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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net income $ 1,368,783 $ 1,500,516
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 4,565,467 3,682,678
Amortization of deferred finance costs 59,876 54,843
(Income) from investments in joint venture (474,567) (548,939)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures   425,000
Decrease (Increase) in rents receivable (153,697) (16,236)
Increrase (Decrease) in accounts payable and accrued expense (880,166) 198,628
Decrease (Increase) in real estate tax escrow (81,286) 23,911
Decrease (Increase) in prepaid expenses and other assets 59,110 (746,891)
Increase (Decrease) in advance rental payments and security deposits (231,217) 459,025
Total Adjustments 2,863,520 3,532,019
Net cash provided by operating activities 4,232,303 5,032,535
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 9,062 823,490
(Investment) in unconsolidated joint ventures (9,062) (8,490)
Improvement of rental properties (1,047,185) (676,844)
Net cash provided by (used in) investing activities (1,047,185) 138,156
Cash Flows from Financing Activities    
Payment of financing costs (132,306)  
Proceeds of mortgage notes payable 3,781,877  
Principal payments of mortgage notes payable (575,128) (472,621)
Payment of note payable (1,000,000) (2,000,000)
Stock buyback (389,947) (2,930,736)
Distributions to partners (1,169,173) (1,177,353)
Net cash provided by (used in) provided by financing activities 515,323 (6,580,710)
Net Increase (Decrease) in Cash and Cash Equivalents 3,700,441 (1,410,019)
Cash and Cash Equivalents, at beginning of period 7,546,324 9,059,901
Cash and Cash Equivalents, at end of period $ 11,246,765 $ 7,649,882