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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net (Loss) Income $ 3,723,273 $ (2,700,163) $ 1,424,528
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 16,373,429 16,671,076 18,410,811
Amortization of deferred finance costs 451,937 312,335 239,755
(Income) Loss from investments in joint ventures (499,783) 567,308 (160,715)
Allowance for doubtful accounts   831,576 1,453,695
Change in operating assets and liabilities      
Proceeds from unconsolidated joint ventures 125,000 55,250 25,000
Decrease (Increase) in rents receivable 279,489 (354,806) (2,381,159)
Increase (Decrease) in accounts payable and accrued expense 2,946,849 436,641 (386,030)
(Increase) Decrease in real estate tax escrow (1,081,983) (326,756) (88,160)
Increase) in interest receivable U.S. Treasury bills (573,483)    
(Increase) in prepaid expenses and other assets (868,084) (612,666) (449,715)
Increase (Decrease) in advance rental payments and security deposits 663,083 903,363 (635,701)
Total Adjustments 17,816,454 18,483,321 16,027,781
Net cash provided by operating activities 21,539,727 15,783,158 17,452,309
Cash Flows From Investing Activities      
Distribution in excess of investment in unconsolidated joint ventures 1,240,000 1,066,109 1,536,732
(Investment) in unconsolidated joint ventures   (81,109) (11,732)
Investment in U.S. Treasury Bills (177,852,043)    
Proceeds from U.S. TreasuryBills 89,519,910    
Improvement of rental properties (5,981,125) (3,317,446) (3,240,408)
Net cash (used in) investing activities (93,073,258) (2,332,446) (1,715,408)
Cash Flows from Financing Activities      
Payment of financing costs   (179,245) (136,326)
Proceeds of mortgage notes payable 41,889,433 88,582,856 3,781,877
Proceeds (payments) of line of credit net   (17,000,000) (1,000,000)
Principal payments of mortgage notes payable (2,283,733) (2,294,389) (2,212,019)
Stock buyback (5,326,973) (450,258) (394,031)
Distributions to partners (9,267,981) (4,673,140) (4,675,754)
Net cash (used in) provided by financing activities 25,010,746 63,985,824 (4,636,253)
Net Increase (Decrease) in Cash and Cash Equivalents (46,522,785) 77,436,536 11,100,648
Cash and Cash Equivalents, at beginning of period 96,083,508 18,646,972 7,546,324
Cash and Cash Equivalents, at end of period $ 49,560,723 $ 96,083,508 $ 18,646,972