FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016	*	$	214,311,243	$	232,142,308
At December 31, 2015	*	$	194,500,820	$	205,240,993
Investment Properties
At March 31, 2016	*	$	135,277,999	$	144,362,732
At December 31, 2015	*	$	135,657,988	$	142,512,272