Discontinued Operations

9 Months Ended

Sep. 30, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(5) Discontinued Operations –

During the second and third quarters of 2011, the Partnership sold its remaining 18.1551% interest in the Winn-Dixie store in Panama City, Florida, in three separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $855,025, which resulted in a net gain of $133,493. The cost and related accumulated depreciation of the interests sold was $840,449 and $118,917, respectively.

On August 31, 2011, the Partnership sold its remaining 0.016% interest in the Champps Americana restaurant in Troy, Michigan to an unrelated third party. Because the remaining property interest was so small, the sale expenses exceeded the gross price by $181, which resulted in a net loss of $737. The cost and related accumulated depreciation of the interest sold was $788 and $232, respectively.

In February 2012, the Partnership entered into an agreement to sell the Biaggi’s restaurant in Fort Wayne, Indiana to an unrelated third party. On March 29, 2012, the sale closed with the Partnership receiving net proceeds of $1,566,807, which resulted in a net gain of $435,702. At the time of sale, the cost and related accumulated depreciation was $1,379,347 and $248,242, respectively. At December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $1,131,105.

During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $1,466,294 and $119,926 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $71.99 and $5.89 per Limited Partnership Unit, respectively.

The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:

		Three Months Ended September 30				Nine Months Ended September 30
		2012		2011		2012		2011
Rental Income	$	0	$	34,285	$	21,411	$	132,227
Property Management Expenses		0		(860)		0		(1,895)
Depreciation		0		(7,304)		0		(21,914)
Gain on Disposal of Real Estate		0		94,815		435,702		132,756
Income from Discontinued Operations	$	0	$	120,936	$	457,113	$	241,174