Discontinued Operations

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

In accordance with ASC 205-20 (formerly, SFAS 144 Accounting for the Impairment or Disposal of Long-Lived Assets), the net income of a mini-storage facility located in Arvada, CO, which was sold August 31, 2012 is reflected in the statement of income as discontinued operations for all periods presented.

In November 2011, a notice of intent for acquisition was received from the Colorado Regional Transportation District, whereby it proposed to acquire the Partnerships' mini-storage facility in Arvada, Colorado. In August 2012 an offer was accepted for a gross sales price of $4,110,000. In October 2012 proceeds in the amount of $3,355,111 were distributed to limited partners. The net gain on the sales fo the facility is $3,166,809. In 2012, fees were paid to the general partners in accordance with the partnership agreement amounting to $62,640. An incentive fee was paid to the General Partners as a result of the sale of Arvada, CO property in 2012 in the amount of $568,856.

The following table summarizes the revenue and expense components that comprise discontinued operations:

	For the year ended December 31,
	2012	2012
REVENUE	$387,170	$616,570
EXPENSES	313,123	321,328
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	$74,047	$295,242
NET GAIN ON SALE OF DISCONTINUED OPERATIONS	3,166,809;
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$3,240,859	$295,242