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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Rental income $ 14,886,423 $ 14,504,117 $ 29,654,899 $ 28,446,762
Laundry and sundry income 104,980 126,140 218,649 242,495
Total Revenues 14,991,403 14,630,257 29,873,548 28,689,257
Expenses        
Administrative 626,180 548,645 1,238,938 1,087,790
Depreciation and amortization 3,590,240 4,061,940 7,272,918 7,569,031
Management fee 597,197 590,230 1,187,806 1,149,858
Operating 1,125,813 1,184,073 3,009,831 3,084,839
Renting 242,515 165,541 424,573 273,441
Repairs and maintenance 2,287,313 2,315,040 4,231,544 4,129,323
Taxes and insurance 1,942,998 1,893,555 3,977,104 3,762,038
Total Expenses 10,412,256 10,759,024 21,342,714 21,056,320
Income Before Other Income (Expense) 4,579,147 3,871,233 8,530,834 7,632,937
Other Income (Expense)        
Interest income 90 73 269 237
Interest expense (3,133,439) (3,256,341) (6,133,728) (6,240,552)
Income from investments in unconsolidated joint ventures 513,406 (561,639) 1,062,345 539,261
Other Income (Loss) (194,960)   (194,960)  
Total Other Income (Expense) (2,814,903) (3,817,907) (5,266,074) (5,701,054)
Net Income $ 1,764,244 $ 53,326 $ 3,264,760 $ 1,931,883
Income per Unit        
Net Income per Unit (in dollars per unit) $ 14.40 $ 0.43 $ 26.61 $ 15.53
Weighted Average Number of Units Outstanding (in units) 122,483 124,386 122,710 124,386