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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net Income (Loss) $ 585,401 $ 275,711
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 8,097,365 7,849,582
Amortization of deferred finance costs 252,729 119,919
Loss (Income) from investments in joint ventures (110,351) 563,595
Allowance for doubtful accounts   1,176,554
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 72,500 18,500
Decrease (Increase) in rents receivable 282,243 (915,340)
Increase (Decrease) in accounts payable and accrued expense (284,656) 424,125
(Increase) Decrease in real estate tax escrow (984,411) (31,287)
(Increase) in prepaid expenses and other assets (1,282,943) (505,968)
Increase (Decrease) in advance rental payments and security deposits 824,409 193,584
Total Adjustments 6,866,885 8,893,264
Net cash provided by operating activities 7,452,286 9,168,975
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,135,000 400,000
Improvement of rental properties (2,113,339) (1,385,258)
Net cash (used in) investing activities (978,339) (985,258)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,198,209) (1,125,589)
Proceeds from Mortgage Notes Payable 41,937,337  
Stock buyback (3,688,961)  
Distributions to partners (6,976,595) (2,337,721)
Net cash (used in) provided by financing activities 30,073,572 (3,463,310)
Net Increase (Decrease) in Cash and Cash Equivalents 36,547,519 4,720,407
Cash and Cash Equivalents, at beginning of period 96,083,508 18,646,972
Cash and Cash Equivalents, at end of period $ 132,631,027 $ 23,367,379