Note E - Investment Properties and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Note E - Investment Properties and Accumulated Depreciation

Note E – Investment Properties and Accumulated Depreciation

		Initial Cost To Partnership
		(in thousands)
Description	Encumbrances	Land	Buildings and Related Personal Property	Net Cost Capitalized Subsequent to Acquisition
	(in thousands)			(in thousands)
Lakeside at Vinings Mountain	$14,677	$ 1,206	$10,980	$14,374
The Peak at Vinings Mountain	15,506	1,632	12,321	17,024
	$30,183	$ 2,838	$23,301	$31,398


	Gross Amount At Which Carried
	At December 31, 2012
	(in thousands)

Description	Land	Buildings and Related Personal Property	Total	Accumulated Depreciation	Year of Construction	Date Acquired	Depreciable Life
				(in thousands)

Lakeside at Vinings Mountain	$ 1,206	$25,354	$ 26,560	$20,257	1983	12/83	5-30 yrs
The Peak at Vinings Mountain	1,632	29,345	30,977	22,807	1982	4/84	5-30 yrs
	$ 2,838	$54,699	$ 57,537	$43,064

Reconciliation of "Investment Properties and Accumulated Depreciation":

	Years Ended December 31,
	2012	2011
	(in thousands)
Investment Properties
Balance at beginning of year	$ 92,900	$ 97,862
Property improvements	1,145	1,205
Retirement of assets	(327)	(6,137)
Sale of investment property	(36,181)	--
Disposal of assets	--	(30)
Balance at end of year	$ 57,537	$ 92,900

Accumulated Depreciation
Balance at beginning of year	$ 63,744	$ 62,160
Additions charged to expense	5,810	7,747
Retirement of assets	(327)	(6,137)
Sale of investment property	(26,163)	--
Disposal of assets	--	(26)
Balance at end of year	$ 43,064	$ 63,744

During the years ended December 31, 2012 and 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and $6,137,000, respectively, and accumulated depreciation of approximately $327,000 and $6,137,000, respectively.

The aggregate cost of the investment properties for Federal income tax purposes at December 31, 2012 and 2011 is approximately $60,450,000 and $97,042,000, respectively. The accumulated depreciation for Federal income tax purposes at December 31, 2012 and 2011 is approximately $45,424,000 and $71,346,000, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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