Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 15,534,021 $ 14,034,434
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (211,819) (1,165,722)
Depreciation and amortization 9,564 9,360
Loss on disposal of fixed assets 2,470  
Changes in operating assets and liabilities:    
Accrued receivables and other assets 320,348 (403,240)
Prepaid income taxes (484,507) 57,893
Notes receivable for land sales 686,461 3,450,720
Accounts payable, accrued expenses and other liabilities 204,414 49,989
Income taxes payable (1,199,017) 615,536
Net cash provided by operating activities 14,861,935 16,648,970
Cash flows from investing activities:    
Proceeds from sale of fixed assets 13,500  
Purchase of fixed assets (45,599) (16,893)
Net cash used in investing activities (32,099) (16,893)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (14,452,879) (11,469,668)
Dividends paid (2,091,907) (2,000,233)
Net cash used in financing activities (16,544,786) (13,469,901)
Net increase (decrease) in cash and cash equivalents (1,714,950) 3,162,176
Cash and cash equivalents, beginning of period 13,029,578 7,149,552
Cash and cash equivalents, end of period $ 11,314,628 $ 10,311,728