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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net Income $ 3,463,596 $ 1,754,375
Adjustments to reconcile net income to net cash provided by operating activities    
Interest accrued on U.S. Treasury Bills (1,161,305) (971,106)
Depreciation and amortization 4,227,582 3,846,260
Amortization of deferred finance costs 94,946 94,946
(Income) from investments in joint ventures (441,291) (227,704)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 52,500 30,000
Decrease (Increase) in rents receivable 87,771 (146,176)
(Decrease) in accounts payable and accrued expense (303,116) (2,176,919)
(Increase) in real estate tax escrow (102,307) (88,077)
Decrease (Increase) in prepaid expenses and other assets 266,086 (555,260)
(Decrease) Increase in advance rental payments and security deposits (60,715) 105,204
Total Adjustments 2,660,151 (88,832)
Net cash provided by operating activities 6,123,747 1,665,543
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 525,000 550,000
Investment in U.S. Treasury Bills (38,989,940) (53,713,756)
Proceeds from U.S. Treasury Bills 55,407,000 45,000,000
Developing of rental property and other related costs (2,111,993)  
Purchase of rental property   (8,974,242)
Improvement of rental properties (2,395,243) (2,172,877)
Net cash provided by (used in) investing activities 12,434,824 (19,310,875)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (694,945) (611,861)
Stock buyback (253,390) (944,520)
Distributions to partners (7,038,955) (5,704,385)
Net cash (used in) provided by financing activities (7,987,290) (7,260,766)
Net Increase (Decrease) in Cash and Cash Equivalents 10,571,281 (24,906,098)
Cash and Cash Equivalents, at beginning of period 18,230,463 49,560,723
Cash and Cash Equivalents, at end of period $ 28,801,744 $ 24,654,625