Option Grant Nine [Member]  
Date of Grant Jun. 11, 2014
Number of Employees | Employees 19
Number of Shares 276,000
Option Price | $ / shares $ 9.85
Expiration Date Jun. 11, 2022
Stock Option Grant Ten [Member]  
Date of Grant Jun. 24, 2015
Number of Employees | Employees 19
Number of Shares 380,500
Option Price | $ / shares $ 9.82
Expiration Date Jun. 24, 2023
Stock Option Grant Eleven [Member]  
Date of Grant Apr. 05, 2016
Number of Employees | Employees 34
Number of Shares 527,000 [1]
Option Price | $ / shares $ 9.77
Expiration Date Apr. 05, 2024
[1] Unexercisable
XML 73 R59.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares
 12 Months Ended
Sep. 14, 2016
Apr. 05, 2016
Sep. 16, 2015
Feb. 05, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Non-vested at beginning of year, Shares         121,242 137,346 152,292
Granted, Shares 20,000 40,500 10,000 25,000 60,500 35,000 25,000
Dividend Reinvested Shares, Shares         8,430 10,736 12,194
Forfeited, Shares         (2,160) 0 0
Vested, Shares         (54,697) (61,840) (52,140)
Non-vested at end of year, Shares         133,315 121,242 137,346
Non-vested at beginning of year, Weighted Average Grant Date Fair Value         $ 9.83 $ 10.37 $ 10.77
Weighted Average Grant Date Fair Value, Granted         10.37 9.56 9.31
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares         10.82 9.09 9.22
Weighted Average Grant Date Fair Value, Forfeited         9.83 0 0
Weighted Average Grant Date Fair Value, Vested         10.07 9.63 10.77
Non-vested at end of year, Weighted Average Grant Date Fair Value         $ 10.04 $ 9.83 $ 10.37
XML 74 R60.htm IDEA: XBRL DOCUMENT v3.7.0.1
401(k) Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Eligibility age of employees 21 years    
Description of contribution Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary.    
Total expense of contributions amount $ 245,057 $ 167,971 $ 226,953
XML 75 R61.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions and Other Matters (Details Narrative)
 12 Months Ended
May 02, 2015
Dec. 31, 2016
USD ($)
DirectorsAndShareholders
shares
Renewed lease term 7 years  
April 30, 2020 [Member]    
Lease payment through April 30, 2020   $ 14,900
April 30, 2022 [Member]    
Lease payment through April 30, 2022   $ 15,300
Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member]    
Employment agreements term   3 years
Approximate value of compensation   $ 1,000,000
Mr. Eugene and W. Landy [Member]    
Interest in the entity of landlord of the property   24.00%
Monmouth Real Estate Investment Corporation [Member]    
Number of directors and shareholders | DirectorsAndShareholders   6
Number of shares owned in affiliate company | shares   2,237,588
Percentage of shares owned in affiliate company   3.20%
XML 76 R62.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Details Narrative) - USD ($)
 2 Months Ended 12 Months Ended
Aug. 11, 2016
Apr. 05, 2016
Apr. 04, 2016
Oct. 20, 2015
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Discount rate on purchase price under dividend reinvestment plan           95.00%    
Proceeds from issuance of preferred stock           $ 49,120,853 $ 43,042,124 $ 0
Dividends payment         $ 710,610      
Paid on dividend date         Mar. 15, 2016      
Common stock shares authorized 75,000,000   62,000,000   62,000,000   62,000,000  
Excess stock, shares authorized 3,000,000       3,000,000   3,000,000  
Shares authorized     81,663,800          
January 19, 2017 [Member]                
Number of share authorized to repurchase under Share Repurchase Program           10,000,000    
Common Stock [Member]                
Common stock shares authorized 75,000,000   73,000,000          
Common Stock [Member] | Amendment [Member]                
Common stock shares authorized     71,000,000          
Maryland State Department of Assessments and Taxation [Member]                
Common stock shares authorized 71,000,000     48,663,800        
Increase in authorized number of shares       22,000,000        
Shares authorized 85,663,800              
Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member]                
Common stock shares authorized     62,000,000          
Series A Preferred Stock [Member]                
Preferred stock, shares outstanding           3,663,800    
Aggregate liquidation preference, value           $ 91,595,000    
Annual rate on dividend per share payable quarterly           $ 2.0625    
Shares issued price per share           $ 25.00    
Description of preferred stock dividend           The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15.    
Preferred stock par value           $ 0.10    
Cumulative redemption price per share           $ 25.00    
Series B Cumulative Redeemable Preferred Stock [Member]                
Preferred stock, shares outstanding         1,801,200 3,801,200 1,801,200  
Shares issued price per share           $ 25.00    
Description of preferred stock dividend       annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15.        
Preferred stock par value         $ 0.10 $ 0.10 $ 0.10  
Cumulative redeemable preferred stock, shares issued       1,801,200 1,801,200 3,801,200 1,801,200  
Percentage rate on cumulative redeemable preferred stock       8.00% 8.00% 8.00% 8.00%  
Proceeds from issuance of preferred stock       $ 43,000,000        
Number of shares issued and sold during period   2,000,000            
Sale price per share   $ 25.50            
Proceeds from sale of common stock   $ 49,100,000            
Cumulative redeemable preferred stock, shares authorized 4,000,000 2,000,000     2,000,000 4,000,000 2,000,000  
Series B Cumulative Redeemable Preferred Stock [Member] | Amendment [Member]                
Cumulative redeemable preferred stock, shares authorized 4,000,000   4,000,000          
Series B Cumulative Redeemable Preferred Stock [Member] | Common Stock [Member]                
Common stock shares authorized       2,000,000        
8.25% Series A Cumulative Redeemable Preferred Stock [Member]                
Cumulative redeemable preferred stock, shares authorized     3,663,800          
8.0% Series B Cumulative Redeemable Preferred Stock [Member]                
Common stock shares authorized           4,000,000    
Preferred Stock Series A [Member]                
Preferred stock, shares outstanding         3,663,800 3,663,800 3,663,800  
Preferred stock par value         $ 0.10 $ 0.10 $ 0.10  
Cumulative redeemable preferred stock, shares issued         3,663,800 3,663,800 3,663,800  
Percentage rate on cumulative redeemable preferred stock         8.25% 8.25% 8.25%  
Cumulative redeemable preferred stock, shares authorized 3,663,800   3,663,800   3,663,800 3,663,800 3,663,800  
Preferred Stock Series A [Member] | Amendment [Member]                
Cumulative redeemable preferred stock, shares authorized 3,663,800   3,663,800          
Minimum [Member]                
Amount of optional cash payments           $ 500    
Minimum [Member] | Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member]                
Common stock shares authorized       42,000,000        
Minimum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]                
Cumulative redeemable preferred stock, shares authorized       3,663,800        
Maximum [Member]                
Amount of optional cash payments           $ 1,000    
Increase in authorized number of shares 4,000,000   11,000,000          
Shares authorized 81,663,800   70,663,800          
Maximum [Member] | Maryland State Department of Assessments and Taxation [Member]                
Increase in authorized number of shares       70,663,800        
Maximum [Member] | Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member]                
Common stock shares authorized       64,000,000        
Maximum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member]                
Cumulative redeemable preferred stock, shares authorized       3,663,800        
XML 77 R63.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity - Schedule of Amount Received in Connection With DRIP (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Class of Stock [Line Items]      
Amounts Received [1] $ 22,400,945 $ 24,599,818 $ 32,792,239
Dividend Reinvestment Stock Purchase Plan [Member]      
Class of Stock [Line Items]      
Amounts Received 22,400,945 24,599,818 32,792,239
Less: Dividends Reinvested (2,388,552) (2,006,287) (1,858,491)
Amounts Received, net $ 20,012,393 $ 22,593,531 $ 30,933,748
Number of Shares Issued 1,966,133 2,657,255 3,554,191
[1] Dividend Reinvestment and Stock Purchase Plan.
XML 78 R64.htm IDEA: XBRL DOCUMENT v3.7.0.1
Distributions (Details Narrative) - $ / shares
 2 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dividends Payable [Line Items]        
Payment Date Mar. 15, 2016      
Preferred stock, dividend declared per share, paid   $ (0.51) $ (0.32) $ (0.34)
Preferred Stock Series A [Member]        
Dividends Payable [Line Items]        
Preferred stock, dividend declared per share, paid   2.0625    
Series B Cumulative Redeemable Preferred Stock [Member]        
Dividends Payable [Line Items]        
Preferred stock, dividend declared per share, paid   $ 2.00    
January 19, 2017 [Member]        
Dividends Payable [Line Items]        
Declaration Date   Jan. 19, 2016    
Record Date   Feb. 15, 2016    
Payment Date   Mar. 15, 2017    
Dividends declared per share   $ 0.18    
January 19, 2017 [Member] | Cumulative Preferred Stock [Member]        
Dividends Payable [Line Items]        
Preferred stock, dividend declared per share, paid   0.515625    
January 19, 2017 [Member] | 8% Series B Cumulative Redeemable Preferred Stock [Member]        
Dividends Payable [Line Items]        
Preferred stock, dividend declared per share, paid   $ 0.50    
December 1, 2016 through February 28, 2017 [Member] | Preferred Stock Series A [Member]        
Dividends Payable [Line Items]        
Cumulative redeemable preferred stock, dividend rate, percentage   8.25%    
XML 79 R65.htm IDEA: XBRL DOCUMENT v3.7.0.1
Distributions - Summary of Payment of Distributions to Shareholders (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Distributions [Abstract]                              
Distributions including dividends reinvested paid to common shareholders $ 5,204,709 $ 5,031,818 $ 4,903,286 $ 4,879,009 $ 4,864,760 $ 4,767,312 $ 4,633,318 $ 4,481,730 $ 4,316,063 $ 4,125,060 $ 3,991,110 $ 3,853,595 $ 20,018,822 $ 18,747,120 $ 16,285,828
Dividend declared per share, paid $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 $ 0.72 $ 0.72
XML 80 R66.htm IDEA: XBRL DOCUMENT v3.7.0.1
Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) - USD ($)
 2 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dividends Payable [Line Items]        
Payment Date Mar. 15, 2016      
Preferred stock, dividend declared per share, paid   $ (0.51) $ (0.32) $ (0.34)
Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Amount of distributions paid for preferred stock   $ 7,556,588 $ 7,556,588 $ 7,556,588
Preferred stock, dividend declared per share, paid   $ 2.0625 $ 2.0625 $ 2.0625
Series B Preferred Stock [Member]        
Dividends Payable [Line Items]        
Amount of distributions paid for preferred stock   $ 7,007,057    
Preferred stock, dividend declared per share, paid   $ 2.22466    
Dividend Payment Date One [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Jan. 15, 2016    
Record Date   Feb. 16, 2016    
Payment Date   Mar. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,889,147    
Preferred stock, dividend declared per share, paid   $ 0.515625    
Dividend Payment Date One [Member] | Series B Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Jan. 15, 2016    
Record Date   Feb. 16, 2016    
Payment Date   Mar. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,305,257    
Preferred stock, dividend declared per share, paid   $ 0.72466    
Dividend Payment Date Two [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Apr. 04, 2016    
Record Date   May 16, 2016    
Payment Date   Jun. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,889,147    
Preferred stock, dividend declared per share, paid   $ 0.515625    
Dividend Payment Date Two [Member] | Series B Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Apr. 04, 2016    
Record Date   May 16, 2016    
Payment Date   Jun. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,900,600    
Preferred stock, dividend declared per share, paid   $ 0.50    
Dividend Payment Date Three [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Jul. 01, 2016    
Record Date   Aug. 15, 2016    
Payment Date   Sep. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,889,147    
Preferred stock, dividend declared per share, paid   $ 0.515625    
Dividend Payment Date Three [Member] | Series B Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Jul. 01, 2016    
Record Date   Aug. 15, 2016    
Payment Date   Sep. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,900,600    
Preferred stock, dividend declared per share, paid   $ 0.50    
Dividend Payment Date Four [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Oct. 03, 2016    
Record Date   Nov. 17, 2016    
Payment Date   Dec. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,889,147    
Preferred stock, dividend declared per share, paid   $ 0.515625    
Dividend Payment Date Four [Member] | Series B Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date   Oct. 03, 2016    
Record Date   Nov. 17, 2016    
Payment Date   Dec. 15, 2016    
Amount of distributions paid for preferred stock   $ 1,900,600    
Preferred stock, dividend declared per share, paid   $ 0.50    
Dividend Payment Date Five [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date     Jan. 15, 2015  
Record Date     Feb. 17, 2015  
Payment Date     Mar. 16, 2015  
Amount of distributions paid for preferred stock     $ 1,889,147  
Preferred stock, dividend declared per share, paid     $ 0.515625  
Dividend Payment Date Six [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date     Apr. 01, 2015  
Record Date     May 15, 2015  
Payment Date     Jun. 16, 2015  
Amount of distributions paid for preferred stock     $ 1,889,147  
Preferred stock, dividend declared per share, paid     $ 0.515625  
Dividend Payment Date Seven [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date     Jul. 01, 2015  
Record Date     Aug. 15, 2015  
Payment Date     Sep. 15, 2015  
Amount of distributions paid for preferred stock     $ 1,889,147  
Preferred stock, dividend declared per share, paid     $ 0.515625  
Dividend Payment Date Eight [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date     Oct. 01, 2015  
Record Date     Nov. 17, 2015  
Payment Date     Dec. 15, 2015  
Amount of distributions paid for preferred stock     $ 1,889,147  
Preferred stock, dividend declared per share, paid     $ 0.515625  
Dividend Payment Date Nine [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date       Jan. 15, 2014
Record Date       Feb. 18, 2014
Payment Date       Mar. 17, 2014
Amount of distributions paid for preferred stock       $ 1,889,147
Preferred stock, dividend declared per share, paid       $ 0.515625
Dividend Payment Date Ten [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date       Apr. 01, 2014
Record Date       May 15, 2014
Payment Date       Jun. 16, 2014
Amount of distributions paid for preferred stock       $ 1,889,147
Preferred stock, dividend declared per share, paid       $ 0.515625
Dividend Payment Date Eleven [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date       Jul. 01, 2014
Record Date       Aug. 15, 2014
Payment Date       Sep. 15, 2014
Amount of distributions paid for preferred stock       $ 1,889,147
Preferred stock, dividend declared per share, paid       $ 0.515625
Dividend Payment Date Twelve [Member] | Series A Preferred Stock [Member]        
Dividends Payable [Line Items]        
Declaration Date       Oct. 01, 2014
Record Date       Nov. 17, 2014
Payment Date       Dec. 15, 2014
Amount of distributions paid for preferred stock       $ 1,889,147
Preferred stock, dividend declared per share, paid       $ 0.515625
XML 81 R67.htm IDEA: XBRL DOCUMENT v3.7.0.1
Federal Income Taxes (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Preferred Dividends Paid, net $ 14,563,645 $ 7,556,588 $ 7,556,588
Preferred stock, dividend declared per share, paid $ (0.51) $ (0.32) $ (0.34)
S&F Tax [Member]      
Amount of operating losses of S&F $ 2,307,104 $ 3,550,961 $ 3,946,571
Federal state and franchise taxes included in general and administrative expenses 5,000 15,000 15,000
Series A Preferred Stock [Member]      
Preferred Dividends Paid, net $ 7,556,588 $ 7,556,588 $ 7,556,588
Preferred stock, dividend declared per share, paid $ 2.0625 $ 2.0625 $ 2.0625
Percentage of distributions characterized as ordinary income 1.79472 1.36264 1.66551
Percentage of distributions characterized as capital gains $ 0.26778 0.03439 $ 0.39699
Percentage of distributions characterized as return capital   $ 0.66547  
Series B Preferred Stock [Member]      
Preferred Dividends Paid, net $ 7,007,057    
Preferred stock, dividend declared per share, paid $ 2.22466    
Percentage of distributions characterized as ordinary income 1.93582    
Percentage of distributions characterized as capital gains $ 0.28884    
XML 82 R68.htm IDEA: XBRL DOCUMENT v3.7.0.1
Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Characterization Of Distributions [Line Items]                              
Amount of distributions paid per common share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 $ 0.72 $ 0.72
Percentage of distributions paid per common share                         100.00% 100.00% 100.00%
Ordinary Income [Member]                              
Characterization Of Distributions [Line Items]                              
Amount of distributions paid per common share                         $ 0.09549 $ 0.00000 $ 0.01114
Percentage of distributions paid per common share                         13.26% 0.00% 1.55%
Capital Gains [Member]                              
Characterization Of Distributions [Line Items]                              
Amount of distributions paid per common share                         $ 0.01425 $ 0.00000 $ 0.00265
Percentage of distributions paid per common share                         1.98% 0.00% 0.37%
Return Of Capital [Member]                              
Characterization Of Distributions [Line Items]                              
Amount of distributions paid per common share                         $ 0.61026 $ 0.72000 $ 0.70621
Percentage of distributions paid per common share                         84.76% 100.00% 98.08%
XML 83 R69.htm IDEA: XBRL DOCUMENT v3.7.0.1
Contingencies, Commitments and Other Matters (Details Narrative)
 12 Months Ended
Dec. 31, 2016
USD ($)
HomeSites
Dec. 31, 2015
USD ($)
Litigation settlement amount   $ 125,000
Number of developed home sites | HomeSites 134  
Total original loan amount $ 5,000,000  
Total loan balance 4,000,000  
Notes and other receivables $ 3,495,000  
Minimum [Member]    
Range of purchase price repossessed 80.00%  
Minimum [Member] | Purchase Price [Member]    
Range of purchase price repossessed 55.00%  
Maximum [Member]    
Range of purchase price repossessed 95.00%  
Maximum [Member] | Purchase Price [Member]    
Range of purchase price repossessed 100.00%  
XML 84 R70.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Details Narrative) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Fair Value Disclosures [Abstract]    
Fair value of fixed rate mortgages payable $ 282,369,063 $ 276,657,074
Carrying value of fixed rate mortgages payable $ 285,584,102 $ 274,542,499
XML 85 R71.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap [1] $ (3,983) $ (1,700)
Total 108,751,189 75,009,560
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap [1] 0 0
Total 108,755,172 75,011,260
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap [1] (3,983) (1,700)
Total (3,983) (1,700)
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate Swap [1] 0 0
Total 0 0
Preferred Stock [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 13,028,200 14,219,712
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 13,028,200 14,219,712
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 0 0
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 0 0
Common Stock [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 95,726,972 60,791,548
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 95,726,972 60,791,548
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities 0 0
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities $ 0 $ 0
[1] Included in accrued liabilities and deposits
XML 86 R72.htm IDEA: XBRL DOCUMENT v3.7.0.1
Supplemental Cash Flow Information (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]      
Cash paid for interest $ 15,406,689 $ 12,497,858 $ 10,832,747
Mortgages for the acquisition of communities 3,200,000 2,300,000  
Land development costs 170,925 60,857 100,372
Reinvestment of dividends $ 2,388,552 $ 2,006,287 $ 1,858,491
XML 87 R73.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details Narrative)
 12 Months Ended
Jan. 24, 2017
USD ($)
a
HomeSites
Jan. 20, 2017
USD ($)
a
HomeSites
BoardwalkHomesites
ParkePlaceHomesites
Dec. 31, 2016
USD ($)
HomeCommunity
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jan. 18, 2017
USD ($)
Payments to acquire home communities     $ 4,081,798 $ 78,926,525 $ 15,879,551  
Number of All-Age communities | HomeCommunity     4,700      
Interest rate percentage on mortgage loan     9.40%      
Subsequent Event [Member]            
Interest rate percentage on mortgage loan 40.00%          
Subsequent Event [Member] | Ohio [Member]            
Number of All-Age communities | HomeSites   532        
Area of real estate property | a   149        
Percentage of acquisition average occupancy of communities   57.00%        
Subsequent Event [Member] | Osolo Indiana [Member]            
Area of real estate property | a   155        
Percentage of acquisition average occupancy of communities   77.00%        
Mortgage loan   $ 14,250,000        
Interest rate percentage on mortgage loan   4.56%        
Mortgage loans on realestate term   10 years        
Amortization period of mortgage loans on realestate   30 years        
Subsequent Event [Member] | Community Acquisitions [Member]            
Remaining amount drew down form credit facility           $ 15,000,000
Subsequent Event [Member] | Hillcrest Estates and Marysville Estates [Member]            
Payments to acquire home communities   $ 9,588,000        
Subsequent Event [Member] | Two Manufactured Home Communities [Member] | Osolo Indiana [Member]            
Payments to acquire home communities   $ 24,437,000        
Subsequent Event [Member] | First Manufactured Home Communities [Member] | Osolo Indiana Boardwalk [Member]            
Number of All-Age communities | BoardwalkHomesites   195        
Subsequent Event [Member] | Second Manufactured Home Communities [Member] | Osolo Indiana [Member] | Parke Place [Member]            
Number of All-Age communities | ParkePlaceHomesites   364        
Subsequent Event [Member] | Hillcrest Crossing [Member] | Lower Burrell, Pennsylvania [Member]            
Payments to acquire home communities $ 2,485,000          
Number of All-Age communities | HomeSites 200          
Area of real estate property | a 78          
XML 88 R74.htm IDEA: XBRL DOCUMENT v3.7.0.1
Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Business Combinations [Abstract]    
Rental and Related Income $ 100,038,000 $ 88,769,000
Community Operating Expenses 42,818,000 40,166,000
Net Loss Attributable to Common Shareholders $ (2,440,000) $ (6,371,000)
Net Loss Attributable to Common Shareholders per Share - Basic and Diluted $ (0.09) $ (0.25)
XML 89 R75.htm IDEA: XBRL DOCUMENT v3.7.0.1
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]                      
Total Income $ 25,143,697 $ 25,355,051 $ 25,210,707 $ 23,504,374 $ 21,924,143 $ 21,694,999 $ 19,553,443 $ 18,344,086 $ 99,213,829 $ 81,516,671 $ 71,431,933
Total Expenses 20,634,766 21,567,389 21,176,977 19,876,382 19,256,221 18,965,700 17,484,822 16,369,803 83,255,514 72,076,546 64,521,158
Other Income (Expense) (1,153,663) (587,077) (937,242) (1,743,611) (2,479,582) (1,684,881) (1,790,710) (1,260,479) (4,421,593) (7,215,652) (2,680,285)
Net Income 3,376,615 3,200,013 3,051,462 1,906,469 174,461 1,047,245 203,982 718,517 11,534,559 2,144,205 4,237,803
Net Loss Attributable to Common Shareholders $ (413,132) $ (589,734) $ (682,729) $ (883,278) $ (2,425,296) $ (841,902) $ (1,685,165) $ (1,170,630) $ (2,568,873) $ (6,122,993) $ (3,318,785)
Net Loss Attributable to Common Shareholders Per Share - Basic and Diluted $ (0.01) $ (0.02) $ (0.03) $ (0.03) $ (0.10) $ (0.03) $ (0.06) $ (0.05) $ (0.09) $ (0.24) $ (0.15)
XML 90 R76.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Total $ 636,576,955 $ 574,283,574 $ 444,908,976 $ 362,707,205
Accumulated Depreciation $ 128,780,501 $ 107,453,972 $ 90,277,082 $ 76,328,213
Allentown [Member]        
Location Memphis, TN      
Date of Construction prior to 1980      
Date Acquired 1986      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 13,637,719      
Land 250,000      
Site, Land & Building Improvements and Rental Homes 2,569,101      
Capitalization Subsequent to Acquisition 9,843,420      
Land, gross [1],[2] 480,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 12,182,521      
Total [1],[2] 12,662,521      
Accumulated Depreciation $ 5,187,063      
Arbor Estates [Member]        
Location Doylestown, PA      
Date of Construction 1959      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 2,650,000      
Site, Land & Building Improvements and Rental Homes 8,266,000      
Capitalization Subsequent to Acquisition 969,266      
Land, gross [1],[2] 2,650,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 9,235,266      
Total [1],[2] 11,885,266      
Accumulated Depreciation $ 1,197,142      
Auburn Estates [Member]        
Location Orrville, OH      
Date of Construction 1971/1985/1995      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [4]      
Land 114,000      
Site, Land & Building Improvements and Rental Homes 1,174,000      
Capitalization Subsequent to Acquisition 355,280      
Land, gross [1],[2] 114,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,529,280      
Total [1],[2] 1,643,280      
Accumulated Depreciation $ 163,398      
Birchwood Farms [Member]        
Location Birch Run, MI      
Date of Construction 1976-1977      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 70,000      
Site, Land & Building Improvements and Rental Homes 2,797,000      
Capitalization Subsequent to Acquisition 1,686,954      
Land, gross [1],[2] 70,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,483,954      
Total [1],[2] 4,553,954      
Accumulated Depreciation $ 629,232      
Broadmore Estates [Member]        
Location Goshen, IN      
Date of Construction 1950/1990      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3] $ 50,095,192      
Land 1,120,000      
Site, Land & Building Improvements and Rental Homes 11,136,000      
Capitalization Subsequent to Acquisition 6,206,691      
Land, gross [1],[2] 1,120,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 17,342,691      
Total [1],[2] 18,462,691      
Accumulated Depreciation $ 2,186,065      
Brookside Village [Member]        
Location Berwick, PA      
Date of Construction 1973-1976      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [5]      
Land 372,000      
Site, Land & Building Improvements and Rental Homes 4,776,000      
Capitalization Subsequent to Acquisition 1,221,426      
Land, gross [1],[2] 372,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,997,426      
Total [1],[2] 6,369,426      
Accumulated Depreciation $ 1,160,539      
Brookview Village [Member]        
Location Greenfield Ctr, NY      
Date of Construction prior to 1970      
Date Acquired 1977      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 2,832,889      
Land 37,500      
Site, Land & Building Improvements and Rental Homes 232,547      
Capitalization Subsequent to Acquisition 4,369,792      
Land, gross [1],[2] 122,865      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,516,974      
Total [1],[2] 4,639,839      
Accumulated Depreciation $ 2,209,561      
Candlewick Court [Member]        
Location Owosso, MI      
Date of Construction 1975      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 4,551,134      
Land 159,200      
Site, Land & Building Improvements and Rental Homes 7,087,221      
Capitalization Subsequent to Acquisition 1,188,057      
Land, gross [1],[2] 159,200      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,275,278      
Total [1],[2] 8,434,478      
Accumulated Depreciation $ 441,471      
Carsons [Member]        
Location Chambersburg, PA      
Date of Construction 1963      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 176,000      
Site, Land & Building Improvements and Rental Homes 2,411,000      
Capitalization Subsequent to Acquisition 935,152      
Land, gross [1],[2] 176,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,346,152      
Total [1],[2] 3,522,152      
Accumulated Depreciation $ 461,349      
Catalina [Member]        
Location Middletown, OH      
Date of Construction 1968-1976      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 5,739,657      
Land 1,008,000      
Site, Land & Building Improvements and Rental Homes 11,734,640      
Capitalization Subsequent to Acquisition 1,993,004      
Land, gross [1],[2] 1,008,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 13,727,644      
Total [1],[2] 14,735,644      
Accumulated Depreciation $ 728,492      
Cedarcrest [Member]        
Location Vineland, NJ      
Date of Construction 1973      
Date Acquired 1986      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 12,268,266      
Land 320,000      
Site, Land & Building Improvements and Rental Homes 1,866,323      
Capitalization Subsequent to Acquisition 2,628,346      
Land, gross [1],[2] 408,206      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,406,463      
Total [1],[2] 4,814,669      
Accumulated Depreciation $ 2,730,868      
Chambersburg I & II [Member]        
Location Chambersburg, PA      
Date of Construction 1955      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6] $ 10,625,352      
Land 108,000      
Site, Land & Building Improvements and Rental Homes 2,397,000      
Capitalization Subsequent to Acquisition 373,954      
Land, gross [1],[2] 108,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,770,954      
Total [1],[2] 2,878,954      
Accumulated Depreciation $ 424,733      
Chelsea [Member]        
Location Sayre, PA      
Date of Construction 1972      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 124,000      
Site, Land & Building Improvements and Rental Homes 2,049,000      
Capitalization Subsequent to Acquisition 758,722      
Land, gross [1],[2] 124,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,807,722      
Total [1],[2] 2,931,722      
Accumulated Depreciation $ 384,891      
City View [Member]        
Location Lewistown, PA      
Date of Construction prior to 1980      
Date Acquired 2011      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 137,000      
Site, Land & Building Improvements and Rental Homes 613,000      
Capitalization Subsequent to Acquisition 1,241,302      
Land, gross [1],[2] 137,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,854,302      
Total [1],[2] 1,991,302      
Accumulated Depreciation $ 246,952      
Clinton [Member]        
Location Tiffin, OH      
Date of Construction 1968/1987      
Date Acquired 2011      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 3,579,289      
Land 142,000      
Site, Land & Building Improvements and Rental Homes 3,301,800      
Capitalization Subsequent to Acquisition 199,155      
Land, gross [1],[2] 142,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,500,955      
Total [1],[2] 3,642,955      
Accumulated Depreciation $ 659,270      
Collingwood [Member]        
Location Horseheads, NY      
Date of Construction 1970      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 196,000      
Site, Land & Building Improvements and Rental Homes 2,317,500      
Capitalization Subsequent to Acquisition 1,202,057      
Land, gross [1],[2] 196,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,519,557      
Total [1],[2] 3,715,557      
Accumulated Depreciation $ 481,544      
Colonial Heights [Member]        
Location Wintersville, OH      
Date of Construction 1972      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 67,000      
Site, Land & Building Improvements and Rental Homes 2,383,000      
Capitalization Subsequent to Acquisition 3,772,898      
Land, gross [1],[2] 67,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,155,898      
Total [1],[2] 6,222,898      
Accumulated Depreciation $ 772,241      
Countryside Estates [Member]        
Location Muncie, IN      
Date of Construction 1996      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 174,000      
Site, Land & Building Improvements and Rental Homes 1,926,000      
Capitalization Subsequent to Acquisition 2,635,057      
Land, gross [1],[2] 174,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,561,057      
Total [1],[2] 4,735,057      
Accumulated Depreciation $ 582,843      
Countryside Estates [Member]        
Location Ravenna, OH      
Date of Construction 1972      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [7] $ 8,818,862      
Land 205,000      
Site, Land & Building Improvements and Rental Homes 2,895,997      
Capitalization Subsequent to Acquisition 2,616,020      
Land, gross [1],[2] 205,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,512,017      
Total [1],[2] 5,717,017      
Accumulated Depreciation $ 434,912      
Countryside Village [Member]        
Location Columbia, TN      
Date of Construction 1988/1992      
Date Acquired 2011      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 394,000      
Site, Land & Building Improvements and Rental Homes 6,916,500      
Capitalization Subsequent to Acquisition 7,961,498      
Land, gross [1],[2] 609,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 14,662,998      
Total [1],[2] 15,271,998      
Accumulated Depreciation $ 2,326,197      
Cranberry Village [Member]        
Location Cranberry Twp, PA      
Date of Construction 1974      
Date Acquired 1986      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 7,769,600      
Land 181,930      
Site, Land & Building Improvements and Rental Homes 1,922,931      
Capitalization Subsequent to Acquisition 3,501,615      
Land, gross [1],[2] 181,930      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,424,546      
Total [1],[2] 5,606,476      
Accumulated Depreciation $ 2,733,960      
Crestview [Member]        
Location Sayre, PA      
Date of Construction 1964      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 188,000      
Site, Land & Building Improvements and Rental Homes 2,258,000      
Capitalization Subsequent to Acquisition 1,148,016      
Land, gross [1],[2] 361,500      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,232,516      
Total [1],[2] 3,594,016      
Accumulated Depreciation $ 425,472      
Cross Keys Village [Member]        
Location Duncansville, PA      
Date of Construction 1961      
Date Acquired 1979      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 60,774      
Site, Land & Building Improvements and Rental Homes 378,093      
Capitalization Subsequent to Acquisition 3,178,652      
Land, gross [1],[2] 60,774      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,556,745      
Total [1],[2] 3,617,519      
Accumulated Depreciation $ 1,199,569      
Dallas Mobile Home [Member]        
Location Toronto, OH      
Date of Construction 1950-1957      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 275,600      
Site, Land & Building Improvements and Rental Homes 2,728,503      
Capitalization Subsequent to Acquisition 916,762      
Land, gross [1],[2] 275,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,645,265      
Total [1],[2] 3,920,865      
Accumulated Depreciation $ 296,191      
Deer Meadows [Member]        
Location New Springfield, OH      
Date of Construction 1973      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [7]      
Land 226,000      
Site, Land & Building Improvements and Rental Homes 2,299,275      
Capitalization Subsequent to Acquisition 1,081,149      
Land, gross [1],[2] 226,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,380,424      
Total [1],[2] 3,606,424      
Accumulated Depreciation $ 291,027      
D&R Village [Member]        
Location Clifton Park, NY      
Date of Construction 1972      
Date Acquired 1978      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 7,837,828      
Land 391,724      
Site, Land & Building Improvements and Rental Homes 704,021      
Capitalization Subsequent to Acquisition 3,202,804      
Land, gross [1],[2] 391,724      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,906,825      
Total [1],[2] 4,298,549      
Accumulated Depreciation $ 1,955,811      
Evergreen Estates [Member]        
Location Lodi, OH      
Date of Construction 1965      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [7]      
Land 99,000      
Site, Land & Building Improvements and Rental Homes 1,121,300      
Capitalization Subsequent to Acquisition 330,820      
Land, gross [1],[2] 119,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,432,120      
Total [1],[2] 1,551,120      
Accumulated Depreciation $ 129,557      
Evergreen Manor [Member]        
Location Bedford, OH      
Date of Construction 1960      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [7]      
Land 49,000      
Site, Land & Building Improvements and Rental Homes 2,372,258      
Capitalization Subsequent to Acquisition 526,753      
Land, gross [1],[2] 49,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,899,011      
Total [1],[2] 2,948,011      
Accumulated Depreciation $ 257,836      
Evergreen Village [Member]        
Location Mantua, OH      
Date of Construction 1960      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [7]      
Land 105,000      
Site, Land & Building Improvements and Rental Homes 1,277,001      
Capitalization Subsequent to Acquisition 692,114      
Land, gross [1],[2] 105,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,969,115      
Total [1],[2] 2,074,115      
Accumulated Depreciation $ 174,552      
Fairview Manor [Member]        
Location Millville, NJ      
Date of Construction prior to 1980      
Date Acquired 1985      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 16,299,292      
Land 216,000      
Site, Land & Building Improvements and Rental Homes 1,166,517      
Capitalization Subsequent to Acquisition 9,483,856      
Land, gross [1],[2] 2,534,892      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,331,481      
Total [1],[2] 10,866,373      
Accumulated Depreciation $ 4,775,026      
Forest Creek [Member]        
Location Elkhart, IN      
Date of Construction 1996-1997      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 440,000      
Site, Land & Building Improvements and Rental Homes 7,004,000      
Capitalization Subsequent to Acquisition 1,685,875      
Land, gross [1],[2] 440,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,689,875      
Total [1],[2] 9,129,875      
Accumulated Depreciation $ 1,343,487      
Forest Park Village [Member]        
Location Cranberry Twp, PA      
Date of Construction prior to 1980      
Date Acquired 1982      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 8,486,324      
Land 75,000      
Site, Land & Building Improvements and Rental Homes 977,225      
Capitalization Subsequent to Acquisition 6,914,108      
Land, gross [1],[2] 75,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,891,333      
Total [1],[2] 7,966,333      
Accumulated Depreciation $ 2,890,114      
Frieden Manor [Member]        
Location Schuylkill Haven, PA      
Date of Construction 1969      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 643,000      
Site, Land & Building Improvements and Rental Homes 5,293,500      
Capitalization Subsequent to Acquisition 1,713,786      
Land, gross [1],[2] 643,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,007,286      
Total [1],[2] 7,650,286      
Accumulated Depreciation $ 1,032,959      
Green Acres [Member]        
Location Chambersburg, PA      
Date of Construction 1978      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 63,000      
Site, Land & Building Improvements and Rental Homes 584,000      
Capitalization Subsequent to Acquisition 105,105      
Land, gross [1],[2] 63,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 689,105      
Total [1],[2] 752,105      
Accumulated Depreciation $ 99,847      
Gregory Courts [Member]        
Location Honey Brook, PA      
Date of Construction 1970      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 370,000      
Site, Land & Building Improvements and Rental Homes 1,220,000      
Capitalization Subsequent to Acquisition 346,398      
Land, gross [1],[2] 370,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,566,398      
Total [1],[2] 1,936,398      
Accumulated Depreciation $ 192,436      
Hayden Heights [Member]        
Location Dublin, OH      
Date of Construction 1973      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 2,134,846      
Land 248,100      
Site, Land & Building Improvements and Rental Homes 2,147,700      
Capitalization Subsequent to Acquisition 519,943      
Land, gross [1],[2] 248,100      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,667,643      
Total [1],[2] 2,915,743      
Accumulated Depreciation $ 225,356      
Heather Highlands [Member]        
Location Inkerman, PA      
Date of Construction 1969      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 510,000      
Site, Land & Building Improvements and Rental Homes 7,084,000      
Capitalization Subsequent to Acquisition 1,884,592      
Land, gross [1],[2] 510,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,968,592      
Total [1],[2] 9,478,592      
Accumulated Depreciation $ 1,296,725      
Highland [Member]        
Location Elkhart, IN      
Date of Construction 1970      
Date Acquired 1992      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 354,529      
Land 572,500      
Site, Land & Building Improvements and Rental Homes 2,151,569      
Capitalization Subsequent to Acquisition 8,228,321      
Land, gross [1],[2] 572,500      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 10,379,890      
Total [1],[2] 10,952,390      
Accumulated Depreciation $ 4,592,021      
Highland Estates [Member]        
Location Kutztown, PA      
Date of Construction 1971      
Date Acquired 1979      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 9,035,246      
Land 145,000      
Site, Land & Building Improvements and Rental Homes 1,695,041      
Capitalization Subsequent to Acquisition 11,631,628      
Land, gross [1],[2] 404,239      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 13,067,430      
Total [1],[2] 13,471,669      
Accumulated Depreciation $ 6,261,207      
Hillside Estates [Member]        
Location Greensburg, PA      
Date of Construction 1980      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [2]      
Land 483,600      
Site, Land & Building Improvements and Rental Homes 2,678,525      
Capitalization Subsequent to Acquisition 1,437,008      
Land, gross [1],[2] 483,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,115,533      
Total [1],[2] 4,599,133      
Accumulated Depreciation $ 318,242      
Holiday Village [Member]        
Location Nashville, TN      
Date of Construction 1967      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 8,075,696      
Land 1,632,000      
Site, Land & Building Improvements and Rental Homes 5,618,000      
Capitalization Subsequent to Acquisition 6,519,687      
Land, gross [1],[2] 1,632,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 12,137,687      
Total [1],[2] 13,769,687      
Accumulated Depreciation $ 1,302,883      
Holiday Village [Member]        
Location Elkhart, IN      
Date of Construction 1966      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 8,674,151      
Land 490,600      
Site, Land & Building Improvements and Rental Homes 13,808,269      
Capitalization Subsequent to Acquisition 1,599,404      
Land, gross [1],[2] 490,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 15,407,673      
Total [1],[2] 15,898,273      
Accumulated Depreciation $ 694,801      
Holly Acres Estates [Member]        
Location Erie, PA      
Date of Construction 1977/2007      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 2,228,629      
Land 194,000      
Site, Land & Building Improvements and Rental Homes 3,591,000      
Capitalization Subsequent to Acquisition 247,768      
Land, gross [1],[2] 194,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,838,768      
Total [1],[2] 4,032,768      
Accumulated Depreciation $ 271,745      
Hudson Estates [Member]        
Location Peninsula, OH      
Date of Construction 1956      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 141,000      
Site, Land & Building Improvements and Rental Homes 3,515,878      
Capitalization Subsequent to Acquisition 3,250,757      
Land, gross [1],[2] 141,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,766,635      
Total [1],[2] 6,907,635      
Accumulated Depreciation $ 519,837      
Huntingdon Pointe [Member]        
Location Tarrs, PA      
Date of Construction 2000      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 399,000      
Site, Land & Building Improvements and Rental Homes 865,450      
Capitalization Subsequent to Acquisition 442,514      
Land, gross [1],[2] 399,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,307,964      
Total [1],[2] 1,706,964      
Accumulated Depreciation $ 66,588      
Independence Park [Member]        
Location Clinton, PA      
Date of Construction 1987      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [2] $ 8,226,015      
Land 686,400      
Site, Land & Building Improvements and Rental Homes 2,783,633      
Capitalization Subsequent to Acquisition 1,834,765      
Land, gross [1],[2] 686,400      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,618,398      
Total [1],[2] 5,304,798      
Accumulated Depreciation $ 323,859      
Kinnebrook [Member]        
Location Monticello, NY      
Date of Construction 1972      
Date Acquired 1988      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 4,127,176      
Land 235,600      
Site, Land & Building Improvements and Rental Homes 1,402,572      
Capitalization Subsequent to Acquisition 10,328,190      
Land, gross [1],[2] 352,972      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 11,613,390      
Total [1],[2] 11,966,362      
Accumulated Depreciation $ 4,536,547      
Lake Sherman [Member]        
Location Navarre, OH      
Date of Construction prior to 1980      
Date Acquired 1987      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 5,611,924      
Land 290,000      
Site, Land & Building Improvements and Rental Homes 1,457,673      
Capitalization Subsequent to Acquisition 8,936,710      
Land, gross [1],[2] 290,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 10,394,383      
Total [1],[2] 10,684,383      
Accumulated Depreciation $ 3,538,456      
Lakeview Meadows [Member]        
Location Lakeview, OH      
Date of Construction 1995      
Date Acquired 2016      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 574,000      
Site, Land & Building Improvements and Rental Homes 1,103,600      
Capitalization Subsequent to Acquisition 59,348      
Land, gross [1],[2] 574,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,162,948      
Total [1],[2] 1,736,948      
Accumulated Depreciation $ 15,339      
Laurel Woods [Member]        
Location Cresson, PA      
Date of Construction prior to 1980      
Date Acquired 2001      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 432,700      
Site, Land & Building Improvements and Rental Homes 2,070,426      
Capitalization Subsequent to Acquisition 3,141,475      
Land, gross [1],[2] 432,700      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,211,901      
Total [1],[2] 5,644,601      
Accumulated Depreciation $ 1,847,290      
Little Chippewa [Member]        
Location Orrville, OH      
Date of Construction 1968      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [4]      
Land 113,000      
Site, Land & Building Improvements and Rental Homes 1,135,000      
Capitalization Subsequent to Acquisition 854,599      
Land, gross [1],[2] 113,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,989,599      
Total [1],[2] 2,102,599      
Accumulated Depreciation $ 181,674      
Maple Manor [Member]        
Location Taylor, PA      
Date of Construction 1972      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [5] $ 14,072,989      
Land 674,000      
Site, Land & Building Improvements and Rental Homes 9,432,800      
Capitalization Subsequent to Acquisition 3,971,321      
Land, gross [1],[2] 674,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 13,404,121      
Total [1],[2] 14,078,121      
Accumulated Depreciation $ 2,470,919      
Meadowood [Member]        
Location New Middletown, OH      
Date of Construction 1957      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 152,000      
Site, Land & Building Improvements and Rental Homes 3,191,000      
Capitalization Subsequent to Acquisition 2,027,873      
Land, gross [1],[2] 152,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,218,873      
Total [1],[2] 5,370,873      
Accumulated Depreciation $ 749,139      
Meadows [Member]        
Location Nappanee, IN      
Date of Construction 1965-1973      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 548,600      
Site, Land & Building Improvements and Rental Homes 6,720,900      
Capitalization Subsequent to Acquisition 1,278,258      
Land, gross [1],[2] 548,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,999,158      
Total [1],[2] 8,547,758      
Accumulated Depreciation $ 387,480      
Melrose Village [Member]        
Location Wooster, OH      
Date of Construction 1970-1978      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [4] $ 7,294,460      
Land 767,000      
Site, Land & Building Improvements and Rental Homes 5,429,000      
Capitalization Subsequent to Acquisition 3,652,118      
Land, gross [1],[2] 767,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 9,081,118      
Total [1],[2] 9,848,118      
Accumulated Depreciation $ 836,307      
Melrose West [Member]        
Location Wooster, OH      
Date of Construction 1995      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [4]      
Land 94,000      
Site, Land & Building Improvements and Rental Homes 1,040,000      
Capitalization Subsequent to Acquisition 48,618      
Land, gross [1],[2] 94,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,088,618      
Total [1],[2] 1,182,618      
Accumulated Depreciation $ 119,131      
Memphis Blues [Member]        
Location Memphis, TN      
Date of Construction 1955      
Date Acquired 1985      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 78,435      
Site, Land & Building Improvements and Rental Homes 810,477      
Capitalization Subsequent to Acquisition 1,612,983      
Land, gross [1],[2] 335,935      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,165,960      
Total [1],[2] 2,501,895      
Accumulated Depreciation $ 1,212,347      
Monroe Valley [Member]        
Location Ephrata, PA      
Date of Construction 1969      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 114,000      
Site, Land & Building Improvements and Rental Homes 994,000      
Capitalization Subsequent to Acquisition 428,713      
Land, gross [1],[2] 114,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,422,713      
Total [1],[2] 1,536,713      
Accumulated Depreciation $ 204,572      
Moosic Heights [Member]        
Location Avoca, PA      
Date of Construction 1972      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [5]      
Land 330,000      
Site, Land & Building Improvements and Rental Homes 3,794,100      
Capitalization Subsequent to Acquisition 1,437,446      
Land, gross [1],[2] 330,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,231,546      
Total [1],[2] 5,561,546      
Accumulated Depreciation $ 967,745      
Mountaintop [Member]        
Location Ephrata, PA      
Date of Construction 1972      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 134,000      
Site, Land & Building Improvements and Rental Homes 1,665,000      
Capitalization Subsequent to Acquisition 479,395      
Land, gross [1],[2] 134,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,144,395      
Total [1],[2] 2,278,395      
Accumulated Depreciation $ 320,795      
Oak Ridge Estates [Member]        
Location Elkhart, IN      
Date of Construction 1990      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 500,000      
Site, Land & Building Improvements and Rental Homes 7,524,000      
Capitalization Subsequent to Acquisition 1,560,097      
Land, gross [1],[2] 500,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 9,084,097      
Total [1],[2] 9,584,097      
Accumulated Depreciation $ 1,424,232      
Oakwood Lake [Member]        
Location Tunkhannock, PA      
Date of Construction 1972      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [5]      
Land 379,000      
Site, Land & Building Improvements and Rental Homes 1,639,000      
Capitalization Subsequent to Acquisition 740,354      
Land, gross [1],[2] 379,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,379,354      
Total [1],[2] 2,758,354      
Accumulated Depreciation $ 440,784      
Olmsted Falls [Member]        
Location Olmsted Falls, OH      
Date of Construction 1953/1970      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 2,133,656      
Land 569,000      
Site, Land & Building Improvements and Rental Homes 3,031,000      
Capitalization Subsequent to Acquisition 969,391      
Land, gross [1],[2] 569,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,000,391      
Total [1],[2] 4,569,391      
Accumulated Depreciation $ 558,463      
Oxford Village [Member]        
Location West Grove, PA      
Date of Construction 1971      
Date Acquired 1974      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 6,963,586      
Land 175,000      
Site, Land & Building Improvements and Rental Homes 990,515      
Capitalization Subsequent to Acquisition 1,988,629      
Land, gross [1],[2] 155,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,999,144      
Total [1],[2] 3,154,144      
Accumulated Depreciation $ 1,974,506      
Pine Ridge/Manor [Member]        
Location Carlisle, PA      
Date of Construction 1961      
Date Acquired 1969      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 37,540      
Site, Land & Building Improvements and Rental Homes 198,321      
Capitalization Subsequent to Acquisition 7,770,336      
Land, gross [1],[2] 145,473      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,860,724      
Total [1],[2] 8,006,197      
Accumulated Depreciation $ 2,715,002      
Pine Valley Estates [Member]        
Location Apollo, PA      
Date of Construction prior to 1980      
Date Acquired 1995      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 670,000      
Site, Land & Building Improvements and Rental Homes 1,336,600      
Capitalization Subsequent to Acquisition 4,894,957      
Land, gross [1],[2] 732,089      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,169,468      
Total [1],[2] 6,901,557      
Accumulated Depreciation $ 2,373,531      
Pleasant View Estates [Member]        
Location Bloomsburg, PA      
Date of Construction 1960's      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [5]      
Land 282,000      
Site, Land & Building Improvements and Rental Homes 2,174,800      
Capitalization Subsequent to Acquisition 986,050      
Land, gross [1],[2] 282,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,160,850      
Total [1],[2] 3,442,850      
Accumulated Depreciation $ 587,530      
Port Royal Village [Member]        
Location Belle Vernon, PA      
Date of Construction 1973      
Date Acquired 1983      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 150,000      
Site, Land & Building Improvements and Rental Homes 2,491,796      
Capitalization Subsequent to Acquisition 11,533,104      
Land, gross [1],[2] 505,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 13,669,900      
Total [1],[2] 14,174,900      
Accumulated Depreciation $ 6,019,395      
River Valley Estates [Member]        
Location Marion, OH      
Date of Construction 1950      
Date Acquired 1986      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 236,000      
Site, Land & Building Improvements and Rental Homes 785,293      
Capitalization Subsequent to Acquisition 5,994,421      
Land, gross [1],[2] 236,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,779,714      
Total [1],[2] 7,015,714      
Accumulated Depreciation $ 3,205,477      
Rolling Hills Estates [Member]        
Location Carlisle, PA      
Date of Construction 1972-1975      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 301,000      
Site, Land & Building Improvements and Rental Homes 1,419,013      
Capitalization Subsequent to Acquisition 1,416,113      
Land, gross [1],[2] 301,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,835,126      
Total [1],[2] 3,136,126      
Accumulated Depreciation $ 400,518      
Rostraver Estates [Member]        
Location Belle Vernon, PA      
Date of Construction 1970      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [2]      
Land 813,600      
Site, Land & Building Improvements and Rental Homes 2,203,506      
Capitalization Subsequent to Acquisition 1,227,696      
Land, gross [1],[2] 813,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,431,202      
Total [1],[2] 4,244,802      
Accumulated Depreciation $ 285,378      
Sandy Valley Estates [Member]        
Location Magnolia, OH      
Date of Construction prior to 1980      
Date Acquired 1985      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 270,000      
Site, Land & Building Improvements and Rental Homes 1,941,430      
Capitalization Subsequent to Acquisition 6,844,079      
Land, gross [1],[2] 270,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,785,509      
Total [1],[2] 9,055,509      
Accumulated Depreciation $ 4,356,449      
Shady Hills [Member]        
Location Nashville, TN      
Date of Construction 1954      
Date Acquired 2011      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 5,089,892      
Land 337,000      
Site, Land & Building Improvements and Rental Homes 3,379,000      
Capitalization Subsequent to Acquisition 3,443,837      
Land, gross [1],[2] 337,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,822,837      
Total [1],[2] 7,159,837      
Accumulated Depreciation $ 1,061,745      
Somerset/Whispering [Member]        
Location Somerset, PA      
Date of Construction prior to 1980      
Date Acquired 2004      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 395,886      
Land 1,485,000      
Site, Land & Building Improvements and Rental Homes 2,050,400      
Capitalization Subsequent to Acquisition 6,644,002      
Land, gross [1],[2] 1,488,600      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,690,802      
Total [1],[2] 10,179,402      
Accumulated Depreciation $ 2,819,604      
Southern Terrace [Member]        
Location Columbiana, OH      
Date of Construction 1983      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 63,000      
Site, Land & Building Improvements and Rental Homes 3,387,000      
Capitalization Subsequent to Acquisition 383,118      
Land, gross [1],[2] 63,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,770,118      
Total [1],[2] 3,833,118      
Accumulated Depreciation $ 568,089      
Southwind Village [Member]        
Location Jackson, NJ      
Date of Construction 1969      
Date Acquired 1969      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 5,562,310      
Land 100,095      
Site, Land & Building Improvements and Rental Homes 602,820      
Capitalization Subsequent to Acquisition 2,528,575      
Land, gross [1],[2] 100,095      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,131,395      
Total [1],[2] 3,231,490      
Accumulated Depreciation $ 1,919,130      
Spreading Oaks [Member]        
Location Athens, OH      
Date of Construction prior to 1980      
Date Acquired 1996      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 67,000      
Site, Land & Building Improvements and Rental Homes 1,326,800      
Capitalization Subsequent to Acquisition 2,759,056      
Land, gross [1],[2] 67,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,085,856      
Total [1],[2] 4,152,856      
Accumulated Depreciation $ 1,543,619      
Springfield Meadows [Member]        
Location Springfield, OH      
Date of Construction 1970      
Date Acquired 2016      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 3,191,381      
Land 1,230,000      
Site, Land & Building Improvements and Rental Homes 3,092,706      
Capitalization Subsequent to Acquisition 0      
Land, gross [1],[2] 1,230,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,092,706      
Total [1],[2] 4,322,706      
Accumulated Depreciation $ 9,599      
Suburban Estates [Member]        
Location Greensburg, PA      
Date of Construction 1968/1980      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 5,686,136      
Land 299,000      
Site, Land & Building Improvements and Rental Homes 5,837,272      
Capitalization Subsequent to Acquisition 2,431,158      
Land, gross [1],[2] 299,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,268,430      
Total [1],[2] 8,567,430      
Accumulated Depreciation $ 1,532,384      
Summit Estates [Member]        
Location Ravenna, OH      
Date of Construction 1969      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 198,000      
Site, Land & Building Improvements and Rental Homes 2,779,260      
Capitalization Subsequent to Acquisition 1,609,677      
Land, gross [1],[2] 198,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,388,937      
Total [1],[2] 4,586,937      
Accumulated Depreciation $ 362,907      
Sunny Acres [Member]        
Location Somerset, PA      
Date of Construction 1970      
Date Acquired 2010      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 6,329,350      
Land 287,000      
Site, Land & Building Improvements and Rental Homes 6,113,528      
Capitalization Subsequent to Acquisition 958,253      
Land, gross [1],[2] 287,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,071,781      
Total [1],[2] 7,358,781      
Accumulated Depreciation $ 1,564,458      
Sunnyside [Member]        
Location Eagleville, PA      
Date of Construction 1960      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 450,000      
Site, Land & Building Improvements and Rental Homes 2,674,000      
Capitalization Subsequent to Acquisition 201,512      
Land, gross [1],[2] 450,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,875,512      
Total [1],[2] 3,325,512      
Accumulated Depreciation $ 381,052      
Trailmont [Member]        
Location Goodlettsville, TN      
Date of Construction 1964      
Date Acquired 2011      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 3,393,262      
Land 411,000      
Site, Land & Building Improvements and Rental Homes 1,867,000      
Capitalization Subsequent to Acquisition 3,431,368      
Land, gross [1],[2] 411,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,298,368      
Total [1],[2] 5,709,368      
Accumulated Depreciation $ 786,338      
Twin Oaks I & II [Member]        
Location Olmsted Twp, OH      
Date of Construction 1952/1997      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 2,494,084      
Land 823,000      
Site, Land & Building Improvements and Rental Homes 3,527,000      
Capitalization Subsequent to Acquisition 1,387,658      
Land, gross [1],[2] 998,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,739,658      
Total [1],[2] 5,737,658      
Accumulated Depreciation $ 693,329      
Twin Pines [Member]        
Location Goshen, IN      
Date of Construction 1956/1990      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 650,000      
Site, Land & Building Improvements and Rental Homes 6,307,000      
Capitalization Subsequent to Acquisition 2,470,027      
Land, gross [1],[2] 650,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,777,027      
Total [1],[2] 9,427,027      
Accumulated Depreciation $ 1,160,152      
Valley High [Member]        
Location Ruffs Dale, PA      
Date of Construction 1974      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [2]      
Land 284,000      
Site, Land & Building Improvements and Rental Homes 2,266,750      
Capitalization Subsequent to Acquisition 841,848      
Land, gross [1],[2] 284,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,108,598      
Total [1],[2] 3,392,598      
Accumulated Depreciation $ 252,991      
Valley Hills [Member]        
Location Ravenna, OH      
Date of Construction 1960-1970      
Date Acquired 2014      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 3,466,014      
Land 996,000      
Site, Land & Building Improvements and Rental Homes 6,542,178      
Capitalization Subsequent to Acquisition 4,822,424      
Land, gross [1],[2] 996,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 11,364,602      
Total [1],[2] 12,360,602      
Accumulated Depreciation $ 966,118      
Valley Stream [Member]        
Location Mountaintop, PA      
Date of Construction 1970      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 323,000      
Site, Land & Building Improvements and Rental Homes 3,190,550      
Capitalization Subsequent to Acquisition 556,089      
Land, gross [1],[2] 323,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,746,639      
Total [1],[2] 4,069,639      
Accumulated Depreciation $ 219,935      
Valley View-I [Member]        
Location Ephrata, PA      
Date of Construction 1961      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 191,000      
Site, Land & Building Improvements and Rental Homes 4,359,000      
Capitalization Subsequent to Acquisition 958,252      
Land, gross [1],[2] 191,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,317,252      
Total [1],[2] 5,508,252      
Accumulated Depreciation $ 808,807      
Valley View-II [Member]        
Location Ephrata, PA      
Date of Construction 1999      
Date Acquired 2012      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [6]      
Land 72,000      
Site, Land & Building Improvements and Rental Homes 1,746,000      
Capitalization Subsequent to Acquisition 2,508      
Land, gross [1],[2] 72,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,748,508      
Total [1],[2] 1,820,508      
Accumulated Depreciation $ 281,190      
Valley View-HB [Member]        
Location Honey Brook, PA      
Date of Construction 1970      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [3]      
Land 1,380,000      
Site, Land & Building Improvements and Rental Homes 5,348,000      
Capitalization Subsequent to Acquisition 1,249,830      
Land, gross [1],[2] 1,380,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 6,597,830      
Total [1],[2] 7,977,830      
Accumulated Depreciation $ 891,195      
Voyager Estates [Member]        
Location West Newton, PA      
Date of Construction 1968      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 742,000      
Site, Land & Building Improvements and Rental Homes 3,142,725      
Capitalization Subsequent to Acquisition 1,390,989      
Land, gross [1],[2] 742,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 4,533,714      
Total [1],[2] 5,275,714      
Accumulated Depreciation $ 264,698      
Waterfalls Village [Member]        
Location Hamburg, NY      
Date of Construction prior to 1980      
Date Acquired 1997      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 4,716,994      
Land 424,000      
Site, Land & Building Improvements and Rental Homes 3,812,000      
Capitalization Subsequent to Acquisition 3,390,639      
Land, gross [1],[2] 424,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 7,202,639      
Total [1],[2] 7,626,639      
Accumulated Depreciation $ 3,390,559      
Wayside [Member]        
Location Lakeview, OH      
Date of Construction 1960's      
Date Acquired 2016      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 196,000      
Site, Land & Building Improvements and Rental Homes 1,080,050      
Capitalization Subsequent to Acquisition 14,093      
Land, gross [1],[2] 196,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,094,143      
Total [1],[2] 1,290,143      
Accumulated Depreciation $ 16,411      
Weatherly Estates [Member]        
Location Lebanon, TN      
Date of Construction 1997      
Date Acquired 2006      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 8,279,558      
Land 1,184,000      
Site, Land & Building Improvements and Rental Homes 4,034,480      
Capitalization Subsequent to Acquisition 4,497,402      
Land, gross [1],[2] 1,184,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 8,531,882      
Total [1],[2] 9,715,882      
Accumulated Depreciation $ 2,697,726      
Woodland Manor [Member]        
Location West Monroe, NY      
Date of Construction prior to 1980      
Date Acquired 2003      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 77,000      
Site, Land & Building Improvements and Rental Homes 841,000      
Capitalization Subsequent to Acquisition 2,393,082      
Land, gross [1],[2] 77,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 3,234,082      
Total [1],[2] 3,311,082      
Accumulated Depreciation $ 885,408      
Woodlawn Village [Member]        
Location Eatontown, NJ      
Date of Construction 1964      
Date Acquired 1978      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 157,421      
Site, Land & Building Improvements and Rental Homes 280,749      
Capitalization Subsequent to Acquisition 1,383,879      
Land, gross [1],[2] 135,421      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 1,686,628      
Total [1],[2] 1,822,049      
Accumulated Depreciation $ 733,269      
Woods Edge [Member]        
Location West Lafayette, IN      
Date of Construction 1974      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 6,969,958      
Land 1,808,100      
Site, Land & Building Improvements and Rental Homes 13,321,318      
Capitalization Subsequent to Acquisition 849,953      
Land, gross [1],[2] 1,808,100      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 14,171,271      
Total [1],[2] 15,979,371      
Accumulated Depreciation $ 684,613      
Wood Valley [Member]        
Location Caledonia, OH      
Date of Construction prior to 1980      
Date Acquired 1996      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 0      
Land 260,000      
Site, Land & Building Improvements and Rental Homes 1,753,206      
Capitalization Subsequent to Acquisition 3,897,202      
Land, gross [1],[2] 260,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 5,650,408      
Total [1],[2] 5,910,408      
Accumulated Depreciation $ 2,582,955      
Worthington Arms [Member]        
Location Lewis Center, OH      
Date of Construction 1968      
Date Acquired 2015      
Depreciable Life (in years) 5 to 27.5      
Encumbrances $ 9,514,851      
Land 436,800      
Site, Land & Building Improvements and Rental Homes 12,705,530      
Capitalization Subsequent to Acquisition 836,527      
Land, gross [1],[2] 436,800      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 13,542,057      
Total [1],[2] 13,978,857      
Accumulated Depreciation $ 691,591      
Youngstown Estates [Member]        
Location Youngstown, NY      
Date of Construction 1963      
Date Acquired 2013      
Depreciable Life (in years) 5 to 27.5      
Encumbrances [4]      
Land 269,000      
Site, Land & Building Improvements and Rental Homes 1,606,000      
Capitalization Subsequent to Acquisition 598,191      
Land, gross [1],[2] 269,000      
Site, Land & Building Improvements and Rental Homes, gross [1],[2] 2,204,191      
Total [1],[2] 2,473,191      
Accumulated Depreciation 201,752      
Total [Member]        
Encumbrances 296,563,983      
Land 40,830,819      
Site, Land & Building Improvements and Rental Homes 331,050,462      
Capitalization Subsequent to Acquisition 264,695,674      
Land, gross 45,257,515      
Site, Land & Building Improvements and Rental Homes, gross 591,319,440      
Total 636,576,955      
Accumulated Depreciation $ 128,780,501      
[1] Reconciliation
[2] Represents one mortgage note payable secured by four properties.
[3] Represents one mortgage note payable secured by thirteen properties.
[4] Represents one mortgage note payable secured by five properties.
[5] Represents one mortgage note payable secured by five properties.
[6] Represents one mortgage note payable secured by eleven properties.
[7] Represents one mortgage note payable secured by five properties.
XML 91 R77.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Invesment (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Real Estate Invesment Details      
Balance - Beginning of Year $ 574,283,574 $ 444,908,976 $ 362,707,205
Acquisitions 7,276,356 82,276,902 42,422,064
Improvements 56,417,927 48,263,233 40,659,958
Total Additions 63,694,283 130,540,135 83,082,022
Deletions (1,400,902) (1,165,537) (880,251)
Balance - End of Year $ 636,576,955 $ 574,283,574 $ 444,908,976
XML 92 R78.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Accumulated Depreciation Details      
Balance - Beginning of Year $ 107,453,972 $ 90,277,082 $ 76,328,213
Depreciation 21,625,264 17,481,811 14,306,274
Total Additions 21,625,264 17,481,811 14,306,274
Deletions (298,735) (304,921) (357,405)
Balance - End of Year $ 128,780,501 $ 107,453,972 $ 90,277,082
EXCEL 93 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end

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end XML 94 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 95 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 97 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 720 418 1 true 318 0 false 13 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://umh.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://umh.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://umh.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Income (Loss) Sheet http://umh.com/role/StatementsOfIncomeLoss Consolidated Statements of Income (Loss) Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Comprehensive Income (Loss) Sheet http://umh.com/role/StatementsOfComprehensiveIncomeLoss Consolidated Statements of Comprehensive Income (Loss) Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Shareholders' Equity Sheet http://umh.com/role/StatementsOfShareholdersEquity Consolidated Statements of Shareholders' Equity Statements 6 false false R7.htm 00000007 - Statement - Consolidated Statements of Cash Flows Sheet http://umh.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 7 false false R8.htm 00000008 - Disclosure - Organization Sheet http://umh.com/role/Organization Organization Notes 8 false false R9.htm 00000009 - Disclosure - Summary of Significant Accounting Policies Sheet http://umh.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 9 false false R10.htm 00000010 - Disclosure - Investment Property and Equipment Sheet http://umh.com/role/InvestmentPropertyAndEquipment Investment Property and Equipment Notes 10 false false R11.htm 00000011 - Disclosure - Securities Available For Sale Sheet http://umh.com/role/SecuritiesAvailableForSale Securities Available For Sale Notes 11 false false R12.htm 00000012 - Disclosure - Loans and Mortgages Payable Sheet http://umh.com/role/LoansAndMortgagesPayable Loans and Mortgages Payable Notes 12 false false R13.htm 00000013 - Disclosure - Stock Compensation Plan Sheet http://umh.com/role/StockCompensationPlan Stock Compensation Plan Notes 13 false false R14.htm 00000014 - Disclosure - 401(k) Plan Sheet http://umh.com/role/KPlan 401(k) Plan Notes 14 false false R15.htm 00000015 - Disclosure - Related Party Transactions and Other Matters Sheet http://umh.com/role/RelatedPartyTransactionsAndOtherMatters Related Party Transactions and Other Matters Notes 15 false false R16.htm 00000016 - Disclosure - Shareholders' Equity Sheet http://umh.com/role/ShareholdersEquity Shareholders' Equity Notes 16 false false R17.htm 00000017 - Disclosure - Distributions Sheet http://umh.com/role/Distributions Distributions Notes 17 false false R18.htm 00000018 - Disclosure - Federal Income Taxes Sheet http://umh.com/role/FederalIncomeTaxes Federal Income Taxes Notes 18 false false R19.htm 00000019 - Disclosure - Commitments, Contingencies and Legal Matters Sheet http://umh.com/role/CommitmentsContingenciesAndLegalMatters Commitments, Contingencies and Legal Matters Notes 19 false false R20.htm 00000020 - Disclosure - Fair Value Measurements Sheet http://umh.com/role/FairValueMeasurements Fair Value Measurements Notes 20 false false R21.htm 00000021 - Disclosure - Supplemental Cash Flow Information Sheet http://umh.com/role/SupplementalCashFlowInformation Supplemental Cash Flow Information Notes 21 false false R22.htm 00000022 - Disclosure - Subsequent Events Sheet http://umh.com/role/SubsequentEvents Subsequent Events Notes 22 false false R23.htm 00000023 - Disclosure - Proforma Financial Information (Unaudited) Sheet http://umh.com/role/ProformaFinancialInformation Proforma Financial Information (Unaudited) Notes 23 false false R24.htm 00000024 - Disclosure - Selected Quarterly Financial Data (Unaudited) Sheet http://umh.com/role/SelectedQuarterlyFinancialData Selected Quarterly Financial Data (Unaudited) Notes 24 false false R25.htm 00000025 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation Sheet http://umh.com/role/ScheduleIii-RealEstateAndAccumulatedDepreciation Schedule III - Real Estate and Accumulated Depreciation Notes 25 false false R26.htm 00000026 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://umh.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://umh.com/role/SummaryOfSignificantAccountingPolicies 26 false false R27.htm 00000027 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://umh.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://umh.com/role/SummaryOfSignificantAccountingPolicies 27 false false R28.htm 00000028 - Disclosure - Investment Property and Equipment (Tables) Sheet http://umh.com/role/InvestmentPropertyAndEquipmentTables Investment Property and Equipment (Tables) Tables http://umh.com/role/InvestmentPropertyAndEquipment 28 false false R29.htm 00000029 - Disclosure - Securities Available For Sale (Tables) Sheet http://umh.com/role/SecuritiesAvailableForSaleTables Securities Available For Sale (Tables) Tables http://umh.com/role/SecuritiesAvailableForSale 29 false false R30.htm 00000030 - Disclosure - Loans and Mortgages Payable (Tables) Sheet http://umh.com/role/LoansAndMortgagesPayableTables Loans and Mortgages Payable (Tables) Tables http://umh.com/role/LoansAndMortgagesPayable 30 false false R31.htm 00000031 - Disclosure - Stock Compensation Plan (Tables) Sheet http://umh.com/role/StockCompensationPlanTables Stock Compensation Plan (Tables) Tables http://umh.com/role/StockCompensationPlan 31 false false R32.htm 00000032 - Disclosure - Shareholders' Equity (Tables) Sheet http://umh.com/role/ShareholdersEquityTables Shareholders' Equity (Tables) Tables http://umh.com/role/ShareholdersEquity 32 false false R33.htm 00000033 - Disclosure - Distributions (Tables) Sheet http://umh.com/role/DistributionsTables Distributions (Tables) Tables http://umh.com/role/Distributions 33 false false R34.htm 00000034 - Disclosure - Federal Income Taxes (Tables) Sheet http://umh.com/role/FederalIncomeTaxesTables Federal Income Taxes (Tables) Tables http://umh.com/role/FederalIncomeTaxes 34 false false R35.htm 00000035 - Disclosure - Fair Value Measurements (Tables) Sheet http://umh.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://umh.com/role/FairValueMeasurements 35 false false R36.htm 00000036 - Disclosure - Proforma Financial Information (Unaudited) (Tables) Sheet http://umh.com/role/ProformaFinancialInformationTables Proforma Financial Information (Unaudited) (Tables) Tables http://umh.com/role/ProformaFinancialInformation 36 false false R37.htm 00000037 - Disclosure - Selected Quarterly Financial Data (Unaudited) (Tables) Sheet http://umh.com/role/SelectedQuarterlyFinancialDataTables Selected Quarterly Financial Data (Unaudited) (Tables) Tables http://umh.com/role/SelectedQuarterlyFinancialData 37 false false R38.htm 00000038 - Disclosure - Organization (Details Narrative) Sheet http://umh.com/role/OrganizationDetailsNarrative Organization (Details Narrative) Details http://umh.com/role/Organization 38 false false R39.htm 00000039 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://umh.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://umh.com/role/SummaryOfSignificantAccountingPoliciesTables 39 false false R40.htm 00000040 - Disclosure - Summary of Significant Accounting Policies - Summary of Interest Rate Swap Agreement (Details) Sheet http://umh.com/role/SummaryOfSignificantAccountingPolicies-SummaryOfInterestRateSwapAgreementDetails Summary of Significant Accounting Policies - Summary of Interest Rate Swap Agreement (Details) Details 40 false false R41.htm 00000041 - Disclosure - Investment Property and Equipment (Details Narrative) Sheet http://umh.com/role/InvestmentPropertyAndEquipmentDetailsNarrative Investment Property and Equipment (Details Narrative) Details http://umh.com/role/InvestmentPropertyAndEquipmentTables 41 false false R42.htm 00000042 - Disclosure - Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) Sheet http://umh.com/role/InvestmentPropertyAndEquipment-ScheduleOfEstimatedFairValueOfAssetsAcquiredDetails Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) Details 42 false false R43.htm 00000043 - Disclosure - Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) Sheet http://umh.com/role/InvestmentPropertyAndEquipment-ScheduleOfCommunityNetOperatingIncomeAndNetIncomeLossAcquiredDetails Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) Details 43 false false R44.htm 00000044 - Disclosure - Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) Sheet http://umh.com/role/InvestmentPropertyAndEquipment-SummaryOfAccumulatedDepreciationByMajorClassesOfAssetsDetails Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) Details 44 false false R45.htm 00000045 - Disclosure - Securities Available For Sale (Details Narrative) Sheet http://umh.com/role/SecuritiesAvailableForSaleDetailsNarrative Securities Available For Sale (Details Narrative) Details http://umh.com/role/SecuritiesAvailableForSaleTables 45 false false R46.htm 00000046 - Disclosure - Securities Available For Sale - Summary of Available-for-sale Securities (Details) Sheet http://umh.com/role/SecuritiesAvailableForSale-SummaryOfAvailable-for-saleSecuritiesDetails Securities Available For Sale - Summary of Available-for-sale Securities (Details) Details 46 false false R47.htm 00000047 - Disclosure - Securities Available For Sale - Summary of Temporarily Impaired Securities (Details) Sheet http://umh.com/role/SecuritiesAvailableForSale-SummaryOfTemporarilyImpairedSecuritiesDetails Securities Available For Sale - Summary of Temporarily Impaired Securities (Details) Details 47 false false R48.htm 00000048 - Disclosure - Securities Available For Sale - Summary of Range of Losses (Details) Sheet http://umh.com/role/SecuritiesAvailableForSale-SummaryOfRangeOfLossesDetails Securities Available For Sale - Summary of Range of Losses (Details) Details 48 false false R49.htm 00000049 - Disclosure - Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) Sheet http://umh.com/role/SecuritiesAvailableForSale-SummaryOfGainLossOnSecuritiesTransactionsDetails Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) Details 49 false false R50.htm 00000050 - Disclosure - Loans and Mortgages Payable (Details Narrative) Sheet http://umh.com/role/LoansAndMortgagesPayableDetailsNarrative Loans and Mortgages Payable (Details Narrative) Details http://umh.com/role/LoansAndMortgagesPayableTables 50 false false R51.htm 00000051 - Disclosure - Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) Sheet http://umh.com/role/LoansAndMortgagesPayable-ScheduleOfAggregatePrincipalPaymentsOfAllLoansPayableIncludingCreditFacilityDetails Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) Details 51 false false R52.htm 00000052 - Disclosure - Loans and Mortgages Payable - Summary of Mortgages Payable (Details) Sheet http://umh.com/role/LoansAndMortgagesPayable-SummaryOfMortgagesPayableDetails Loans and Mortgages Payable - Summary of Mortgages Payable (Details) Details 52 false false R53.htm 00000053 - Disclosure - Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical) Sheet http://umh.com/role/LoansAndMortgagesPayable-SummaryOfMortgagesPayableDetailsParenthetical Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical) Details 53 false false R54.htm 00000054 - Disclosure - Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details) Sheet http://umh.com/role/LoansAndMortgagesPayable-ScheduleOfAggregatePrincipalPaymentsOfAllMortgagesPayableDetails Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details) Details 54 false false R55.htm 00000055 - Disclosure - Stock Compensation Plan (Details Narrative) Sheet http://umh.com/role/StockCompensationPlanDetailsNarrative Stock Compensation Plan (Details Narrative) Details http://umh.com/role/StockCompensationPlanTables 55 false false R56.htm 00000056 - Disclosure - Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) Sheet http://umh.com/role/StockCompensationPlan-ScheduleOfFairValueOfOptionGrantOfWeighted-averageAssumptionsDetails Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) Details 56 false false R57.htm 00000057 - Disclosure - Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) Sheet http://umh.com/role/StockCompensationPlan-ScheduleOfStockOptionPlansAndChangesInStockOptionsDetails Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) Details 57 false false R58.htm 00000058 - Disclosure - Stock Compensation Plan - Summary of Stock Options Outstanding (Details) Sheet http://umh.com/role/StockCompensationPlan-SummaryOfStockOptionsOutstandingDetails Stock Compensation Plan - Summary of Stock Options Outstanding (Details) Details 58 false false R59.htm 00000059 - Disclosure - Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) Sheet http://umh.com/role/StockCompensationPlan-ScheduleOfNonvestedRestrictedStockAwardsDetails Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) Details 59 false false R60.htm 00000060 - Disclosure - 401(k) Plan (Details Narrative) Sheet http://umh.com/role/KPlanDetailsNarrative 401(k) Plan (Details Narrative) Details http://umh.com/role/KPlan 60 false false R61.htm 00000061 - Disclosure - Related Party Transactions and Other Matters (Details Narrative) Sheet http://umh.com/role/RelatedPartyTransactionsAndOtherMattersDetailsNarrative Related Party Transactions and Other Matters (Details Narrative) Details http://umh.com/role/RelatedPartyTransactionsAndOtherMatters 61 false false R62.htm 00000062 - Disclosure - Shareholders' Equity (Details Narrative) Sheet http://umh.com/role/ShareholdersEquityDetailsNarrative Shareholders' Equity (Details Narrative) Details http://umh.com/role/ShareholdersEquityTables 62 false false R63.htm 00000063 - Disclosure - Shareholders' Equity - Schedule of Amount Received in Connection With DRIP (Details) Sheet http://umh.com/role/ShareholdersEquity-ScheduleOfAmountReceivedInConnectionWithDripDetails Shareholders' Equity - Schedule of Amount Received in Connection With DRIP (Details) Details 63 false false R64.htm 00000064 - Disclosure - Distributions (Details Narrative) Sheet http://umh.com/role/DistributionsDetailsNarrative Distributions (Details Narrative) Details http://umh.com/role/DistributionsTables 64 false false R65.htm 00000065 - Disclosure - Distributions - Summary of Payment of Distributions to Shareholders (Details) Sheet http://umh.com/role/Distributions-SummaryOfPaymentOfDistributionsToShareholdersDetails Distributions - Summary of Payment of Distributions to Shareholders (Details) Details 65 false false R66.htm 00000066 - Disclosure - Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) Sheet http://umh.com/role/Distributions-SummaryOfPaymentOfDividendsToPreferredShareholdersDetails Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) Details 66 false false R67.htm 00000067 - Disclosure - Federal Income Taxes (Details Narrative) Sheet http://umh.com/role/FederalIncomeTaxesDetailsNarrative Federal Income Taxes (Details Narrative) Details http://umh.com/role/FederalIncomeTaxesTables 67 false false R68.htm 00000068 - Disclosure - Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) Sheet http://umh.com/role/FederalIncomeTaxes-ScheduleOfCharacterizedDistributionsPaidPerCommonShareDetails Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) Details 68 false false R69.htm 00000069 - Disclosure - Contingencies, Commitments and Other Matters (Details Narrative) Sheet http://umh.com/role/ContingenciesCommitmentsAndOtherMattersDetailsNarrative Contingencies, Commitments and Other Matters (Details Narrative) Details 69 false false R70.htm 00000070 - Disclosure - Fair Value Measurements (Details Narrative) Sheet http://umh.com/role/FairValueMeasurementsDetailsNarrative Fair Value Measurements (Details Narrative) Details http://umh.com/role/FairValueMeasurementsTables 70 false false R71.htm 00000071 - Disclosure - Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) Sheet http://umh.com/role/FairValueMeasurements-SummaryOfFinancialAssetsAndLiabilitiesRecognizedAtFairValueOnRecurringBasisDetails Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) Details 71 false false R72.htm 00000072 - Disclosure - Supplemental Cash Flow Information (Details Narrative) Sheet http://umh.com/role/SupplementalCashFlowInformationDetailsNarrative Supplemental Cash Flow Information (Details Narrative) Details http://umh.com/role/SupplementalCashFlowInformation 72 false false R73.htm 00000073 - Disclosure - Subsequent Events (Details Narrative) Sheet http://umh.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://umh.com/role/SubsequentEvents 73 false false R74.htm 00000074 - Disclosure - Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) Sheet http://umh.com/role/ProformaFinancialInformation-SummaryOfProFormaFinancialInformationDetails Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) Details http://umh.com/role/ProformaFinancialInformationTables 74 false false R75.htm 00000075 - Disclosure - Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) Sheet http://umh.com/role/SelectedQuarterlyFinancialData-ScheduleOfSelectedQuarterlyFinancialDataDetails Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) Details http://umh.com/role/SelectedQuarterlyFinancialDataTables 75 false false R76.htm 00000076 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation (Details) Sheet http://umh.com/role/ScheduleIii-RealEstateAndAccumulatedDepreciationDetails Schedule III - Real Estate and Accumulated Depreciation (Details) Details http://umh.com/role/ScheduleIii-RealEstateAndAccumulatedDepreciation 76 false false R77.htm 00000077 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Invesment (Details) Sheet http://umh.com/role/ScheduleIii-RealEstateAndAccumulatedDepreciation-ScheduleOfRealEstateInvesmentDetails Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Invesment (Details) Details 77 false false R78.htm 00000078 - Disclosure - Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) Sheet http://umh.com/role/ScheduleIii-RealEstateAndAccumulatedDepreciation-ScheduleOfAccumulatedDepreciationDetails Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) Details 78 false false All Reports Book All Reports umh-20161231.xml umh-20161231.xsd umh-20161231_cal.xml umh-20161231_def.xml umh-20161231_lab.xml umh-20161231_pre.xml true true ZIP 99 0001493152-17-002243-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-17-002243-xbrl.zip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�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�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