Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(6)  Discontinued Operations –

During 2010, the Partnership sold 33.6699% of the KinderCare daycare center in Ballwin, Missouri, in three separate transactions, to unrelated third parties.  The Partnership received total net sale proceeds of $674,196, which resulted in a net gain of $265,907.  The cost and related accumulated depreciation of the interests sold was $511,034 and $102,745, respectively.  For the six months ended June 30, 2010, the net gain was $170,578.

On March 25, 2011, the Partnership sold its remaining 44.5116% interest in the KinderCare daycare center in Ballwin, Missouri, in two separate transactions, to unrelated third parties.  The Partnership received total net sale proceeds of $902,133, which resulted in a net gain of $362,374.  The cost and related accumulated depreciation of the interests sold was $675,587 and $135,828, respectively.  At December 31, 2010, the property was classified as Real Estate Held for Sale with a carrying value of $539,759.

In December 2009, the Partnership entered into an agreement to sell the Tumbleweed restaurant in Fort Wayne, Indiana to an unrelated third party.  On March 12, 2010, the sale closed with the Partnership receiving net sale proceeds of $428,016, which resulted in a net loss of $11,984.  At the time of sale, the cost and related accumulated depreciation was $727,476 and $287,476, respectively.

On January 19, 2011, the Partnership sold its remaining .1534% interest in the Champps Americana restaurant in Livonia, Michigan to an unrelated third party.  The Partnership received net sale proceeds of $7,861, which resulted in a net gain of $3,904.  The cost and related accumulated depreciation of the interest sold was $6,366 and $2,409, respectively.  At December 31, 2010, the property was classified as Real Estate Held for Sale with a carrying value of $3,957.

The Partnership is attempting to sell its 20.4025% interest in the Winn-Dixie store in Panama City, Florida.  At June 30, 2011 and December 31, 2010, the property was classified as Real Estate Held for Sale with a carrying value of $785,099.

During the first six months of 2011 and 2010, the Partnership distributed net sale proceeds of $20,105 and $37,875 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $0.88 and $1.64 per Limited Partnership Unit, respectively.  The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.

The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements.  The following are the results of discontinued operations for the periods ended June 30:

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Rental Income	$	19,077		$	43,377		$	54,507		$	93,499
Property Management Expenses		(1,921	)		(1,481	)		(1,921	)		(9,551	)
Depreciation		0			(45	)		0			(90	)
Gain on Disposal of Real Estate		0			83,460			366,278			158,594
Income from Discontinued Operations	$	17,156		$	125,311		$	418,864		$	242,452