Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2017

The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2017 and 2016:

Real Estate Assets at December 31, 2017
Property Name	Location	Number of Units (Unaudited)		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2017
Suites on Paseo	San Diego, CA		394	$	3,166,463	$	38,454,894	$	41,621,357
The 50/50 MF Property	Lincoln, NE		475		-		32,932,981		32,932,981
Jade Park	Daytona, FL		144		2,292,035		7,565,613		9,857,648
Land held for development	⁽¹⁾	⁽¹⁾			1,860,737		-		1,860,737
								$	86,272,723
Less accumulated depreciation									(9,580,531	)
Total real estate assets								$	76,692,192

(1) Land held for development consists of parcels of land in Johnson County, KS and Richland County, SC and land development costs for a site in Douglas County, NE

Real Estate Assets at December 31, 2016
Property Name	Location	Number of Units (Unaudited)		Land and Land Improvements		Buildings and Improvements		Carrying Value on December 31, 2016
Eagle Village	Evansville, IN		511	$	567,880	$	12,655,244	$	13,223,124
Northern View	Highland Heights, KY		294		688,539		8,088,059		8,776,598
Residences of DeCordova	Granbury, TX		110		1,170,337		8,029,404		9,199,741
Residences of Weatherford	Weatherford, TX		76		1,942,229		5,751,260		7,693,489
Suites on Paseo	San Diego, CA		394		3,162,463		38,365,351		41,527,814
The 50/50 MF Property	Lincoln, NE		475		-		32,928,878		32,928,878
Jade Park	Daytona, FL		144		2,292,035		7,270,845		9,562,880
Land held for development	⁽²⁾	⁽²⁾			7,531,104		-		7,531,104
								$	130,443,628
Less accumulated depreciation									(16,217,028	)
Total real estate assets								$	114,226,600

(2) Land held for development consists of parcels of land in St. Petersburg, FL, Johnson County, KS, and Richland County, SC and land and development costs for a site in Panama City Beach, FL.

Net Income, Exclusive of the Gains on Sale

Net income, exclusive of the gains on sale, related to the sales of MF Properties for the years ended December 31, 2017, 2016 and 2015 are as follows:

	For the Years Ended December 31,
	2017			2016			2015
Net loss	$	(290,494	)	$	(457,201	)	$	(433,784	)

Jade Park [Member]

Real Estate [Line Items]

Condensed Balance Sheet at the Date of Acquisition

A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows:

	Jade Park 9/30/2016 (Date of Acquisition)
Land	$	2,292,035
Buildings and improvements		7,244,534
In-place lease assets (included in other assets)		463,431
Other assets		18,126
Total assets	$	10,018,126

Accounts payable, accrued expenses and other	$	135,326
Net assets		9,882,800
Total liabilities and net assets	$	10,018,126

Unaudited Pro Forma Condensed Consolidated Results Of Operations of the Partnership

The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if Jade Park had been acquired at January 1, 2015:

	2016		2015
Pro forma revenues	$	60,008,686	$	64,162,327
Pro forma net income	$	24,663,645	$	23,075,438
Pro forma net income allocated to Unitholders	$	21,047,854	$	16,917,875
Pro forma Unitholder's interest in net income per Unit (basic and diluted)	$	0.35	$	0.28

MF Properties [Member]

Real Estate [Line Items]

Gains on Sale, Net of Income Taxes

During 2017, the Partnership sold four of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered either Tier 2 or Tier 3 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations.

Property Name	Month Sold	Property Location	Units (Unaudited)	Gross Proceeds		Gain on Sale before Income Taxes
Northern View	March	Highland Heights, KY	294	$	13,750,000	$	7,174,183
Eagle Village	November	Evansville, IN	511		12,775,000		2,782,107
Residences of DeCordova	November	Granbury, TX	110		12,100,000		5,174,645
Residences of Weatherford	November	Weatherford, TX	76		7,900,000		2,644,040

During 2016, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations.

Property Name

Month Sold

Property Location

Units

(Unaudited)

Gross Proceeds

Gain on Sale before Income Taxes

Arboretum

June

Omaha, NE

145

30,200,000

12,410,444

Woodland Park

July

Topeka, KS

236

15,650,000

1,661,873

During 2015, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations.

Property Name

Month Sold

Property Location

Units

(Unaudited)

Gross Proceeds

Gain on Sale before Income Taxes

The Colonial

May

Omaha, NE

258

10,696,510

3,427,044

Glynn Place

August

Brunswick, GA

128

5,500,000

1,172,065