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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Rental income $ 10,948,498 $ 10,439,568 $ 21,921,289 $ 20,954,287
Laundry and sundry income 112,920 120,967 215,649 224,177
Total Revenues 11,061,418 10,560,535 22,136,938 21,178,464
Expenses        
Administrative 487,233 568,915 1,020,310 1,099,482
Depreciation and amortization 2,520,264 2,747,467 5,004,557 5,471,646
Management fee 465,716 438,068 916,419 865,461
Operating 908,112 1,020,323 2,994,297 2,702,257
Renting 155,274 108,612 221,201 145,469
Repairs and maintenance 1,822,707 1,601,307 3,169,921 2,812,456
Taxes and insurance 1,450,928 1,351,043 2,913,904 2,792,153
Total Expenses 7,810,234 7,835,735 16,240,609 15,888,924
Income Before Other Income (Expense) 3,251,184 2,724,800 5,896,329 5,289,540
Other Income (Expense)        
Interest income 168 199 362 382
Interest expense (2,376,481) (2,380,896) (4,737,395) (4,767,062)
Income (Loss) from investments in unconsolidated joint ventures 221,586 (62,382) 346,820 (270,633)
Total Other Income (loss) (2,154,727) (2,443,079) (4,390,213) (5,037,313)
Net Income $ 1,096,457 $ 281,721 $ 1,506,116 $ 252,227
Income (loss) per Unit        
Net income per unit $ 8.66 $ 2.18 $ 11.87 $ 1.95
Weighted Average Number of Units Outstanding (in units) 126,646 128,988 126,859 129,149