5. LEASES:

Original lease terms for the majority of the Properties were generally five to twenty years from their inception. The leases generally provide for minimum rents and additional rents based upon percentages of gross sales in excess of specified breakpoints. The lessee is responsible for occupancy costs such as maintenance, insurance, real estate taxes, and utilities. Accordingly, these amounts are not reflected in the statements of income except in circumstances where, in Management's opinion, the Partnership will be required to pay such costs to preserve its assets (i.e., payment of past-due real estate taxes). Management has determined that the leases are properly classified as operating leases; therefore, rental income is reported when earned on a straight-line basis and the cost of the property, excluding the cost of the land, is depreciated over its estimated useful life.

As of December 31, 2011, the aggregate minimum operating lease payments to be received under the current operating leases for the Partnership's Properties are as follows:


Year ending December 31,
2012	$	1,005,830
2013		892,500
2014		856,500
2015		826,500
2016		813,882
Thereafter		3.399.543

		7,794,755

Operating percentage rents included in operating rental income in 2011, 2010, and 2009 were approximately $431,000, $398,000, and $399,000, respectively. At December 31, 2011, rents and other receivables included $429,000 of unbilled operating percentage rents. As of December 31, 2011, the $47,000 in 2011 percentage rents included in discontinued operating rental income had been billed and collected from the Denny's, Phoenix, AZ "(Denny's) property. At December 31, 2010, rents and other receivables included $35,000 of billed (included in 2010 discontinued operating rental income) and $404,000 of unbilled operating percentage rents. As of December 31, 2011, all of the 2010 percentage rents had been billed and collected.

At December 31, 2011, six of the Properties are leased to Wendgusta, two of the Properties are leased to Wendcharles I, and one of the properties is leased to Wendcharles II. The three tenants operating base rents have accounted for approximately 53%, 21% and 1%, respectively, of the total 2011 operating base rents.