FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

		Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At March 31, 2020	*	$	284,905,564	$	297,585,801
At December 31, 2019	*	$	281,771,246	$	290,892,652
Investment Properties
At March 31, 2020	*	$	166,380,940	$	176,109,904
At December 31, 2019	*	$	166,404,255	$	169,988,236

* Net of unamortized deferred financing costs