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Investment Properties and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Investment Properties and Accumulated Depreciation [Abstract]

INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION

SCHEDULE III – INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2012


																																										Life on which
						Initial Cost to Partnership												Gross Amount at which Carried at End of Year																								Depreciation in
Property		Encumbrances				Land				Building and Improvements				Costs Capitalized Subsequent to Acquisitions				Land				Building and Improvements				Total				Accumulated Depreciation				Date of Construction				Date Acquired				latest statement of operations is computed (years)
Santa Fe, NM			—				—				451,230				—				—				451,230				451,230				346,907				—				10/10/1988				31.5
Augusta, GA (2)			—				215,416				434,178				—				213,226				434,177				647,403				337,059				—				12/22/1988				31.5
Charleston, SC			—				273,619				323,162				—				273,619				323,162				596,781				250,876				—				12/22/1988				31.5
Aiken, SC			—				402,549				373,795				—				402,549				373,795				776,344				289,087				—				2/21/1989				31.5
Augusta, GA			—				332,154				396,659				—				332,154				396,659				728,813				306,770				—				2/21/1989				31.5
Mt. Pleasant, SC (3)			—				286,060				294,878				—				252,069				294,878				546,947				228,054				—				2/21/1989				31.5
Charleston, SC			—				273,625				254,500				—				273,625				254,500				528,125				196,826				—				2/21/1989				31.5
Aiken, SC			—				178,521				455,229				—				178,521				455,229				633,750				352,067				—				3/14/1989				31.5
Des Moines, IA (1) (4)			—				164,096				448,529			$	296,991				161,996				560,057				722,053				438,034				1989				8/1/1989				31.5
North Augusta, SC			—				250,859				409,297				—				250,859				409,297				660,156				303,157				—				12/29/1989				31.5
Martinez, GA			—				266,175				367,575				—				266,175				367,575				633,750				272,255				—				12/29/1989				31.5
Columbus, OH			—				351,325				708,141				—				351,325				708,140				1,059,465				513,789				—				6/1/1990				31.5

		$	0			$	2,994,399			$	4,917,173			$	296,991			$	2,956,118			$	5,028,699			$	7,984,817			$	3,834,881

(1)	This property was written down to its estimated net realizable value at December 31, 1998.

(2)	In the Fourth Quarter of 2001, a portion of the land was purchased from the Partnership by the County Commission for utility and maintenance easement.

(3)	In the Fourth Quarter of 2010, a portion of the land was reclassified to property held for as the City of Charleston is to purchase the land for right of way purposes.

(4)	Building improvements were incurred at the property during the fourth quarter of 2009.

DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP

SCHEDULE III – INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2012

(B) Reconciliation of “Investment Properties and Accumulated Depreciation”:


		Year Ended				Year Ended						Year Ended				Year Ended
		December 31,				December 31,						December 31,				December 31,
Investment Properties		2012				2011				Accumulated Depreciation		2012				2011
Balance at beginning of year		$	7,984,817			$	9,732,826			Balance at beginning of year		$	3,684,775			$	4,178,495
Additions:										Additions charged to costs and expenses			150,106				164,467
Deletions:
Vacant- Phoenix, AZ property sold (4)			(142,747	)						Vacant- Phoenix, AZ property sold (4)			(142,747	)
Vacant- Phoenix, AZ property impairment write-down (3)			142,747				(390,117	)					142,747
Vacant- Phoenix, AZ property reclassified (4)			0				(475,782	)
Denny’s- Phoenix, AZ property impairment write-down (5)			0				(104,705	)					0				(325,782	)
Denny’s- Phoenix, AZ reclassified and sold (6)			0				(777,405	)					0				(332,405	)

Balance at end of year		$	7,984,817			$	7,984,817			Balance at end of year		$	3,834,881			$	3,684,775

(1)	The property was reclassified to property held for sale in the third quarter of 2010 and sold in the fourth quarter of 2010.

(2)	A portion of the land was reclassified to property held for sale in the fourth quarter of 2010 as the City of Charleston is to purchase the land for right of way purposes.

(3)	The property was written-down to its estimated fair value of $150,000 during the fiscal year 2011.

(4)	The property was reclassified to property held for sale in the third quarter of 2011 and sold in the fourth quarter of 2012.

(5)	The property was written-down to its estimated fair value, less costs to sale, of $475,000 during the third quarter of 2011.

(6)	The property was reclassified to property held for sale in the third quarter of 2011 and sold in the fourth quarter of 2011.

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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