Partners' Capital

12 Months Ended

Dec. 31, 2011

Partners' Capital [Abstract]

Partners' Capital

(7)  Partners’ Capital –

For the years ended December 31, 2011 and 2010, the Partnership declared distributions of $1,175,750 and $1,179,792, respectively.  The Limited Partners received distributions of $1,163,992 and $1,167,994 and the General Partners received distributions of $11,758 and $11,798 for the years, respectively.  The Limited Partners' distributions represent $51.34 and $51.33 per Limited Partnership Unit outstanding using 22,671 and 22,753 weighted average Units in 2011 and 2010, respectively.  The distributions represent $48.36 and $36.92 per Unit of Net Income and $2.98 and $14.41 per Unit of return of capital in 2011 and 2010, respectively.

As part of the Limited Partner distributions discussed above, the Partnership distributed net sale proceeds of $41,138 and $92,740 in 2011 and 2010, respectively.

The Partnership may acquire 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 2011, one Limited Partner redeemed a total of 10.5 Partnership Units for $3,127 in accordance with the Partnership Agreement.  During 2010, six Limited Partners redeemed a total of 105.5 Partnership Units for $34,800.  The Partnership acquired these Units using Net Cash Flow from operations.  The redemptions increase the remaining Limited Partners' ownership interest in the Partnership.  As a result of these redemption payments and pursuant to the Partnership Agreement, the General Partners received distributions of $32 and $351 in 2011 and 2010, respectively.

After the effect of redemptions, the Adjusted Capital Contribution, as defined in the Partnership Agreement, is $1,058.99 per original $1,000 invested.