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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net Income $ 7,945,599 $ 7,536,322
Adjustments to reconcile net income to net cash provided by operating activities    
Interest accrued on U.S. Treasury bills   (2,259,599)
Depreciation and amortization 8,379,730 8,505,064
Amortization of deferred finance costs 211,434 189,892
(Income) from investments in joint ventures (847,679) (762,560)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 62,500 82,500
(Increase) in rents receivable (74,947) (74,677)
(Decrease) in accounts payable and accrued expense (1,462,963) (624,234)
Decrease (Increase) in real estate tax escrow 63,807 (155,753)
Decrease (Increase) in prepaid expenses and other assets 1,510,783 (1,349,617)
Increase in advance rental payments and security deposits 2,220,108 399,764
Total Adjustments 10,062,773 3,950,780
Net cash provided by operating activities 18,008,372 11,487,102
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 775,000 1,440,000
Investment in U.S. Treasury bills (31,060,131) (83,635,733)
Proceeds from U.S. Treasury bills 113,708,456 85,807,000
Developing of rental property and other related costs (10,247,195) (4,185,791)
Purchase of rental property (108,885,341)  
Improvement of rental properties (5,210,753) (4,942,577)
Net cash (used in) provided by investing activities (40,919,964) (5,517,101)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (20,482,614) (1,392,912)
Proceeds from Mortgage Notes Payable 56,746,890  
Stock buyback (291,218) (901,124)
Distributions to partners (13,999,902) (8,443,134)
Net cash provided by (used in) financing activities 21,973,156 (10,737,170)
Net (Decrease) Increase in Cash and Cash Equivalents (938,436) (4,767,169)
Cash and Cash Equivalents, at beginning of period 17,615,940 18,230,463
Cash and Cash Equivalents, at end of period $ 16,677,504 $ 13,463,294