Leases

6 Months Ended

Jun. 30, 2016

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 June 30, 2016, the aggregate minimum operating lease payments (including the aggregate total of the first two quarters of 2016 collected revenues of $486,853) to be received under the current operating leases for the Properties are as follows:

Year ending December 31,
2016	$	939,632
2017		871,084
2018		818,061
2019		660,433
2020		660,433
Thereafter		947,983
	$	4,897,626

At June 30, 2016 and December 31, 2015, rents and other receivables included $89,447 and $549,289, respectively, of unbilled percentage rents. As of June 30, 2016, all of the 2015 percentage rents had been billed and collected.