Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

(9) Discontinued Operations –

On August 2, 2013, the Partnership sold its 39% interest in the Scott & White Clinic in College Station, Texas to an unrelated third party. The Partnership received net sale proceeds of $1,822,494, which resulted in a net gain of $512,842. At the time of sale, the cost and related accumulated depreciation was $1,433,468 and $123,816, respectively.

In June 2013, the Partnership entered into an agreement to sell its 62% interest in the Applebee’s restaurant in Johnstown, Pennsylvania to an unrelated third party. On August 23, 2013, the sale closed with the Partnership receiving net sale proceeds of $1,958,905, which resulted in a net gain of $615,907. At the time of sale, the cost and related accumulated depreciation was $1,682,887 and $339,889, respectively.

In the fourth quarter of 2013, the Partnership decided to sell its 20% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. On March 7, 2014, to facilitate the sale of the property, the Partnership contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 7. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,508,930.

During the first six months of 2014 and 2013, the Partnership distributed net sale proceeds of $163,115 and $35,123, respectively. The Limited Partners received distributions of $161,484 and $34,772 and the General Partners received distributions of $1,631 and $351 for the periods, respectively. The Limited Partners’ distributions represented $7.13 and $1.53 per Unit for the periods, 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
		2014		2013		2014		2013
Rental Income	$	0	$	99,211	$	26,740	$	198,423
Property Management Expenses		3,016		439		3,028		530
Depreciation		0		34,641		0		69,282
Income from Equity Method Investment Held for Sale		479,483		0		512,347		0
Income from Discontinued Operations	$	476,467	$	64,131	$	536,059	$	128,611

		Three Months Ended June 30				Six Months Ended June 30
		2014		2013		2014		2013
Cash Flows from Discontinued Operations:
Operating Activities	$	(3,016)	$	98,772	$	23,712	$	197,893
Investing Activities	$	1,600,000	$	0	$	1,587,831	$	0