XML 14 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Rental income $ 12,136,355 $ 10,948,498 $ 24,209,211 $ 21,921,289
Laundry and sundry income 117,909 112,920 228,341 215,649
Total Revenues 12,254,264 11,061,418 24,437,552 22,136,938
Expenses        
Administrative 455,160 487,233 953,416 1,020,310
Depreciation and amortization 3,060,994 2,477,497 6,088,148 4,919,024
Management fee 501,288 465,716 1,001,495 916,419
Operating 1,069,692 908,112 2,493,937 2,994,297
Renting 155,962 155,274 243,226 221,201
Repairs and maintenance 2,193,186 1,822,707 3,820,886 3,169,921
Taxes and insurance 1,583,385 1,450,928 3,187,255 2,913,904
Total Expenses 9,019,667 7,767,467 17,788,363 16,155,076
Income Before Other Income (Expense) and Discontinued Operations 3,234,597 3,293,951 6,649,189 5,981,862
Other Income (Expense)        
Interest income 203 168 405 362
Interest expense (2,542,692) (2,419,248) (5,096,325) (4,822,928)
Income (Loss) from investments in joint ventures 288,478 221,586 658,082 346,820
Total Other Income (Expense) (2,254,011) (2,197,494) (4,437,838) (4,475,746)
Net Income $ 980,586 $ 1,096,457 $ 2,211,351 $ 1,506,116
Income per Unit        
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax $ 7.85 $ 8.66 $ 17.69 $ 11.87
Weighted Average Number of Units Outstanding (in units) 124,923 126,646 125,032 126,859