Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(6)  Discontinued Operations –

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.

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.

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.

On January 19, 2011, the Partnership sold its remaining 0.1534% 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.

During 2011, the Partnership sold 11.5987% of the Winn-Dixie store in Panama City, Florida, in four separate transactions, to unrelated third parties.  The Partnership received total net sale proceeds of $547,411, which resulted in a net gain of $101,088.  The cost and related accumulated depreciation of the interests sold was $537,605 and $91,282, respectively.  The Partnership is attempting to sell its remaining 8.8038% interest in the property.  At December 31, 2011 and 2010, the property was classified as Real Estate Held for Sale with a carrying value of $338,776 and $785,099, respectively.

During 2011 and 2010, the Partnership distributed net sale proceeds of $41,554 and $93,677 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $1.81 and $4.08 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 years ended December 31:

		2011		2010
Rental Income	$	85,921	$	170,089
Property Management Expenses		(2,057)		(7,283)
Depreciation		0		(178)
Gain on Disposal of Real Estate		467,366		253,923
Income from Discontinued Operations	$	551,230	$	416,551