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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Rental income $ 15,646,814 $ 14,886,423 $ 31,900,244 $ 29,654,899
Laundry and sundry income 112,292 104,980 234,446 218,649
Total Revenues 15,759,106 14,991,403 32,134,690 29,873,548
Expenses        
Administrative 512,195 626,180 1,096,853 1,238,938
Depreciation and amortization 4,601,617 3,590,240 9,167,084 7,272,918
Management fee 615,541 597,197 1,264,534 1,187,806
Operating 1,291,781 1,125,813 2,960,183 3,009,831
Renting 128,608 242,515 325,479 424,573
Repairs and maintenance 2,049,174 2,287,313 4,135,392 4,231,544
Taxes and insurance 2,115,721 1,942,998 4,396,262 3,977,104
Total Expenses 11,314,637 10,412,256 23,345,787 21,342,714
Income Before Other Income (Expense) 4,444,469 4,579,147 8,788,903 8,530,834
Other Income (Expense)        
Interest income 52 90 159 269
Interest expense (3,423,583) (3,133,439) (6,873,908) (6,133,728)
Income from investments in unconsolidated joint ventures 444,113 513,406 918,680 1,062,345
Other expense   (194,960)   (194,960)
Total Other Income (Expense) (2,979,418) (2,814,903) (5,955,069) (5,266,074)
Net Income $ 1,465,051 $ 1,764,244 $ 2,833,834 $ 3,264,760
Income per Unit        
Net Income per Unit (in dollars per unit) $ 12.03 $ 14.40 $ 23.26 $ 26.61
Weighted Average Number of Units Outstanding (in units) 121,756 122,483 121,816 122,710