Discontinued Operations

9 Months Ended

Sep. 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. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,508,930. 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. 

During the first nine months of 2014 and 2013, the Partnership distributed net sale proceeds of $200,478 and $388,083, respectively. The Limited Partners received distributions of $198,473 and $384,202 and the General Partners received distributions of $2,005 and $3,881 for the periods, respectively. The Limited Partners’ distributions represented $8.76 and $16.95 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 September 30				Nine Months Ended September 30
		2014		2013		2014		2013
Rental Income	$	0	$	65,138	$	26,740	$	263,561
Property Management Expenses		(117)		(341)		(3,145)		(871)
Depreciation		0		(10,701)		0		(79,983)
Income from Equity Method Investment Held for Sale		99,645		0		611,992		0
Gain on Disposal of Real Estate		0		1,128,749		0		1,128,749
Income from Discontinued Operations	$	99,528	$	1,182,845	$	635,587	$	1,311,456

		Three Months Ended September 30				Nine Months Ended September 30
		2014		2013		2014		2013
Cash Flows from Discontinued Operations:
Operating Activities	$	(117)	$	64,797	$	23,595	$	262,690
Investing Activities	$	520,000	$	3,781,399	$	2,107,831	$	3,781,399