XML 101 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Property revenues $ 17,404,439 $ 17,789,125 $ 14,250,572
Investment income 36,892,996 34,409,809 26,606,234
Contingent interest income 2,021,077 4,756,716 40,000
Other interest income 2,660,238 2,624,262 856,217
Other income   373,379 188,000
Total revenues 58,978,750 59,953,291 41,941,023
Expenses:      
Real estate operating (exclusive of items shown below) 9,223,108 10,052,669 7,796,761
Provision for loan loss 0 0 75,000
Impairment charge 61,506    
Depreciation and amortization 6,862,530 6,505,011 4,897,916
Amortization of deferred financing costs 1,862,509 1,622,789 1,183,584
Interest expense 15,469,639 14,826,217 11,165,911
General and administrative 10,837,188 8,660,889 5,547,208
Total expenses 44,316,480 41,667,575 30,666,380
Other Income:      
Gain on sale of MF Properties 14,072,317 4,599,109  
Gain on sale of securities 8,097   3,701,772
Income before income taxes 28,742,684 22,884,825 14,976,415
Income tax expense 4,959,000 0 0
Income from continuing operations 23,783,684 22,884,825 14,976,415
Income from discontinued operations (including gain on sale of VIEs of approximately $3.2 million in 2015)   3,721,397 52,773
Net income 23,783,684 26,606,222 15,029,188
Net loss attributable to noncontrolling interest (823) (2,801) (4,673)
Partnership net income 23,784,507 26,609,023 15,033,861
Redeemable Series A preferred unit distributions and accretion (583,407)    
Net income available to Partners 23,201,100 26,609,023 15,033,861
Net income (loss) available to Partners and noncontrolling interest allocated to:      
General Partner 2,992,106 2,474,274 1,056,316
Unallocated gain (loss) of Consolidated VIEs   3,721,397 (635,560)
Net loss attributable to noncontrolling interest (823) (2,801) (4,673)
Net income available to Partners and noncontrolling interest $ 23,200,277 $ 26,606,222 $ 15,029,188
Unitholdersʼ interest in net income per unit (basic and diluted):      
Income from continuing operations $ 0.34 $ 0.34 $ 0.25
Net income per unit, basic and diluted 0.34 0.34 0.25
Distributions declared, per unit $ 0.50 $ 0.50 $ 0.50
Weighted average number of units outstanding, basic 60,182,264 60,252,928 59,431,010
Weighted average number of units outstanding, diluted 60,182,264 60,252,928 59,431,010
Unitholders [Member]      
Net income (loss) available to Partners and noncontrolling interest allocated to:      
Limited Partners $ 20,176,693 $ 20,413,352 $ 14,613,105
Restricted Unitholders [Member]      
Net income (loss) available to Partners and noncontrolling interest allocated to:      
Limited Partners $ 32,301