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 $759,373 and $806,374, respectively.  The Limited Partners received distributions of $738,006 and $784,001 and the General Partners received distributions of $21,367 and $22,373 for the years, respectively.  The Limited Partners' distributions represent $47.01 and $49.94 per Limited Partnership Unit outstanding in 2011 and 2010, respectively, using 15,698 weighted average Units for both years.  The distributions represent $26.00 and $8.80 per Unit of Net Income and $21.01 and $41.14 per Unit of return of capital in 2011 and 2010, respectively.

As part of the Limited Partners' distributions discussed above, the Partnership distributed net sale proceeds of $70,000 and $90,000 in 2011 and 2010, respectively.  The distributions reduced the Limited Partners’ Adjusted Capital Contributions.

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, the Partnership did not redeem any Units from the Limited Partners.  During 2010, one Limited Partner redeemed 1.25 Partnership Units for $883 in accordance with the Partnership Agreement.  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 this redemption payment and pursuant to the Partnership Agreement, the General Partners received distributions of $27 in 2010.

After the effect of redemptions and the return of capital from the sale of property, the Adjusted Capital Contribution, as defined in the Partnership Agreement, is $909.24 per original $1,000 invested.