XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net Income $ 8,453,950 $ 3,723,273 $ (2,700,163)
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 16,773,045 16,373,429 16,671,076
Amortization of deferred finance costs 379,784 451,937 312,335
(Income) from investments in joint ventures (876,233) (499,783) 567,308
Allowance for doubtful accounts     831,576
Interest Accrued on Treasury Bills (571,122) (573,483)  
Property Impairment 971,109    
Change in operating assets and liabilities      
Proceeds from unconsolidated joint ventures 139,000 125,000 55,250
(Increase) Decrease in rents receivable (297,947) 279,489 (354,806)
(Decrease) in accounts payable and accrued expense (1,551,636) 2,946,849 436,641
(Increase) in real estate tax escrow (286,023) (1,081,983) (326,756)
(Increase) in prepaid expenses and other assets 83,670 (868,084) (612,666)
Increase in advance rental payments and security deposits 964,307 663,083 903,363
Total Adjustments 15,727,954 17,816,454 18,483,321
Net cash provided by operating activities 24,181,904 21,539,727 15,783,158
Cash Flows From Investing Activities      
Distribution in excess of investment in unconsolidated joint ventures 3,602,000 1,240,000 1,066,109
Investment in U.S. Treasury bills (176,450,397) (177,852,043)  
Proceeds from U.S. Treasury bills 181,226,384 89,519,910  
Purchase of rental property (38,032,293)    
Improvement of rental properties (9,288,744) (5,981,125) (3,317,446)
(Investment) in unconsolidated joint ventures     (81,109)
Net cash (used in) investing activities (38,943,050) (93,073,258) (2,332,446)
Cash Flows from Financing Activities      
Principal payments of mortgage notes payable (2,685,691) (2,283,733) (2,294,389)
Proceeds from Mortgage Notes Payable   41,889,433 88,582,856
Stock buyback (3,925,535) (5,326,973) (450,258)
Distributions to partners (9,954,888) (9,267,981) (4,673,140)
Payment of financing costs (3,000)   (179,245)
Proceeds (payments) of line of credit net     (17,000,000)
Net cash provided by (used in) financing activities (16,569,114) 25,010,746 63,985,824
Net Increase in Cash and Cash Equivalents (31,330,260) (46,522,785) 77,436,536
Cash and Cash Equivalents, at beginning of period 49,560,723 96,083,508 18,646,972
Cash and Cash Equivalents, at end of period $ 18,230,463 $ 49,560,723 $ 96,083,508