FAIR VALUE MEASUREMENTS (Tables) - 10Q

3 Months Ended

Mar. 31, 2015

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

	Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At March 31, 2015	$	196,038,642	$	215,845,385
At December 31, 2014	$	196,071,540	$	210,691,170
Investment Properties
At March 31, 2015	$	137,462,493	$	149,159,839
At December 31, 2014	$	137,910,870	$	147,843,221