Partners' Capital

12 Months Ended

Dec. 31, 2017

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2017 and 2016, the Partnership declared distributions of $1,949,087 and $1,047,781, respectively.  The Limited Partners received distributions of $1,929,596 and $1,037,303 and the General Partners received distributions of $19,491 and $10,478 for the years, respectively.  The Limited Partners' distributions represented $98.34 and $52.24 per Limited Partnership Unit outstanding using 19,621 and 19,856 weighted average Units in 2017 and 2016, respectively.  The distributions represented $58.14 and $16.87 per Unit of Net Income and $40.20 and $35.37 per Unit of contributed capital in 2017 and 2016, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completed in 2014 and 2017) of $1,078,913 and $117,735 in 2017 and 2016, respectively.  The Limited Partners received distributions of $1,068,124 and $116,558 and the General Partners received distributions of $10,789 and $1,177 for the years, respectively.  The Limited Partners’ distributions represented $54.45 and $5.87 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, 2017, the Partnership repurchased a total of 20.00 Units for $17,616 from one Limited Partner in accordance with the Partnership Agreement.  The Partnership acquired these Units using Net Cash Flow from operations.  On April 1, 2016, the Partnership repurchased a total of 264.01 Units for $233,076 from 12 Limited Partners. 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.  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 $177 and $4,151 in 2017 and 2016, respectively.