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CONSOLIDATED STATEMENTS OF INCOME (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues        
Rental income $ 10,546,055 $ 9,859,135 $ 31,500,342 $ 27,687,903
Laundry and sundry income 96,973 108,617 321,150 302,305
Total Revenues 10,643,028 9,967,752 31,821,492 27,990,208
Expenses        
Administrative 543,704 451,268 1,643,185 1,601,123
Depreciation and amortization 2,463,708 2,824,318 7,935,355 5,758,310
Management fee 438,319 400,588 1,303,780 1,144,462
Operating 838,728 786,179 3,540,985 3,032,964
Renting 155,865 78,874 301,334 135,540
Repairs and maintenance 2,087,290 1,641,608 4,899,746 4,238,821
Taxes and insurance 1,388,807 1,301,388 4,180,961 3,667,180
Total Expenses 7,916,421 7,484,223 23,805,346 19,578,400
Income Before Other Income 2,726,607 2,483,529 8,016,146 8,411,808
Other Income (Expense)        
Interest income 209 230 592 945
Interest expense (2,393,427) (2,142,817) (7,160,489) (5,746,533)
Gain on the sale of equipment   2,250 0 2,250
(Loss) from investments in unconsolidated joint ventures (151,902) (375,412) (422,535) (1,028,601)
Total Other Income (loss) (2,545,120) (2,515,749) (7,582,432) (6,771,939)
Income (loss) From Continuing Operations 181,487 (32,220) 433,714 1,639,869
Discontinued Operations        
Income from discontinued operations   (654) 0 19,160
Gain on the sale of real estate       3,678,839
Total Discontinued Operations   (654)   3,697,999
Net Income (Loss) $ 181,487 $ (32,874) $ 433,714 $ 5,337,867
Income (loss) per Unit        
Income (loss) before discontinued operations $ 1.41 $ (0.25) $ 3.36 $ 12.62
Income from discontinued operations   $ (0.01)   $ 28.45
Net Income (loss) per Unit $ 1.41 $ (0.26) $ 3.36 $ 41.07
Weighted Average Number of Units Outstanding (in units) 128,587 129,719 129,149 129,981