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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Rental income $ 12,273,589 $ 11,116,471 $ 36,482,801 $ 33,037,761
Laundry and sundry income 98,292 93,503 326,633 309,151
Total Revenues 12,371,881 11,209,974 36,809,434 33,346,912
Expenses        
Administrative 524,293 502,177 1,477,708 1,528,710
Depreciation and amortization 3,079,368 2,608,748 9,167,516 7,527,772
Management fee 511,730 453,178 1,513,226 1,369,597
Operating 995,787 803,753 3,489,724 3,798,050
Renting 301,696 199,980 544,923 421,181
Repairs and maintenance 2,364,364 2,006,298 6,185,250 5,176,219
Taxes and insurance 1,496,807 1,258,025 4,684,062 4,171,930
Total Expenses 9,274,045 7,832,159 27,062,409 23,993,459
Income Before Other Income (Expense) 3,097,836 3,377,815 9,747,025 9,353,453
Other Income (Expense)        
Interest income 305 1,055 710 1,393
Interest expense (2,553,771) (2,476,767) (7,650,096) (7,299,695)
Income from investments in unconsolidated joint ventures 562,584 177,890 1,220,666 524,710
Gain on sale of real estate 103,793   103,793  
Other Income (Expense)   (6,247)    
Total Other Income (Expense) (1,887,089) (2,304,069) (6,324,927) (6,773,592)
Net Income $ 1,210,747 $ 1,073,746 $ 3,422,098 $ 2,579,861
Income per Unit        
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax $ 9.69 $ 8.51 $ 27.38 $ 20.37
Weighted Average Number of Units Outstanding (in units) 124,923 126,199 124,995 126,636