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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental income $ 20,021,133 $ 18,804,320 $ 59,573,125 $ 54,338,011
Laundry and sundry income 187,902 157,322 579,876 416,354
Total Revenues 20,209,035 18,961,642 60,153,001 54,754,365
Expenses        
Administrative 679,674 642,907 2,093,671 2,247,729
Depreciation and amortization 4,224,211 4,426,701 12,729,275 12,234,394
Management fee 802,908 810,436 2,374,371 2,173,272
Operating 1,509,909 1,610,342 5,794,220 5,865,371
Renting 407,911 391,093 946,282 827,112
Repairs and maintenance 3,618,610 3,611,652 9,967,034 9,853,498
Taxes and insurance 2,495,136 2,569,250 7,487,535 7,463,651
Total Expenses 13,738,359 14,062,381 41,392,388 40,665,027
Income Before Other Income (Expense) 6,470,676 4,899,261 18,760,613 14,089,338
Other Income (Expense)        
Interest income 1,123,084 1,083,423 3,413,620 3,350,423
Interest expense (3,831,009) (3,956,181) (11,637,720) (11,781,285)
Income from investments in unconsolidated joint ventures 146,647 148,723 909,207 496,092
Total Other Income (Expense) (2,561,278) (2,724,035) (7,314,893) (7,934,770)
Net Income $ 3,909,398 $ 2,175,226 $ 11,445,720 $ 6,154,568
Income per Unit        
Net Income per Unit $ 33.44 $ 18.38 $ 97.72 $ 51.83
Weighted Average Number of Units Outstanding number of shares to be reviewed 116,905 118,326 117,132 118,754