Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The Sale of all properties was approved by the affirmative vote of the holders of approximately 55.6% of the outstanding units of limited partnership interests in the Fund (the “Units”) in accordance with the proxy statement of the Fund dated November 21, 2014. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

The following table summarizes the balance sheets components that comprise discontinued operations:

CONSOLIDATED BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 136,654	$ 87,364
Property, net	2,865,097	2,889,293
Uncollected rental revenue	179,796	181,180
Prepaid advertising	3,571	-
Other assets	29,036	26,100
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 3,214,154	$ 3,183,937
LIABILITIES
Incentive management fee liability	-	27,595
Property management fee liability	11,589	9,486
Deferred income	48,331	46,441
Accrued expenses	11,177	18,195
Other liabilities	60,311	26,478
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	131,408	128,196
NET ASSETS OF DISCONTINUED OPERATIONS	$ 3,082,746	$ 3,055,741

The following table summarizes the revenue and expense components that comprise discontinued operations:

	For the year ended December 31,
	2014	2013
REVENUE	$3,322,573	$2,854,591
DEPRECIATION	24,196	28,343
OPERATING EXPENSES	1,318,408	1,421,361
GP’S INCENTIVE FEES	69,757	69,756
PROPERTY MANAGEMENT FEE	164,261	141,694
G&A EXPENSES	189,142	180,014
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,556,809	1,013,423
NET GAIN ON SALE OF DISCONTINUED OPERATIONS	-	-
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,556,809	$1,013,423