XML 26 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenue:        
Basic rent income, from a related party $ 1,868,627 $ 1,868,531 $ 5,605,827 $ 5,605,564
Advance of additional rent income, from a related party 263,450 263,450 790,350 790,350
Further additional rent from a related party 5,706,265 3,085,983 5,706,265 3,085,983
Total rent income 7,838,342 5,217,964 12,102,442 9,481,897
Dividend income 153 254 571 802
Total revenue 7,838,495 5,218,218 12,103,013 9,482,699
Expenses:        
Interest on mortgages 1,354,674 1,386,869 4,088,562 4,183,817
Supervisory services, to a related party 49,134 48,478 146,090 142,168
Depreciation of building and tenant improvements and equipment 786,215 631,015 2,183,423 1,912,741
Amortization of leasing costs 128,699 73,412 414,782 230,618
Formation transaction expenses 108,931 143,263 191,753 192,484
Professional fees, including amounts to a related party 339,088 108,832 493,446 193,499
Miscellaneous 8,293 9 24,180 3,009
Total expenses 2,775,034 2,391,878 7,542,236 6,858,336
Net Income $ 5,063,461 $ 2,826,340 $ 4,560,777 $ 2,624,363
Income per $10,000 participation unit, based on 700 participation units outstanding during each period $ 7,233.52 $ 4,037.63 $ 6,515.40 $ 3,749.09
Distributions per $10,000 participation unit consisted of the following:        
Income $ 373.72 $ 373.72 $ 1,121.16 $ 1,121.16
Return of capital $ 0 $ 0 $ 0 $ 0
Total distributions $ 373.72 $ 373.72 $ 1,121.16 $ 1,121.16