Real Estate Held for Investment

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

(3)  Real Estate Investments –

On February 3, 2016, the Partnership purchased a Dollar Tree store in Cincinnati, Ohio for $1,809,915.  The Partnership allocated $285,049 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $80,404 to Acquired Below-Market Lease Intangibles. The Partnership incurred $56,360 of acquisition expenses related to the purchase that were expensed.  The property is leased to Dollar Tree Stores, Inc. under a Lease Agreement with a remaining primary term of 10 years (as of the date of purchase) and annual rent of $122,169.

For the three months ended March 31, 2016 and 2015, the value of in-place lease intangibles amortized to expense was $14,401 and $12,005 and the increase to rental income for below-market leases was $3,424 and $2,748, respectively.  For lease intangibles not held for sale as of March 31, 2016, the weighted average remaining life is 123 months for in-place lease intangibles and 92 months for below-market leases.  The estimated amortization expense is $76,764 and the estimated increase to rental income is $19,100 for each of the next five succeeding years.