Discontinued Operations

3 Months Ended

Mar. 31, 2013

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

(4)  Discontinued Operations –

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 last three quarters of 2012, the Partnership sold its remaining 8.8038% interest in the Winn-Dixie store in Panama City, Florida, in three separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $406,884, which resulted in a net gain of $68,108. The cost and related accumulated depreciation of the interests sold was $408,060 and $69,284, respectively.

During the first three months of 2013 and 2012, the Partnership distributed net sale proceeds of $16,314 and $17,057 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $0.71 and $0.75 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 three months ended March 31:

		2013		2012
Rental Income	$	0	$	8,501
Property Management Expenses		0		100
Gain on Disposal of Real Estate		0		1,788
Income from Discontinued Operations	$	0	$	10,189