Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As of February 5, 2015, the sale of all the properties was approved by the affirmative vote of the holders of approximately 56.0% of the outstanding units of limited partnership interests in the Fund. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

The following table summarizes the balance sheets components that comprise discontinued operations:

BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 139,089	$ 47,563
Property, net	1,863,245	2,002,039
Uncollected rental revenue	54,597	88,712
Investment in joint venture	195,201	198,031
Other assets	12,200	15,394
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 2,264,332	$ 2,351,739
LIABILITIES
Incentive management fee liability	24,267	34,932
Property management fee liability	8,493	6,865
Deferred income	34,835	32,492
Accrued expenses	9,151	7,470
Other liabilities	22,275	10,917
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	99,020	92,677
NET ASSETS OF DISCONTINUED OPERATIONS	$ 2,165,312	$ 2,259,062

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

	For the year ended December 31,
	2014	2013
REVENUE	$2,369,638	$1,810,607
DEPRECIATION	10,620	15,091
OPERATING EXPENSES	742,520	756,591
GP’S INCENTIVE FEES	95,442	72,068
PROPERTY MANAGEMENT FEE	100,102	88,422
G&A EXPENSES	93,990	119,784
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,326,964	758,650
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,326,964	$758,650