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Extraordinary and Unusual Items
9 Months Ended
Sep. 30, 2011
Extraordinary and Unusual Items 
Unusual or Infrequent Items Disclosure [Text Block]

Note F – Casualty Events

 

In January 2009, Willow Park on Lake Adelaide Apartments suffered significant damage to the property’s landscaping as a result of freeze damage. The damage was estimated to be approximately $51,000. During the year ended December 31, 2009, the Partnership received insurance proceeds of approximately $21,000 and removed undepreciated damaged assets of approximately $39,000. During the nine months ended September 30, 2010, the Partnership received additional insurance proceeds of approximately $30,000 and recognized a casualty gain of approximately $12,000.

 

In May 2009, Willow Park on Lake Adelaide Apartments suffered water damage to its property as a result of severe rain storms.  The cost to repair the damage was approximately $26,000. Insurance proceeds of approximately $14,000 were received during the three and nine months ended September 30, 2010, which included approximately $10,000 for emergency expenses. During the three and nine months ended September 30, 2010, the Partnership recognized a casualty gain of approximately $4,000 as the damaged assets were fully depreciated at the time of the casualty. During the three and nine months ended September 30, 2011, the Partnership received additional insurance proceeds of approximately $28,000, which included approximately $6,000 for emergency expenses, which are reflected as a reduction of operating expenses. During the three and nine months ended September 30, 2011, the Partnership recognized an additional casualty gain of approximately $22,000 as the damaged assets were fully depreciated at the time of the casualty.