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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Net (Loss) income $ 342,418 $ (294,180)
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 4,020,768 3,905,918
Amortization of deferred finance costs 89,578 59,960
Loss (Income) from investments in joint ventures (20,069) 325,170
Allowance for doubtful accounts   1,271,051
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 35,000 8,500
Decrease (Increase) in rents receivable 309,484 (1,083,925)
Increase (Decrease) in accounts payable and accrued expense 281,508 186,928
(Increase) Decrease in real estate tax escrow (308,180) (11,485)
(Increase) in prepaid expenses and other assets (117,404) 254,378
Increase (Decrease) in advance rental payments and security deposits (51,696) (278,905)
Total Adjustments 4,238,989 4,637,590
Net cash provided by operating activities 4,581,407 4,343,410
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 405,000 187,500
Improvement of rental properties (1,045,311) (634,103)
Net cash (used in) investing activities (640,311) (446,603)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (600,190) (552,575)
Stock buyback (1,337,814)  
Distributions to partners (5,821,134) (1,168,860)
Net cash (used in) provided by financing activities (7,759,138) (1,721,435)
Net Increase (Decrease) in Cash and Cash Equivalents (3,818,042) 2,175,372
Cash and Cash Equivalents, at beginning of period 96,083,508 18,646,972
Cash and Cash Equivalents, at end of period $ 92,265,466 $ 20,822,344