Leases

9 Months Ended

Sep. 30, 2015

Leases [Abstract]

Leases

5. LEASES:

Original lease terms for the majority of the Properties are 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 September 30, 2015, the aggregate minimum operating lease payments (including the aggregate total of the first three quarters of 2015 collected revenues of $728,115) to be received under the current operating leases for the Properties are as follows:

Year ending December 31,
2015	$	949,354
2016		914,607
2017		720,433
2018		690,433
2019		660,433
Thereafter		1,608,416
	$	5,543,676

At September 30, 2015 and December 31, 2014, rents and other receivables included $284,789 and $500,746, respectively, of unbilled percentage rents. As of September 30, 2015, all of the 2014 percentage rents had been billed and collected.