Discontinued Operations

3 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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 on 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 of 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 the Arvada, CO property in 2012 in the amount of $568,856.

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

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Revenue	$0	$1,000	$ 0	$1,488
Expenses	0	2,227	0	1,372
Net operating income (loss) from discontinued operations	$0	$(1,227)	$0	$(166)