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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net Income $ 11,445,720 $ 6,154,568
Adjustments to reconcile net income to net cash provided by operating activities    
Interest accrued on U.S. Treasury bills (3,362,372) (3,184,707)
Depreciation and amortization 12,729,275 12,234,394
Amortization of deferred finance costs 284,838 284,838
(Income) from investments in joint ventures (909,207) (496,092)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 102,500 114,000
(Increase) in rents receivable (681) (273,506)
Increase (Decrease) in accounts payable and accrued expense 677,850 (1,730,301)
(Increase) in real estate tax escrow (272,103) (259,056)
(Increase) in prepaid expenses and other assets (553,922) (218,994)
(Decrease) Increase in advance rental payments and security deposits (176,020) 605,886
Total Adjustments 8,520,158 7,076,462
Net cash provided by operating activities 19,965,878 13,231,030
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 3,870,000 2,919,500
Investment in U.S. Treasury bills (138,877,950) (146,851,429)
Proceeds from U.S. Treasury bills 140,807,000 155,000,000
Developing of rental property and other related costs (7,961,579)  
Purchase of rental property   (37,518,172)
Improvement of rental properties (7,407,648) (6,999,603)
Net cash (used in) investing activities (9,570,177) (33,449,704)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (2,098,252) (1,997,909)
Stock buyback (1,613,829) (2,657,477)
Distributions to partners (9,844,390) (8,545,265)
Net cash provided by (used in) financing activities (13,556,471) (13,200,651)
Net (Decrease) in Cash and Cash Equivalents (3,160,770) (33,419,325)
Cash and Cash Equivalents, at beginning of period 18,230,463 49,560,723
Cash and Cash Equivalents, at end of period $ 15,069,693 $ 16,141,398