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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net income $ 2,394,551 $ 4,648,739
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 13,779,797 10,900,060
Amortization of deferred finance costs 179,795 281,848
(Income) from investments in joint venture (669,098) (1,287,339)
Allowance for doubtful accounts 1,094,588 255,240
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 20,000 975,000
(Increase) in rents receivable (1,734,831) (49,694)
Increase (Decrease) in accounts payable and accrued expense (508,534) (169,704)
Decrease (Increase) in real estate tax escrow (56,650) 69,574
Decrease (Increase) in prepaid expenses and other assets (311,297) (672,463)
Increase (Decrease) in advance rental payments and security deposits (883,556) 788,204
Total Adjustments 10,910,214 11,090,726
Net cash provided by operating activities 13,304,765 15,739,465
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,186,732 2,326,073
(Investment) in unconsolidated joint ventures (11,732) (33,073)
Improvement of rental properties (2,254,130) (2,593,079)
Net cash provided by (used in) investing activities (1,079,130) (300,079)
Cash Flows from Financing Activities    
Payment of financing costs (136,326) (235,147)
Proceeds of mortgage notes payable 3,781,877 679,000
Payment of line of credit (1,000,000) (2,000,000)
Principal payments of mortgage notes payable (1,668,702) (1,591,251)
Stock buyback (394,031) (3,680,570)
Distributions to partners (3,506,894) (3,525,701)
Net cash provided by (used in) provided by financing activities (2,924,076) (10,353,669)
Net Increase (Decrease) in Cash and Cash Equivalents 9,301,559 5,085,717
Cash and Cash Equivalents, at beginning of period 7,546,324 9,059,901
Cash and Cash Equivalents, at end of period $ 16,847,883 $ 14,145,618