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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net Income $ 1,580,625 $ 200,326
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 12,212,278 11,806,561
Amortization of deferred finance costs 350,115 179,879
(Income) Loss from investments in joint ventures (203,867) 796,725
Allowance for doubtful accounts   906,986
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 72,500 27,250
Decrease (Increase) in rents receivable 520,644 (498,584)
(Decrease) Increase in accounts payable and accrued expense (26,636) 413,183
(Increase) in real estate tax escrow (1,045,681) (32,970)
(Increase) in prepaid expenses and other assets (931,325) (1,195,693)
Increase in advance rental payments and security deposits 504,867 244,888
Total Adjustments 11,452,895 12,648,225
Net cash provided by operating activities 13,033,520 12,848,551
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 1,135,000 603,202
(Investment) in unconsolidated joint ventures   (40,702)
Investment in U.S. Treasury Bills (103,995,587)  
Proceeds from U.S. Treasury Bills 30,000,000  
Improvement of rental properties (3,708,707) (2,230,442)
Net cash (used in) investing activities (76,569,294) (1,667,942)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,720,335) (1,704,743)
Proceeds from Mortgage Notes Payable 41,937,337  
Stock buyback (5,167,667)  
Distributions to partners (8,123,130) (3,506,581)
Net cash provided by (used in) financing activities 26,926,205 (5,211,324)
Net (Decrease) Increase in Cash and Cash Equivalents (36,609,569) 5,969,285
Cash and Cash Equivalents, at beginning of period 96,083,508 18,646,972
Cash and Cash Equivalents, at end of period $ 59,473,939 $ 24,616,257