Investment Properties and Properties Held for Sale

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Investment Properties and Properties Held for Sale

3. INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE:

The total cost of the Properties includes the original purchase price plus acquisition fees and other capitalized costs paid to an affiliate of the former general partners.

As of March 31, 2015, the Partnership owned property leased to eleven fully constructed fast-food restaurants. The eleven tenants are composed of the following: nine Wendy’s restaurants, an Applebee’s restaurant, and a KFC restaurant. The Properties are located in a total of four states.

Discontinued Operations

During the three month periods ended March 31, 2015 and 2014, the Partnership recognized income from discontinued operations of $0 and $12,517, respectively. The 2014 income represents revenues earned and expenses incurred related to the former tenant Daytona’s All-Sports Café, during their occupancy in the first quarter of 2014. The tenant vacated as of May 31, 2014 and the property was sold on December 22, 2014.

The components of discontinued operations included in the condensed statement of income for the three month periods ended March 31, 2015 and 2014 are outlined below:

	Three Month Period Ended
	March 31, 2015		March 31, 2014
	(Unaudited)		(Unaudited)
Statements of Income:
Revenues:
Rental income	$	0	$	16,650
Total Revenues	$	0	$	16,650
Expenses:
Depreciation expense	$	0	$	3,688
Amortization expense		0		445
Total Expenses	$	0	$	4,133
Net Income from Discontinued Operations	$	0	$	12,517