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CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013
Revenues |  |  |  |
Rental income | $ 10,439,568 | $ 8,904,762 | $ 20,954,287 | $ 17,828,769
Laundry and sundry income | 120,967 | 98,000 | 224,177 | 193,686
Total Revenues | 10,560,535 | 9,002,762 | 21,178,464 | 18,022,455
Expenses |  |  |  |
Administrative | 568,915 | 697,238 | 1,099,482 | 1,149,855
Depreciation and amortization | 2,747,467 | 1,479,860 | 5,471,646 | 2,933,991
Management fee | 438,068 | 374,622 | 865,461 | 743,874
Operating | 1,020,323 | 814,609 | 2,702,257 | 2,246,784
Renting | 108,612 | 26,815 | 145,469 | 56,666
Repairs and maintenance | 1,601,307 | 1,515,934 | 2,812,456 | 2,597,213
Taxes and insurance | 1,351,043 | 1,204,862 | 2,792,153 | 2,365,792
Total Expenses | 7,835,735 | 6,113,940 | 15,888,924 | 12,094,175
Income Before Other Income and Discontinued Operations | 2,724,800 | 2,888,822 | 5,289,540 | 5,928,280
Other Income (Expense) |  |  |  |
Interest income | 199 | 351 | 382 | 715
Interest expense | (2,380,896) | (1,762,647) | (4,767,062) | (3,603,716)
(Loss) from investments in unconsolidated joint ventures | (62,382) | (336,332) | (270,633) | (653,189)
Total Other Income (loss) | (2,443,079) | (2,098,628) | (5,037,313) | (4,256,190)
Income From Continuing Operations | 281,721 | 790,194 | 252,227 | 1,672,090
Discontinued Operations |  |  |  |
Income from discontinued operations |  | 143 |  | 19,873
Gain on sale of real estate |  | 3,678,779 |  | 3,678,779
Total Discontinued Operations |  | 3,678,922 |  | 3,698,652
Net Income | $ 281,721 | $ 4,469,116 | $ 252,227 | $ 5,370,742
Income per Unit |  |  |  |
Income before discontinued operations (in dollars per unit) | $ 2.18 | $ 6.08 | $ 1.95 | $ 12.85
Income from discontinued operations (in dollars per unit) |  | $ 28.29 |  | $ 28.43
Net Income per Unit (in dollars per unit) | $ 2.18 | $ 34.37 | $ 1.95 | $ 41.28
Weighted Average Number of Units Outstanding (in units) | 128,988 | 130,040 | 129,149 | 130,114

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