Assets Held for Sale

6 Months Ended

Jun. 30, 2016

Assets Held for Sale [Text Block]

14. Discontinued Operations

In April 2015, the owners of the Consolidated VIEs, Bent Tree and Fairmont Oaks, entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations and are classified as such in the Partnership’s condensed consolidated financial statements for all periods presented.  The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for the three and six months ended June 30, 2015. No net income or loss from these property operations or sales accrued to the Unitholders or the General Partner during the first three or six months of 2016.

The following presents the revenues, expenses and income from discontinued operations for the three and six months ended June 30, 2015:

	Three Months Ended		Six Months Ended
	June 30, 2015		June 30, 2015
Rental revenues	$	817,533	$	1,621,601
Expenses		579,246		1,358,886
Net income from discontinued operations	$	238,287	$	262,715

Woodland Park [Member]

Assets Held for Sale [Text Block]

11. Assets Held for Sale

The commercial Purchase and Sale Agreement to sell Woodland Park, an MF Property, was executed in July 2016. On June 30, 2016, the buyer had completed due diligence and management has determined the transaction met the conditions required to report the real estate assets as “held for sale”. Accordingly, its real estate assets, net of accumulated depreciation are reported as such on the Partnership’s Condensed Consolidated Balance Sheet for all periods presented (Note 23).

	June 30, 2016			December 31, 2015
Land and improvements	$	1,265,160		$	1,265,160
Buildings and improvements		14,274,464			14,247,045
Real estate assets before accumulated depreciation		15,539,624			15,512,205
Accumulated depreciation		(1,793,926	)		(1,491,646	)
Net real estate assets	$	13,745,698		$	14,020,559