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RENTAL PROPERTIES (Tables) | 6 Months Ended
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Jun. 30, 2012
RENTAL PROPERTIES |
Schedule of rental properties |
|  | June 30, 2012 |  | December 31, 2011 |  | Useful Life |
Land, improvements and parking lots |  | $ | 27,640,161 |  | $ | 27,614,537 |  | 15—40 years |
Buildings and improvements |  | 119,217,520 |  | 119,097,186 |  | 15—40 years |
Kitchen cabinets |  | 3,770,024 |  | 3,542,249 |  | 5—10 years |
Carpets |  | 3,563,159 |  | 3,307,499 |  | 5—10 years |
Air conditioning |  | 809,415 |  | 788,146 |  | 7—10 years |
Laundry equipment |  | 372,723 |  | 368,955 |  | 5—7 years |
Elevators |  | 1,139,296 |  | 1,139,296 |  | 20 years |
Swimming pools |  | 235,242 |  | 235,242 |  | 10 years |
Equipment |  | 1,802,339 |  | 1,744,006 |  | 5—7 years |
Motor vehicles |  | 107,788 |  | 107,788 |  | 5 years |
Fences |  | 24,474 |  | 22,974 |  | 5—10 years |
Furniture and fixtures |  | 1,076,107 |  | 1,039,439 |  | 5—7 years |
Smoke alarms |  | 194,567 |  | 116,482 |  | 5—7 years |
Total fixed assets |  | $ | 159,952,815 |  | $ | 159,123,799 |  |  |
Less: Accumulated depreciation |  | (63,093,627 | ) | (60,199,265 | ) |  |
|  | $ | 96,859,188 |  | $ | 98,924,534 |  |  |

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- Definition Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6454179&loc=d3e41551-112718 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -Subparagraph b(i) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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