Note A - Organization and Summary of Significant Accounting Policies: Deferred Costs (Policies)

12 Months Ended

Dec. 31, 2012

Policies

Deferred Costs

Deferred Costs

At December 31, 2012 and 2011, loan costs of approximately $203,000, less accumulated amortization of approximately $124,000 and $102,000 for the years ended December 31, 2012 and 2011, respectively, are included in other assets. The loan costs are amortized over the terms of the related loan agreements. Amortization expense was approximately $ 22,000 for each of the years ended December 31, 2012 and 2011, and is included in interest expense. Amortization expense is expected to be approximately $ 22,000 for each of the years 2013 through 2015 and approximately $13,000 for 2016.

Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.  Amortization of these costs is included in operating expenses.