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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net Income $ 3,979,341 $ 585,401
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 7,807,693 8,097,365
Amortization of deferred finance costs 189,892 252,729
(Income) from investments in joint ventures (347,368) (110,351)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 59,000 72,500
(Increase) Decrease in rents receivable (113,898) 282,243
(Decrease) in accounts payable and accrued expense (1,704,508) (284,656)
(Increase) in real estate tax escrow (206,239) (984,411)
(Increase) in interest receivable U.S. Treasury bills (383,809)  
(Increase) in prepaid expenses and other assets (1,958,461) (1,282,943)
Increase in advance rental payments and security deposits 845,440 824,409
Total Adjustments 4,187,742 6,866,885
Net cash provided by operating activities 8,167,083 7,452,286
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,575,000 1,135,000
Investment in U.S. Treasury bills (68,355,526)  
Proceeds from U.S. Treasury bills 88,332,133  
Purchase of rental property (8,974,242)  
Improvement of rental properties (4,865,294) (2,113,339)
Net cash (used in) investing activities 7,712,071 (978,339)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,321,579) (1,198,209)
Proceeds from Mortgage Notes Payable   41,937,337
Stock buyback (1,289,374) (3,688,961)
Distributions to partners (7,128,758) (6,976,595)
Net cash provided by (used in) financing activities (9,739,711) 30,073,572
Net Increase in Cash and Cash Equivalents 6,139,443 36,547,519
Cash and Cash Equivalents, at beginning of period 49,560,723 96,083,508
Cash and Cash Equivalents, at end of period $ 55,700,166 $ 132,631,027