XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenue:        
Basic minimum annual rent, from a related party $ 818,005 $ 818,005 $ 2,453,508 $ 2,453,508
Advance of primary overage rent, from a related party 188,000 188,000 564,000 564,000
Secondary overage rent, from a related party 4,350,339 5,081,285 4,350,339 5,081,285
Total rent income 5,356,344 6,087,290 7,367,847 8,098,793
Dividend income 15 11 64 70
Interest income 199 260 635 405
Total revenue 5,356,558 6,087,561 7,368,546 8,099,268
Expenses:        
Interest on mortgages 642,626 655,911 1,937,598 1,976,807
Basic fees for supervisory services, to a related party 31,425 30,500 92,425 60,500
Additional payment for supervisory services, to a related party 284,745 432,865 284,745 432,865
Depreciation of building and tenant improvements 379,159 238,236 1,112,272 707,810
Amortization of leasing commissions 46,247 46,604 142,985 143,161
Professional fees and miscellaneous 72,395 18,165 136,227 21,765
Total expenses 1,456,597 1,422,281 3,706,252 3,342,908
Net income $ 3,899,961 $ 4,665,280 $ 3,662,294 $ 4,756,360
Earnings per $5,000 participation unit, based on 720 participation units outstanding during the period $ 5,416.61 $ 6,479.56 $ 5,086.52 $ 6,606.06
Distributions per $5,000 participation unit consisted of the following:        
Income $ 250.00 $ 250.00 $ 750.00 $ 750.00
Return of capital         
Total distributions $ 250.00 $ 250.00 $ 750.00 $ 750.00