Partners' Capital

12 Months Ended

Dec. 31, 2016

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2016 and 2015, the Partnership declared distributions of $1,047,781 and $1,086,963, respectively. The Limited Partners received distributions of $1,037,303 and $1,076,093 and the General Partners received distributions of $10,478 and $10,870 for the years, respectively.  The Limited Partners' distributions represented $52.24 and $51.64 per Limited Partnership Unit outstanding using 19,856 and 20,839 weighted average Units in 2016 and 2015, respectively.  The distributions represented $16.87 and $23.35 per Unit of Net Income and $35.37 and $28.29 per Unit of contributed capital in 2016 and 2015, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completed in 2014) of $117,735 and $153,357 in 2016 and 2015, respectively.  The Limited Partners received distributions of $116,558 and $151,823 and the General Partners received distributions of $1,177 and $1,534 for the years, respectively.  The Limited Partners’ distributions represented $5.87 and $7.22 per Unit for the years, respectively.

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.

On April 1, 2016, the Partnership repurchased a total of 264.01 Units for $233,076 from 12 Limited Partners in accordance with the Partnership Agreement.  The Partnership acquired these Units using net sale proceeds.  On October 1, 2016, the Partnership repurchased a total of 205.23 Units for $177,869 from 14 Limited Partners. The Partnership acquired these Units using Net Cash Flow from operations.  During 2015, the Partnership repurchased a total of 1,723.83 Units for $1,400,941 from 44 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 $4,151 and $14,151 in 2016 and 2015, respectively.