Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2016

The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2016 and 2015:

Real Estate Assets at December 31, 2016
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2016
Eagle Village	Evansville, IN		511	$	567,880	$	12,655,244	$	13,223,124
Northern View (f/k/a Meadowview)	Highland Heights, KY		294		688,539		8,088,059		8,776,598
Residences of DeCordova	Granbury, TX		110		1,170,337		8,029,404		9,199,741
Residences of Weatherford	Weatherford, TX		76		1,942,229		5,751,260		7,693,489
Suites on Paseo	San Diego, CA		394		3,162,463		38,365,351		41,527,814
The 50/50 MF Property	Lincoln, NE		475		-		32,928,878		32,928,878
Jade Park	Daytona, FL		144		2,292,035		7,270,845		9,562,880
Land held for development	Various	N/A			7,531,104		-		7,531,104
								$	130,443,628
Less accumulated depreciation									(16,217,028	)
Total real estate assets								$	114,226,600

Real Estate Assets at December 31, 2015
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2015
Arboretum	Omaha, NE		145	$	1,755,147	$	19,317,284	$	21,072,431
Eagle Village	Evansville, IN		511		567,880		12,594,935		13,162,815
Northern View (f/k/a Meadowview)	Highland Heights, KY		270		688,539		8,062,973		8,751,512
Residences of DeCordova	Granbury, TX		110		1,137,832		8,065,977		9,203,809
Residences of Weatherford	Weatherford, TX		76		1,942,229		5,738,697		7,680,926
Suites on Paseo	San Diego, CA		394		3,162,463		38,216,364		41,378,827
The 50/50 MF Property	Lincoln, NE		475		-		32,910,424		32,910,424
Woodland Park	Topeka, KS		236		1,265,160		14,247,045		15,512,205
Land held for development	Various	N/A			7,368,255		-		7,368,255
								$	157,041,204
Less accumulated depreciation									(16,023,814	)
Total real estate assets								$	141,017,390

Net income, Exclusive of the Gains on Sale

Net income, exclusive of the gains on sale, related to the Arboretum, Woodland Park, Glynn Place and the Colonial MF Properties for the years ended December 31, 2016, 2015 and 2014 are as follows:

	For the Years Ended December 31,
	2016		2015		2014
Net income (loss)	$	222,679	$	331,391	$	(370,231	)

Unaudited Pro Forma Condensed Consolidated Results Of Operations of the Partnership

The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Jade Park had been acquired at January 1, 2015:

	For the Years Ended December 31,
	2016		2015
Pro forma revenues	$	60,008,686	$	64,162,327
Pro forma net income		24,663,645		23,075,438
Pro forma net income allocated to Unitholders		21,047,854		16,917,875
Pro forma Unitholder's interest in net income per unit (basic and diluted)	$	0.35	$	0.28

Suites on Paseo [Member]

Real Estate [Line Items]

Condensed Balance Sheet at the Date of Acquisition

A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is as follows:

	Suites on Paseo 9/1/2015 (Date of Acquisition)
Cash	$	514,094
Restricted cash		187,715
In-place lease assets		1,227,770
Real estate assets		41,374,397
Other assets		259,633
Total assets	$	43,563,609

Accounts payable, accrued expenses and other	$	493,868
Net assets		43,069,741
Total liabilities and net assets	$	43,563,609

Jade Park [Member]

Real Estate [Line Items]

Condensed Balance Sheet at the Date of Acquisition

A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows:

	Jade Park 9/30/2016 (Date of Acquisition)
Land and improvements	$	2,292,035
Buildings and improvements		7,244,534
In-place lease assets (included in other assets)		463,431
Other assets		18,126
Total assets	$	10,018,126

Accounts payable, accrued expenses and other	$	135,326
Net assets		9,882,800
Total liabilities and net assets	$	10,018,126