PARTNERS' CAPITAL

12 Months Ended

Dec. 31, 2014

Partners' Capital Notes [Abstract]

PARTNERS' CAPITAL

8. PARTNERS’ CAPITAL

Distributions- We made a distribution of approximately $3.7 million to our Limited Partners related to the sale of our Lantern Lane property on July 23, 2014. Otherwise, we have suspended all distribution payments and do not anticipate reinstating distributions until we have stabilized our properties and we generate liquidity that could allow us to re-commence distributions. Once we re-commence distributions, net cash flow, as defined, will be distributed among the limited partners and the General Partner in the following manner:

• first - 99% to the Limited Partners and 1% to the General Partner until such time as the Limited Partners have received cumulative distributions from all sources (including monthly cash distributions during the operating stage of the Partnership) equal to 100% of their unreturned invested capital plus an amount equal to 10% per annum uncompounded on their invested capital;  

• second - 100% to the General Partner until it has received cumulative distributions from all sources (other than with respect to its Units it purchased) in an amount equal to 40% of the net cash flow paid to date to the Limited Partners in excess of their adjusted capital; and

• thereafter - 60% to the Limited Partners and 40% to the General Partner.