Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

In January 2017, the Partnership received lease extension notices relating to seven of the eight Properties that are leased to Wendy’s franchisees. Pursuant to such notices, each of Wendgusta, LLC, Wendcharles I, LLC and Wendcharles II, LLC exercised the option in their respective property leases to renew such lease for five years beyond the prior expiration date of November 6, 2021. As a result, all eight of the Properties that are leased to Wendy’s franchisees now feature a lease expiration date of November 6, 2026.

The aggregate minimum operating lease payments to be received under the operating leases for the Properties following the receipt of the lease extension notices are as follows:

Year ending December 31,
2017	$	871,084
2018		818,061
2019		660,433
2020		660,433
2021		663,725
Thereafter		3,309,543
	$	6,983,279

On February 15, 2017, the Partnership made a distribution to the limited partners of $100,000 in the aggregate, which amounted to $2.16 per limited partnership interest.