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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities      
Net income $ 3,772,565 $ 1,024,850 $ 5,655,385
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 10,733,773 10,551,527 8,377,902
(Income) Loss from investments in joint venture (868,574) 325,297 1,166,877
Gain on the sale of equipment     (3,500)
Depreciation and amortization - discontinued operations     2,111
Gain on the sale of rental property     (3,678,839)
Change in operating assets and liabilities      
(Increase) in rents receivable 40,481 21,924 (21,064)
Increase (Decrease) in accounts payable and accrued expense 1,541,650 (79,378) 816,553
(Increase) in insurance recovery receivable (345,645)    
(Increase) Decrease in real estate tax escrow (30,640) 35,219 74,093
(Increase) in prepaid expenses and other assets (1,597,603) (345,132) 443,925
Increase in advance rental payments and security deposits 560,114 306,327 605,696
Total Adjustments 10,033,556 10,815,784 7,783,754
Net cash provided by operating activities 13,806,121 11,840,634 13,439,139
Cash Flows From Investing Activities      
Proceeds from unconsolidated joint ventures 2,872,378 3,071,902 1,288,077
Distribution in excess of investment in unconsolidated joint ventures 990,262 272,500 1,687,750
(Investment) in unconsolidated joint ventures (1,142,640) (279,402) (929,327)
Improvement of rental properties (6,693,996) (5,604,791) (4,499,924)
Proceeds from the sale of equipment     3,500
Purchase of rental property (6,201,930)   (22,601,774)
Net proceeds from sale of rental property     2,138,978
Net cash (used in) investing activities (10,175,926) (2,539,791) (22,912,720)
Cash Flows from Financing Activities      
Payment of financing costs   (305,418) (971,630)
Proceeds of mortgage notes payable   1,109,555 28,268,115
Principal payments of mortgage notes payable (132,071) (3,558,493) (5,803,159)
Stock buyback (3,429,953) (2,685,583) (1,094,609)
Distributions to partners (3,785,883) (3,858,386) (3,893,662)
Net cash provided by (used in) financing activities (7,347,907) (9,298,325) 16,505,055
Net (Decrease) in Cash and Cash Equivalents (3,717,712) 2,518 7,031,474
Cash and Cash Equivalents, at beginning of period 14,015,898 14,013,380 6,981,906
Cash and Cash Equivalents, at end of period $ 10,298,186 $ 14,015,898 $ 14,013,380