Real Estate Assets (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate [Line Items]

Real Estate Assets Owned by Partnership

The following tables summarize information regarding the Partnership’s real estate assets at September 30, 2018 and December 31, 2017:

Real Estate Assets at September 30, 2018
Property Name	Location	Number of Units		Land and Land Improvements		Buildings and Improvements		Carrying Value on September 30, 2018
Suites on Paseo	San Diego, CA		384	$	3,195,468	$	38,886,126	$	42,081,594
The 50/50 MF Property	Lincoln, NE		475		-		32,933,776		32,933,776
Land held for development	(1)	(1)			1,778,949		-		1,778,949
								$	76,794,319
Less accumulated depreciation									(11,457,254	)
Total real estate assets								$	65,337,065

⁽¹⁾ Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for one site in Omaha, NE.

Real Estate Assets at December 31, 2017
Property Name	Location	Number of Units		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	(2)	(2)			1,860,737		-		1,860,737
								$	86,272,723
Less accumulated depreciation									(9,580,531	)
Total real estate assets								$	76,692,192

⁽²⁾ Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for one site in Omaha, NE.

Net Income, Exclusive of the Gains on Sale

Net income (loss), exclusive of the gains on sale, related to the Northern View MF Property (sold in March 2017); the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017); and the Jade Park MF Property (sold in September 2018) for the three and nine months ended September 30, 2018 and 2017 are as follows:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018		2017
Net income (loss)	$	172,367	$	(660,824	)	$	161,864	$	(813,867	)

MF Properties [Member]

Real Estate [Line Items]

Gains on Sale, Net of Income Taxes

In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations.

Property Name	Month Sold	Property Location	Units	Gross Proceeds		Gain on Sale
Jade Park	September	Daytona, FL	144	$	13,450,000	$	4,051,429

In March 2017, the Partnership sold its 99% limited partner interest in the Northern View MF Property. The table below summarizes information related to the sale. The gain on sale, net of income taxes, is considered Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations.

Property Name	Month Sold	Property Location	Units	Gross Proceeds		Gain on Sale before Income Taxes
Northern View	March	Highland Heights, KY	294	$	13,750,000	$	7,174,183