Partners' Capital

12 Months Ended

Dec. 31, 2020

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2020 and 2019, the Partnership declared distributions of $567,269 and $792,721, respectively. The Limited Partners received distributions of $561,596 and $784,793 and the General Partners received distributions of $5,673 and $7,928 for the years, respectively. The Limited Partners' distributions represented $29.89 and $40.96 per Limited Partnership Unit outstanding using 18,791 and 19,162 weighted average Units in 2020 and 2019, respectively. The distributions represented $29.89 and $40.96 per Unit of Net Income and $0 and $0 per Unit of contributed capital in 2020 and 2019, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $64,513 in 2019. The Limited Partners received distributions of $63,868 and the General Partners received distributions of $645. The Limited Partners’ distributions represented $3.32 per Unit.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership. Such Units may be acquired at a discount. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year. In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.

During 2020, the Partnership did not repurchase any Units from the Limited Partners. On April 1, 2019, the Partnership repurchased a total of 64.65 Units for $48,051 from 5 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using Net Cash Flow from operations. On October 1, 2019, the Partnership repurchased a total of 472.85 Units for $329,395 from 40 Limited Partners. The Partnership acquired these Units using net sale proceeds. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $3,812 in 2019.