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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net Income $ 1,754,375 $ 342,418
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,846,260 4,020,768
Amortization of deferred finance costs 94,946 89,578
(Income) from investments in joint ventures (227,704) (20,069)
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 30,000 35,000
(Increase) Decrease in rents receivable (146,176) 309,484
(Decrease) Increase in accounts payable and accrued expense (2,176,919) 281,508
(Increase) in real estate tax escrow (88,077) (308,180)
(Increase) in interest receivable U.S. Treasury bills (257,119)  
(Increase) in prepaid expenses and other assets (555,260) (117,404)
Increase (Decrease) in advance rental payments and security deposits 105,204 (51,696)
Total Adjustments 625,155 4,238,989
Net cash provided by operating activities 2,379,530 4,581,407
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 550,000 405,000
Investment in U.S. Treasury Bills (53,713,756)  
Proceeds from U.S. Treasury Bills 44,286,013  
Purchase of rental property (8,974,242)  
Improvement of rental properties (2,172,877) (1,045,311)
Net cash (used in) investing activities (20,024,862) (640,311)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (611,861) (600,190)
Stock buyback (944,520) (1,337,814)
Distributions to partners (5,704,385) (5,821,134)
Net cash (used in) provided by financing activities (7,260,766) (7,759,138)
Net Increase (Decrease) in Cash and Cash Equivalents (24,906,098) (3,818,042)
Cash and Cash Equivalents, at beginning of period 49,560,723 96,083,508
Cash and Cash Equivalents, at end of period $ 24,654,625 $ 92,265,466