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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net income $ 2,833,834 $ 3,264,759
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 9,167,084 7,272,918
Amortization of deferred finance costs 119,835 225,494
(Income) from investments in joint venture (918,680) (1,062,345)
Allowance for doubtful accounts 729,653 323,728
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 5,000 770,000
(Increase) in rents receivable (1,259,948) (166,880)
Increrase (Decrease) in accounts payable and accrued expense (676,850) 474,466
Decrease (Increase) in real estate tax escrow 9,279 49,347
Decrease (Increase) in prepaid expenses and other assets 188,556 (62,380)
Increase (Decrease) in advance rental payments and security deposits (672,890) 822,139
Total Adjustments 6,691,039 8,646,487
Net cash provided by operating activities 9,524,873 11,911,246
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,060,585 1,597,152
(Investment) in unconsolidated joint ventures (10,585) (19,152)
Improvement of rental properties (1,504,059) (1,715,987)
Net cash provided by (used in) investing activities (454,059) (137,987)
Cash Flows from Financing Activities    
Payment of financing costs (136,325) (235,147)
Proceeds of mortgage notes payable 3,781,877 679,000
Principal payments of mortgage notes payable (1,134,602) (1,028,035)
Payment of note payable (1,000,000) (2,000,000)
Stock buyback (394,031) (3,305,651)
Distributions to partners (2,338,034) (2,352,443)
Net cash provided by (used in) provided by financing activities (1,221,115) (8,242,276)
Net Increase (Decrease) in Cash and Cash Equivalents 7,849,699 3,530,983
Cash and Cash Equivalents, at beginning of period 7,546,324 9,059,901
Cash and Cash Equivalents, at end of period $ 15,396,023 $ 12,590,884