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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Rental income $ 15,038,675 $ 14,425,908 $ 44,693,574 $ 42,872,671
Laundry and sundry income 117,226 119,625 335,875 362,120
Total Revenues 15,155,901 14,545,533 45,029,449 43,234,791
Expenses        
Administrative 622,459 526,100 1,861,397 1,613,891
Depreciation and amortization 3,627,142 3,980,177 10,900,060 11,549,208
Management fee 599,864 590,908 1,787,670 1,740,766
Operating 1,111,613 1,101,251 4,121,444 4,186,091
Renting 348,896 312,579 773,470 586,019
Repairs and maintenance 2,654,769 2,951,750 6,886,313 7,081,073
Taxes and insurance 2,014,141 1,866,463 5,991,245 5,628,501
Total Expenses 10,978,884 11,329,228 32,321,599 32,385,549
Income Before Other Income (Expense) 4,177,017 3,216,305 12,707,850 10,849,242
Other Income (Expense)        
Interest income 66 64 335 301
Interest expense (3,011,347) (3,090,471) (9,145,075) (9,331,023)
Income from investments in unconsolidated joint ventures 224,993 534,431 1,287,339 1,073,692
Other Income (Loss) (6,750)   (201,710)  
Total Other Income (Expense) (2,793,038) (2,555,976) (8,059,111) (8,257,030)
Net Income $ 1,383,979 $ 660,329 $ 4,648,739 $ 2,592,212
Income per Unit        
Net Income per Unit (in dollars per unit) $ 11.32 $ 5.31 $ 37.93 $ 20.84
Weighted Average Number of Units Outstanding (in units) 122,298 124,386 122,572 124,386