XML 37 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows from Operating Activities    
Net income $ 252,227 $ 5,370,742
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate   (3,678,779)
Depreciation and amortization 5,471,646 2,933,991
Loss from investments in joint venture 270,633 653,189
Depreciation and amortization - discontinued operations   2,111
Change in operating assets and liabilities    
(Increase) Decrease in rents receivable (60,704) 45,591
(Decrease) in accounts payable and accrued expense (556,289) (343,127)
Decrease in real estate tax escrow 81,194 102,232
(Increase) in prepaid expenses and other assets (434,134) (265,100)
Increase in advance rental payments and security deposits 333,065 308,037
Total Adjustments 5,105,411 (241,855)
Net cash provided by operating activities 5,357,638 5,128,887
Cash Flows from Investing Activities    
Proceeds from unconsolidated joint ventures 867,741 2,205,880
Net proceeds from sale of real estate   2,155,546
Distribution in excess of investment in unconsolidated joint ventures 100,000  
(Investment in) unconsolidated joint ventures (117,741) (10,880)
Deposit and escrow held for the acquisition of real estate   (4,103,906)
Improvement of rental properties (1,642,788) (2,189,413)
Net cash (used in) investing activities (792,788) (1,942,773)
Cash Flows from Financing Activities    
Payment of financing costs (201,917) (142,362)
Proceeds of mortgage notes payable 609,555 15,000,000
Principal payments and payoffs of mortgage notes payable (3,495,661) (19,383,890)
Stock buyback (941,477) (399,487)
Distributions to partners (1,935,384) (1,950,596)
Net cash (used in) financing activities (5,964,884) (6,876,335)
Net (Decrease) Increase in Cash and Cash Equivalents (1,400,034) (3,690,221)
Cash and Cash Equivalents, at beginning of period 14,013,380 6,981,906
Cash and Cash Equivalents, at end of period $ 12,613,346 $ 3,291,685