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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Rental income $ 13,321,770 $ 12,273,589 $ 38,636,732 $ 36,482,801
Laundry and sundry income 100,035 98,292 316,471 326,633
Total Revenues 13,421,805 12,371,881 38,953,203 36,809,434
Expenses        
Administrative 525,125 524,293 1,513,869 1,477,708
Depreciation and amortization 3,664,997 3,079,368 9,647,751 9,167,516
Management fee 544,399 511,730 1,599,647 1,513,226
Operating 1,051,910 995,787 3,797,935 3,489,724
Renting 301,423 301,696 482,157 544,923
Repairs and maintenance 2,678,780 2,364,364 6,187,673 6,185,250
Taxes and insurance 1,727,218 1,496,807 5,083,674 4,684,062
Total Expenses 10,493,852 9,274,045 28,312,706 27,062,409
Income Before Other Income (Expense) 2,927,953 3,097,836 10,640,497 9,747,025
Other Income (Expense)        
Interest income 416 305 1,132 710
Interest expense (3,046,818) (2,553,771) (8,113,197) (7,650,096)
Income from investments in unconsolidated joint ventures 990,169 562,584 2,721,231 1,220,666
Gain on sale of real estate   103,793   103,793
Total Other Income (Expense) (2,056,233) (1,887,089) (5,390,834) (6,324,927)
Net Income $ 871,720 $ 1,210,747 $ 5,249,663 $ 3,422,098
Income per Unit        
Net Income per Unit (in dollars per unit) $ 7.01 $ 9.69 $ 42.20 $ 27.38
Weighted Average Number of Units Outstanding (in units) 124,387 124,923 124,394 124,995