Note F - Casualty Events

12 Months Ended

Dec. 31, 2012

Notes

Note F - Casualty Events

Note F – Casualty Events

In November 2011, Wood Creek Apartments suffered fire damage to one of its apartment units. Total damages were approximately $12,000, including approximately $4,000 of clean-up costs. During the year ended December 31, 2012, the Partnership incurred approximately $4,000 of clean-up costs which are included in operating expenses. In April 2012, the Partnership received insurance proceeds of approximately $12,000, of which approximately $4,000 related to clean-up costs are included in operating expenses. During the year ended December 31, 2012, the Partnership recognized a casualty gain of approximately $7,000, as a result of the receipt of insurance proceeds of approximately $8,000, partially offset by the write off of undepreciated damaged assets of approximately $1,000.

In October 2010, Wood Creek Apartments suffered damages of approximately $24,000 as a result of wind and hail damage. During the year ended December 31, 2011, the Partnership recognized a casualty gain of approximately $22,000, as a result of the receipt of insurance proceeds of approximately $23,000, partially offset by the write off of undepreciated damaged assets of approximately $1,000.