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Property
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Property

Properties owned by the Partnership are all mini-storage facilities. Depreciation is calculated using the straight-line method over the estimated useful life of 20 years. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at March 31, 2012 and December 31, 2011, were as follows:

  March 31, 2012 December 31, 2011
Land $ 1,714,700 $ 1,714,700
Buildings and improvements 6,449,078 6,449,078
Rental trucks under capital leases 140,093 140,093
Total $ 8,303,871 $ 8,303,871
Less accumulated depreciation (6,553,632) (6,544,843)
Property – net $ 1,750,239 $ 1,759,028