Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

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

(5) Discontinued Operations –

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 2012, the Partnership sold its remaining 8.8038% interest in the Winn-Dixie store in Panama City, Florida, in three separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $406,884, which resulted in a net gain of $68,108. The cost and related accumulated depreciation of the interests sold was $408,060 and $69,284, respectively. For the six months ended June 30, 2013, the net gain was $21,688.

On August 2, 2013, the Partnership sold the Scott & White Clinic in College Station, Texas to an unrelated third party. The Partnership received net sale proceeds of approximately $1,804,000, which resulted in a net gain of approximately $494,300. At the time of sale, the cost and related accumulated depreciation was $1,433,468 and $123,816, respectively. At June 30, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,309,652.

In June 2013, the Partnership entered into an agreement to sell the Applebee’s restaurant in Johnstown, Pennsylvania to an unrelated third party. The sale is subject to contingencies and may not be completed. If the sale is completed, the Partnership expects to receive net proceeds of approximately $1,932,000, which will result in a net gain of approximately $589,000. At June 30, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,342,998.

During the first six months of 2013 and 2012, the Partnership distributed net sale proceeds of $35,123 and $42,015 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $1.53 and $1.84 per Limited Partnership Unit, respectively.

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 June 30				Six Months Ended June 30
		2013		2012		2013		2012
Rental Income	$	62,640	$	70,609	$	125,280	$	141,750
Property Management Expenses		316		523		357		696
Depreciation		23,940		23,940		47,880		47,880
Gain on Disposal of Real Estate		0		21,688		0		23,476
Income from Discontinued Operations	$	38,384	$	67,834	$	77,043	$	116,650