FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

		Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At June 30, 2019	*	$	252,012,154	$	261,059,469
At December 31, 2018	*	$	252,370,843	$	233,362,501
Investment Properties
At June 30, 2019	*	$	166,449,428	$	168,510,767
At December 31, 2018	*	$	166,492,692	$	160,956,055

* Net of unamortized deferred financing costs