v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net (Loss) Income $ (5,066,980) $ 7,945,599
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 16,067,020 8,379,730
Amortization of deferred finance costs 278,027 211,434
(Income) from investments in joint ventures (770,046) (847,679)
Loss on sale of real estate 150,963  
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 50,000 62,500
(Increase) in rents receivable (412,440) (74,947)
(Decrease) in accounts payable and accrued expense (1,114,254) (1,462,963)
(Increase) Decrease in real estate tax escrow (226,938) 63,807
(Increase) Decrease in prepaid expenses and other assets (1,523,072) 1,510,783
Increase in advance rental payments and security deposits 137,515 2,220,108
Total Adjustments 12,636,775 10,062,773
Net cash provided by operating activities 7,569,795 18,008,372
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 670,000 775,000
Investment in U.S. Treasury bills   (31,060,131)
Proceeds from U.S. Treasury bills   113,708,456
Developing of rental property and other related costs   (10,247,195)
Purchase of rental property   (108,885,341)
Improvement of rental properties (6,944,345) (5,210,753)
Net proceeds from the sale of real estate 2,438,747  
Net cash (used in) provided by investing activities (3,835,598) (40,919,964)
Cash Flows from Financing Activities    
Principal payments of mortgage notes payable (1,630,247) (20,482,614)
Proceeds from Mortgage Notes Payable   56,746,890
Stock buyback (1,240,748) (291,218)
Distributions to partners (2,782,441) (13,999,902)
Net cash provided by (used in) financing activities (5,653,436) 21,973,156
Net (Decrease) Increase in Cash and Cash Equivalents (1,919,239) (938,436)
Cash and Cash Equivalents, at beginning of period 26,668,978 17,615,940
Cash and Cash Equivalents, at end of period $ 24,749,739 $ 16,677,504