Real Estate Held for Investment

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

(4) Real Estate Held for Investment –

The Partnership leases its properties to tenants under net leases, classified as operating leases. Under a net lease, the tenant is responsible for real estate taxes, insurance, maintenance, repairs and operating expenses for the property. For some leases, the Partnership is responsible for repairs to the structural components of the building, the roof, and the parking lot. At the time the properties were acquired, the remaining primary lease terms varied from 10 to 20 years. The leases provide the tenants with two to five five-year renewal options subject to the same terms and conditions as the primary term.

The Partnership's properties are commercial, single-tenant buildings. The KinderCare daycare center in Andover, Minnesota was constructed in 1998 and acquired in 2002. The Jared Jewelry store in Hanover, Maryland was constructed in 2001 and acquired in 2004. The Jared Jewelry store in Auburn Hills, Michigan was constructed in 1999 and acquired in 2005. The CarMax auto superstore was constructed in 2003 and acquired in 2005. The Best Buy store was constructed in 1990, renovated in 1997 and acquired in 2008. The Fresenius Medical Center was constructed and acquired in 2008. The land for the Tractor Supply Company store was acquired in 2008 and construction of the store was completed in 2009. There have been no costs capitalized as improvements subsequent to the acquisitions.

The cost of the properties not held for sale and related accumulated depreciation at December 31, 2013 are as follows:

Property	Land		Buildings and Equipment		Total		Accumulated Depreciation
KinderCare, Andover, MN	$	179,755	$	1,084,452	$	1,264,207	$	500,654
Jared Jewelry, Hanover, MD		861,065		1,128,070		1,989,135		445,589
Jared Jewelry, Auburn Hills, MI		280,993		1,185,055		1,466,048		424,643
Best Buy, Eau Claire, WI		853,357		2,784,349		3,637,706		658,963
Fresenius Medical Center, Shreveport, LA		102,046		1,258,571		1,360,617		264,301
Tractor Supply, Rapid City, SD		588,967		1,368,767		1,957,734		239,536
	$	2,866,183	$	8,809,264	$	11,675,447	$	2,533,686

For properties owned as of December 31, 2013, the minimum future rent payments required by the leases are as follows:

2014	$	1,115,596
2015		1,131,598
2016		1,137,516
2017		1,077,416
2018		693,235
Thereafter		3,811,628
	$	8,966,989

There were no contingent rents recognized in 2013 and 2012.