Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Rental income $ 1,988,133 $ 1,871,642 $ 5,844,286 $ 5,357,521
Other property related income 70,020 61,515 195,482 171,556
Total revenues 2,058,153 1,933,157 6,039,768 5,529,077
Expenses        
Property operations 785,795 777,872 2,459,160 2,190,818
General and administrative 436,335 640,566 1,358,088 1,489,566
Depreciation and amortization 349,507 439,342 1,047,553 1,341,261
Business development 15,000 105 25,000 14,295
Total expenses 1,586,637 1,857,885 4,889,801 5,035,940
Operating income 471,516 75,272 1,149,967 493,137
Other income (expense)        
Dividend, interest, and other income 17,665 15,591 58,790 41,965
Unrealized loss on marketable equity securities (180,021)   (4,579)  
Interest expense (219,792) (220,209) (660,209) (660,626)
Total other income (expense), net (382,148) (204,618) (605,998) (618,661)
Net income (loss) $ 89,368 $ (129,346) $ 543,969 $ (125,524)
Earnings per share        
Basic $ 0.01 $ (0.02) $ 0.07 $ (0.02)
Diluted $ 0.01 $ (0.02) $ 0.07 $ (0.02)
Weighted average shares outstanding        
Basic 7,623,182 7,619,469 7,620,747 7,619,469
Diluted 7,626,286 7,619,469 7,621,769 7,619,469