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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net Income $ 7,536,322 $ 3,979,341
Adjustments to reconcile net income to net cash provided by operating activities    
Interest accrued on U.S. Treasury bills (2,259,599) (2,051,676)
Depreciation and amortization 8,505,064 7,807,693
Amortization of deferred finance costs 189,892 189,892
(Income) from investments in joint ventures (762,560) (347,368)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 82,500 59,000
(Increase) in rents receivable (74,677) (113,898)
(Decrease) in accounts payable and accrued expense (624,234) (1,704,508)
(Increase) in real estate tax escrow (155,753) (206,239)
(Increase) in prepaid expenses and other assets (1,349,617) (1,958,461)
Increase in advance rental payments and security deposits 399,764 845,440
Total Adjustments 3,950,780 2,519,875
Net cash provided by operating activities 11,487,102 6,499,216
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,440,000 1,575,000
Investment in U.S. Treasury bills (83,635,733) (68,355,526)
Proceeds from U.S. Treasury bills 85,807,000 90,000,000
Developing of rental property and other related costs (4,185,791)  
Purchase of rental property   (8,974,242)
Improvement of rental properties (4,942,577) (4,865,294)
Net cash (used in) investing activities (5,517,101) 9,379,938
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,392,912) (1,321,579)
Stock buyback (901,124) (1,289,374)
Distributions to partners (8,443,134) (7,128,758)
Net cash provided by (used in) financing activities (10,737,170) (9,739,711)
Net (Decrease) Increase in Cash and Cash Equivalents (4,767,169) 6,139,443
Cash and Cash Equivalents, at beginning of period 18,230,463 49,560,723
Cash and Cash Equivalents, at end of period $ 13,463,294 $ 55,700,166