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CONSOLIDATED STATEMENTS OF INCOME (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Rental income $ 9,859,135 $ 8,666,844 $ 27,687,903 $ 25,902,587
Laundry and sundry income 108,617 92,182 302,305 281,276
Total Revenues 9,967,752 8,759,026 27,990,208 26,183,863
Expenses        
Administrative 451,268 459,714 1,601,123 1,351,872
Depreciation and amortization 2,824,318 1,554,985 5,758,310 4,592,503
Management fee 400,588 355,613 1,144,462 1,064,402
Operating 786,179 720,490 3,032,964 2,648,567
Renting 78,874 48,483 135,540 147,844
Repairs and maintenance 1,641,608 1,449,939 4,238,821 3,776,725
Taxes and insurance 1,301,388 1,053,196 3,667,180 3,206,065
Total Expenses 7,484,223 5,642,420 19,578,400 16,787,978
Income Before Other Income (Expenses) and Discontinued Operations 2,483,529 3,116,606 8,411,808 9,395,885
Other Income (Expense)        
Interest income 230 554 945 1,746
Interest expense (2,142,817) (1,926,556) (5,746,533) (5,772,970)
Gain on the sale of equipment 2,250   2,250  
(Loss) from investments in unconsolidated joint ventures (375,412) (417,733) (1,028,602) (1,222,077)
Total Other Income (loss) (2,515,749) (2,343,735) (6,771,940) (6,993,301)
Income (Loss) From Continuing Operations (32,220) 772,871 1,639,868 2,402,584
Discontinued Operations        
Income (loss) from discontinued operations (654) 1,583 19,160 46,084
Gain on the sale of real estate     3,678,839  
Total Discontinued Operations (654) 1,583 3,697,999 46,084
Net Income (Loss) $ (32,874) $ 774,454 $ 5,337,867 $ 2,448,668
Income (Loss) per Unit        
Income (loss) before discontinued operations (in dollars per unit) $ (0.26) $ 5.89 $ 12.62 $ 18.28
Income (loss) from discontinued operations (in dollars per unit) $ (0.01) $ 0.01 $ 28.45 $ 0.35
Net Income (loss) per Unit (in dollars per unit) $ (0.25) $ 5.90 $ 41.07 $ 18.63
Weighted Average Number of Units Outstanding (in units) 129,719 131,277 129,981 131,410