Discontinued Operations

3 Months Ended

Mar. 31, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(5)  Discontinued Operations –

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.

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.

During the last two quarters of 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 March 31, 2012 and December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $338,776.

On February 3, 2012, the Partnership sold its remaining 2.6811% interest in the Arby’s restaurant in Montgomery, Alabama to an unrelated third party. The Partnership received net sale proceeds of $16,200, which resulted in a net gain of $1,788. The cost and related accumulated depreciation of the interest sold was $23,049 and $8,637, respectively.

During the first three months of 2012, the Partnership distributed net sale proceeds of $17,057 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $0.75 per Limited Partnership Unit. 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 three months ended March 31:

		2012		2011
Rental Income	$	8,501	$	36,173
Property Management Expenses		(100)		(100)
Depreciation		0		(130)
Gain on Disposal of Real Estate		1,788		366,278
Income from Discontinued Operations	$	10,189	$	402,221