Discontinued Operations

9 Months Ended

Sep. 30, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(5) Discontinued Operations –

On January 19, 2011, the Partnership sold its remaining 0.1534% interest in the Champps Americana restaurant in Livonia, Michigan to an unrelated third party. The Partnership received net sale proceeds of $7,861, which resulted in a net gain of $3,904. The cost and related accumulated depreciation of the interest sold was $6,366 and $2,409, respectively.

On March 25, 2011, the Partnership sold its remaining 44.5116% interest in the KinderCare daycare center in Ballwin, Missouri, in two separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $902,133, which resulted in a net gain of $362,374. The cost and related accumulated depreciation of the interests sold was $675,587 and $135,828, respectively.

During the last two quarters of 2011, the Partnership sold 11.5987% of the Winn-Dixie store in Panama City, Florida, in four separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $547,411, which resulted in a net gain of $101,088. The cost and related accumulated depreciation of the interests sold was $537,605 and $91,282, respectively.

On June 22, 2012, the Partnership sold an additional 2.8075% of the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of $129,722, which resulted in a net gain of $21,688. The cost and related accumulated depreciation of the interest sold was $130,129 and $22,095, respectively.

On July 24, 2012, the Partnership sold an additional 2.8075% of the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of $131,353, which resulted in a net gain of $23,319. The cost and related accumulated depreciation of the interest sold was $130,129 and $22,095, respectively.

On October 5, 2012, the Partnership sold its remaining 3.1888% interest in the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of approximately $146,000, which resulted in a net gain of approximately $23,000. The cost and related accumulated depreciation of the interest sold was $147,802 and $25,094, respectively. At September 30, 2012 and December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $122,708 and $338,776, respectively.

On February 3, 2012, the Partnership sold its remaining 2.6811% interest in the Arby’s restaurant in Montgomery, Alabama to an unrelated third party. The Partnership received net sale proceeds of $16,200, which resulted in a net gain of $1,788. The cost and related accumulated depreciation of the interest sold was $23,049 and $8,637, respectively.

During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $56,955 and $31,439 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $2.49 and $1.37 per Limited Partnership Unit, respectively. The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.

The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:

		Three Months Ended September 30				Nine Months Ended September 30
		2012		2011		2012		2011
Rental Income	$	3,630	$	19,535	$	20,100	$	75,531
Property Management Expenses		(367)		(60)		(1,400)		(2,226)
Depreciation		0		(130)		0		(390)
Gain on Disposal of Real Estate		23,319		3,210		46,795		369,488
Income from Discontinued Operations	$	26,582	$	22,555	$	65,495	$	442,403