Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Rental income $ 2,862,561 $ 2,460,667 $ 5,571,345 $ 4,793,905
Total revenues 2,978,915 2,574,521 5,799,728 5,016,708
Expenses        
Property operations 989,251 897,297 2,042,985 1,891,321
General and administrative 653,053 631,208 1,331,706 1,209,825
Depreciation and amortization 404,462 406,561 809,383 812,175
Business development 33,310 4,837 42,110 4,837
Total expenses 2,080,076 1,939,903 4,226,184 3,918,158
Operating income 898,839 634,618 1,573,544 1,098,550
Other income (expense)        
Dividend and interest income 23,029 18,792 46,048 36,863
Unrealized (loss) gain on marketable equity securities (604,622) 494,461 (830,373) 709,197
Interest expense (220,256) (286,572) (409,022) (572,064)
Gain on Paycheck Protection Program (PPP) loan forgiveness 307,210   307,210  
Total other income (expense), net (494,639) 226,681 (886,137) 173,996
Net income and comprehensive income $ 404,200 $ 861,299 $ 687,407 $ 1,272,546
Earnings per share        
Basic $ 0.04 $ 0.09 $ 0.06 $ 0.14
Diluted $ 0.04 $ 0.09 $ 0.06 $ 0.13
Weighted average shares outstanding        
Basic 10,767,619 9,363,981 10,714,565 9,328,432
Diluted 10,824,760 9,402,479 10,773,643 9,370,935
Other property related income        
Revenues        
Revenues $ 95,541 $ 95,069 $ 188,072 $ 185,821
Management fees and other income        
Revenues        
Revenues $ 20,813 $ 18,785 $ 40,311 $ 36,982