FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2018

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

		Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At September 30, 2018	*	$	252,781,336	$	229,410,544
At December 31, 2017	*	$	233,221,258	$	237,895,708
Investment Properties
At September 30, 2018	*	$	166,513,618	$	147,722,584
At December 31, 2017	*	$	124,145,012	$	125,519,974

* Net of unamortized deferred financing costs