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Investment in Real Estate Joint Venture
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Investment in Real Estate Joint Venture

 

The Partnership is involved in a joint venture (the Buckley Road facility) that owns a mini-storage facility in Aurora, Colorado. Under the terms of the joint venture agreement, the Partnership is entitled to 30% of the profits or losses of the venture and owns 30% of the mini-storage facility as a tenant-in-common with DSI Realty Income ("Fund IX"), which has the remaining 70% interest in the venture. The agreement specifies that DSI Properties, Inc. (a general partner in both the Partnership and Fund IX) shall make all decisions relating to the activities of the joint venture and the management of the property. The Partnership accounts for this investment under the equity method. For 2011, the Buckley Road facility had total assets of $671,849, liabilities of $26,886, revenue of $540,973, expense of $316,588 and net income of $224,385. For 2010, the Buckley Road facility had total assets of $674,559, liabilities of $22,981, revenue of $587,826, expense of $323,389 and net income of $264,437.