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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 D – Casualty Event

 

In February 2010, the Partnership’s property, Colony at Kenilworth Apartments, experienced damages of approximately $67,000 and clean up costs of approximately $12,000 from a snow storm. During the three and nine months ended September 30, 2010, the Partnership received insurance proceeds of approximately $59,000, approximately $12,000 of which were used to cover the clean up costs. The Partnership recognized a gain of approximately $47,000 during the three and nine months ended September 30, 2010 as the associated assets were fully depreciated.

 

In September 2009, the Partnership’s property experienced damages of approximately $16,000 from a storm. During the three and nine months ended September 30, 2010 the Partnership received insurance proceeds of approximately $6,000. The Partnership recognized a gain of approximately $6,000 during the three and nine months ended September 30, 2010 as the associated assets were fully depreciated.

 

In August 2009, the Partnership’s property experienced damages of approximately $34,000 from a storm. During the three and nine months ended September 30, 2010 the Partnership received insurance proceeds of approximately $9,000.  The Partnership recognized a gain of approximately $9,000 during the three and nine months ended September 30, 2010 as the associated assets were fully depreciated.

 

In June 2009, Colony at Kenilworth Apartments suffered damages of approximately $11,000 as a result of the theft of maintenance equipment. During the three and nine months ended September 30, 2010, the Partnership recognized a casualty loss of approximately $3,000, which is reflected in operating expenses, as a result of the write off of undepreciated damaged assets of approximately $3,000, partially offset by the receipt of insurance proceeds of less than $1,000.