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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Rental income $ 15,046,646 $ 15,038,675 $ 46,946,889 $ 44,693,574
Laundry and sundry income 95,620 117,226 330,066 335,875
Total Revenues 15,142,266 15,155,901 47,276,955 45,029,449
Expenses        
Administrative 511,812 622,459 1,608,664 1,861,397
Depreciation and amortization 4,612,713 3,627,142 13,779,797 10,900,060
Management fee 598,111 599,864 1,862,645 1,787,670
Operating 1,228,750 1,111,613 4,188,934 4,121,444
Renting 332,157 348,896 657,636 773,470
Repairs and maintenance 2,524,050 2,654,769 6,659,443 6,886,313
Taxes and insurance 2,107,037 2,014,141 6,503,299 5,991,245
Total Expenses 11,914,630 10,978,884 35,260,418 32,321,599
Income Before Other Income (Expense) 3,227,636 4,177,017 12,016,537 12,707,850
Other Income (Expense)        
Interest income 11 66 171 335
Interest expense (3,417,348) (3,011,347) (10,291,255) (9,145,075)
Income from investments in unconsolidated joint ventures (249,583) 224,993 669,098 1,287,339
Other expense   (6,750)   (201,710)
Total Other Income (Expense) (3,666,920) (2,793,038) (9,621,986) (8,059,111)
Net (Loss) Income $ (439,284) $ 1,383,979 $ 2,394,551 $ 4,648,739
Income per Unit        
Net (Loss) Income per Unit (in dollars per unit) $ (3.61) $ 11.32 $ 19.66 $ 37.93
Weighted Average Number of Units Outstanding (in units) 121,756 122,298 121,796 122,572