SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2012
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(18) SUBSEQUENT EVENTS On December 12, 2012 the Partnership executed a lease agreement with Kukuau 688, LLC for lease of a 2,333 square feet office space in Hilo for its executives and accounting staff. The lease is effective March 1, 2013 for five years, with base rent of $2,375 per month and increases limited to 5% or less per year. In 2012, the Partnership leased office space from D. Buyers Enterprises, LLC (“DBE”), through September 10, 2012, at which date the office building was sold to Wainaku Ventures, LLC. On September 10, 2012, the Partnership was served notice by Wainaku Venture, LLC that it would terminate the office lease on March 10, 2013. The Partnership paid $45,000 and $15,000 for office rent in 2012 to DBE and Wainaku Ventures, LLC, respectively. On February 6, 2013, Royal executed an office lease with Mitchell Land & Improvement Company, for lease of a 1,017 square feet office for Royal’s sales and support staff in Dana Point, California, effective April 1, 2013. The lease has a five year term with initial monthly rent of $2,542 and basic annual rent increase of 3%. The asset purchase agreement with IASCO, dated June 22, 2010, includes a three year option allowing IASCO to reacquire the 2,750 acres of undeveloped lava rock land for $1.0 million. If the parcel was reacquired and sold by IASCO the first $500,000 in excess of $1.0 million exercise price was to be retained by IASCO, with any amount in excess of $1.5 million being split equally between IASCO and the Partnership. If the option was sold by IASCO, it was to receive the first $500,000 from such sale and the balance would be split equally between IASCO and the Partnership. On March 8, 2013, the Partnership sold the option parcel directly to a third party for $1.215 million and received net proceeds of $1.05 million after payment of closing costs, subdivision costs and a $10,000 fee to IASCO for cancellation of the option. A gain of $50,000 was recorded on the sale. On March 26, 2013, the Board of Directors approved a cash distribution of $0.02 per Class A unit (a total of $150,000) payable on April 12, 2013 to unit holders of record as of March 29, 2013, which was approved by the lender.

(18) SUBSEQUENT EVENTS

On December 12, 2012 the Partnership executed a lease agreement with Kukuau 688, LLC for lease of a 2,333 square feet office space in Hilo for its executives and accounting staff. The lease is effective March 1, 2013 for five years, with base rent of $2,375 per month and increases limited to 5% or less per year. In 2012, the Partnership leased office space from D. Buyers Enterprises, LLC (“DBE”), through September 10, 2012, at which date the office building was sold to Wainaku Ventures, LLC. On September 10, 2012, the Partnership was served notice by Wainaku Venture, LLC that it would terminate the office lease on March 10, 2013. The Partnership paid $45,000 and $15,000 for office rent in 2012 to DBE and Wainaku Ventures, LLC, respectively.

On February 6, 2013, Royal executed an office lease with Mitchell Land & Improvement Company, for lease of a 1,017 square feet office for Royal’s sales and support staff in Dana Point, California, effective April 1, 2013. The lease has a five year term with initial monthly rent of $2,542 and basic annual rent increase of 3%.

The asset purchase agreement with IASCO, dated June 22, 2010, includes a three year option allowing IASCO to reacquire the 2,750 acres of undeveloped lava rock land for $1.0 million. If the parcel was reacquired and sold by IASCO the first $500,000 in excess of $1.0 million exercise price was to be retained by IASCO, with any amount in excess of $1.5 million being split equally between IASCO and the Partnership. If the option was sold by IASCO, it was to receive the first $500,000 from such sale and the balance would be split equally between IASCO and the Partnership. On March 8, 2013, the Partnership sold the option parcel directly to a third party for $1.215 million and received net proceeds of $1.05 million after payment of closing costs, subdivision costs and a $10,000 fee to IASCO for cancellation of the option. A gain of $50,000 was recorded on the sale.

On March 26, 2013, the Board of Directors approved a cash distribution of $0.02 per Class A unit (a total of $150,000) payable on April 12, 2013 to unit holders of record as of March 29, 2013, which was approved by the lender.