XML 17 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net Income $ 3,795,719 $ 3,463,596
Adjustments to reconcile net income to net cash provided by operating activities    
Interest accrued on U.S. Treasury Bills 104,961 (1,161,305)
Depreciation and amortization 3,904,983 4,227,582
Amortization of deferred finance costs 94,946 94,946
(Income) from investments in joint ventures (362,629) (441,291)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 32,500 52,500
Decrease in rents receivable 125,922 87,771
(Decrease) in accounts payable and accrued expense (2,390,536) (303,116)
Decrease (Increase) in real estate tax escrow 66,240 (102,307)
Decrease in prepaid expenses and other assets 98,449 266,086
Increase (Decrease) in advance rental payments and security deposits 7,074 (60,715)
Total Adjustments 1,681,910 2,660,151
Net cash provided by operating activities 5,477,629 6,123,747
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 450,000 525,000
Investment in U.S. Treasury Bills (31,060,131) (38,989,940)
Proceeds from U.S. Treasury Bills 56,508,589 55,407,000
Developing of rental property and other related costs (2,589,943) (2,111,993)
Improvement of rental properties (2,112,160) (2,395,243)
Net cash provided by investing activities 21,196,355 12,434,824
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (816,477) (694,945)
Stock buyback (9,053) (253,390)
Distributions to partners (12,600,657) (7,038,955)
Net cash (used in) provided by financing activities (13,426,187) (7,987,290)
Net Increase in Cash and Cash Equivalents 13,247,797 10,571,281
Cash and Cash Equivalents, at beginning of period 17,615,940 18,230,463
Cash and Cash Equivalents, at end of period $ 30,863,737 $ 28,801,744