Note E - Casualty Event

6 Months Ended

Jun. 30, 2013

Notes

Note E - Casualty Event

Note E – Casualty Event

In November 2011, Wood Creek Apartments suffered fire damage to one of its apartment units. Total damages were approximately $12,000, including approximately $4,000 of clean-up costs. During the six months ended June 30, 2012, the Partnership incurred approximately $4,000 of clean-up costs which are included in operating expenses. In April 2012, the Partnership received insurance proceeds of approximately $12,000, of which approximately $4,000 related to clean-up costs are included in operating expenses. During the three and six months ended June 30, 2012, the Partnership recognized a casualty gain of approximately $7,000, as a result of the receipt of insurance proceeds of approximately $8,000, partially offset by the write off of undepreciated damaged assets of approximately $1,000.