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 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Rental income $ 1,954,052 $ 1,788,881 $ 3,856,153 $ 3,485,879
Other property related income 65,678 57,415 125,461 110,042
Total revenues 2,019,730 1,846,296 3,981,614 3,595,921
Expenses        
Property operations 823,672 723,462 1,673,366 1,412,946
General and administrative 456,330 438,446 921,752 849,000
Depreciation and amortization 349,173 452,685 698,046 901,920
Business development 10,000 8,358 10,000 14,190
Total expenses 1,639,175 1,622,951 3,303,164 3,178,056
Operating income 380,555 223,345 678,450 417,865
Other income (expense)        
Dividend, interest, and other income 17,779 14,953 41,126 26,374
Unrealized gain on marketable equity securities 217,349   175,442  
Interest expense (220,209) (220,209) (440,417) (440,417)
Total other income (expense), net 14,919 (205,256) (223,849) (414,043)
Net income $ 395,474 $ 18,089 $ 454,601 $ 3,822
Earnings per share        
Basic $ 0.05 $ 0.00 $ 0.06 $ 0.00
Diluted $ 0.05 $ 0.00 $ 0.06 $ 0.00
Weighted average shares outstanding        
Basic 7,619,549 7,619,469 7,619,509 7,619,469
Diluted 7,620,283 7,619,469 7,619,999 7,619,469