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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Rental income $ 11,116,471 $ 10,546,055 $ 33,037,761 $ 31,500,342
Laundry and sundry income 93,503 96,973 309,151 321,150
Total Revenues 11,209,974 10,643,028 33,346,912 31,821,492
Expenses        
Administrative 502,177 543,704 1,528,710 1,643,185
Depreciation and amortization 2,651,515 2,463,708 7,656,072 7,935,355
Management fee 453,178 438,319 1,369,597 1,303,780
Operating 803,753 838,728 3,798,050 3,540,985
Renting 199,980 155,865 421,181 301,334
Repairs and maintenance 2,006,298 2,087,290 5,176,219 4,899,746
Taxes and insurance 1,258,025 1,388,807 4,171,930 4,180,961
Total Expenses 7,874,926 7,916,421 24,121,759 23,805,346
Income Before Other Income (Expense) 3,335,048 2,726,607 9,225,153 8,016,146
Other Income (Expense)        
Interest income 1,055 209 1,393 592
Interest expense (2,434,000) (2,393,427) (7,171,395) (7,160,489)
Income (Loss) from investments in joint ventures 177,890 (151,902) 524,710 (422,535)
Other expenses (6,247)      
Total Other Income (loss) (2,261,302) (2,545,120) (6,645,292) (7,582,432)
Net Income $ 1,073,746 $ 181,487 $ 2,579,861 $ 433,714
Income (loss) per Unit        
Net income per unit $ 8.51 $ 1.41 $ 20.37 $ 3.36
Weighted Average Number of Units Outstanding (in units) 126,199 128,587 126,636 129,149