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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental income $ 19,841,559 $ 17,964,963 $ 39,551,991 $ 35,533,690
Laundry and sundry income 209,007 136,073 391,974 259,032
Total Revenues 20,050,566 18,101,036 39,943,965 35,792,722
Expenses        
Administrative 651,978 867,721 1,413,997 1,604,822
Depreciation and amortization 4,277,482 3,961,432 8,505,064 7,807,693
Management fee 782,856 665,073 1,571,463 1,362,837
Operating 1,638,816 1,721,233 4,284,310 4,255,029
Renting 150,772 244,434 538,371 436,019
Repairs and maintenance 3,500,467 3,479,071 6,348,424 6,241,845
Taxes and insurance 2,510,031 2,423,722 4,992,399 4,894,401
Total Expenses 13,512,402 13,362,686 27,654,028 26,602,646
Income Before Other Income (Expense) 6,538,164 4,738,350 12,289,937 9,190,076
Other Income (Expense)        
Interest income 1,112,988 1,292,453 2,290,536 2,267,000
Interest expense (3,899,695) (3,925,863) (7,806,711) (7,825,103)
Income (loss) from investments in unconsolidated joint ventures 321,269 119,664 762,560 347,368
Total Other Income (Expense) (2,465,438) (2,513,746) (4,753,615) (5,210,735)
Net Income $ 4,072,726 $ 2,224,604 $ 7,536,322 $ 3,979,341
Income per Unit        
Net Income per Unit $ 34.77 $ 18.73 $ 64.28 $ 33.45
Weighted Average Number of Units Outstanding 117,139 118,764 117,247 118,971