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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net Income $ 15,661,587 $ 8,453,950 $ 3,723,274
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 16,983,336 16,773,045 16,373,429
Amortization of deferred finance costs 379,784 379,784 451,937
(Income) from investments in joint ventures (1,282,102) (876,233) (499,783)
Interest Accrued on Treasury Bills 206,525 (571,122) (573,483)
Property Impairment   971,109  
Change in operating assets and liabilities      
Proceeds from unconsolidated joint ventures 132,500 139,000 125,000
(Increase) Decrease in rents receivable (267,000) (297,947) 279,489
Increase (Decrease) in accounts payable and accrued expense 511,328 (1,551,636) 2,946,848
(Increase) in real estate tax escrow (368,370) (286,023) (1,081,983)
(Increase)Decrease in prepaid expenses and other assets (226,029) 83,670 (868,084)
Increase in advance rental payments and security deposits 202,920 964,307 663,083
Total Adjustments 16,272,892 15,727,954 17,816,453
Net cash provided by operating activities 31,934,479 24,181,904 21,539,727
Cash Flows From Investing Activities      
Distribution in excess of investment in unconsolidated joint ventures 4,997,500 3,602,000 1,240,000
Investment in U.S. Treasury Bills (181,116,086) (176,450,397) (177,852,043)
Proceeds from U.S. TreasuryBills 182,023,907 181,226,384 89,519,910
Improvement of rental properties (10,023,881) (9,288,744) (5,981,125)
Developing of rental property and other related costs (12,457,016)    
Purchase of rental property   (38,032,293)  
Net cash (used in) investing activities (16,575,576) (38,943,050) (93,073,258)
Cash Flows from Financing Activities      
Payment of financing costs (225,570) (3,000)  
Proceeds of mortgage notes payable     41,889,433
Principal payments of mortgage notes payable (2,834,166) (2,685,691) (2,283,733)
Stock buyback (1,669,131) (3,925,535) (5,326,973)
Distributions to partners (11,244,559) (9,954,888) (9,267,981)
Net cash (used in) provided by financing activities (15,973,426) (16,569,114) 25,010,746
Net (Decrease) in Cash and Cash Equivalents (614,523) (31,330,260) (46,522,785)
Cash and Cash Equivalents, at beginning of period 18,230,463 49,560,723 96,083,508
Cash and Cash Equivalents, at end of period $ 17,615,940 $ 18,230,463 $ 49,560,723