Transactions with Affiliates

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Transactions with Affiliates

(2) Transactions with Affiliates

The General Partner and its affiliates are entitled to reimbursement for salaries and expenses of employees of the General Partner and its affiliates relating to the administration of the Partnership. Such costs of $30,118 and $29,705 have been incurred and are included in professional services to affiliates and general and administrative expenses to affiliates for the three months ended March 31, 2017 and 2016, respectively. There are $10,887 and $16,190 in unpaid professional services to affiliates and general and administrative expenses to affiliates as of March 31, 2017 and December 31, 2016, respectively.

An affiliate of the General Partner performed land improvements, rezoning, annexation and other activities to prepare the Partnership’s investment properties for sale and was reimbursed (as set forth under terms of the Partnership Agreement) for salaries and direct costs. Such costs of $0 and $1,289 have been incurred for the three months ended March 31, 2017 and 2016, respectively. Such costs are included in investment properties, of which all was paid as of December 31, 2016. Also, an affiliate of the General Partner supervises the maintenance of the parcels. Such costs of $1,154 and $411 are included in land operating expenses to affiliates for the three months ended March 31, 2017 and 2016, respectively, of which $1,280 and $1,200 was unpaid as of March 31, 2017 and December 31, 2016, respectively.

As of March 31, 2017, the Partnership held all cash and cash equivalents with Inland Bank and Trust, an affiliate of the General Partner.