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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net Income $ 6,154,568 $ 1,580,625
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 12,234,394 12,212,278
Amortization of deferred finance costs 284,838 350,115
(Income) from investments in joint ventures (496,092) (203,867)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 114,000 72,500
(Increase) Decrease in rents receivable (273,506) 520,644
(Decrease) in accounts payable and accrued expense (1,730,301) (26,636)
(Increase) in real estate tax escrow (259,057) (1,045,681)
(Increase) in interest receivable U.S. Treasury bills (115,595)  
(Increase) in prepaid expenses and other assets (218,994) (931,325)
Increase in advance rental payments and security deposits 605,886 504,867
Total Adjustments 10,145,573 11,452,895
Net cash provided by operating activities 16,300,141 13,033,520
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 2,919,500 1,135,000
Investment in U.S. Treasury bills (146,851,429) (103,995,587)
Proceeds from U.S. Treasury bills 151,930,889 30,000,000
Purchase of rental property (37,518,172)  
Improvement of rental properties (6,999,603) (3,708,707)
Net cash (used in) investing activities (36,518,815) (76,569,294)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,997,909) (1,720,335)
Proceeds from Mortgage Notes Payable   41,937,337
Stock buyback (2,657,477) (5,167,667)
Distributions to partners (8,545,265) (8,123,130)
Net cash provided by (used in) financing activities (13,200,651) 26,926,205
Net Increase in Cash and Cash Equivalents (33,419,325) (36,609,569)
Cash and Cash Equivalents, at beginning of period 49,560,723 96,083,508
Cash and Cash Equivalents, at end of period $ 16,141,398 $ 59,473,939