0001437749-17-005402.txt : 20170328 0001437749-17-005402.hdr.sgml : 20170328 20170328141541 ACCESSION NUMBER: 0001437749-17-005402 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170328 DATE AS OF CHANGE: 20170328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SB PARTNERS CENTRAL INDEX KEY: 0000087047 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 136294787 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08952 FILM NUMBER: 17718425 BUSINESS ADDRESS: STREET 1: PO BOX 647 CITY: WILTON STATE: CT ZIP: 06897 BUSINESS PHONE: 2124082900 MAIL ADDRESS: STREET 1: PO BOX 647 CITY: WILTON STATE: CT ZIP: 06897 10-K 1 sbp20161231_10k.htm FORM 10-K sbp20161231_10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

FORM 10-K

 

FORM 10-K - ANNUAL REPORT PURSUANT TO SECTION 13

OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

For the fiscal year ended

December 31, 2016

      
           

Or

          
           

[ ]Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
 

For the transition period from ____________________ to ______________________
           
           

Commission file Number: 0-8952
           

SB Partners

(Exact name of registrant as specified in its charter)
           

New York

  

13-6294787
           

(State of other Jurisdiction of

  

(I.R.S. Employer

incorporation or organization)

  

Identification No.)
           
           

1 New Haven Avenue, Suite 102A, Milford, Ct.

  

06460

(Address of principal executive offices)

  

(Zip Code)
           
           

Registrant's telephone number, including area code

  

(203) 283-9593

  
           
           

Securities registered pursuant to Section 12(b) of the Act:
           

Title of each Class

  

Name of each exchange on which registered

NONE

  

 

 
           
           

                  Securities registered pursuant to Section 12(g) of the Act:
           

Units of Limited Partnership Interests

(Title of Class)

 

 
 

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act. [ ] Yes [X] No

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act from their obligations under those sections. [ ] Yes [X] No

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the proceeding twelve months (or for such shorter period that the Registrant was required to submit and post such files). [ X ] Yes [ ] No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this

Form 10-K. [ ]

 

Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

 

[ ] Large Accelerated Filer [ ] Accelerated Filer [X] Non-Accelerated Filer     [ ] Smaller Reporting Company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

 

NOTE: If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form.

Not Applicable

 

 

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12,13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. [ ] Yes [ ] No

Not Applicable

 

                               (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Not Applicable

 

DOCUMENTS INCORPORATED BY REFERENCE.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980).

 

None

 

2
 

 

PART I

 

ITEM 1. BUSINESS

 

Description of SB Partners (the “Registrant”)

 

The Registrant is a New York limited partnership formed to engage in acquiring, operating and holding for investment a varying portfolio of real estate interests. The Registrant's initial public offering was in 1971, the year it began operations. As of December 31, 2016, the Registrant owns an industrial flex property in Maple Grove, Minnesota. In addition, the Registrant has a thirty percent interest in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company which as of December 31, 2016 owned 14 multifamily properties in 10 markets. Omaha is an affiliate of the Registrant’s general partner.

 

The principal objectives of the Registrant are, first, to obtain capital appreciation through equity investments in real estate; second, to generate cash available for distribution, a portion of which may not be currently taxable; and third, to the extent still permitted under the Internal Revenue Code of 1986, as amended, to generate tax losses which may offset the limited partners' income from the Registrant and certain other sources.

 

The Registrant’s filings with the Securities and Exchange Commission (the “SEC”) are available on the SEC’s Website at www.sec.gov and type in 0000087047 for the Registrant’s CIK.

 

Recent Developments and Real Estate Investment Factors

 

Omaha’s portfolio consists exclusively of multi-family properties located in secondary and tertiary markets. During 2016 physical and economic occupancy remained consistent at most of Omaha’s properties. However, occupancy at two large properties which rely on tenants from the local military base declined due to deployments during 2016. Capitalization rates for older properties in tertiary markets where Omaha owns most of its properties generally were consistent with the prior year. All of Omaha’s property mortgages and bank loans pay interest based on floating interest rates. During the first half of 2016 the floating rates increased slightly but increased at a faster pace during the second half of 2016 as short term LIBOR rates increased. The one month LIBOR rate increased from an average of 42.55 basis points during January 2016 to an average of 71.64 basis points during December 2016. During 2016 Omaha was able to pay down a small portion of its unsecured bank loan. Omaha reports on a fair value basis and for the year ended December 31, 2016 Omaha reported an increase in the value of its portfolio of $16,197,000 over the year ended December 31, 2015. The total real estate portfolio value of $378,460,000 as of December 31, 2016 consists of the same properties which made up Omaha’s portfolio as of December 31, 2015. Omaha is precluded from making distributions to its investors until its unsecured loans are paid in full. As of December 31, 2015, barring any unforeseen downturn in the real estate and capital markets, Registrant anticipated Omaha had a more likely than not chance to continue to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the underlying mortgages and after paying off the balance of the unsecured bank loan at maturity, make distributions to its investors thereby returning a portion of the original invested capital. Registrant as of the year ended December 31, 2015 recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2015 less a 50% reserve for possible unforeseen disruptions in the property and capital markets. As a result of the overall small increase in Omaha’s real estate values in 2016 and the further pay down of its bank loan, Registrant is reducing the reserve of Omaha’s equity value from 50% to 35% as of December 31, 2016.

 

Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant whose lease was scheduled to expire July 31, 2015. On February 12, 2015, Registrant and the tenant executed an extension of the lease to October 31, 2019. However, tenant has on ongoing option to terminate the lease under certain conditions as set forth in the lease terms as amended. One of the conditions is the payment of an early termination penalty the calculation of which is based on the remaining time period in the lease. Another condition is the tenant must provide notice twelve months prior to the termination. The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses Registrant for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.

 

(Please refer to Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations.)

 

3
 

 

ITEM 1A. Risks Factors

 

This report on Form 10-K includes statements that constitute "forward looking statements" within the meaning of Section 27(A) of the Securities Act of 1933 and Section 21(E) of the Securities Exchange Act of 1934 and that are intended to come within the safe harbor protection provided by those sections. By their nature, all forward looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward looking statements for a number of reasons, including, but not limited to, those risks described below:

 

General

 

The Registrant's investments consist of direct or indirect investments in real property and as such will be subject to varying degrees of risk generally incident to the ownership of real estate assets. The underlying value of the Registrant's real estate investments and the Registrant's financial condition will be dependent upon its ability to operate its properties in a manner sufficient to maintain or increase revenues and to generate sufficient income in excess of ownership and operating expenses. Income from the properties may be adversely affected by changes in national and local economic conditions such as oversupply of industrial flex space or apartments in the Registrant's markets, the attractiveness of the properties to tenants, changes in interest rates and in the availability, cost and terms of mortgage financing, the ongoing need for capital improvements, particularly in older structures, changes in real estate tax rates, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, civil unrest, acts of God, including natural disasters (which may result in uninsured losses), and other factors which are beyond the control of the Registrant. If the Registrant were unable to promptly renew the leases of a significant number of tenants, re-lease vacant spaces or, if the rental rates upon such renewal or re-letting were significantly lower than expected rates, the Registrant's results of operations, financial condition and ability to make distributions to Unit holders may be adversely affected.

 

Risks of Liability and Loss

 

The development and ownership of real estate may result in liability to third parties due to conditions existing on a property which may result in injury. In addition, real estate may suffer a loss in value due to casualties such as fire or natural disaster. Such liability or loss may be uninsurable in some circumstances, such as a loss caused by the presence of mold, or may exceed the limits of insurance maintained at typical amounts for the type and condition of the property. Real estate may also be taken, in whole or in part, by public authorities for public purposes in eminent domain proceedings. Awards resulting from such proceedings may not adequately compensate the Registrant for the value lost.

 

Value and Non-liquidity of Real Estate

 

Real estate investments are relatively non-liquid. The Registrant's ability to vary its portfolio in response to changes in economic and other conditions will therefore be limited. If the Registrant must sell an investment, there can be no assurance that it will be able to dispose of the investment in the time period it desires or that the sales price of the investment will recoup or exceed the amount of the Registrant's cost of the investment.

 

Potential Adverse Effect on Results of Operations Due to Operating Risks

 

The Registrant's properties are subject to operating risks common to real estate in general, any and all of which may adversely affect occupancy or rental rates.

 

Debt Servicing and Financing

 

Total outstanding debt at December 31, 2016 consists of a bank loan with a balance of $5,760,473. The loan matures on April 29, 2018. If the Registrant does not have funds on hand sufficient to repay its indebtedness at maturity, the Registrant may need to refinance such indebtedness with new debt financing or provide necessary funds through equity offering(s). The Registrant may be unable to obtain a loan which will be sufficient to retire the existing loan. If it is unable to refinance this indebtedness on acceptable terms, the Registrant may be forced to liquidate its remaining assets upon disadvantageous terms, which could result in losses to the Registrant and adversely affect the amount of cash reserves. If general economic conditions result in higher interest rates at a time when the Registrant must refinance its indebtedness, the Registrant's interest expense could increase, which would adversely affect the Registrant's results of operations and financial condition. The Registrant has no other debt except normal trade accounts payable, a security deposit held for the tenant leasing the space at the Maple Grove property and accrued investment management fees.

 

4
 

 

On April 29, 2011, the Holder (“Holder”) and Registrant executed a new Loan Agreement (“Loan Agreement”) related to Registrant’s $22,000,000 unsecured debt on the following terms:

 

 

1)

In connection with the execution of the Loan Agreement, Registrant was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Registrant’s and Holder’s legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes (“Note A” and “Note B;” together, the “Notes”).

 

 

2)

Note A which had a balance of $3,768,751 as of September 18, 2015 was paid off in full using proceeds from the sale of the property in Lino Lakes.

 

 

3)

Note B in the amount of $5,760,473 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of the property in Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC (“Omaha”) pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions.

 

 

4)

Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. Registrant’s obligations under the Notes may be accelerated upon default.

 

 

5)

Until Registrant’s obligations under Note B are satisfied in full, Registrant is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining property and investment, toward the repayment of Note B while retaining the other portion to increase cash reserves. On September 17, 2015, Registrant sold Lino Lakes (see note 5 to the accompanying consolidated financial statements). An amount of $200,000 of net sales proceeds had been held in reserve pending the expiration of the representations and warranties period as stipulated in the sales contract. On March 15, 2016, the representation and warranties period expired. There were no charges made against this reserve, therefore in March 2016, the $200,000 was used to further pay down the principal balance of the Note B in accordance with the terms of the Loan Agreement. On May 16, 2016, the partnership paid $26,415 to the Holder to pay down a portion of the outstanding balance of Note B. The proceeds represented excess net operating income, as defined, for the twelve months ended April 30, 2016. On May 28, 2015, the Partnership paid $24,715 to the Holder to pay down a portion of the outstanding balance of Note A. The proceeds represented excess net operating income, as defined, for the twelve months ended April 30, 2015. While the obligations under the Notes are outstanding, Registrant is precluded from making distributions to its partners.

 

 

6)

Registrant, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by Registrant to its general partner so long as the Note B remains outstanding. As of December 31, 2016 and 2015, $2,460,857 and $2,019,239, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.

 

5
 

 

 

7)

As additional security for Registrant’s payment of its obligations under the Loan Agreement, Registrant, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (“Eagle IV Security Agreement”) and a Pledge Agreement (“Eagle IV Pledge Agreement”) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on Registrant’s property located in Maple Grove, Minnesota (“Eagle IV”) of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder Registrant’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. Registrant has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on Registrant’s remaining properties and investments.

 

Environmental Issues

 

Under various federal, state and local environmental laws, ordinances and regulations, an owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances on such property. These laws often impose environmental liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. The presence of such substances, or the failure to properly remediate their presence, may adversely affect the owner's or operator's ability to sell or rent the property or to borrow using the property as collateral. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of such substances at a disposal or treatment facility, whether or not such facility is owned or operated by such person. Certain third parties may seek recovery from owners or operators of such properties or persons who arranged for the disposal or treatment of hazardous or toxic substances and, therefore, are potentially liable for removal or remediation costs, as well as certain other related costs, including governmental fines and injuries to persons and property.

 

Competition

 

The Registrant competes for tenants with many other real estate owners. The success of the Registrant in attracting tenants for its property will depend upon its ability to maintain its property and its attractiveness to tenants, new property developments, local conditions, and changing demographic trends. The Registrant's property is located in a developed area that includes other, similar properties. The number of competitive properties in a particular area could have a material effect on the Registrant's ability to lease industrial flex space and on the rents charged at such property.

 

Tax Matters

 

There were no significant changes in the tax laws or the extent to which such legislation impacts the Registrant or the partners during the year ended December 31, 2016. Unit holders are urged to consult their own tax advisors with respect to the tax consequences arising under the federal law and the laws of any state, municipality or other taxing jurisdiction, including tax consequences arising from such Unit holder's own tax characteristics.

 

General

 

Efforts required in complying with federal, state and local environmental regulations may have and may continue to have an adverse effect on the Registrant's operations in the future, although such costs have not historically been significant in amount.

 

The Registrant considers itself to be engaged in only one industry segment, real estate investment, and therefore information regarding industry segments is not applicable and has not been provided.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None.

 

6
 

 

ITEM 2. PROPERTIES

 

The property owned by the Registrant as of December 31, 2016 is as follows:

 

     

Description

   Acquisition  

Percent

    

Occupancy at

      Mortgage  

Property

Location

  

Sq. Ft.

    

Units

    

Acres

  

Date

  

Ownership

    

12/31/2016

    

Payable

  
                                                     

Industrial Flex:

                                                    

Eagle Lake Business Center IV

Maple Grove, MN

     60,000       n/a       5.15  

Jun 02

     100 %     100 %   $ 0  

 

Eagle Lake Business Center IV is 100% leased to a single tenant whose lease was scheduled to expire July 31, 2015. On February 12, 2015, Registrant and the tenant executed an amendment to the lease to, among other items, extend the maturity of the lease to October 31, 2019. However, the tenant has an ongoing option to terminate the lease under certain conditions including the payment of an early termination penalty and twelve months prior notice, as set forth in the amended lease terms.

 

Investment in Sentinel Omaha LLC:

                                                  

13 garden apartment properties and one high-rise apartment property

10 U.S. markets

     n/a       4,044       n/a  

Sept. 07

     30 %     91 %     n/a  

 

Additional information regarding properties owned by the Registrant:

 

   

2016

    

2015

    

2014

    

2013

    

2012

  
                                         

Average Occupancy (a)

                                        
                                         

Eagle Lake Business Center IV (b)

     100.00 %     100.00 %     100.00 %     100.00 %     100.00 %

435 Park Court (c)(e)

     n/a       100.00 %     100.00 %     100.00 %     100.00 %

Investment in Sentinel Omaha, LLC (d)

     91.00 %     93.00 %     91.00 %     90.00 %     90.00 %
                                         
                                         

Effective Annual Rent (a)

                                        
                                         

Eagle Lake Business Center IV (b) (f)

   $ 18     $ 17     $ 18     $ 15     $ 15  

435 Park Court (c) (e) (f)

     n/a     $ 6     $ 6     $ 6     $ 6  

Investment in Sentinel Omaha, LLC (d) (g)

   $ 10,012     $ 9,474     $ 8,834     $ 8,152     $ 7,975  

 

(a) For period of ownership.

(b) Property was purchased June 12, 2002.

(c) Property was purchased on October 5, 2005.

(d) Investment was purchased September 2007.

(e) Property was sold on September 17, 2015.

(f) Average per square foot per annum. Base rent plus operating expense reimbursements from tenant, divided by the total number of square feet at the property. Expense reimbursements include only expenses paid by Registrant in accordance with the terms of each lease. Reimbursements by the tenant include real estate taxes, insurance and certain operating expenses. Amounts are annualized for periods of ownership of less than one year.

(g) Average per apartment unit per annum. Gross potential rent, less concessions and vacancies, divided by the total

number of apartment units at the property. Amounts are annualized for periods of ownership of less than one year.

 

ITEM 3. LEGAL PROCEEDINGS

 

None

 

ITEM 4.

(Removed and Reserved).

 

7
 

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT'S UNITS OF PARTNERSHIP INTEREST AND RELATED UNITHOLDER MATTERS

 

The transfer of Units or Participations (equivalent to one-half Unit) is subject to certain limitations, including the consent of the General Partner. There is no public market for the Units and it is not anticipated that any such public market will develop. The number of Unit holders as of December 31, 2016 was 2,375.

 

At various times, the Registrant has generated and distributed cash to the Unit holders. Registrant did not declare a distribution for 2016, 2015 or 2014. Cumulative distributions since inception have totaled $111,747,950. However, there is no requirement to make such distributions nor can there be any assurance that future operations will generate cash available for distribution. In addition, while the obligations under the Loan Agreement are outstanding, Registrant is precluded from making distributions to its partners.

 

8
 

 

ITEM 6. SELECTED FINANCIAL DATA

 

The following table sets forth selected financial data regarding the Registrant's financial condition and results of operations determined in accordance with accounting principles generally accepted in the United States of America. This data should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto, and Management's Discussion and Analysis of Financial Condition and Results of Operations, included elsewhere in this annual report on Form 10-K.

 

   

For the Years Ended December 31,

  
   

2016

    

2015

    

2014

    

2013

    

2012

  
   

(In Thousands, Except Unit Data)

  

Income Statement Data:

                                        

Rental, Interest and Other Revenues

   $ 1,059     $ 1,016     $ 1,087     $ 896     $ 880  

Operating Expenses, Less Depreciation and Amortization

     (1,412 )     (1,834 )     (2,002 )     (1,983 )     (1,969 )

Depreciation and Amortization

     (179 )     (161 )     (167 )     (190 )     (195 )
                                         

Loss from Operations

     (532 )     (979 )     (1,082 )     (1,277 )     (1,284 )

Equity in Net Income (Loss) of Investment

     9,895       22,142       5,081       1,669       (3,346 )

Reserve for Value of Investment

     870       (7,696 )     (5,081 )     (1,669 )     3,346  
                                         

Income (Loss) from Continuing Operations

     10,233       13,467       (1,082 )     (1,277 )     (1,284 )
                                         

Income from Discontinued Operations

     -       401       207       174       179  

Gain on Sale of Investments in Real Estate

     -       3,569       -       -       -  
                                         

Net Income (Loss)

   $ 10,233     $ 17,437     $ (875 )   $ (1,103 )   $ (1,105 )
                                         

Income (Loss) from Continuing Operations per Unit of Partnership Interest:

   $ 1,320     $ 1,737     $ (140 )   $ (165 )   $ (166 )
                                         

Income from Discontinued Operations per Unit of Partnership Interest:

   $ -     $ 52     $ 27     $ 22     $ 23  
                                         

Distributions paid per Unit of Partnership Interest

   $ -     $ -     $ -     $ -     $ -  
                                         

Weighted Average Number of Partnership Units Outstanding

     7,754       7,754       7,754       7,754       7,754  
                                         

Balance Sheet Data at Year End:

                                        
                                         

Real Estate, net

   $ 3,559     $ 3,716     $ 3,706     $ 3,833     $ 3,902  

Real Estate Assets Held for Sale

   $ -     $ -     $ 12,026     $ 12,379     $ 12,733  

Investment in Sentinel Omaha, LLC, net

   $ 25,211     $ 14,446     $ -     $ -     $ -  

Other Assets in Discontinued Operations

   $ -     $ -     $ 23     $ 22     $ 24  

Total Assets

   $ 30,606     $ 20,083     $ 17,272     $ 17,482     $ 17,740  

Loan Payable

   $ 5,731     $ 5,936     $ 9,953     $ 9,967     $ 9,983  

Mortgage Note in Discontinued Operations

   $ -     $ -     $ 10,000     $ 10,000     $ 10,000  

Other Liabilities in Discontinued Operations

   $ -     $ -     $ 25     $ 25     $ 25  

Partners' Equity (Deficit)

   $ 21,895     $ 11,662     $ (5,775 )   $ (4,900 )   $ (3,797 )

 

 

9
 

 

ITEM 7.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

COMPANY OVERVIEW

 

The Registrant is a New York limited partnership formed to engage in acquiring, operating and holding for investment a varying portfolio of real estate interests. The Registrant's initial public offering was in 1971, the year it began operations. As of December 31, 2016, the Registrant owned an industrial flex property in Maple Grove, Minnesota and the Registrant has a thirty percent interest in Sentinel Omaha, LLC. Omaha is a real estate investment company which as of December 31, 2016 owns 14 multifamily properties in 10 markets. Omaha is an affiliate of the Registrant’s general partner.

 

The principal objectives of the Registrant are, first, to obtain capital appreciation through equity investments in real estate; second, to generate cash available for distribution, a portion of which may not be currently taxable; and third, to the extent still permitted under the Internal Revenue Code of 1986, as amended, to generate tax losses which may offset the limited partners' income from the Registrant and certain other sources.

 

The consolidated financial statements for the years ended December 31, 2016 reflect the operations of one industrial flex property located in Maple Grove, Minnesota as well as a 30% interest in Omaha. The consolidated financial statements for the years ended December 31, 2015 and 2014 reflect the operations of one warehouse distribution center located in Lino Lakes, Minnesota and one industrial flex property located in Maple Grove, Minnesota as well as a 30% interest in Omaha. Registrant’s property located in Lino Lakes, MN was encumbered by a $10,000,000 mortgage which was scheduled to mature on October 5, 2015. On September 17, 2015, Registrant completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the $10,000,000 mortgage encumbering the property and pay down a portion of the Registrant’s bank loan. Closing expenses includes a sale commission of $80,250 paid to an affiliate of the general partner. The assets and liabilities for this property for 2014 are reflected as assets and liabilities from discontinued operations in the accompanying consolidated balance sheet and the results of operations for 2015 and 2014 are reflected as income from discontinued operations in the accompanying consolidated statements of operations. See note 4 to the accompanying consolidated financial statements.

 

CRITICAL ACCOUNTING ESTIMATES

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

Set forth below is a summary of the accounting policies that management believes are critical to the preparation of the consolidated financial statements. The summary should be read in conjunction with the more complete discussion of significant accounting policies included in Note 1 to the consolidated financial statements for the year ended December 31, 2016.

 

Real Estate

 

Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are charged to operations as incurred. Depreciation requires an estimate by management of the useful life of each property as well as an allocation of the costs associated with a property to its various components. If Registrant does not allocate these costs appropriately or incorrectly estimates the useful lives of its real estate, depreciation expense may be misstated.

 

Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant whose lease was scheduled to expire on July 31, 2015. On February 12, 2015, Registrant and the tenant executed an extension of the lease to October 31, 2019. However, tenant has on ongoing option to terminate the lease under certain conditions as set forth in the lease terms as amended. One of the conditions is the payment of an early termination penalty the calculation of which is based on the remaining time period in the lease. Another condition is the tenant must provide notice twelve months prior to the termination. The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses Registrant for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.

 

10
 

 

Sentinel Omaha LLC’s portfolio consists of 13 garden apartment properties and one high rise apartment property. Leases are generally one year or less. Tenants generally pay fixed rent plus utilities used by tenant.

 

Registrant's property is regularly evaluated for impairment. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. If the Partnership incorrectly estimates the value of the asset or the undiscounted cash flows, the impairment charges may be different from those, if any, in the consolidated financial statements.

 

Investment in Sentinel Omaha, LLC

 

The Registrant has a 30% non-controlling interest in Omaha that is accounted for on a fair value basis. Due to the global financial crisis, stagnant real estate market and slowing economy, Omaha reported a net write-down of the value of its real estate portfolio of approximately $100,852,000 during 2008 to 2014. During 2015 and 2016 capitalization rates for older properties in tertiary markets where Omaha owns most of its properties, generally were lower than for the prior years. Physical and economic occupancy improved at the properties during 2015 and market rates increased during 2016. However, occupancy at two large properties which rely on tenants from a local military base declined due to deployments during 2016. Job growth continued to improve but at a slow pace. For the years 2015 and 2016, as real estate values recovered Omaha reported an increase in the value of its portfolio of $72,315,000 and $16,197,000, respectively.

 

Omaha’s total real estate portfolio value of $378,460,000 as of December 31, 2016 consists of the same properties which made up Omaha’s portfolio as of December 31, 2015. On September 30, 2013, Omaha executed an amendment and restatement of its unsecured loan to extend the term of the loan to December 31, 2017. The amendment and restatement, among other items, requires Omaha to make specific periodic principal payments on the unsecured loan at scheduled dates through December 31, 2017. It also reduced the pay rate on a portion of the unsecured loan to a floating rate of 200 basis points over LIBOR while increasing the additional accrual rate on the same portion of the unsecured loan to 500 basis points over LIBOR. However, the aforementioned accrued interest will be forgiven if Omaha timely pays the above mentioned required principal payments, as defined in the amended loan agreement. During 2016 and 2015, Omaha paid $12,000,000 and $15,000,000, respectively to the holder of the unsecured loan in accordance with the amendment and restatement agreement. However, Omaha is still precluded from making distributions to its investors until its unsecured loan is paid in full. As a result of the aforementioned, Registrant did not anticipate receiving any distributions from Omaha during the foreseeable future and prior to 2015 had reserved 100% of the reported value of its investment in Omaha on its balance sheet.

 

On September 30, 2015, Omaha refinanced six properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On September 30, 2015, the prepayment penalties were low enough that, combined with higher valuations, each property’s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The six new mortgages have lower interest rates than the loan they replaced although the new interest rates are floating rates, which are subject to changes in the credit markets. Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. However, based on a review of the 2015 property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipated Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended December 31, 2015 had recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2015 less a 50% reserve. During 2016, the net operating income reported for Omaha’s properties continued to improve which led to an increase in the real estate values. Omaha continued to make payments on its unsecured loan. However, Omaha’s mortgages and unsecured loan are encumbered with floating interest rates which started to increase near the end of 2016. Omaha’s unsecured loan has a maturity date of December 31, 2017. Omaha has one option to extend the maturity date to June 30, 2018. It is unlikely Omaha will be able to pay off the unsecured loan from net operating cash flow or refinancing proceeds. Omaha will have to sell some of the properties which will reduce the net cash flow which could be available for distribution to the investors after the unsecured loan is paid off. Registrant as of the year ended December 31, 2016 has recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2016 less a 35% reserve.

 

11
 

 

For the year ended December 31, 2016, Omaha reported net investment income of approximately $16,379,734 of which the Registrant’s interest was $4,913,920. In addition, Omaha reported net unrealized appreciation of real estate properties and interest rate protection agreements of $16,602,744 of which Registrant’s interest was $4,980,823 for 2016.

 

For the year ended December 31, 2015, Omaha reported net investment income of $10,027,589 of which the Registrant’s interest was $3,008,277. In addition, Omaha reported net unrealized appreciation of real estate properties, mortgages, and interest rate protection agreements of $63,779,408 of which Registrant’s interest was $19,133,822 for 2015.

 

For the year ended December 31, 2014, Omaha reported net investment income of $10,028,642 of which the Registrant’s interest was $3,008,593. In addition, Registrant’s interest in the net unrealized appreciation of real estate properties, mortgages, and interest rate protection agreements was $2,072,009 for 2014.

 

Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change.

 

The accounting guidance for fair value measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The three levels of fair value hierarchy are described below:

 

    Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;

 

    Level 2 - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;

 

    Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

 

Estimated fair value calculations were prepared by Omaha's management utilizing Level 3 inputs.

 

Further, the investment in Omaha is not consolidated because other investors have substantive ownership and participative rights regarding Omaha’s operations and therefore control does not vest in the Registrant. Were the Registrant deemed to control Omaha, it would have to be consolidated and therefore would impact the financial statements and related ratios.

 

Revenue Recognition

 

Rental income is recognized when earned pursuant to the terms of the leases. Base rents and reimbursement of the tenants' share of certain operating expenses are generally recognized when due from tenants. Before Registrant can recognize revenue, it is required to assess, among other things, its collectability. Registrant continually analyzes the collectability of its revenue and will reserve against its revenue if conditions warrant such action.

 

12
 

 

Off-Balance Sheet Arrangements

 

None.

 

Recently Issued Accounting Pronouncements

 

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-3, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-3), which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015. The new guidance will be applied retrospectively to each prior period presented. The Partnership adopted ASU 2015-3 on January 1, 2016, and it did not have a material impact on the Partnership’s consolidated financial statements and disclosures.

 

In February 2016, the FASB issued ASU No. 2016-2, Leases (ASU 2016-2), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-2 is effective for annual periods beginning after December 15, 2018, and requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. The Partnership is currently evaluating the impact of adopting the new lease standard on its consolidated financial statements and disclosures.

 

CONTRACTUAL OBLIGATIONS

 

As of December 31, 2016, the Registrant’s contractual obligations consisted of a loan payable. Principal payments under the loan payable are due as follows:

 

For the year ending December 31,

  

2017

   $ -  

2018

     5,760,473  

2019

     -  

2020

     -  

2021

     -  

Thereafter

     -  
         

Total

   $ 5,760,473  

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of December 31, 2016, Registrant had cash and cash equivalents of approximately $1,327,000 as compared to approximately $1,207,000 as of December 31, 2015. Cash and cash equivalents increased during the year ended December 31, 2016 primarily due to rental income received from the tenant leasing space at Registrant’s property less operating expenses, partnership expenses paid and debt service obligations.

 

As of December 31, 2016, Registrant’s only source of cash is rental income received from the tenant who leases 100% of the leasable space at Registrant’s wholly owned property in Maple Grove. The tenant reimburses Registrant for real estate taxes, insurance and most of the properties’ operating expenses leaving a significant portion of the base rent received available to pay capital improvements and partnership administrative expenses. A portion of any remaining annual cash flow is used to pay down the principal balance of Note B in accordance with the Loan Agreement while the remaining cash income is retained by Registrant as cash reserves. On May 16, 2016, the partnership paid $26,415 to the Holder to pay down a portion of the outstanding balance of Note B. As part of Registrant and the Holder restructuring the bank loan in 2011, Registrant set aside $500,000 in escrow to be held and used only to pay the costs to re-tenant the space at Registrant’s wholly owned property if Registrant’s tenant defaults on its lease or exercises its right to terminate the lease early or fails to renew.

 

13
 

 

Total outstanding debt at December 31, 2016 consisted of Note B at $5,760,473. Under the terms of the Bank Loan Agreement, once the A Note was paid off, interest on the B Note stopped accruing. The loan matures on April 29, 2018. If the Registrant does not have funds on hand sufficient to repay its indebtedness at maturity, the Registrant may need to refinance such indebtedness with new debt financing or provide necessary funds through equity offering(s). The Registrant may be unable to obtain a loan which will be sufficient to retire the existing loan. If it is unable to refinance this indebtedness on acceptable terms, the Registrant may be forced to liquidate its remaining assets upon disadvantageous terms, which could result in losses to the Registrant and adversely affect the amount of cash reserves. If general economic conditions result in higher interest rates at a time when the Registrant must refinance its indebtedness, the Registrant's interest expense could increase, which would adversely affect the Registrant's results of operations and financial condition. The Registrant has no other debt except normal trade accounts payable, a security deposit held for the tenant leasing the space at the Maple Grove property and accrued investment management fees.

 

Inflation and changing prices during the current period did not significantly affect the markets in which the Registrant conducts its business, or the Registrant’s business overall.

 

Omaha reports on a fair value basis and for 2016, Omaha reported an increase in the value of its portfolio of $16,197,000 over 2015. The total real estate portfolio value of $378,460,000 as of December 31, 2016 consists of the same properties which made up Omaha’s portfolio as of December 31, 2015. Although the remaining commercial property owned by the Registrant is 100% occupied, it is occupied by a single tenant. The national industrial market improved in 2016 however Registrant may still require a longer time period to replace the tenant at its property should a default occur or should the tenant not renew its lease at the end of the lease term.

 

Registrant did not pay a distribution in 2016. There is no requirement to make such distributions, nor can there be any assurance that future operations will generate cash available for distribution. While the obligations under the Bank Loan Agreement are outstanding, the Registrant is precluded from making distributions to its Unit holders.

 

Registrant anticipates cash flow generated from the property located in Maple Grove and current cash reserves will be sufficient to cover operating and capital improvement costs and other working capital requirements of the Registrant so long as the tenant remains in place.

 

MANAGEMENT’S DISCUSSION OF RESULTS OF OPERATIONS 2016 VS. 2015

 

Total revenues from operations increased $43,000 to approximately $1,059,000 in 2016 from approximately $1,016,000 in 2015 due to higher rental income. Rental income increased due to a scheduled increase in base rent for the tenant at the Maple Grove property. Other income and interest income increased slightly.

 

The Registrant reported a net loss from operations of approximately $532,000 in 2016, an improvement of $447,000 as compared to a net loss from operations of approximately $979,000 in 2015. Net loss from operations consists of net income from the Maple Grove property combined with partnership income and expenses. The decrease of loss from operations was due to lower total expenses combined with higher total revenues. Total expenses from operations for 2016 decreased $404,000 to approximately $1,591,000 from approximately $1,995,000 in 2015, due to decreases in interest expense of $365,000, real estate operating expenses of $28,000 and other expense of $22,000.

 

Under the terms of the unsecured loan extension Omaha signed effective July 1, 2009, as extended and modified, Omaha is precluded from making distributions to its investors until its unsecured loan is paid. As a result of the aforementioned, Registrant did not anticipate receiving any distributions from Omaha during the foreseeable future and had reserved 100% of the reported value prior to 2015. Equity in net increase in net assets decreased $12,254,000 to an income of approximately $9,895,000 for 2016 compared to income of approximately $22,142,000 for 2015. Omaha reports on a fair value basis and due to the mortgage crisis, stagnant real estate market and slow economy, Omaha reported a significant write-down in the value of its real estate portfolio of approximately $100,852,000 during the years ended December 31, 2008 through 2014. For 2015 and 2016, as real estate values recovered, Omaha reported an increase in the value of its portfolio of $72,315,000 and $16,197,000, respectively.

 

14
 

 

On September 30, 2015, Omaha refinanced six properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On September 30, 2015, the prepayment penalties were low enough that combined with higher valuations, each property’s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The six new mortgages have lower interest rates than the loan they replaced although the new interest rates are floating rates, subject to changes in the credit markets. Based on a review of the 2015 property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipated Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended December 31, 2015 had recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2015 less a 50% reserve. During 2016, the net operating income reported for Omaha’s properties continued to improve which led to an increase in the real estate values. Omaha continued to make payments on its unsecured loan. However, Omaha’s mortgages and unsecured loan are encumbered with floating interest rates which started to increase near the end of 2016. Omaha’s unsecured loan has a maturity date of December 31, 2017. Omaha has one option to extend the maturity date to June 30, 2018. It is unlikely Omaha will be able to pay off the unsecured loan from net operating cash flow or refinancing proceeds. Omaha will have to sell some of the properties which will reduce the net cash flow which could be available for distribution to the investors after the unsecured loan is paid off. Registrant as of the year ended December 31, 2016 has recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2016 less a 35% reserve.

 

On September 17, 2015, Registrant completed the sale of its warehouse distribution property located in Lino Lakes, Minnesota. Sales proceeds were used to pay selling expenses, retire the $10,000,000 mortgage encumbering the property and pay down a portion of the Registrant’s bank loan. Closing expenses includes a sale commission of $80,250 paid to an affiliate of the general partner. The results of operations for the years ended December 31, 2015 and 2014 are reflected as income from discontinued operations in the accompanying consolidated statements of operations. Registrant has reported a gain on the sale of the property of $3,569,246 in the accompanying financial statements over the carrying value. See note 5 to the accompanying consolidated financial statements.

 

For additional analysis, please refer to the discussions of the individual properties below.

 

Eagle Lake Business Center IV (Maple Grove, Minnesota)

 

Total revenues increased $41,000, to approximately $1,056,000 in 2016 compared with approximately $1,015,000 in 2015. Net income, which includes deductions for depreciation, increased $50,000 to approximately $631,000 in 2016 from approximately $581,000 in 2015. The property has been 100% leased and occupied by the same single tenant for both years. The increase in total revenue was primarily due to higher rental income. Rental income increased due to a scheduled increase in base rent for the tenant. Other income increased slightly from 2015 to 2016. The increase in net income was due to the increase in revenues combined with a decrease in operating expenses. The decrease in operating expenses was primarily due to decreases in repairs and maintenance of $13,000 and utilities of $15,000. Depreciation and amortization increased $18,000 due to an increase in amortization of leasing commissions.

 

According to a market report by CBRE, the Minneapolis Metropolitan Statistical Area’s industrial market reported that vacancy rates for industrial space declined and rental rates increased. Net absorption of industrial space increased in 2016.

 

Investments

 

During 2007, the Registrant made a total investment in the amount of $37,200,000 in Omaha representing a thirty percent ownership interest. The Registrant’s investment in Omaha is accounted for at fair value.

 

On September 18, 2007, Omaha acquired all the outstanding common shares of America First Apartment Investors, Inc., a publicly held real estate investment trust, in a transaction valued at approximately $532 million, including the assumption of outstanding debt and excluding transactions costs. Omaha consisted of 31 wholly owned multifamily residential properties, a wholly owned commercial property and a wholly owned multifamily property that was under development. During 2016 and 2015, Omaha did not purchase or sell any properties in its portfolio.

 

Total revenues for 2016 were approximately $44,266,000. Net investment income before net unrealized appreciation was $16,379,000. Major expenses included $6,538,000 of interest expense, $3,987,000 for repairs and maintenance, $5,768,000 for payroll and $4,284,000 for real estate taxes. In addition, Omaha reported a net unrealized appreciation based on the valuation of the remaining real estate assets and interest rate protection agreements of $16,603,000. For the year ended December 31, 2016, the Registrant’s equity interest in the income of Omaha was approximately $9,895,000.

 

15
 

 

MANAGEMENT’S DISCUSSION OF RESULTS OF OPERATIONS 2015 VS. 2014

 

Total revenues from operations decreased $71,000 to approximately $1,016,000 in 2015 from approximately $1,087,000 in 2014 due to lower other income partially offset by higher rental income and interest income on short term investments. Real estate tax and operating expense reimbursements from the Maple Grove property were lower in 2015 due to the final determination of prior year operating costs charged to the tenant in 2014. Rental income increased due to a scheduled increase in base rent for the tenant at the Maple Grove property. The increase in interest income is due to higher cash funds available for short term investment during 2015.

 

The Registrant reported a net loss from operations of approximately $979,000 in 2015, an improvement of $104,000 as compared to a net loss from operations of approximately $1,083,000 in 2014. Net loss from operations consists of net income from the Maple Grove property combined with partnership income and expenses. The decrease of loss from operations was due to lower total expenses partially offset by lower total revenues. Total expenses from operations for 2015 decreased $175,000 to approximately $1,995,000 from approximately $2,170,000 in 2014, due to decreases in interest expense of $143,000, amortization costs of $19,000 and real estate operating expenses of $20,000. This decrease was partially offset by a decrease of depreciation expense of $12,000.

 

Equity in net increase in net assets from Omaha increased $17,061,000 to an income of approximately $22,142,000 for 2015 compared to income of approximately $5,081,000 for 2014.

 

For additional analysis, please refer to the discussion of the individual properties below.

 

Eagle Lake Business Center IV (Maple Grove, Minnesota)

 

Total revenues decreased $71,000, to approximately $1,015,000 in 2015 compared with approximately $1,086,000 in 2014. Net income, which includes deductions for depreciation, decreased $66,000 to approximately $581,000 in 2015 from approximately $647,000 in 2014. The property has been 100% leased and occupied by the same single tenant for both years. The decrease in total revenue was due to lower other income partially offset by higher rental income. Real estate tax and operating expense reimbursements were lower in 2015 due to the final determination of prior year operating costs charged to the tenant in 2014. Rental income increased due to a scheduled increase in base rent for the tenant. The decrease in net income was due to the decrease in revenues partially offset by a decrease in operating expenses. The decrease in operating expenses was primarily due to decreases in repairs and maintenance of $12,000, utilities of $5,000 and real estate tax expense of $5,000.

 

435 Park Court (Lino Lakes, Minnesota)

 

Total revenues decreased $457,000, to approximately $1,165,000 in 2015 compared with approximately $1,622,000 in 2014 due to the sale of the property on September 17, 2015. Income from discontinued operations increased $194,000 to approximately $401,000 in 2015 from approximately $207,000 in 2014. The property has been 100% leased and occupied by the same single tenant for both years. The increase in income from discontinued operations was primarily due to a decrease in depreciation expense. The Registrant stop recognizing depreciation expense at the end of 2014 when it classified the property as real estate held for sale.

 

Investments

 

During 2007, the Registrant made a total investment in the amount of $37,200,000 in Omaha representing a thirty percent ownership interest. The Registrant’s investment in Omaha is accounted for at fair value.

 

Total revenues for 2015 were approximately $41,850,000. Net investment income before net unrealized depreciation and appreciation was $10,028,000. Major expenses included $10,858,000 of interest expense, $3,696,000 for repairs and maintenance, $5,399,000 for payroll and $4,412,000 for real estate taxes. In addition, Omaha reported a net unrealized appreciation based on the valuation of the remaining real estate assets, related mortgages, and interest rate protection agreements of $63,779,000. For the year 2015, the Registrant’s equity interest in the income of Omaha was approximately $22,142,000.

 

16
 

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

NONE

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The Financial Statements required by this item, together with the Report of Independent Registered Public Accounting Firm thereon, are contained herein on pages 23 through 34 of this Annual Report on Form 10-K. Supplementary financial information required by this item is contained herein on pages 35 through 36 of this report.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None

 

ITEM 9A. CONTROLS AND PROCEDURES

 

(a)

The Chief Executive Officer and the Chief Financial Officer of the general partner of Registrant have evaluated the disclosure controls and procedures relating to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission and have judged such controls and procedures to be effective.

 

(b)

There have been no changes in the Registrant’s internal controls during the year ended December 31, 2016 that could significantly affect those controls subsequent to the date of evaluation.

 

(c)

Management’s Report on Internal Control Over Financial Reporting

 

Registrant’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

 

Our evaluation of internal control over financial reporting includes using the COSO framework, an integrated framework for the evaluation of internal controls issued by the Committee of Sponsoring Organizations of the Treadway Commission, to identify the risks and control objectives related to the evaluation of our control environment.

 

Based on our evaluation under the frameworks described above, our management has concluded that our internal control over financial reporting was effective as of December 31, 2016.

 

This Annual Report does not include an attestation report of the Registrant’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Registrant’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit Registrant to provide only management’s report in this Annual Report.

 

ITEM 9B. OTHER INFORMATION

 

NONE

 

17
 

 

PART III

 

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

 

The Registrant has no executive officers or directors. All of its business affairs are handled by its General Partner, SB Partners Real Estate Corporation (the "General Partner").

 

The directors and executive officers of the General Partner are elected by Sentinel Holdings Corporation ("SHC") as its sole shareholder to serve until their successors are duly elected and qualified. The limited partners of the Registrant are not entitled to vote in their election.

 

The directors and executive officers of the General Partner who are active in the Registrant's operations are:

 

Name

Age

Position
     

John H. Streicker

74

Director
     

Millie C. Cassidy

71

President & Director
     

George N. Tietjen III

56

Chief Executive Officer
     

Martin Cawley

60

Vice President
     

Leland J. Roth

 53

Treasurer & Director
     

John H. Zoeller

57

Chief Financial Officer

 

Mr. Streicker joined the General Partner in May 1976. He has been a Director since April 1984. He is Chairman of SHC and its parent company, The Sentinel Corporation.

 

Ms. Cassidy joined the General Partner in August 1982. She has been a Director of the General Partner since March 1988. She is President of SHC and its parent company, The Sentinel Corporation.

 

Mr. Tietjen joined the General Partner in 1990 and served as its Chief Accounting Officer until 2006 and Chief Financial Officer and Treasurer from 2004 to 2007. He is a certified public accountant with over 33 years of real estate related financial, management, accounting and reporting experience.

 

Mr. Cawley joined the General Partner in 1994. He is the regional manager responsible for commercial property transactions and management.

 

Mr. Roth joined the General Partner in 1994 and serves as its treasurer. He is a certified public accountant with over 31 years of real estate related financial, accounting and reporting experience.

 

Mr. Zoeller joined the General Partner in 1994 and serves as its principal financial and accounting officer. He is a certified public accountant with over 35 years of real estate related financial, accounting and reporting experience.

 

18
 

 

ITEM 11. EXECUTIVE COMPENSATION

 

The Registrant has no executive officers or directors.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

(a)

At December 31, 2016, an institutional investor of record owned 7.13% of the outstanding Units of Limited Partnership Interests. On January 13, 1993, a group of Unit holders of record, including the institutional investor referred to above, entered into a collective agreement with respect to their ownership interest in the Registrant. The aggregate number of Units beneficially owned by the group is 606 Units, representing 7.8% of the total number of outstanding Units of Limited Partnership Interest on that date. Each Unit holder has disclaimed beneficial ownership of all Units owned by the other Unit holders in this group. The foregoing information is based upon a 13-D filing made by the respective Unit holders.

 

(b)

As of December 31, 2016, none of the Directors of the General Partner owned any outstanding Units of Limited Partnership Interest. No Officers or Directors of SHC owned any outstanding Units of Limited Partnership Interest. SRE Clearing Services, Inc., an affiliate of the General Partner, owned 3,293.5 Units of Limited Partnership Interest, representing 42.48% of the outstanding number of Units on December 31, 2016. In accordance with SEC regulations, SRE Clearing Services, Inc. filed Form 13-D/A on October 6, 2016, when the total number of Units held reached 42% of the outstanding number of Units.

 

(c)

During the year ended December 31, 2016, there were no changes in control of the Registrant or the General Partner.

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

The General Partner, among other things, furnishes services and advice to the Registrant and is paid a variable annual fee for such services based on calculations prescribed in the Registrant's Partnership Agreement. For these services, the General Partner receives a management fee equal to 2% of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and 0.5% of capital not invested in real estate, as defined in the Partnership Agreement. The management fee amounted to $867,859, $875,788 and $869,228 for the years ended December 31, 2016, 2015, and 2014, respectively. Of the amounts earned in 2016, 2015 and 2014, $441,618, $449,548 and $442,988, respectively have been deferred while the obligations under the Loan Agreement are outstanding. The deferred amounts total $2,460,857 and $2,019,239 and are included in accrued expenses on the balance sheet as of December 31, 2016 and 2015, respectively. In addition, the General Partner is entitled to 25% of cash distributions in excess of the annual distribution preference, as defined in the Partnership Agreement. No such amounts were due for the years ended December 31, 2016, 2015 or 2014.

 

Certain affiliates of the General Partner oversee the management and operations of various real estate properties, including those owned by the Registrant. Services performed by these affiliates applicable to the Registrant's properties are billed at actual or allocated cost, or percentage of revenues. The costs of such services are believed to be competitive with charges for similar services provided by unrelated management companies. Fees charged by these affiliates totaled $53,242, $117,004 and $131,120 in 2016, 2015, and 2014, respectively.

 

Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant whose lease was scheduled to expire July 31, 2015. On February 12, 2015, Registrant and the tenant executed an extension of the lease to October 31, 2019. An affiliate of the General Partner was paid a leasing commission of $63,948 for the lease extension.

 

On September 17, 2015, Registrant completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the $10,000,000 mortgage encumbering the property and pay down a portion of the Registrant’s bank loan. Closing expenses includes a sale commission of $80,250 paid to an affiliate of the General Partner.

 

In 2012 an affiliate of the General Partner commenced maintaining and updating the investor database and preparing the tax K-1 forms and related schedules which previously had been prepared by an unaffiliated company. The fee charged by the affiliate for the similar service is lower than the fee previously charged by the unaffiliated company. Fees charged for 2016, 2015 and 2014 were $54,000 each year.

 

In 2007 the Registrant made an investment of $37,200,000, representing a thirty percent ownership interest in Omaha. For the years 2016, 2015 and 2014, the Registrant’s equity interest in the net income of Omaha was approximately $9,895,000, $22,142,000 and $5,081,000, respectively.

 

In connection with the mortgage financing of certain properties, the respective lenders required the Registrant to place the assets and liabilities of these properties into single asset limited partnerships or land trusts which hold title to these properties. A trust company affiliated with the General Partner holds the general partner interest in each single asset limited partnership as trustee for the Registrant. An affiliate of the General Partner is also the trustee of the land trust. For its services, the affiliate was not paid an annual fee in 2016, 2015 or 2014.

 

Reference is made to Items 10 and 11, and Notes 3, 5, 6, 7 and 11 in the consolidated financial statements.

 

19
 

 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

1.

Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements and review of financial statements included in the Partnership’s Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were approximately $105,000 and $110,000 for each of the years ended December 31, 2016 and 2015, respectively.

 

2.

Audit-Related Fees. No fees were billed by the principal accountant during the years ended December 31, 2016 and 2015 for assurance and related services that are reasonably related to the performance of the audit or review of Registrant's financial statements that are not reported under subparagraph (1) of this section.

 

3.

Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were approximately $15,000 for each for the years ended December 31, 2016 and 2015, respectively. This work included reviewing year-end tax projections as well as the Registrant’s tax returns prepared by the Registrant for the respective years.

 

4.

All Other Fees. No other fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in subparagraphs (1) through (3) of this section.

 

5. 

(i)The selection of the independent auditors to audit the annual financial statements and perform review procedures on the quarterly reports filed with the SEC by the Registrant is made by the general partner of Registrant. Fees quoted by the independent auditors are approved by the general partner prior to their acceptance by the Registrant.
  (ii) Not Applicable.

 

6. 

Not Applicable.

 

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

(a)     (1)     Financial statements - The Registrant's 2016 Annual Audited Consolidated Financial Statements are included in this Annual Report on Form 10-K.

 

  (2)     Financial statement schedules - See Index to Consolidated Financial Statement Schedules on page 22. All other financial statement schedules are inapplicable or the required subject matter is contained in the consolidated financial statements or notes thereto.

 

(b)     Exhibits -

Exhibit

 

No. Description

3.1

Agreement of Limited Partnership (incorporated by reference to Exhibit A to Registration Statement on form S-11 as filed with the Securities and Exchange Commission on May 16, 1985)
31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.1 Audited Financial Statements of Sentinel Omaha, LLC December 31, 2016

         

101.INS ** XBRL Instance

101.SCH ** XBRL Taxonomy Extension Schema

101.CAL ** XBRL Taxonomy Extension Calculation

101.DEF ** XBRL Taxonomy Extension Definition

101.LAB ** XBRL Taxonomy Extension Labels

101.PRE ** XBRL Taxonomy Extension Presentation

 

**XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

20
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

SB PARTNERS
     
 

By:

SB PARTNERS REAL ESTATE CORPORATION
   

General Partner
     
   

Chief Executive Officer

Dated: March 27, 2017

By:

/s/ George N. Tietjen III
   

George N. Tietjen III
     
   

Principal Financial & Accounting Officer

Dated: March 27, 2017

By:

/s/ John H. Zoeller
   

John H. Zoeller
   

Chief Financial Officer
     

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

               

Signature

    

Position

      

Date
               

/s/ George N. Tietjen III

 

  

Chief Executive Officer

    

March 27, 2017

George N. Tietjen III 

            
           
           

/s/ John H. Zoeller

   Chief Financial Officer  

March 27, 2017

John H. Zoeller

   (Principal Financial & Accounting Officer)    

 

 

21
 

 

SB PARTNERS
 

ITEMS 8 and 14 (a) (1) and (2)
 
 

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND

SUPPLEMENTAL FINANCIAL STATEMENT SCHEDULE

 

Report of Independent Registered Public Accounting Firm

23
   

Consolidated Balance Sheets as of December 31, 2016 and 2015

24
   

Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014

25
   

Consolidated Statements of Changes in Partners' Equity (Deficit) for the years ended December 31, 2016, 2015 and 2014

26
   

Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014

27
   

Notes to Consolidated Financial Statements

28 – 36
   

Supplemental Financial Statement schedule:

  
   

Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2016

37-38

 

22
 

 

Report of Independent Registered Public Accounting Firm

 

 

To the Partners

SB Partners

 

We have audited the accompanying consolidated balance sheets of SB Partners and subsidiaries (collectively, the “Partnership”) as of December 31, 2016 and 2015, and the related consolidated statements of operations, changes in partners’ equity (deficit), and cash flows for each of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Partnership’s general partner. Our responsibility is to express an opinion on the financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the general partner, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2016 and 2015, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

 

As discussed in Note 2 to the consolidated financial statements, the Partnership changed its method of presenting debt issuance costs in 2016. The new method has been applied retrospectively to each prior period presented.

 

The supplemental schedule of Real Estate and Accumulated Depreciation as of December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of the Partnership’s consolidated financial statements. The supplemental schedule is the responsibility of the Partnership’s general partner. Our audit procedures included determining whether the supplemental schedule reconciles to the consolidated financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole.

 

/s/ Dworken, Hillman, LaMorte and Sterczala, P.C.

Shelton, Connecticut

March 23, 2017

 

23
 

 

SB PARTNERS

(A New York Limited Partnership)

 

CONSOLIDATED BALANCE SHEETS

 

   

December 31,

  
   

2016

    

2015

  
                 

Assets:

                

Investments -

                

Real estate, at cost

                

Land

   $ 470,000     $ 470,000  

Buildings, furnishings and improvements

     5,016,185       5,016,185  

Less - accumulated depreciation

     (1,927,326 )     (1,769,982 )
      3,558,859       3,716,203  
                 

Investment in Sentinel Omaha, LLC, net of reserve for fair value of $13,575,238 and $14,445,826 at December 31, 2016 and 2015, respectively

     25,211,157       14,445,826  
      28,770,016       18,162,029  
                 

Other Assets -

                

Cash and cash equivalents

     1,327,197       1,206,899  

Restricted cash

     -       200,000  

Cash in escrow

     501,145       500,244  

Other

     7,363       13,887  
                 

Total assets

   $ 30,605,721     $ 20,083,059  
                 

Liabilities:

                

Loan payable, net of unamortized deferred finance costs of $29,118 and $50,956 as of December 31, 2016 and 2015, respectively

   $ 5,731,355     $ 5,935,932  

Accounts payable

     419,755       370,209  

Tenant security deposit

     98,616       95,818  

Accued expenses

     2,460,857       2,019,239  
                 

Total liabilities

     8,710,583       8,421,198  
                 

Partners' Equity (Deficit):

                

Units of partnership interest without par value;

                

Limited partner - 7,753 units

     21,910,750       11,678,793  

General partner - 1 unit

     (15,612 )     (16,932 )
                 

Total partners' equity

     21,895,138       11,661,861  
                 

Total liabilities and partners' equity

   $ 30,605,721     $ 20,083,059  

 

See notes to consolidated financial statements

 

24
 

 

SB PARTNERS

(A New York Limited Partnership)
 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   

For the Years Ended December 31,

  
                         
   

2016

    

2015

    

2014

  

Revenues:

                        

Base rental income

   $ 702,768     $ 662,991     $ 629,951  

Other rental income

     352,952       351,743       456,391  

Interest on short-term investments and other

     3,624       1,353       961  
                         

Total revenues

     1,059,344       1,016,087       1,087,303  
                         

Expenses:

                        

Real estate operating expenses

     286,536       314,306       334,195  

Interest on loan payable

     -       365,183       508,197  

Amortization of deferred financing costs

     21,840       21,838       40,437  

Depreciation

     157,344       138,926       126,683  

Real estate taxes

     126,662       125,449       130,661  

Management fees

     867,859       875,788       869,228  

Other

     131,157       153,473       160,464  
                         

Total expenses

     1,591,398       1,994,963       2,169,865  
                         

Loss from operations

     (532,054 )     (978,876 )     (1,082,562 )
                         

Equity in net income of investment

     9,894,743       22,142,099       5,080,602  
                         

Adjustment to reserve for value of investment

     870,588       (7,696,273 )     (5,080,602 )
                         

Income (loss) from continuing operations

     10,233,277       13,466,950       (1,082,562 )
                         

Income from discontinued operations

     -       400,958       207,283  
                         

Net gain on sale of investment in real estate property

     -       3,569,246       -  
                         

Net income (loss)

     10,233,277       17,437,154       (875,279 )
                         

Income (loss) allocated to general partner

     1,320       2,249       (113 )
                         

Income (loss) allocated to limited partners

   $ 10,231,957     $ 17,434,905     $ (875,166 )
                         

Income (loss) per unit of limited partnership interest (basic and diluted)

                        
                         

Income (loss) from continuing operations

   $ 1,319.91     $ 1,737.00     $ (139.63 )

Income from discontinued operations (including gain on sale)

   $ -     $ 512.09     $ 26.74  

Net income (loss)

   $ 1,319.91     $ 2,249.09     $ (112.89 )
                         

Weighted Average Number of Units of Limited Partnership Interest Outstanding

     7,753       7,753       7,753  

 

See notes to consolidated financial statements

 

25
 

 

 

SB PARTNERS

(A New York Limited Partnership)
 

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)

For the years ended December 31, 2016, 2015 and 2014

 

Limited Partners:

                                        
   

Units of Partnership Interest

                          
                                         
   

Number

    

Amount

    

Cumulative Cash Distributions

    

Accumulated Income (Losses)

    

Total

  
                                         

Balance, January 1, 2014

     7,753     $ 119,968,973     $ (111,721,586 )   $ (13,128,333 )   $ (4,880,946 )

Net loss for the year

     -       -       -       (875,166 )     (875,166 )

Balance, December 31, 2014

     7,753       119,968,973       (111,721,586 )     (14,003,499 )     (5,756,112 )

Net income for the year

     -       -       -       17,434,905       17,434,905  

Balance, December 31, 2015

     7,753       119,968,973       (111,721,586 )     3,431,406       11,678,793  

Net income for the year

     -       -       -       10,231,957       10,231,957  

Balance, December 31, 2016

     7,753     $ 119,968,973     $ (111,721,586 )   $ 13,663,363     $ 21,910,750  

 

General Partner:

                                        
   

Units of Partnership Interest

                          
                                         
   

Number

    

Amount

    

Cumulative Cash Distributions

    

Accumulated (Losses)

    

Total

  
                                         

Balance, January 1, 2014

     1     $ 10,000     $ (26,364 )   $ (2,704 )   $ (19,068 )

Net loss for the year

     -       -       -       (113 )     (113 )

Balance, December 31, 2014

     1       10,000       (26,364 )     (2,817 )     (19,181 )

Net income for the year

     -       -       -       2,249       2,249  

Balance, December 31, 2015

     1       10,000       (26,364 )     (568 )     (16,932 )

Net income for the year

     -       -       -       1,320       1,320  

Balance, December 31, 2016

     1     $ 10,000     $ (26,364 )   $ 752     $ (15,612 )

 

See notes to consolidated financial statements.

 

 

26
 

 

SB PARTNERS

(A New York Limited Partnership)
 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

   

For the Years Ended December 31,

  
   

2016

    

2015

    

2014

  
                         

Cash Flows From Operating Activities:

                        

Net income (loss)

   $ 10,233,277     $ 17,437,154     $ (875,279 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                        
Net gain on sale of investment in real estate property     -       (3,569,246 )     -  
Equity in net income of investment     (9,894,743 )     (22,142,099 )     (5,080,602 )
Adjustment of reserve for fair value of investment     (870,588 )     7,696,273       5,080,602  
Depreciation and amortization     179,184       162,732       522,695  
Net decrease (increase) in other assets     6,524       17,408       (2,816 )
Net increase (decrease) in accounts payable     49,546       52,216       (71,353 )
Net increase in tenant security deposit     2,798       2,798       2,798  
Net increase (decrease) in accrued expenses     441,617       (663,791 )     747,160  
                         
Net cash provided by (used in) operating activites     147,615       (1,006,555 )     323,205  
                         

Cash Flows From Investing Activities:

                        
Net proceeds from sale of investment in real estate property     -       15,595,492       -  
Interest earned on cash in escrow     (902 )     (50 )     (50 )
Capital additions to real estate owned     -       (149,213 )     -  
                         
Net cash provided by (used in) investing activites     (902 )     15,446,229       (50 )
                         

Cash Flows From Financing Activities:

                        
Repayment of mortgage note in discontinued operations     -       (10,000,000 )     -  
Repayment of loan payable     (226,415 )     (3,966,148 )     (13,973 )
Decrease (increase) in restricted cash     200,000       (200,000 )     -  
                         
Net cash (used in) financing activities     (26,415 )     (14,166,148 )     (13,973 )
                         

Net change in cash and cash equivalents

     120,298       273,526       309,182  
                         
Cash and cash equivalents at beginning of year     1,206,899       933,373       624,191  
                         
Cash and cash equivalents at end of year   $ 1,327,197     $ 1,206,899     $ 933,373  
                         

Supplemental disclosure of cash flow information:

                        
Cash paid during the year for interest   $ -     $ 1,881,719     $ 784,030  

 

See notes to consolidated financial statements

 

27
 

 

SB PARTNERS

 

Notes to Consolidated Financial Statements

 

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership"), have been engaged since April 1971 in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership.

 

The significant accounting and financial reporting policies of the Partnership are as follows:

  (a)

The accompanying consolidated financial statements include the accounts of SB Partners and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenues are recognized as earned and expenses are recognized as incurred. The preparation of financial statements in conformity with such principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 

(b)

In connection with the mortgage financing on certain of its properties, the Partnership placed the assets and liabilities of the properties into single asset limited partnerships, limited liability companies or land trusts which hold title to the properties. The Partnership has effective control over such entities and holds 100% of the beneficial interest. Accordingly, the financial statements of these subsidiaries are consolidated with those of the Partnership.
 

(c)

Depreciation of buildings, furnishings and improvements is computed using the straight-line method of depreciation, based upon the estimated useful lives of the related properties, as follows:

 

  (in years)

Buildings and Improvements

 5 to

40

Furnishings

 5 to

7

 

    Investments in real estate are carried at historical cost and reviewed periodically for impairment. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for improvements, renewals and betterments, which increase the useful life of the real estate, are capitalized. Upon retirement or sale of property, the related cost and accumulated depreciation are removed from the accounts. Amortization of deferred financing and refinancing costs is computed by amortizing the cost on a straight-line basis over the terms of the related mortgage notes.
  (d)

Real estate properties are regularly evaluated on a property by property basis to determine if it is appropriate to write down carrying values to recognize an impairment of value. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. Based on the Partnership’s long-term hold strategy for its investments in real estate, the carrying value of its property at December 31, 2016 is estimated to be fully realizable.
 

(e)

Real estate held for sale is carried at the lower of cost or fair value less selling costs. Upon determination that a property is held for sale, depreciation of such property is no longer recorded.
 

(f)

For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents. From time to time, the Partnership has on deposit at financial institutions amounts that exceed current federal deposit insurance limitations. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
 

(g)

The Partnership accounts for its investment in Sentinel Omaha, LLC at fair value. Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change. (see Notes 6 and 7)

 

28
 

 

  (h)  Tenant leases at the multifamily properties owned by Omaha generally have terms of one year or less. Rental income at the multifamily properties is recognized when earned pursuant to the terms of the leases with tenants. The tenant lease at the industrial flex property has a term that exceeds one year. Rental income at the industrial flex property is recognized on a straight-line basis over the term of the lease.
 

(i)

Gains on sales of investments in real estate are recognized in accordance with accounting principles generally accepted in the United States of America applicable to sales of real estate which require minimum levels of initial and continuing investment by the purchaser, and certain other tests be met, prior to the full recognition of profit at the time of the sale. When the tests are not met, gains on sales are recognized on either the installment or cost recovery methods.
 

(j)

Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no provision has been made in the accompanying consolidated financial statements for Federal, state or local income taxes.
 

(k)

Net income per unit of partnership interest has been computed based on the weighted average number of units of partnership interest outstanding during each year. There were no potentially dilutive securities outstanding during each year.
 

(l)

The Partnership is engaged in only one industry segment, real estate investment, and therefore information regarding industry segments is not applicable and is not included in these consolidated financial statements.

 

(2) CHANGE IN ACCOUNTING METHOD

 

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-3, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-3), which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015. The new guidance has been applied retrospectively to each prior period presented.

 

The consolidated balance sheets for the periods ended December 31, 2016 and December 31, 2015 report the unamortized deferred financing costs as deductions from the loan payable.

 

(3) INVESTMENT MANAGEMENT AGREEMENT

 

The Partnership entered into a management agreement with the General Partner. Under the terms of this agreement, the General Partner is responsible for the acquisition, management and disposition of all investments, as well as performance of the day-to-day administrative operations and provision of office space for the Partnership.

 

For these services, the General Partner receives a management fee equal to 2% of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and 0.5% of capital not invested in real estate, as defined in the partnership agreement. The management fee amounted to $867,859, $875,788 and $869,228 for the years ended December 31, 2016, 2015, and 2014, respectively. Of the amounts earned in 2016, 2015 and 2014, $441,618, $449,548 and $442,988, respectively has been deferred while the obligations under the Loan Agreement are outstanding. The deferred amounts total $2,460,857 and $2,019,239 and are included in accrued expenses on the balance sheet as of December 31, 2016 and 2015, respectively. In addition, the General Partner is entitled to 25% of cash distributions in excess of the annual distribution preference, as defined in the partnership agreement. No such amounts were due for the years ended December 31, 2016, 2015 or 2014.

 

29
 

 

(4) INVESTMENTS IN REAL ESTATE

 

 

During 2016 and 2015 the Partnership owned an industrial flex property in Maple Grove, Minnesota. During 2015, the Partnership also owned a warehouse distribution property in Lino Lakes, Minnesota (see note 5). The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of December 31, 2016 and 2015:

 

                           

Real Estate at Cost

  
   

No. of

    

Year of

                          

Type

  

Prop.

    

Acquisition

    

Description

    

12/31/16

    

12/31/15

  
                                         
                                         

Industrial flex property

     1       2002       60,345sf     $ 5,486,185     $ 5,486,185  
                                         

Less: accumulated depreciation

                             (1,927,326 )     (1,769,982 )
                                         

Net book value

                           $ 3,558,859     $ 3,716,203  

 

(5) REAL ESTATE TRANSACTION

 

On September 17, 2015, the Partnership sold Lino Lakes for $16,050,000 in an all cash transaction. The net proceeds from the sale were used, in part, to retire the mortgage note of $10,000,000 that had been secured by the property and to pay down the Partnership’s loan (see Note 8). The carrying value at the time of the sale was $12,026,246 which resulted in a net gain for financial reporting purposes of $3,569,246 after closing costs of $454,508. The closing costs of $454,508 included a sale commission of $80,250 paid to an affiliate of the general partner. The historical cost of the property at the time of the sale was $15,296,036. The results of operations for the years ended December 31, 2015 and 2014 are reflected as income from discontinued operations in the accompanying consolidated statements of operations.

 

(6) ASSETS MEASURED AT FAIR VALUE

 

The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The three levels of fair value hierarchy are described below:

 

 

●

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;

 

 

●

Level 2 - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;

 

 

●

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

 

30
 

 

The following major categories of assets were measured at fair value during the year ended December 31, 2016 and 2015:

 

 

   

Level 3:

          
   

Significant

          
   

Unobservable

    

2016

  
   

Inputs

    

Total

  
                 

Assets

                
Investment in Sentinel Omaha, LLC   $ 38,786,395     $ 38,786,395  
Reserve for fair value of investment     (13,575,238 )     (13,575,238 )
                 

Total assets

   $ 25,211,157     $ 25,211,157  

 

   

Level 3:

          
   

Significant

          
   

Unobservable

    

2015

  
   

Inputs

    

Total

  
                 

Assets

                
Investment in Sentinel Omaha, LLC   $ 28,891,652     $ 28,891,652  
Reserve for fair value of investment     (14,445,826 )     (14,445,826 )
                 

Total assets

   $ 14,445,826     $ 14,445,826  

 

The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3) during the years ended December 31, 2016 and 2015:

 

   

Investment in

    

Reserve for

          
   

Sentinel

    

fair value

          
   

Omaha, LLC

    

of investment

    

Total

  
                         

Balance at January 1, 2015

   $ 6,749,553     $ (6,749,553 )   $ -  

Equity in net income of investment

     22,142,099       -       22,142,099  

Increase in reserve

     -       (7,696,273 )     (7,696,273 )

Balance at December 31, 2015

     28,891,652       (14,445,826 )     14,445,826  

Equity in net income of investment

     9,894,743       -       9,894,743  

Decrease in reserve

     -       870,588       870,588  

Balance at December 31, 2016

   $ 38,786,395     $ (13,575,238 )   $ 25,211,157  

 

On September 30, 2015, Omaha refinanced six properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On September 30, 2015, the prepayment penalties were reduced enough that combined with stronger valuation rates, each property’s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The six new mortgages have lower interest rates although the new interest rates are floating rates, subject to changes in the credit markets. Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. However, based on a review of the 2015 property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipates Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended December 31, 2015 has recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2015 less a 50% reserve (see Note 7). During 2016, the net operating income reported for Omaha’s properties continued to improve which led to an increase in the real estate values. Omaha continued to make payments on its unsecured loan. However, Omaha’s mortgages and unsecured loan are encumbered with floating interest rates which started to increase near the end of 2016. Omaha’s unsecured loan has a maturity date of December 31, 2017. Omaha has one option to extend the maturity date to June 30, 2018. It is unlikely Omaha will be able to pay off the unsecured loan from net operating cash flow or refinancing proceeds. Omaha will have to sell some of the properties which will reduce the net cash flow which could be available for distribution to the investors after the unsecured loan is paid off. Registrant as of the year ended December 31, 2016 has recognized a value in the Omaha investment equal to Registrant’s 30% portion of the equity reported on Omaha’s balance sheet as of December 31, 2016 less a 35% reserve.

 

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(7) INVESTMENT IN SENTINEL OMAHA, LLC

 

In 2007, the Registrant made an investment in the amount of $37,200,000 representing a thirty percent ownership interest in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company which as of December 31, 2016 owns 14 multifamily properties in 10 markets. Omaha is an affiliate of the Partnership’s general partner. The Omaha annual audited financial statements are filed as an exhibit to the Partnership’s annual Form 10-K filed with the SEC.

 

With respect to its investment in Omaha, the Registrant elected to adopt Accounting Standards Codification Topic 825. Accordingly, the investment is presented at fair value. Adoption was elected, in part, because the audited financial statements of Omaha are presented at fair value and it was believed that a similar presentation would best reflect the value of the Registrant’s investment from its inception.

 

The following are the audited condensed financial statements (000’s omitted) of Omaha as of December 31, 2016 and 2015 and for each of the three years in the period ended December 31, 2016.

 

Balance Sheet

  

2016

    

2015

  
                 

Investment in real estate properties, at fair value

   $ 378,460     $ 355,615  

Other assets

     10,749       13,552  

Debt

     (254,913 )     (267,674 )

Other liabilities

     (5,008 )     (5,187 )

Members' equity

   $ 129,288     $ 96,306  

 

Statement of Operations

  

2016

    

2015

    

2014

  
                         

Rent and other income

   $ 44,266     $ 41,850     $ 39,125  

Real estate operating expenses

     (21,062 )     (20,221 )     (18,871 )

Other expenses

     (6,825 )     (11,601 )     (10,225 )

Net unrealized gains

     16,603       63,779       6,907  
                         

Net income

   $ 32,982     $ 73,807     $ 16,936  

 

Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change.

 

Estimated fair value calculations were prepared by Omaha's management utilizing Level 3 inputs.

 

The investment in Omaha is not consolidated because other investors have substantive ownership and participative rights regarding Omaha’s operations and therefore control does not vest in the Registrant. Were the Partnership deemed to control Omaha, it would have to be consolidated and therefore would impact the financial statements and related ratios.

 

The values of real estate properties have been prepared giving consideration to the income and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. Omaha’s real estate properties are classified within Level 3 of the valuation hierarchy.

 

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The mortgage notes payable are all variable rate loans at December 31, 2016; therefore they are reported at amortized cost.

 

The following table shows quantitative information about significant unobservable inputs related to Level 3 fair value measurement used at December 31, 2016 (000’s omitted):

 

   

Fair

  

Valuation

Unobservable

  

Range

  
   

Value

  

Techniques

Inputs

  

(Weighted Average)

  
                         
Investment in real estate properties   $ 378,460  

Discounted cash flows (DCF)

Discount rate

    6.75% - 9.00% (7.66%)  
                         
           

Capitalization rate

    5.25% - 6.5% (5.93%)  
                         
           

DCF Term (years)

  

10 years

  

 

(8) LOAN PAYABLE

 

Loan payable consists of the following:

 

                                   

Net Carrying Amount

  
                   

Annual

            

December 31,

  
   

Interest Rate

            

Installment

    

Amount Due

                  

Property

  

Rate

    

Maturity Date

    

Payments

    

at Maturity

    

2016

    

2015

  
                                                 
Loan payable:                                                
                                                 

Bank Loan (a):

                                                

Note B

                                     5,760,473       5,986,888  
Less: unamortized finance costs                                     (29,118 )     (50,956 )
                                                 
                                    $ 5,731,355     $ 5,935,932  

 

  (a)

On September 17, 2007, the Partnership entered into a bank loan (the “Loan”) with a bank (“Holder”) in the amount of $22,000,000, which matured on October 1, 2008 and provided for interest only monthly payments based upon LIBOR plus 1.95%. On April 29, 2011, the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement (“Loan Agreement”) on the following terms:

 

 

1)

In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder’s legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes (“Note A” and “Note B;” together, the “Notes”).

 

 

2)

Note A which had a balance of $3,768,751 as of September 18, 2015 was paid off in full using proceeds from the sale of Lino Lakes.

 

 

3)

Note B in the amount of $5,760,473 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of 5% but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of $1,335,833 was paid off in full on September 18, 2015 using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC (“Omaha”) pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used first to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions.

 

 

4)

Note B may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership’s obligations under Note B may be accelerated upon default.

 

33
 

 

 

5)

Until the Partnership’s obligations under the Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves. On September 17, 2015, Registrant sold Lino Lakes. An amount of $200,000 of net sales proceeds had been held in reserve pending the expiration of the representations and warranties period as stipulated in the sales contract. On March 15, 2016, the representation and warranties period expired. There were no charges made against this reserve, therefore in March 2016, the $200,000 was used to further pay down the principal balance of the Note B in accordance with the terms of the Loan Agreement. On May 16, 2016, the partnership paid $26,415 to the Holder to pay down a portion of the outstanding balance of Note B. The proceeds represented excess net operating income, as defined, for the twelve months ended April 30, 2016. On May 28, 2015, the Partnership paid $24,715 to the Holder to pay down a portion of the outstanding balance of Note A. The proceeds represented excess net operating income, as defined, for the twelve months ended April 30, 2015. While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners.

 

 

6)

The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Note B remains outstanding. As of December 31, 2016 and 2015, $2,460,857 and $2,019,239, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.

 

 

7)

As additional security for the Partnership’s payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (“Eagle IV Security Agreement”) and a Pledge Agreement (“Eagle IV Pledge Agreement”) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota (“Eagle IV”) of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership’s remaining properties and investments.

 

Scheduled principal payments on the loan payable are as follows:

 

2017

   $ -  

2018

     5,760,473  

2019

     -  

2020

     -  

2021

     -  

Thereafter

     -  
         

Total

   $ 5,760,473  

 

34
 

 

(9) QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

 

                  Net Income (Loss) per Unit of        
   

Revenues from

             Limited    

Equity

  
   

Continuing

    

Net Income

     Partnership    

Income (Loss)

  
   

Operations

    

(Loss)

    

Interest

    

on Investment

  
Year ended December 31, 2016                                
                                 

First Quarter

   $ 262,312     $ 833,979     $ 107.57     $ 1,972,800  

Second Quarter

     262,781       1,517,735       195.76       3,289,592  

Third Quarter

     266,304       2,315,680       298.68       4,872,219  

Fourth Quarter

     267,947       5,565,883       717.90       (239,868 )
                                 

Year ended December 31, 2015

                                
                                 

First Quarter

   $ 248,485     $ (140,724 )   $ (18.15 )   $ 1,153,131  

Second Quarter

     248,489       (128,399 )     (16.56 )     1,130,278  

Third Quarter

     257,345       13,601,839       1,754.40       11,337,038  

Fourth Quarter

     261,768       4,104,438       529.40       8,521,652  

 

(10) FEDERAL INCOME TAX INFORMATION (UNAUDITED)

 

A reconciliation of net income (loss) for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows:

 

   

For the Years Ended December 31,

  
   

2016

    

2015

    

2014

  
                         

Net income (loss) for financial reporting purposes

   $ 10,233,277     $ 17,437,154     $ (875,279 )
                         
Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities     -       749,124       -  
                         
Difference between tax and financial statement equity in net income/loss of investment     (8,999,145 )     (14,750,473 )     (247,710 )
                         
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes     481,619       (619,789 )     791,155  
                         

Difference between tax and financial statement depreciation

     7,424       (230,508 )     20,879  
                         

Net income (loss) for Federal income tax reporting purposes

   $ 1,723,175     $ 2,585,508     $ (310,955 )
                         

Net ordinary income (loss) for Federal income tax reporting purposes

   $ 1,723,175     $ (1,043,005 )   $ (310,955 )

Net capital (Sec. 1231) gain for Federal income tax reporting purposes

     -       3,628,513       -  
                         
    $ 1,723,175     $ 2,585,508     $ (310,955 )
                         

Weighted average number of units of limited partnership interest outstanding

     7,753       7,753       7,753  

 

As of December 31, 2016 and 2015, the tax bases of the Partnership's assets and liabilities were approximately $30,604,120 and $19,724,176 of assets, and $8,739,701 and $8,472,154 of liabilities, respectively.

 

(11) MANAGEMENT SERVICES

 

Certain affiliates of the General Partner oversee the management and operation of various real estate properties, including those owned by the Partnership. Services performed by affiliates are billed at actual or allocated cost, percentage of revenues or net equity. For the years ended December 31, 2016, 2015 and 2014 billings to the Partnership amounting to $53,242, $117,004 and $131,120, respectively, and are included in real estate operating expenses.

 

35
 

 

Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant whose lease was scheduled to expire July 31, 2015. On February 12, 2015, the Partnership and the tenant executed an extension of the lease to October 31, 2019. An affiliate of the General Partner was paid a leasing commission of $63,948 for the lease extension.

 

On September 17, 2015, the Partnership completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the $10,000,000 mortgage encumbering the property and pay down a portion of the Partnership’s bank loan. Closing expenses includes a sale commission of $80,250 paid to an affiliate of the General Partner.

 

During 2012 an affiliate of the General Partner commenced maintaining and updating the investor database and preparing the tax K-1 forms and related schedules which previously had been prepared by an unaffiliated company. The fee charged by the affiliate for the similar service is lower than the fee previously charged by the unaffiliated company. Fees charged for 2016, 2015 and 2014 were $54,000 each year.

 

In connection with the mortgage financing of certain properties, the respective lenders required the Partnership to place the assets and liabilities of these properties into single asset limited partnerships which hold title to these properties. A trust company affiliated with the General Partner holds the general partner interest in each single asset limited partnership as trustee for the Partnership. For its services, the affiliate is paid an annual fee, which aggregated $0 in 2016, 2015, and 2014, respectively, and is based upon the trust company's standard rate schedule.

 

(12) FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Partnership’s financial instruments include cash, cash equivalents and a loan payable. The carrying amount of cash, cash equivalents and loan payable are reasonable estimates of fair value. Loan payable has been valued based on the maturity date and zero interest rate charged to maturity.

 

(13) COMMITMENTS AND CONTINGENCIES

 

The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not presently determinable with certainty, the Partnership believes that the resolution of these matters will not have a material adverse effect on its financial statements.

 

The Partnership leases its property to a tenant under an operating lease agreement, which requires the tenant to pay all or part of certain operating and other expenses of the property. The minimum future rentals to be received in respect of non-cancelable commercial operating leases with unexpired terms in excess of one year as of December 31, 2016 are $724,142 for 2017; and $746,117, for 2018, $638,353 for 2019, $0 for 2020 and 2021. These amounts include the minimum rents from the tenant leasing 100% of the space at Eagle Lake IV. The maturity date of this lease was extended to July 31, 2019 under an extension signed in March 2015. However, the tenant has a right to terminate the lease after paying a termination penalty and providing prior twelve month notice. The early termination penalty is not included in the aforementioned amounts.

 

Pursuant to the original investment agreement, the Partnership may be called upon to contribute, in cash, an additional $3,720,000 to the capital of Omaha, as and when required, as determined by the Manager. In addition, the Partnership shall not have any liability to restore any negative balance in its capital account.

 

Should a default occur by Omaha on its unsecured credit facility, the lender would not have any recourse to the Partnership and will look solely to Omaha’s membership interest in Sentinel White Plains LLC. Sentinel White Plains LLC is a wholly owned subsidiary of Sentinel Omaha LLC and holds the assets and liabilities of the Omaha properties through wholly owned single asset limited partnerships or limited liability companies.

 

 

36
 

 

SB PARTNERS

                                        

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

                  

DECEMBER 31, 2016

                                        
                                         

Column A

  

Column B

            

Column C

            

Column D

  
           

Initial Cost to the Registrant

    

Costs

  
                                   

Capitalized

  
                   

Buildings and

            

Subsequent

  

Description

  

Encumbrances

    

Land

    

Improvements

    

Total

    

to Acquisition

  
                                         

INDUSTRIAL FLEX

                                        
Minnesota -                                        
Maple Grove (Eagle Lake Business Center IV)   $ -     $ 470,000     $ 5,016,185     $ 5,486,185     $ 772,801  

 

Column A

          

Column E

            

Column F

  
                                 
   

Gross amount at which Carried at End of Year

          
   

(Notes a & c)

          
                           

Accumulated

  
           

Buildings and

            

Depreciation

  

Description

  

Land

    

Improvements

    

Total

    

(Notes b & d)

  
                                 

INDUSTRIAL FLEX

                                
Minnesota -                                
Maple Grove (Eagle Lake Business Center IV)   $ 470,000     $ 5,016,185     $ 5,486,185     $ 1,927,326  

 

 

37
 

 

SB PARTNERS

              

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

  

DECEMBER 31, 2016

              
               

Column A

Column G

Column H

  

Column I

  
               
       

Life on which

  
       

Depreciation in

  
       

Latest Statement

  
 

Date of

Date

  

of Operations

  

Description

Construction

Acquired

  

is Computed (in years)

  
               

INDUSTRIAL FLEX

              
Minnesota -              
Maple Grove (Eagle Lake Business Center IV)

2000

Jun 2002

    7 to 39  

 

NOTES TO SCHEDULE III:

                        
                           
     

2016

    

2015

    

2014

  
                           

(a)

Reconciliation of amounts shown in Column E:

                        
 

Balance at beginning of year

   $ 5,486,185     $ 20,633,009     $ 20,633,009  
  Additions -                        
  Cost of improvements     0       149,212       0  
                           
  Deductions -                        
  Sales     0       (15,296,036 )     0  
                           
 

Balance at end of year

   $ 5,486,185     $ 5,486,185     $ 20,633,009  
                           

(b)

Reconciliation of amounts shown in Column F:

                        
 

Balance at beginning of year

   $ 1,769,982     $ 4,900,846     $ 4,420,952  
  Additions -                        
  Depreciation expense for the year     157,344       138,926       479,894  
                           
  Deductions -                        
  Sales     0       (3,269,790 )     0  
                           
      $ 1,927,326     $ 1,769,982     $ 4,900,846  
                           
(c) Aggregate cost basis for Federal income tax reporting purposes   $ 5,151,797     $ 5,151,797     $ 20,124,541  
                           
(d) Accumulated depreciation for Federal income tax reporting purposes   $ 1,958,045     $ 1,845,433     $ 5,513,791  

 

38

 EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

Exhibit 31.1

 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, George N. Tietjen III, certify that:

 

 

(1)

I have reviewed this annual report on Form 10-K of SB Partners;

 

  (2)

Based on my knowledge, this annual report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the year covered by this annual report;

 

  (3)

Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

 

  (4)

Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Registrant and have:

 

 

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

 

 

(b)

designed such internal control over financial reporting, caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this annual report based on such evaluation; and

 

 

(d)

disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financing reporting; and

 

  (5)

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

 

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

   

Chief Executive Officer

Dated: March 27, 2017

By:

/s/ George N. Tietjen III
   

George N. Tietjen III
EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm

Exhibit 31.2

 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, John H. Zoeller, certify that:

 

 

(1)

I have reviewed this annual report on Form 10-K of SB Partners;

 

  (2)

Based on my knowledge, this annual report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the year covered by this annual report;

 

 

(3)

Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

 

 

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Registrant and have:

 

  (a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

 

  (b)

designed such internal control over financial reporting, caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this annual report based on such evaluation; and

 

  (d)

disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financing reporting; and

 

  (5)

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

 

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Dated: March 27, 2017

  

Principal Financial & Accounting Officer
  By:

/s/ John H. Zoeller
   

John h. Zoeller
   

Chief Financial Officer

 

 EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

Exhibit 32.1

 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, George N. Tietjen III, certify that:

 

  (1)

the Annual Report on Form 10-K of the Registrant for the annual period ended December 31, 2016, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

 

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

   

Chief Executive Officer

Dated: March 27, 2017

By:

/s/ George N. Tietjen III
   

George N. Tietjen III

 

 EX-32.2 5 ex32-2.htm EXHIBIT 32.2 ex32-2.htm

Exhibit 32.2

 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, John H. Zoeller, certify that:

 

 

(1)

the Annual Report on Form 10-K of the Registrant for the annual period ended December 31, 2016, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

 

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Dated: March 27, 2017

  

Principal Financial & Accounting Officer
  By:

/s/ John H. Zoeller
   

John H. Zoeller
   

Chief Financial Officer

 

 EX-99.1 6 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

 

 

 

  Sentinel Omaha
  Limited Liability Company
  and Subsidiaries
   
   
  Consolidated Financial Statements
  December 31, 2016

 

 
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

TABLE OF CONTENTS

 

December 31, 2016

 

 

 

    Page(s)
       
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1  
       
CONSOLIDATED FINANCIAL STATEMENTS    
       
  Statement of Assets and Liabilities 2  
       
  Schedule of Investments 3  
       
  Statement of Operations 4  
       
  Statement of Changes in Net Assets 5  
       
 

Statement of Cash Flows

 6  
       
  Notes to Consolidated Financial Statements 7-16  

 

 
 

 

Report of Independent Registered Public Accounting Firm

 

To the Members of

Sentinel Omaha Limited Liability Company:

 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Sentinel Omaha Limited Liability Company and Subsidiaries (collectively, the “Company”) as of December 31, 2016, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended. The Company’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Sentinel Omaha Limited Liability Company and Subsidiaries as of December 31, 2016, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

/s/ WeiserMazars LLP

New York, New York

March 1, 2017

 

 
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

 

December 31, 2016

 

 

ASSETS

        
         

Investment in real estate properties, at fair value (cost - $363,456,928)

   $ 378,460,000  
         

Cash and cash equivalents

     2,827,680  
         

Cash held in escrow by lenders

     5,151,604  
         

Restricted cash

     1,352,171  
         

Prepaid expenses and other assets

     1,216,547  
         

Tenant security deposits

     200,800  
         

Total assets

     389,208,802  
         
         

LIABILITIES

       
         

Mortgage notes, bonds and credit facilities payable (cost - $254,913,197)

     254,913,197  
         

Accounts payable and accrued expenses

     3,657,676  
         

Tenant security deposits payable

     1,088,844  
         

Prepaid rent

     147,798  
         

Deferred revenue

     113,298  
         

Total liabilities

     259,920,813  
         
         

NET ASSETS

   $ 129,287,989  

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

December 31, 2016

 

 

INVESTMENT IN REAL

  

 

    

NUMBER

    

HISTORICAL

        FAIR  

ESTATE PROPERTIES

  

LOCATION

    

OF UNITS

    

COST (1)

    

VALUE

  

Residential:

                                
                                 

Arbor Hills

  

Antioch, TN

       548     $ 36,964,592     $ 48,850,000  (2)

Arbors of Dublin

  

Dublin, OH

       288       19,936,698       23,350,000  (2)

Brentwood Oaks

  

Nashville, TN

       244       22,941,605       25,825,000  (2)

Cornerstone Apartments

  

Independence, MO

       420       38,982,019       48,450,000  (2)

Covey at Fox Valley

  

Aurora, IL

       216       26,714,419       26,600,000  (2)

Greenhouse Apartments

  

Omaha, NE

       129       19,417,835       13,800,000  (2)

Jackson Park Place

  

Fresno, CA

       376       48,624,860       42,860,000  (2)

Littlestone at Village Green

  

Gallatin, TN

       200       16,699,266       19,250,000  (2)

Morganton Place

  

Fayetteville, NC

       280       21,432,235       16,150,000  (2)

Oakwell Farms

  

Hermitage, TN

       410       32,647,509       38,000,000  (2)

The Park at Countryside

  

Port Orange, FL

       120       10,717,252       9,400,000  (2)

The Reserve at Wescott

  

Summerville, SC

       288       27,577,502       29,900,000  (2)

The Village at Cliffdale

  

Fayetteville, NC

       356       26,850,739       18,125,000  (2)

Woodberry Apartments

  

Asheville, NC

       168       13,950,397       17,900,000  (2)
                                 
                                 

Total

             4,043     $ 363,456,928  (3)      378,460,000  (3)

   

 

(1)

Historical cost equals the purchase price allocation plus capital improvements made from the acquisition date through December 31, 2016.

(2)

Fair value is as determined by an independent appraiser at December 31, 2016.

(3)

Fair value of the investments in real estate as a percentage of net assets is 292.73%.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

For the year ended December 31, 2016

 

 

NVESTMENT INCOME

        
         

Base rent

   $ 40,490,467  

Other rental income

     3,764,174  
         

Total investment income

     44,254,641  
         

EXPENSES

        
         

Payroll and related costs

     5,767,582  

Real property taxes

     4,306,624  

Repairs and maintenance

     3,986,951  

Utilities

     2,473,934  

Property management fees

     1,991,459  

Insurance

     886,915  

General and administrative

     823,642  

Advertising

     538,016  
         

Total expenses

     20,775,123  
         
         

NET INVESTMENT INCOME BEFORE OTHER EXPENSES

     23,479,518  
         

OTHER EXPENSES

        
         

Interest on mortgage notes, bonds and credit facilities payable

     (6,537,564 )

Professional fees

     (489,523 )

Amortization of deferred financing costs

     (70,000 )
         

Total other expenses

     (7,097,087 )
         

NET INVESTMENT INCOME

     16,382,431  
         

Net change in unrealized appreciation of investment in real estate properties

     16,196,830  

Net change in unrealized depreciation on fair value of mortgage notes and bonds

     (2,695 )

Net unrealized appreciation of interest rate cap agreements

     405,913  
         

Net unrealized gain

     16,600,048  
         

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 32,982,479  

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

 

For the year ended December 31, 2016

 

 

   

Member I

    

 

Member II

    

 

Member III

    

 

Total

  
                                 

Net assets at beginning of the year

   $ 33,706,933     $ 33,706,933     $ 28,891,644     $ 96,305,510  
                                 

Net investment income

     5,733,851       5,733,851       4,914,729       16,382,431  
                                 

Net change in unrealized appreciation of investment in real estate properties

     5,668,891       5,668,891       4,859,048       16,196,830  
                                 

Net change in unrealized depreciation on fair value of mortgage notes and bonds

     (943 )     (943 )     (809 )     (2,695 )
                                 

Net unrealized appreciation of interest rate cap agreements

     142,070       142,070       121,773       405,913  
                                 

Net assets at end of year

   $ 45,250,802     $ 45,250,802     $ 38,786,385     $ 129,287,989  

         

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

For the year ended December 31, 2016

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

        
         

Net increase in net assets resulting from operations

   $ 32,982,479  

Adjustments to reconcile net increase in net assets to net cash provided by operating activities:

        

Net change in unrealized appreciation of investment in real estate properties

     (16,196,830 )

Net change in unrealized depreciation on fair value of mortgage notes and bonds

     2,695  
Net unrealized appreciation of interest rate cap agreements     (405,913 )

Amortization of deferred financing costs

     70,000  

Changes in operating assets and liabilities:

        

Cash held in escrow by lenders

     (620,340 )

Prepaid expenses and other assets

     44,962  

Tenant security deposits payable

     25,901  

Accounts payable and accrued expenses

     (159,841 )

Deferred revenue

     (60,562 )

Prepaid rent

     (51,402 )
         

Net cash provided by operating activities

     15,631,149  
         

CASH FLOWS FROM INVESTING ACTIVITIES

        
         

Capital additions to real estate properties

     (6,648,170 )

Cash received from restricted cash

     109,484  

Increase in tenant security deposits

     (9,409 )
         

Net cash used in investing activities

     (6,548,095 )
         

CASH FLOWS FROM FINANCING ACTIVITIES

        
         

Payments of mortgage notes, bonds and credit facilities

     (12,760,943 )

Payment of financing costs

     (2,695 )
         

Net cash used in financing activities

     (12,763,638 )
         

NET DECREASE IN CASH AND CASH EQUIVALENTS

     (3,680,584 )
         

CASH AND CASH EQUIVALENTS

        

Beginning of year

     6,508,264  
         

End of year

   $ 2,827,680  
         

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

        
         

Cash paid during the year for interest

   $ 6,603,533  

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

1.

ORGANIZATION

 

Sentinel Omaha Limited Liability Company and Subsidiaries (the "Company") was organized on June 4, 2007 as a Delaware limited liability company for the purpose of acquiring all of the outstanding stock of America First Apartment Investors, Inc. (“APRO”). Sentoma, LLC (the “Manager”), an affiliate of one of the members, serves as the Manager of the Company. Net profits and losses of the Company shall be allocated to the members of the Company in proportion to their respective percentage interests. The Company shall be dissolved upon the sale or other disposition of all or substantially all of the assets of the Company or the election to dissolve the Company made in writing by the Manager with the consent of the members.

 

In accordance with the Amended or Restated Limited Liability Company Agreement dated August 22, 2007 (the “Agreement”), the members have agreed to contribute, in cash, an additional $12,400,000 to the capital of the Company, as and when required, as determined by the Manager. In addition, no member shall have any liability to restore any negative balance in its capital account.

 

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a.     Basis of Presentation - The accompanying consolidated financial statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Company is an investment company as described in ASC 946, Financial Services - Investment Companies. The Company carries its investments and certain liabilities at fair value.

 

The Company acquired APRO through Sentinel White Plains LLC, a wholly owned limited liability company, on September 18, 2007. Sentinel White Plains LLC holds the assets and liabilities of the properties formerly owned by APRO through wholly owned single-asset limited partnerships or limited liability companies. The financial statements of these subsidiaries are consolidated with those of the Company. All significant transactions and balances between the Company and these subsidiaries have been eliminated.

 

b.   Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Estimates subject to material change in the near term include the fair value of real estate owned, fair value of mortgage notes, bonds, and credit facilities, and fair value of derivatives. Actual results could differ from those estimates.

 

c.    Real Estate Property Valuation - Investment in real estate properties is reported at fair value. At December 31, 2016, the fair value of the investment in real estate properties is equal to the value determined by independent appraisals. The estimated fair value of the underlying real estate is determined quarterly by the methods described in Note 6. No provision is made for depreciation of the historical cost of the real estate properties; however the effects of actual physical deterioration or obsolescence, if any, were considered in applying the methods used in estimating fair value. Valuations are prepared by the investment advisor’s valuation group and represent their best judgment based upon a process of evaluating the current and future economic and market conditions and are approved by management.

 

7
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

The aggregate unrealized appreciation or depreciation on investments in real estate represents the net change between the fair value and the cost basis of the Company’s investments in real estate. The net change in unrealized appreciation or depreciation on investment in real estate for the current year also reflects the difference between the current fair value and the prior year recorded amount and is included in the consolidated statement of operations.

 

The fair values do not necessarily represent the prices at which the real estate investments would sell because market prices can only be determined by negotiating between a willing buyer and a willing seller.

 

Determination of fair value involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not subject to precise quantification or verification and may change from time to time as economic and market factors change and such changes may be material to the fair value presented.

 

Expenditures for improvements which, in the opinion of the Manager, increase the fair value of the real estate owned, generally renewals and betterments, are capitalized. Repair and maintenance costs are expensed as incurred.

 

d.     Cash and Cash Equivalents - For financial reporting purposes, overnight investments and short-term deposits with maturities of three months or less at the time of purchase are considered to be cash equivalents. At times, the Company’s cash and cash equivalents balance with financial institutions may exceed Federal Deposit Insurance Corporation insured limits. As of December 31, 2016, the Company maintains its cash balances with three major financial institutions and those cash balances exceed Federal Deposit Insurance Corporation insured limits by $4,420,153.

 

e.     Restricted Cash and Cash Held in Escrow by Lenders - Includes restricted deposits accounts maintained pursuant to the Company’s debt agreements and interest rate swap agreements.

 

f.     Deferred Financing Costs - Costs incurred in connection with the unsecured credit facility are capitalized and amortized using the straight-line method over the term of the related debt agreement.

 

g.     Derivative Financial Instruments - To manage or hedge its interest rate risk on its bonds and mortgage notes payable, the Company may enter into interest rate swap and cap agreements, which meet the definition of a derivative and are marked to fair value. Fair values of these derivatives are provided by counterparties and are recorded in the statement of assets and liabilities. The fair value of derivatives is equal to the premium paid, however, for the quarter in which they are acquired. The change in value is recorded in the statement of operations.

 

h.     Mortgage Notes, Bonds and Credit Facilities Payable - Mortgage notes, bonds payable and certain credit facilities owed by the Company are reported at fair value as determined by the Manager by discounting future payments required under the terms of the obligations at rates currently available to the Company for debt with similar maturities, terms and underlying collateral. Financial costs associated with such debt are expensed as incurred. The difference between the current fair value and the prior year fair value is reflected as a component of operations in the net unrealized depreciation on fair value of mortgages notes and bonds payable section of the accompanying consolidated statement of operations. The unsecured credit facility is carried at amortized cost.

 

8
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

i.     Rental Income - Leases at residential properties generally have terms of one year or less and rental income is recognized when payment is due pursuant to the terms of the leases. Reimbursements for utilities and other expense recoveries are recorded as revenue when earned.

 

j.     Income Taxes - Generally, there is no provision for federal income taxes in the accompanying consolidated financial statements as each member is responsible for reporting its allocable share of the income, gains, losses and credits of the Company. Generally, the Company’s U.S. tax returns are subject to examination by federal, state, and local authorities for a period of three years from the latter of the due date of such returns or the actual date the returns were filed.

 

k. Sales of Investment in Real Estate - Sales of real estate owned are recognized in accordance with U.S. generally accepted accounting principles, applicable to sales of real estate. Gain or loss on sales of real estate are recorded when title is conveyed to the buyer, subject to the buyer’s financial commitment being sufficient to provide economic substance to the sale and the Company having no substantial continuing involvement with the buyer. Net realized gain or loss on investments in real estate, if any, is the Company’s share of cash proceeds from disposition of investments in real estate less the cost basis and transaction costs.

 

9
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

3.

MORTGAGE NOTES, BONDS AND CREDIT FACILITIES PAYABLE

 

The following summarizes the Company’s debt at December 31, 2016:

 

           

INTEREST

  

MATURITY

  

MONTHLY

    

PRINCIPAL

    

FAIR VALUE

  

PROPERTY

  

Ref

    

RATE

  

DATE

 

PAYMENT

   

AT 12/31/16

    

AT 12/31/16

  
                                           

Mortgage Notes Payable:

                                          
                                           

Oakwell Farms

     (1)       2.40 %

03/01/25

   $ 52,788     $ 25,500,000     $ 25,500,000  

The Reserve at Wescott Plantation

     (2)       2.38 %

03/01/25

     42,264       20,587,500       20,587,500  

Jackson Park Place

     (3)       2.39 %

03/01/25

     59,881       29,047,500       29,047,500  

The Park at Countryside

     (4)       2.79 %

10/01/21

     16,867       3,909,470       3,909,470  

Greenhouse Apartments

     (5)       2.78 %

10/01/25

     22,927       9,563,508       9,563,508  

Arbors of Dublin

     (6)       2.78 %

10/01/25

     57,134       13,979,024       13,979,024  

The Village at Cliffdale

     (7)       2.78 %

10/01/25

     44,466       10,879,713       10,879,713  

Woodberry Apartments

     (8)       2.78 %

10/01/25

     29,167       12,166,350       12,166,350  

Morganton Place

     (9)       2.78 %

10/01/25

     33,631       8,228,678       8,228,678  

Cornerstone Apartments

     (10)       2.78 %

10/01/25

     66,962       27,931,814       27,931,814  

Total Mortgage Notes Payable

                               161,793,557       161,793,557  
                                           

Bonds Payable:

                                          

Arbor Hill

     (11), (12)       0.97 %

12/01/25

     27,047       26,150,000       26,150,000  

Brentwood Oaks

     (12)       1.03 %

07/15/31

     11,031       11,320,000       11,320,000  

Covey at Fox Valley

     (12)       1.03 %

10/15/27

     47,637       12,410,000       12,410,000  

Total Bonds Payable

                               49,880,000       49,880,000  
                                           

Subtotal

                               211,673,557       211,673,557  
                                           

Cumulative unrealized appreciation

                               -       -  
                                           

Mortgage Notes and Bonds Payable, at Fair Value

             211,673,557       211,673,557  
                                           

Unsecured Credit Facility

                                          

Tranche A

     (13)    

LIBOR + 3.55

 %

12/31/17

             9,315,775          

Tranche B

     (13)    

LIBOR + 2.00

 %

12/31/17

             33,923,865          
                                43,239,640       See note 13  
                                           

Total Mortgage Notes, Bonds, and Credit Facilities Payable

                             $ 254,913,197          

 

Mortgage Notes Payable:

 

 

(1)

On February 25, 2015, Oakwell Farms paid off its existing loan and entered into a new loan with a bank in the amount of $25,500,000. The loan provides for interest only payments for two years at a variable rate of LIBOR + 1.78%. Thereafter, monthly payments will include principal payments of $43,767. The loan matures on March 1, 2025.

 

 

(2)

On February 26, 2015, The Reserve at Wescott Plantation paid off its existing loan and entered into a new loan with a bank in the amount of $20,587,500. The loan provides for interest only payments for two years at a variable rate of LIBOR plus 1.76%. Thereafter, monthly payments will include principal payments of $36,229. The loan matures on March 1, 2025.

 

10
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

(3)

On February 26, 2015, Jackson Park Place paid off its existing loan and entered into a new loan with a bank in the amount of $29,047,500. The loan provides for interest only payments for the first two years at a variable rate of LIBOR plus 1.77%. Thereafter, monthly payments will include principal payments of $51,117. The loan matures on March 1, 2025.

 

 

(4)

On September 11, 2014, The Park at Countryside entered into a new loan with a bank in the amount of $4,118,000. The loan provides for fixed monthly payments of $16,028 which includes interest payments based on LIBOR + 2.23% and principal payments at a rate of 30 year amortization. The loan matures on October 1, 2021.

 

 

(5)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Greenhouse Apartments entered into a new loan with a bank in the amount of $9,563,508. The loan provides for interest only payments for two years at a variable rate of LIBOR + 2.16%. Thereafter, monthly payments will include principal payments of $15,020. The loan matures on October 1, 2025.

 

 

(6)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Arbors of Dublin entered into a new loan with a bank in the amount of $14,332,500. The loan provides for monthly interest payments at a variable rate of LIBOR + 2.16% plus a fixed principal component of $23,565. The loan matures on October 1, 2025.

 

 

(7)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Villages at Cliffdale entered into a new loan with a bank in the amount of $11,154,819. The loan provides for monthly interest payments at a variable rate of LIBOR + 2.16% plus a fixed principal component of $18,340. The loan matures on October 1, 2025.

 

 

(8)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Woodberry Apartments entered into a new loan with a bank in the amount of $12,166,350. The loan provides for interest only payments for two years at a variable rate of LIBOR + 2.16%. Thereafter, monthly payments will include principal payments of $19,108. The loan matures on October 1, 2025.

 

 

(9)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Morganton Place entered into a new loan with a bank in the amount of $8,436,750. The loan provides for monthly interest payments at a variable rate of LIBOR + 2.16% plus a fixed principal component of $13,871. The loan matures on October 1, 2025.

 

 

(10)

On September 30, 2015, the secured credit facility in the amount of $84,718,000 which was collateralized by Arbors of Dublin, Brentwood Oaks, Morganton Place, Greenhouse Apartments, The Village at Cliffdale, Woodberry Apartments, Covey at Fox Valley and Cornerstone Apartments was paid off. At the same time, Cornerstone Apartments entered into a new loan with a bank in the amount of $27,931,814. The loan provides for monthly interest only payments for two years at a variable rate of LIBOR + 2.16%. Thereafter, monthly payments will include a principal component of $43,869. The loan matures on October 1, 2025.

 

Bonds Payable:

 

 

(11)

 The bond is also collateralized with Littlestone of Village Green.
 

(12)

The interest rate is based on a weekly variable rate, which is determined by a highly rated bond composite variable rate.

 

Unsecured Credit Facility:

 

 

(13)

In connection with the acquisition of APRO, the Company entered into an unsecured credit facility (the “Loan”) with a bank in the amount of $175,000,000. On September 30, 2013, the Company executed an Amendment and Restated Loan Agreement which extends the maturity until December 31, 2017. On January 26, 2015 the Company executed the First Amendment to Amended and Restated Loan Agreement where the lender assigned its 50% interest in Tranche B to The B Note Funding LLC, an affiliate of the Company. The Loan may be prepaid without penalty, requires mandatory repayments from the proceeds of sales, and restricts distributions until the loan is paid in full. The loan also has reduced the pay rate on Tranche B to a floating rate of 200 basis points over LIBOR while increasing the additional accrual rate on Tranche B to 500 basis points over LIBOR. However, the aforementioned accrued interest will be forgiven each time the Company pays the above mentioned required principal payment timely, as defined in the Loan Agreement. As of and for the year ended December 31, 2016, the Company is in compliance with certain financial ratios which must be maintained during the life of the Loan.

 

11
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

As of December 31, 2016, scheduled principal payments on mortgage notes, bonds and credit facilities are as follows:

 

Years

   Amount  
         

2017

   $ 45,343,565  

2018

     3,279,909  

2019

     3,282,140  

2020

     3,286,113  

Thereafter

     199,721,470  
         
    $ 254,913,197  

 

 

4.             INTEREST RATE DERIVATIVES

 

The Company entered into LIBOR rate cap agreements (the “Rate Caps”) to manage its exposure to increases in LIBOR on its variable rate borrowings in order to control interest expense.

 

The following summarizes the Company’s Rate Caps at December 31, 2016:

 

                   Receive/          

Type

  

Maturity

  

Notional Amount

    

Cap Rate

    

Fair Value

  
                             

LIBOR CAP

  

12/15/21

   $ 12,410,000       6.00%     $ 47,403  

LIBOR CAP

  

01/01/20

     13,400,000       6.00%       304  

LIBOR CAP

  

01/01/20

     12,750,000       6.00%       289  

LIBOR CAP

  

09/15/21

     11,240,800       9.27%       76  

LIBOR CAP

  

08/01/18

     20,587,500       4.39%       28  

LIBOR CAP

  

12/01/18

     29,047,500       5.07%       88  

LIBOR CAP

  

03/01/18

     25,500,000       5.15%       0  
                             
        $ 124,935,800             $ 48,188  

 

 

The Company is exposed to credit losses from counter party non-performance, but does not anticipate any losses from its agreements. The net fair value of the Rate Caps is estimated to be $48,188 as of December 31, 2016, and is reported under prepaid expenses and other assets in the accompanying consolidated statement of assets and liabilities. The Company made $66,404 in net payments to the Rate Caps during the year ended December 31, 2016, which are included on the accompanying consolidated statement of operations as an increase of interest expense. The Company recognized net unrealized appreciation on the Rate Caps of $405,913 for the year ended December 31, 2016.

 

12
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

5.             FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company’s financial instruments consist of cash, cash equivalents, restricted cash, interest rate derivatives, accounts payable and loans payable. Cash, cash equivalents, restricted cash and accounts payable are carried at amounts that approximate their fair value. The interest rate caps are carried at fair value as described in Note 4.

 

Effective January 1, 2008, management has elected to measure all of its debt, except for the unsecured credit facility, at fair value. However, management reserves the right to elect to measure future eligible financial assets or liabilities at fair value. The fair value of the mortgage notes and bonds payable has been determined by discounting the future payments required under the terms of the notes at rates available to the Company for debt with similar maturities, terms, and underlying collateral as described in Note 2. The fair value of the unsecured credit facility is approximately $43,239,640 at December 31, 2016.

 

 

6.           ASSETS AND LIABILITIES MEASURED AT FAIR VALUE

 

The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The three levels of fair value hierarchy are described below.

 

 

●

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

 

 

●

Level 2 – Quoted prices in active markets for similar assets and liabilities or quoted prices in less active, dealer or broker markets;

 

 

●

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

 

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Accordingly, when available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. If market data is not readily available, fair value is based upon other significant unobservable inputs such as inputs that reflect the Company’s own assumptions about the inputs market participants would use in valuing the investments. Investments valued using unobservable inputs are classified to the lowest level of any input that is most significant to the valuation. Thus, a valuation may be classified in Level 3 even though the valuation may include significant inputs that are readily observable.

 

13
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

The following major categories of assets and liabilities were measured at fair value during the year ended December 31, 2016:

 

   

Level 3:

          
   

Significant

          
   

Unobservable

    

2016

  
   

Inputs

    

Total

  

Assets

                

Investment in real estate properties

   $ 378,460,000     $ 378,460,000  

Interest rate derivatives

     48,188       48,188  

Total assets

   $ 378,508,188     $ 378,508,188  
                 

Liabilities

                

Mortgage notes and bonds payable

   $ 211,673,558     $ 211,673,558  

Total liabilities

   $ 211,673,558     $ 211,673,558  

 

 

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value using significant unobservable inputs (level 3) during the year ended December 31, 2016:

 

   

Investment in

    

Mortgage notes

    

Derivative

  
   

Real Estate

    

and bonds

    

Financial

  
   

Properties

    

payable

    

Instruments

  
                         

Balance at December 31, 2015

   $ 355,615,000     $ (212,434,501 )   $ (424,129 )
                         

Net unrealized gain (loss) included in net increase in net assets resulting from operations

     16,196,830       (2,695 )     405,913  

Capital additions

     6,648,170       -       -  

Purchase of interest rate caps

     -       -       66,404  

Repayment of mortgage notes payable

     -       760,943       -  

Payment of deferred financing costs

     -       2,695       -  

Balance at December 31, 2016

   $ 378,460,000     $ (211,673,558 )   $ 48,188  
                         
                         

The amount of total gains/(losses) for the period included in net increase in net assets resulting from operations attributed to the change in the unrealized appreciation and depreciation relating to investments in real estate and mortgage notes and bonds payable still held at the reporting date.

   $ 16,196,830     $ (2,695 )   $ 405,913  

 

14
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

The values of real estate properties have been prepared giving consideration to the income and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. The Company’s real estate properties are generally classified within Level 3 of the valuation hierarchy.

 

The mortgage notes payable are all variable rate loans at December 31, 2016; therefore they are reported at amortized cost.

 

The following table shows quantitative information about significant unobservable inputs related to Level 3 fair value measurement used at December 31, 2016:

 

   

Fair

  

Valuation

  

Unobservable

  

Range

  
   

Value

  

Techniques

  

Inputs

  

(Weighted Avg)

  
                       

Investment in real estate properties

   $ 378,460,000  

Discounted cash flows (DCF)

  

Discount rate

     6.75% - 9.00% (7.66%)  
             

Capitalization rate

     5.25% - 6.50% (5.93%)  
             

DCF Term (years)

  

 

 10 years (10 years)  

 

 

The key inputs to valuation of interest rate caps are not made available by the counterparties.

 

 

7.             MANAGEMENT SERVICES

 

A management agreement between the Company and the Manager was entered into on June 4, 2007. The agreement provides for the Manager to perform property management services for which it receives a property management fee equal to 4.5% of the gross receipts from real estate properties. For the year ended December 31, 2016, the Company incurred $1,991,459 of property management fees, which are included in operating expenses in the accompanying consolidated statement of operations.

 

The Manager and certain affiliates provide essential services related to the activities or operations of the Company and its properties. The Manager and affiliates are paid fees and receive reimbursement of expenses directly related to the services provided. The charges for these services are no more than what would be reasonably paid to third parties. These fees and expenses are included in operating expenses in the accompanying consolidated statement of operations. For the year ended December 31, 2016, the Company paid $0 financing service fees to the Manager and affiliates.

 

 

8.             COMMITMENTS

 

The Company has fourteen wholly owned real estate investments for which capital may be provided without being contractually obligated to do so.  Such additional capital is generally provided in the ordinary course of business to fund recurring and non-recurring capital improvement activities.  Majority of the wholly owned real estate investments did not require capital or non- contractual financial support during 2016.

 

15
 

 

SENTINEL OMAHA LIMITED LIABILITY COMPANY AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

For the year ended December 31, 2016

 

 

9.             FINANCIAL HIGHLIGHTS

 

The following represents the financial highlights for the year ended December 31, 2016:

 

Ratios to weighted average net assets: (1)

 

​
Net investment income (2)
     14.01 %
         

Fund level expenses, including management fees

     1.52 %
         

Internal rate of return (3)

        

Inception through December 31, 2015

     (2.94 )%

Inception through December 31, 2016

     0.45 %
         

Ratio of capital contributions received to total

        

Capital commitments (includes General Partner) (4)

     90.9 %

 

 

(1)

Weighted average net assets are calculated for the Members based upon the weighted average of the beginning and ending net assets for the year ending December 31, 2016 and using the actual date of capital contributions and distributions during the year ended December 31, 2016.
 

(2)

Net investment income includes income less all expenses other than any realized gains or losses on investments in real estate properties and unrealized appreciation or depreciation.
 

(3)

Internal rate of return net of all fees was calculated using the actual date of capital contributions and distributions since inception, and net assets at December 31, 2016 and December 31, 2015 of the Members’ aggregate capital as of each measurement date.
 

(4)

As of December 31, 2016, the Company has called and received cumulatively $124 million of committed capital from the Members.

 

 

10.          RISKS AND UNCERTAINTIES

 

The Company and the properties in which it has an interest are operating in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by liquidity, disparity of real estate values and financing issues. Should market conditions deteriorate, there is no assurance that such conditions will not result in a further decrease in value of real estate, decreased cash flows or the ability to repay, refinance or extend the Company’s debt when it comes due.

 

 

11.          SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through March 1, 2017, which is the date the financial statements were available for issuance.

 

 

16

 EX-101.INS 7 sbp-20161231.xml XBRL INSTANCE DOCUMENT false --12-31 FY 2016 2016-12-31 10-K 0000087047 0 Yes Non-accelerated Filer 0 SB PARTNERS No No sbp 481619 -619789 791155 1958045 1845433 5513791 3720000 749124 149213 0 0 0 454508 -7424 230508 -20879 -8999145 -14750473 -247710 -6749553 -14445826 -13575238 7696273 870588 902 50 50 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3)</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> INVESTMENT MANAGEMENT AGREEMENT</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership entered into a management agreement with the General Partner. Under the terms of this agreement, the General Partner is responsible for the acquisition, management and disposition of all investments, as well as performance of the day-to-day administrative operations and provision of office space for the Partnership.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">For these services, the General Partner receives a management fee equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2%</div> of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5%</div> of capital not invested in real estate, as defined in the partnership agreement. <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The management fee amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$867,859,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$875,788</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$869,228</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> respectively. Of the amounts earned in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$441,618,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$449,548</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$442,988,</div> respectively has been deferred while the obligations under the Loan Agreement are outstanding. The deferred amounts total <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,460,857</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,019,239</div> and are included in accrued expenses on the balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. </div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">In addition, the General Partner is entitled to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of cash distributions in excess of the annual distribution preference, as defined in the partnership agreement. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div></div></div> such amounts were due for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014.</div></div></div></div> 0.005 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1)</div> MANAGEMENT SERVICES</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Certain affiliates of the General Partner oversee the management and operation of various real estate properties, including those owned by the Partnership. Services performed by affiliates are billed at actual or allocated cost, percentage of revenues or net equity. For the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> billings to the Partnership amounting </div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53,242,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$117,004</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$131,120,</div> respectively, and are included in real estate operating expenses. </div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Registrant<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s wholly owned property located in Maple Grove, Minnesota is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> leased to a single <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> whose lease was scheduled to expire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Partnership and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> executed an extension of the lease to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> An affiliate of the General Partner was paid a leasing commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63,948</div> for the lease extension.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Partnership completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,000,000</div> mortgage encumbering the property and pay down a portion of the Partnership&#x2019;s bank loan. Closing expenses includes a sale commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,250</div> paid to an affiliate of the General Partner.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">During<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012</div> an affiliate of the General Partner commenced maintaining and updating the investor database and preparing the tax K-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> forms and related schedules which previously had been prepared by an unaffiliated company. The fee charged by the affiliate for the similar service is lower than the fee previously charged by the unaffiliated company. Fees charged for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,000</div></div></div> each year.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">In connection with the mortgage financing of certain properties, the respective lenders required the Partnership to place the assets and liabilities of these properties into single asset limited partnerships <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> which hold title to these properties. A trust company affiliated with the General Partner holds the general partner interest in each single asset limited partnership as trustee for the Partnership. For its services, the affiliate is paid an annual fee, which aggregated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></div></div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> respectively, and is based upon the trust company's standard rate schedule.</div></div></div> 3628513 1723175 2585508 -310955 1723175 -1043005 -310955 3 10 14 6 1 1 2018-04-29 30604120 19724176 8739701 8472154 0.25 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5)</div> REAL ESTATE TRANSACTION</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Partnership sold Lino Lakes for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,050,000</div> in an all cash transaction. The net proceeds from the sale were used, in part, to retire the mortgage note of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,000,000</div> that had been secured by the property and to pay down the Partners<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">hip&#x2019;s loan (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8).</div> The carrying value at the time of the sale was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,026,246</div> which resulted in a net gain for financial reporting purposes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,569,246</div> after closing costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$454,508.</div> The closing costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$454,508</div> included a sale commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,250</div> paid to an affiliate of the general partner. The historical cost of the property at the time of the sale was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,296,036.</div> The results of operations for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> are reflected as income from discontinued operations in the accompanying consolidated statements of operations.</div></div></div> 5486185 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SB PARTNERS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="7" style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5.61414e+8%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">DECEMBER 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Column A</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column G</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column H</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column I</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="text-align: center; width: 14%;">&nbsp;</td> <td style="text-align: center; width: 14%;">&nbsp;</td> <td style="text-align: center; width: 1%;">&nbsp;</td> <td style="text-align: center; width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Life on which</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Depreciation in</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Latest Statement</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Date of</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Date</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">of Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Description</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Construction</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Acquired</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">is Computed (in years)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 56%; padding-left: 9pt;">Minnesota -</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 56%; padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2000</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Jun 2002</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;7</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 52%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column A</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column E</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column F</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Gross amount at which Carried at End of Year</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Notes a &amp; c)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Accumulated</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Buildings and</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Depreciation</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Land</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Improvements</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Notes b &amp; d)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Minnesota -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,016,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> 5486185 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 40%;"><div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SB PARTNERS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="12" style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">DECEMBER 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column A</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column B</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column C</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column D</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Initial Cost to the Registrant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Costs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Capitalized</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Buildings and</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Subsequent</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Encumbrances</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Land</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Improvements</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">to Acquisition</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Minnesota -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,016,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">772,801</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">NOTES TO SCHEDULE III:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 912px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">(a)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Reconciliation of amounts shown in Column E:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at beginning of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Additions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Cost of improvements</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">149,212</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Deductions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Sales</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,296,036</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at end of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">(b)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Reconciliation of amounts shown in Column F:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at beginning of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,900,846</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,420,952</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Additions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Depreciation expense for the year</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,344</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">138,926</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">479,894</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Deductions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Sales</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,269,790</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 912px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,900,846</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">(c)</td> <td style="width: 912px;">Aggregate cost basis for Federal income tax reporting purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,151,797</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,151,797</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,124,541</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">(d)</td> <td style="width: 912px;">Accumulated depreciation for Federal income tax reporting purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,958,045</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,845,433</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,513,791</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 5000000 P1Y 2002 419755 370209 2460857 2019239 21840 21838 40437 0 60345 0 0 0 54000 54000 54000 30605721 20083059 1327197 1206899 933373 624191 120298 273526 309182 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3)</div> COMMITMENTS AND CONTINGENCIES</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not presently determinable with certainty, the Partnership believes that the resolution of these matters will not have a material adverse effect on its financial statements.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership leases its property to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> under an operating lease agreement, which requires the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> to pay all or part of certain operating and other expenses of the property. The minimum future rentals to be received in respect of non-cancelable commercial operating leases with unexpired terms in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">724,142</div></div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017;</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$746,117,</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$638,353</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021.</div> These amounts include the minimum rents from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> leasing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the space at Eagle Lake IV. The maturity date of this lease was extended to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> under an extension signed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> However, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> has a right to terminate the lease after paying a termination penalty and providing prior <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> month notice. The early termination penalty is not included in the aforementioned amounts. </div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pursuant to the original investment agreement, the Partnership <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be called upon to contribute, in cash, an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,720,000</div> to the capital of Omaha, as and when required, as determined by the Manager. In addition, the Partnership shall not have any liability to restore any negative balance in its capital account.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Should a default occur by Omaha on its unsecured credit facility, the lender would not have any recourse to the Partnership and will look solely to Omaha&#x2019;s membership interest in Sentinel White Plains LLC. Sentinel White Plains LLC is a wholly owned subsidiary of Sentinel Omaha LLC and holds the assets and liabilities of the Omaha properties through wholly owned single asset limited partnerships or limited liability companies.</div></div></div> 21062000 20221000 18871000 286536 314306 334195 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8)</div> LOAN PAYABLE </div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loan payable consists of the following:</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Net Carrying Amount</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Annual</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">December 31,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Interest Rate</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Installment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Amount Due</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 28%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Property</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Rate</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Maturity Date</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Payments</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">at Maturity</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td><div style="display: inline; text-decoration: underline;">Loan payable:</div></td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Bank Loan (a):</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Note B</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,986,888</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td>Less: unamortized finance costs</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(29,118</div></td> <td>)</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(50,956</div></td> <td>)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,731,355</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,935,932</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px;"> <tr style="vertical-align: top;"> <td style="width: 26px;">&nbsp;</td> <td style="width: 23px; font-family: Times New Roman; font-size: 10pt;">(a)</td> <td style="width: 1692px;"> <div style=" text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007,</div> the Partnership entered into a bank loan (the &#x201c;Loan&#x201d;) with a bank (&#x201c;Holder&#x201d;) in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,000,000,</div> which matured on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2008</div> and provided for interest only monthly payments based upon LIBOR plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.95%.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011,</div> the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement (&#x201c;Loan Agreement&#x201d;) on the following terms:</div></div> </td> </tr> </table> <div style=" margin: 0pt 11.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,930,430,</div> reducing the balance due under the unsecured credit facility to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,069,570.</div> The payment was made from proceeds resulting from the sale of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175</div> Ambassador Drive. Additional proceeds from the sale were used to pay Holder<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s legal and appraisal </div>costs and to fund a reserve account for future <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> improvement and leasing costs, as needed. <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The remaining outstanding obligation in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,069,570</div> was divided into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> notes (&#x201c;Note A&#x201d; and &#x201c;Note B;&#x201d; together, the &#x201c;Notes&#x201d;).</div></div> </td> </tr> </table> <div style=" margin: 0pt 11.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">Note A which had a balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,768,751</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> was paid off in full using proceeds from the sale of Lino Lakes<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">.</div></div> </td> </tr> </table> <div style=" margin: 0pt 11.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">No<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">te B in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,760,473</div> has a maturity date of<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">.</div> The Partnership has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,335,833</div> was paid off in full on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant&#x2019;s investment in Sentinel Omaha LLC (&#x201c;Omaha&#x201d;) pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions.</div></div> </td> </tr> </table> <div style=" margin: 0pt 11.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">Note B<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the </div>application of payments. The Partnersh<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ip&#x2019;s obligations under Note B <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be accelerated upon default.</div></div> </td> </tr> </table> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">Until the Partnersh<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ip&#x2019;s obligations under the Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves.</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> Registrant sold Lino Lakes. An amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000</div> of net sales proceeds had been held in reserve pending the expiration of the representations and warranties period as stipulated in the sales contract. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the representation and warranties period expired. There were no charges made against this reserve, therefore in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000</div> was used to further pay down the principal balance of the Note B in accordance with the terms of the Loan Agreement. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the partnership paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,415</div> to the Holder to pay down a portion of the outstanding balance of Note B. The proceeds represented excess net operating income, as defined, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Partnership paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,715</div> to the Holder to pay down a portion of the outstanding balance of Note A. The proceeds represented excess net operating income, as defined, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners.</div></div> </td> </tr> </table> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 11.7pt; margin-bottom: 0pt;">The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Note<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> B remains outstanding. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,460,857</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,019,239,</div> respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.</div></div> </td> </tr> </table> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7)</div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">As additional security for the Partnership&#x2019;s payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (&#x201c;Eagle IV Security Agreement&#x201d;) and a Pledge Agreement (&#x201c;Eagle IV Pledge Agreement&#x201d;) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership&#x2019;s property located in Maple Grove, Minnesota (&#x201c;Eagle IV&#x201d;) of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000.</div> The Eagle IV Pledge Agreement pledges to Holder the Partnership&#x2019;s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership&#x2019;s remaining properties and investments. </div></div> </td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Scheduled pri<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ncipal payments on the loan payable are as follows:</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 81%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2018</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2019</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2020</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2021</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Thereafter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div></div> 0.0195 5760473 5760473 5760473 5986888 22000000 0.05 0 441618 449548 442988 2460857 2019239 29118 50956 29118 50956 157344 138926 126683 179184 162732 522695 1319.91 2249.09 -112.89 107.57 195.76 298.68 717.90 -18.15 -16.56 1754.40 529.40 14445826 25211157 0.3 22142099 9894743 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7)</div> INVESTMENT IN SENTINEL OMAHA, LLC</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">I<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">n <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007,</div> the Registrant made an investment in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37,200,000</div> representing a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirty</div> percent ownership interest in Sentinel Omaha, LLC (&#x201c;Omaha&#x201d;). Omaha is a real estate investment company which as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> owns <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> multifamily properties in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> markets. Omaha is an affiliate of the Partnership&#x2019;s general partner. The Omaha annual audited financial statements are filed as an exhibit to the Partnership&#x2019;s annual Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K filed with the SEC.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">With respect to its investment in Omaha, the Registrant elected to adopt <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Accounting Standards Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825.</div> Accordingly, the investment is presented at fair value. Adoption was elected, in part, because the audited financial statements of Omaha are presented at fair value and it was believed that a similar presentation would best reflect the value of the Registrant&#x2019;s investment from its inception.</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following are the <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">audited condensed financial statements <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(000&#x2019;s</div> omitted) of Omaha as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years in the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance Sheet</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Investment in real estate properties, at fair value</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,615</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,749</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,552</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(254,913</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(267,674</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,008</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,187</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Members' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129,288</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,306</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Statement of Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Rent and other income</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,266</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,125</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Real estate operating expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,062</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,221</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,871</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,825</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,601</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,225</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net unrealized gains</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,603</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,779</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,907</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,807</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,936</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Determination of the fair value of Omaha involves numerous estimates and subjec<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">tive judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not subject to precise quantification or verification and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> change from time to time as economic and market factors change.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Estimated fair value calculations were prepared by Omaha's management utilizing Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs.</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">T<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">he investment in Omaha is not consolidated because other investors have substantive ownership and participative rights regarding Omaha&#x2019;s operations and therefore control does not vest in the Registrant. Were the Partnership deemed to control Omaha, it would have to be consolidated and therefore would impact the financial statements and related ratios.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The values of real estate properties have been prepared giving consideration to the income and<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. Omaha&#x2019;s real estate properties are classified within Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> of the valuation hierarchy.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The mortgage notes payable are all variable<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> rate loans at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016;</div> therefore they are reported at amortized cost.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following table shows quantitative information about significant unobservable inputs related<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> to Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurement used at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(000&#x2019;s</div> omitted):</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Fair</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Valuation</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 414%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Range</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; text-align: center; border-bottom: thin solid rgb(0, 0, 0); width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0); width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Techniques</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0); width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; border-bottom: thin solid rgb(0, 0, 0); width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 414%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Weighted Average)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">Investment in real estate properties</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Discounted cash flows (DCF)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Discount rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;6.75%</div></td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.00%</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7.66%)</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Capitalization rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;5.25%</div></td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.5%</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5.93%)</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 25%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 21%;">&nbsp;</td> <td style="width: 21%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">DCF Term (years)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 414%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">10 years</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Level 3:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Significant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Assets</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt;">Investment in Sentinel Omaha, LLC</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Reserve for fair value of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Level 3:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Significant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Assets</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt;">Investment in Sentinel Omaha, LLC</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Reserve for fair value of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Investment in</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Reserve for</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Sentinel</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">fair value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Omaha, LLC</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">of investment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at January 1, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,749,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,749,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Equity in net income of investment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,142,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,142,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Increase in reserve</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,696,273</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,696,273</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at December 31, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Equity in net income of investment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,894,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,894,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Decrease in reserve</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">870,588</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">870,588</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> P10Y <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Fair</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Valuation</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 414%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Range</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; text-align: center; border-bottom: thin solid rgb(0, 0, 0); width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0); width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Techniques</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0); width: 21%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; border-bottom: thin solid rgb(0, 0, 0); width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 414%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Weighted Average)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">Investment in real estate properties</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Discounted cash flows (DCF)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Discount rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;6.75%</div></td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.00%</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7.66%)</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Capitalization rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;5.25%</div></td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.5%</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5.93%)</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 25%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 21%;">&nbsp;</td> <td style="width: 21%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 25%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 21%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">DCF Term (years)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="4" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 414%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">10 years</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> </table></div> 0.0525 0.065 0.0593 0.0675 0.09 0.0766 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6)</div> ASSETS MEASURED AT FAIR VALUE</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">measurement.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> levels of fair value hierarchy are described below:</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 54pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#x25cf;</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - Unadjusted quoted prices in active markets that are accessible at the<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> measurement date for identical unrestricted assets or liabilities;</div></div> </td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 54pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#x25cf;</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - Quoted prices in active markets for similar assets and liabilities or<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> quoted prices in less active dealer or broker markets;</div></div> </td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 54pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#x25cf;</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.</div> </td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=""></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following major categories of assets were measured at fair value during <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015:</div></div></div> <div style="">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Level 3:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Significant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Assets</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt;">Investment in Sentinel Omaha, LLC</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Reserve for fair value of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Level 3:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Significant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Unobservable</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Inputs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Assets</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt;">Investment in Sentinel Omaha, LLC</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Reserve for fair value of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3)</div> during the years <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015:</div></div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Investment in</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Reserve for</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Sentinel</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">fair value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Omaha, LLC</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">of investment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at January 1, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,749,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,749,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Equity in net income of investment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,142,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,142,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Increase in reserve</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,696,273</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,696,273</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at December 31, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,891,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,445,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Equity in net income of investment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,894,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,894,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Decrease in reserve</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">870,588</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">870,588</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,786,395</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,575,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,211,157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 11.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> Omaha refinanced <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the prepayment penalties were reduced enough that combined with stronger valuation rates, each property<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> new mortgages have lower interest rates although the new interest rates are floating rates, subject to changes in the credit markets. Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. However, based on a review of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipates Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> has recognized a value in the Omaha investment equal to Registrant&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> portion of the equity reported on Omaha&#x2019;s balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> less a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> reserve (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7).</div> During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the net operating income reported for Omaha&#x2019;s properties continued to improve which led to an increase in the real estate values. Omaha continued to make payments on its unsecured loan. However, Omaha&#x2019;s mortgages and unsecured loan are encumbered with floating interest rates which started to increase near the end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> Omaha&#x2019;s unsecured loan has a maturity date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> Omaha has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> option to extend the maturity date to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> It is unlikely Omaha will be able to pay off the unsecured loan from net operating cash flow or refinancing proceeds. Omaha </div>will have to sell some of the properties which will reduce the net cash flow which could be available for distribution to the investors after the unsecured loan is paid off. <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Registrant as of the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> has recognized a value in the Omaha investment equal to Registrant&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> portion of the equity reported on Omaha&#x2019;s balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> less a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> reserve.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2)</div> FAIR VALUE OF FINANCIAL INSTRUMENTS</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s financial instruments include cash, cash equivalents and a loan payable. The carrying amount of cash, cash equivalents and loan payable are reasonable estimates of fair value. Loan payable has been valued based on the maturity date and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> interest rate charged to maturity.</div></div></div> 3569246 3569246 3569246 -15612 -16932 1 1 10233277 13466950 -1082562 -532054 -978876 -1082562 1319.91 1737 -139.63 400958 207283 512.09 26.74 9894743 22142099 5080602 22142099 1972800 3289592 4872219 -239868 1153131 1130278 11337038 8521652 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10)</div> FEDERAL INCOME TAX INFORMATION (UNAUDITED)</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">A reconciliation of net<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> income (loss) for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows:</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">For the Years Ended December 31,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 55%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income (loss) for financial reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,233,277</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,437,154</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(875,279</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;">Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">749,124</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Difference between tax and financial statement equity in net income/loss of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,999,145</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,750,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(247,710</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;">Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">481,619</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(619,789</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">791,155</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Difference between tax and financial statement depreciation</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,424</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(230,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,879</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income (loss) for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,585,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net ordinary income (loss) for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,043,005</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net capital (Sec. 1231) gain for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,628,513</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,585,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Weighted average number of units of limited partnership interest outstanding</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">As of Decem<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ber <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the tax bases of the Partnership's assets and liabilities were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,604,120</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,724,176</div> of assets, and</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,739,701</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,472,154</div> of liabilities, respectively.</div></div></div> 49546 52216 -71353 441617 -663791 747160 -870588 7696273 5080602 7696273 -6524 -17408 2816 2798 2798 2798 365183 508197 3624 1353 961 1881719 784030 1335833 5016185 5016185 37200000 28770016 18162029 6749553 28891652 38786395 38786395 28891652 25211157 14445826 25211157 25211157 14445826 14445826 470000 470000 8710583 8421198 30605721 20083059 13575238 14445826 13575238 13575238 14445826 14445826 21910750 11678793 7753 7753 10069570 3768751 254913000 267674000 5731355 5935932 5731355 5935932 5760473 867859 875788 869228 867859 875788 869228 2460857 2019239 -26415 -14166148 -13973 -902 15446229 -50 147615 -1006555 323205 32982000 73807000 16936000 10233277 17437154 -875279 17437154 -875166 -875166 17434905 17434905 10231957 10231957 -113 -113 2249 2249 1320 1320 1320 2249 -113 10231957 17434905 -875166 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2)</div> CHANGE IN ACCOUNTIN<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">G METHOD</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">Simplifying the Presentation of Debt Issuance Costs</div> (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3),</div> which changes the presentation of debt issuance costs in financial statements. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> The new guidance has been applied retrospectively to each prior period presented.</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">The consolidated balance sheets for the periods ended <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> report the unamortized deferred financing costs as deductions from the loan payable.</div></div></div> 1 1 1591398 1994963 2169865 833979 1517735 2315680 5565883 -140724 -128399 13601839 4104438 724142 0 0 638353 746117 702768 662991 629951 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">SB PARTNERS</div> <div style="">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes to Consolidated Financial Statements</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1)</div> ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">SB Partners, a New York limited partnership, and its subsidiaries (collectively, the &quot;Partnership&quot;), have been engaged since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1971</div> in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the &quot;General Partner&quot;) serves as the general partner of the Partnership.</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The significant accounting and financial reporting policies of the Partnership are as follows:</div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px;"> <tr style="vertical-align: top;"> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; font-family: Times New Roman; font-size: 10pt;">(a)</td> <td style="vertical-align: top; width: 95%;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The accompanying consolidated financial statements include the accounts of SB Partners and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenues are recognized as earned and expenses are recognized as incurred. The preparation of financial statements in conformity with such principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(b)</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">In connection with the mortgage financing on certain of its properties, the Partnership placed the assets and liabilities of the properties into single asset limited partnerships, limited liability companies or land trusts which hold title to the properties. The Partnership has effective control over such entities and holds <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the beneficial interest. Accordingly, the financial statements of these subsidiaries are consolidated with those of the Partnership.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(c)</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Depreciation of buildings, furnishings and improvements is computed using the straight-line method of depreciation, based upon the estimated useful lives of the related properties, as follows:</div></div> </td> </tr> </table> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0px" cellpadding="0pt" cellspacing="0pt" style="; text-indent: 0px; font-size: 10pt; margin: 0pt 10%;"> <tr> <td style="width: 88%; vertical-align: top;">&nbsp;</td> <td colspan="3" rowspan="1" style="width: 44%; vertical-align: top; text-align: center;"><div style="display: inline; font-weight: bold;">(in years)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 88%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Buildings and Improvements</div> </td> <td style="width: 4%; vertical-align: top; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 4%; vertical-align: top; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 4%; vertical-align: top;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">40</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 88%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Furnishings</div> </td> <td style="width: 4%; vertical-align: top; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 4%; vertical-align: top; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 4%; vertical-align: top;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">7</div> </td> </tr> </table> </div> <div style=" margin: 0pt 0pt 0pt 65.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%;">&nbsp;</td> <td style="width: 95%; font-family: Times New Roman; font-size: 10pt;">Investments in real estate are carried at historical cost and reviewed periodically for impairment. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for improvements, renewals and betterments, which increase the useful life of the real estate, are capitalized. Upon retirement or sale of property, the related cost and accumulated depreciation are removed from the accounts. Amortization of deferred financing and refinancing costs is computed by amortizing the cost on a straight-line basis over the terms of the related mortgage notes.</td> </tr> <tr style="vertical-align: top;"> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; font-family: Times New Roman; font-size: 10pt;">(d)</td> <td style="width: 95%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Real estate properties are regularly evaluated on a property by property basis to determine if it is appropriate to write down carrying values to recognize an impairment of value. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. Based on the Partnership&#x2019;s long-term hold strategy for its investments in real estate, the carrying value of its property at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> is estimated to be fully realizable.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(e)</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Real estate held for sale is carried at the lower of cost or fair value less selling costs. Upon determination that a property is held for sale, depreciation of such property is no longer recorded.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(f)</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less when purchased to be cash equivalents. From time to time, the Partnership has on deposit at financial institutions amounts that exceed current federal deposit insurance limitations. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 3%;">&nbsp;</td> <td style="width: 2%; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(g)</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership accounts for its investment in Sentinel Omaha, LLC at fair value. Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not subject to precise quantification or verification and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> change from time to time as economic and market factors change. (see Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7)</div></div></div> </td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 36pt;">&nbsp;</td> <td style="width: 29pt; vertical-align: top;">(h)<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div></td> <td style="vertical-align: top;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Tenant leases at the multifamily properties owned by Omaha generally have terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less. Rental income at the multifamily properties is recognized when earned pursuant to the terms of the leases with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenants.</div> The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">tenant</div> lease at the industrial flex property has a term that exceeds <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. Rental income at the industrial flex property is recognized on a straight-line basis over the term of the lease.</div></td> </tr> <tr> <td style="width: 36pt;">&nbsp;</td> <td style="width: 29pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(i)</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gains on sales of investments in real estate are recognized in accordance with accounting principles generally accepted in the United States of America applicable to sales of real estate which require minimum levels of initial and continuing investment by the purchaser, and certain other tests be met, prior to the full recognition of profit at the time of the sale. When the tests are not met, gains on sales are recognized on either the installment or cost recovery methods.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 36pt;">&nbsp;</td> <td style="width: 29pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(j)</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no provision has been made in the accompanying consolidated financial statements for Federal, state or local income taxes.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 36pt;">&nbsp;</td> <td style="width: 29pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(k)</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Net income per unit of partnership interest has been computed based on the weighted average number of units of partnership interest outstanding during each year. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> potentially dilutive securities outstanding during each year.</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <tr> <td style="width: 36pt;">&nbsp;</td> <td style="width: 29pt; vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(l)</div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Partnership is engaged in only <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> industry segment, real estate investment, and therefore information regarding industry segments is not applicable and is not included in these consolidated financial statements.</div></div></td> </tr> </table></div> 10749000 13552000 7363 13887 6825000 11601000 10225000 131157 153473 160464 5008000 5187000 352952 351743 456391 21895138 11661861 119968973 -111721586 -13128333 -4880946 119968973 -111721586 -14003499 -5756112 119968973 -111721586 3431406 11678793 119968973 -111721586 13663363 21910750 10000 -26364 -2704 -19068 10000 -26364 -2817 -19181 10000 -26364 -568 -16932 10000 -26364 752 -15612 7753 7753 7753 7753 1 1 1 1 63948 200000 -200000 15595492 0.02 16050000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0px" cellpadding="0pt" cellspacing="0pt" style="; text-indent: 0px; font-size: 10pt; margin: 0pt 10%;"> <tr> <td style="width: 88%; vertical-align: top;">&nbsp;</td> <td colspan="3" rowspan="1" style="width: 44%; vertical-align: top; text-align: center;"><div style="display: inline; font-weight: bold;">(in years)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 88%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Buildings and Improvements</div> </td> <td style="width: 4%; vertical-align: top; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 4%; vertical-align: top; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 4%; vertical-align: top;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">40</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 88%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Furnishings</div> </td> <td style="width: 4%; vertical-align: top; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 4%; vertical-align: top; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 4%; vertical-align: top;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">7</div> </td> </tr> </table></div> P5Y P40Y P5Y P7Y <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9)</div> QUARTERLY FINANCIAL INFORMATION (UNAUDITED)</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Net Income (Loss) per Unit of</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Revenues from</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Limited</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Equity</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Continuing</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Net Income</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Partnership</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Income (Loss)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 52%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Loss)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Interest</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">on Investment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td><div style="display: inline; text-decoration: underline;">Year ended December 31, 2016</div></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">First Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">833,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,972,800</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Second Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,781</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,517,735</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195.76</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,289,592</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Third Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,304</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,315,680</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">298.68</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,872,219</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Fourth Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">267,947</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,565,883</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">717.90</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(239,868</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Year ended December 31, 2015</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">First Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,485</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140,724</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18.15</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,153,131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Second Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,489</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(128,399</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16.56</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,130,278</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Third Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,345</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,601,839</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,754.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,337,038</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Fourth Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">261,768</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,104,438</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,521,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 1769982 4900846 4420952 1927326 1927326 0 3269790 0 5016185 470000 772801 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 40%;"><div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SB PARTNERS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="12" style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">DECEMBER 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column A</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column B</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column C</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column D</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Initial Cost to the Registrant</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Costs</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Capitalized</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Buildings and</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Subsequent</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Encumbrances</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Land</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Improvements</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">to Acquisition</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Minnesota -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,016,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">772,801</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 52%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column A</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column E</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column F</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Gross amount at which Carried at End of Year</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="10" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Notes a &amp; c)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Accumulated</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Buildings and</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Depreciation</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Land</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Improvements</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Total</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Notes b &amp; d)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt;">Minnesota -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,016,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">&nbsp;</div> <div style="">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SB PARTNERS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td colspan="7" style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5.61414e+8%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">DECEMBER 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Column A</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column G</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column H</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Column I</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="text-align: center; width: 14%;">&nbsp;</td> <td style="text-align: center; width: 14%;">&nbsp;</td> <td style="text-align: center; width: 1%;">&nbsp;</td> <td style="text-align: center; width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Life on which</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Depreciation in</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Latest Statement</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Date of</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Date</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">of Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Description</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Construction</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Acquired</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; width: 1%;">&nbsp;</td> <td colspan="3" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 54%;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">is Computed (in years)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 56%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 56%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">INDUSTRIAL FLEX</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 5%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 56%; padding-left: 9pt;">Minnesota -</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 4%;">&nbsp;</td> <td style="width: 5%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 56%; padding-left: 18pt;">Maple Grove (Eagle Lake Business Center IV)</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2000</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 14%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Jun 2002</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;7</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td colspan="2" style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">NOTES TO SCHEDULE III:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 912px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">(a)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Reconciliation of amounts shown in Column E:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at beginning of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Additions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Cost of improvements</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">149,212</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Deductions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Sales</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,296,036</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at end of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,633,009</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">(b)</div> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Reconciliation of amounts shown in Column F:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; width: 912px;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance at beginning of year</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,900,846</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,420,952</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Additions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Depreciation expense for the year</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,344</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">138,926</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">479,894</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 9pt;">Deductions -</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px; padding-left: 18pt;">Sales</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,269,790</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 45px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 912px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,900,846</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">(c)</td> <td style="width: 912px;">Aggregate cost basis for Federal income tax reporting purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,151,797</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,151,797</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,124,541</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 45px;">&nbsp;</td> <td style="width: 912px;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 45px;">(d)</td> <td style="width: 912px;">Accumulated depreciation for Federal income tax reporting purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,958,045</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,845,433</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,513,791</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 5016185 470000 P7Y P39Y 0 15296036 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4)</div> INVESTMENTS IN REAL ESTATE</div></div> <div style="">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Partnership owned an industrial flex property in Maple Grove, Minnesota. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Partnership also owned a warehouse distribution property in Lino Lakes, Minnesota (see note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5).</div> The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015:</div></div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Real Estate at Cost</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">No. of</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Year of</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 40%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Type</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Prop.</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Acquisition</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">12/31/16</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">12/31/15</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Industrial flex property</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2002</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,345sf</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Less: accumulated depreciation</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net book value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,558,859</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,716,203</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 5151797 5151797 20124541 5486185 20633009 20633009 5486185 12026246 0 149212 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 62%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Balance Sheet</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Investment in real estate properties, at fair value</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,460</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,615</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,749</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,552</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(254,913</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(267,674</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,008</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,187</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Members' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129,288</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,306</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Statement of Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Rent and other income</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,266</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,125</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Real estate operating expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,062</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,221</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,871</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,825</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,601</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,225</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net unrealized gains</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,603</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,779</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,907</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,807</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,936</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 1927326 1769982 15296036 5486185 5486185 3558859 3716203 378460000 355615000 378460000 126662 125449 130661 10000000 200000 26415 24715 10000000 11930430 226415 3966148 13973 501145 500244 200000 200000 44266000 41850000 39125000 1059344 1016087 1087303 262312 262781 266304 267947 248485 248489 257345 261768 157344 138926 479894 80250 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Net Carrying Amount</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Annual</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">December 31,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Interest Rate</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Installment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Amount Due</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 28%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Property</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Rate</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Maturity Date</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Payments</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">at Maturity</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td><div style="display: inline; text-decoration: underline;">Loan payable:</div></td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 9%; text-align: right;">&nbsp;</td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Bank Loan (a):</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Note B</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,986,888</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td>Less: unamortized finance costs</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(29,118</div></td> <td>)</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(50,956</div></td> <td>)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,731,355</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,935,932</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">For the Years Ended December 31,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">2014</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 55%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income (loss) for financial reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,233,277</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,437,154</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(875,279</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;">Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">749,124</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Difference between tax and financial statement equity in net income/loss of investment</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,999,145</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,750,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(247,710</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;">Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">481,619</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(619,789</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">791,155</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Difference between tax and financial statement depreciation</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,424</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(230,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,879</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net income (loss) for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,585,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net ordinary income (loss) for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,043,005</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net capital (Sec. 1231) gain for Federal income tax reporting purposes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,628,513</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,723,175</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,585,508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(310,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Weighted average number of units of limited partnership interest outstanding</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,753</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 81%;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2018</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2019</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2020</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">2021</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Thereafter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Net Income (Loss) per Unit of</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Revenues from</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Limited</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Equity</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Continuing</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Net Income</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">Partnership</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Income (Loss)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 52%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Operations</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">(Loss)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Interest</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">on Investment</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td><div style="display: inline; text-decoration: underline;">Year ended December 31, 2016</div></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">First Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">833,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107.57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,972,800</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Second Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,781</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,517,735</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195.76</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,289,592</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Third Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,304</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,315,680</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">298.68</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,872,219</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Fourth Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">267,947</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,565,883</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">717.90</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(239,868</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Year ended December 31, 2015</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">First Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,485</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140,724</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18.15</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,153,131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Second Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,489</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(128,399</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16.56</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,130,278</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Third Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,345</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,601,839</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,754.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,337,038</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Fourth Quarter</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">261,768</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,104,438</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,521,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Real Estate at Cost</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">No. of</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Year of</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 40%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Type</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Prop.</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Acquisition</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">Description</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: center;">12/31/16</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt; 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font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Industrial flex property</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2002</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,345sf</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,486,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Less: accumulated depreciation</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,927,326</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,769,982</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net book value</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,558,859</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,716,203</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 98616 95818 53242 117004 131120 129288000 96306000 16603000 63779000 6907000 1 7753 7753 7753 7753 On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008 and provided for interest only monthly payments based upon LIBOR plus 1.95%. 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Document And Entity Information
$ in Thousands
 12 Months Ended
Dec. 31, 2016
USD ($)
shares
Document Information [Line Items]  
Entity Registrant Name SB PARTNERS
Entity Central Index Key 0000087047
Trading Symbol sbp
Current Fiscal Year End Date --12-31
Entity Filer Category Non-accelerated Filer
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Entity Common Stock, Shares Outstanding (in shares) | shares 0
Entity Public Float | $ $ 0
Document Type 10-K
Document Period End Date Dec. 31, 2016
Document Fiscal Year Focus 2016
Document Fiscal Period Focus FY
Amendment Flag false
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Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Assets:    
Land $ 470,000 $ 470,000
Buildings, furnishings and improvements 5,016,185 5,016,185
Less - accumulated depreciation (1,927,326) (1,769,982)
3,558,859 3,716,203
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $13,575,238 and $14,445,826 at December 31, 2016 and 2015, respectively 25,211,157 14,445,826
28,770,016 18,162,029
Other Assets -    
Cash and cash equivalents 1,327,197 1,206,899
Restricted Cash and Cash Equivalents 200,000
Cash in escrow 501,145 500,244
Other 7,363 13,887
Total assets 30,605,721 20,083,059
Liabilities:    
Loan payable, net of unamortized deferred finance costs of $29,118 and $50,956 as of December 31, 2016 and 2015, respectively 5,731,355 5,935,932
Accounts payable 419,755 370,209
Tenant security deposit 98,616 95,818
Accued expenses 2,460,857 2,019,239
Total liabilities 8,710,583 8,421,198
Partners' Equity (Deficit):    
Limited partner - 7,753 units 21,910,750 11,678,793
General partner - 1 unit (15,612) (16,932)
Total partners' equity 21,895,138 11,661,861
Total liabilities and partners' equity $ 30,605,721 $ 20,083,059
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Consolidated Balance Sheets (Parentheticals) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Investment in Sentinel Omaha, LLC, reserve for fair value $ 13,575,238 $ 14,445,826
Deferred finance costs $ 29,118 $ 50,956
Limited partner - units (in shares) 7,753 7,753
General partner - units (in shares) 1 1
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Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Base rental income $ 702,768 $ 662,991 $ 629,951
Other rental income 352,952 351,743 456,391
Interest on short-term investments and other 3,624 1,353 961
Total revenues 1,059,344 1,016,087 1,087,303
Expenses:      
Real estate operating expenses 286,536 314,306 334,195
Interest on loan payable 365,183 508,197
Amortization of deferred financing costs 21,840 21,838 40,437
Depreciation 157,344 138,926 126,683
Real estate taxes 126,662 125,449 130,661
Management fees 867,859 875,788 869,228
Other 131,157 153,473 160,464
Total expenses 1,591,398 1,994,963 2,169,865
Loss from operations (532,054) (978,876) (1,082,562)
Equity in net income of investment 9,894,743 22,142,099 5,080,602
Adjustment to reserve for value of investment 870,588 (7,696,273) (5,080,602)
Income (loss) from continuing operations 10,233,277 13,466,950 (1,082,562)
Income from discontinued operations 400,958 207,283
Net gain on sale of investment in real estate property 3,569,246
Net income 10,233,277 17,437,154 (875,279)
Income (loss) allocated to general partner 1,320 2,249 (113)
Income (loss) allocated to limited partners $ 10,231,957 $ 17,434,905 $ (875,166)
Income (loss) per unit of limited partnership interest (basic and diluted)      
Income (loss) from continuing operations (in dollars per share) $ 1,319.91 $ 1,737 $ (139.63)
Income from discontinued operations (including gain on sale) (in dollars per share) 512.09 26.74
Net income (loss) (in dollars per share) $ 1,319.91 $ 2,249.09 $ (112.89)
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) 7,753 7,753 7,753
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Partners' Equity (Deficit) - USD ($)
Limited Partner [Member]
Units of Partnership [Member]
Limited Partner [Member]
Cumulative Cash Distributions [Member]
Limited Partner [Member]
Retained Earnings [Member]
Limited Partner [Member]
General Partner [Member]
Units of Partnership [Member]
General Partner [Member]
Cumulative Cash Distributions [Member]
General Partner [Member]
Retained Earnings [Member]
General Partner [Member]
Total
Balance (in shares) at Dec. 31, 2013 7,753       1        
Balance at Dec. 31, 2013 $ 119,968,973 $ (111,721,586) $ (13,128,333) $ (4,880,946) $ 10,000 $ (26,364) $ (2,704) $ (19,068)  
Net income (loss)     (875,166) (875,166)     (113) (113) $ (875,279)
Balance (in shares) at Dec. 31, 2014 7,753       1        
Balance at Dec. 31, 2014 $ 119,968,973 (111,721,586) (14,003,499) (5,756,112) $ 10,000 (26,364) (2,817) (19,181)  
Net income (loss)     17,434,905 17,434,905     2,249 2,249 17,437,154
Balance (in shares) at Dec. 31, 2015 7,753       1        
Balance at Dec. 31, 2015 $ 119,968,973 (111,721,586) 3,431,406 11,678,793 $ 10,000 (26,364) (568) (16,932) 11,661,861
Net income (loss)     10,231,957 10,231,957     1,320 1,320 10,233,277
Balance (in shares) at Dec. 31, 2016 7,753       1        
Balance at Dec. 31, 2016 $ 119,968,973 $ (111,721,586) $ 13,663,363 $ 21,910,750 $ 10,000 $ (26,364) $ 752 $ (15,612) $ 21,895,138
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities:      
Net income (loss) $ 10,233,277 $ 17,437,154 $ (875,279)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Net gain on sale of investment in real estate property (3,569,246)
Equity in net income of investment (9,894,743) (22,142,099) (5,080,602)
Adjustment of reserve for fair value of investment (870,588) 7,696,273 5,080,602
Depreciation and amortization 179,184 162,732 522,695
Net decrease (increase) in other assets 6,524 17,408 (2,816)
Net increase (decrease) in accounts payable 49,546 52,216 (71,353)
Net increase in tenant security deposit 2,798 2,798 2,798
Net increase (decrease) in accrued expenses 441,617 (663,791) 747,160
Net cash provided by (used in) operating activites 147,615 (1,006,555) 323,205
Cash Flows From Investing Activities:      
Net proceeds from sale of investment in real estate property 15,595,492
Interest earned on cash in escrow (902) (50) (50)
Capital additions to real estate owned (149,213)
Net cash provided by (used in) investing activites (902) 15,446,229 (50)
Cash Flows From Financing Activities:      
Repayment of mortgage note in discontinued operations (10,000,000)
Repayment of loan payable (226,415) (3,966,148) (13,973)
Decrease (increase) in restricted cash 200,000 (200,000)
Net cash (used in) financing activities (26,415) (14,166,148) (13,973)
Net change in cash and cash equivalents 120,298 273,526 309,182
Cash and cash equivalents at beginning of year 1,206,899 933,373 624,191
Cash and cash equivalents at end of year 1,327,197 1,206,899 933,373
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest $ 1,881,719 $ 784,030
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 1 - Organization and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
SB PARTNERS
 
Notes to Consolidated Financial Statements
 
(1)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
 
SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership"), have been engaged since
April
1971
in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership.
 
The significant accounting and financial reporting policies of the Partnership are as follows:
  (a)
The accompanying consolidated financial statements include the accounts of SB Partners and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenues are recognized as earned and expenses are recognized as incurred. The preparation of financial statements in conformity with such principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
(b)
In connection with the mortgage financing on certain of its properties, the Partnership placed the assets and liabilities of the properties into single asset limited partnerships, limited liability companies or land trusts which hold title to the properties. The Partnership has effective control over such entities and holds
100%
of the beneficial interest. Accordingly, the financial statements of these subsidiaries are consolidated with those of the Partnership.
 
(c)
Depreciation of buildings, furnishings and improvements is computed using the straight-line method of depreciation, based upon the estimated useful lives of the related properties, as follows:
 
 
(in years)
Buildings and Improvements
5
to
40
Furnishings
5
to
7
 
    Investments in real estate are carried at historical cost and reviewed periodically for impairment. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for improvements, renewals and betterments, which increase the useful life of the real estate, are capitalized. Upon retirement or sale of property, the related cost and accumulated depreciation are removed from the accounts. Amortization of deferred financing and refinancing costs is computed by amortizing the cost on a straight-line basis over the terms of the related mortgage notes.
  (d)
Real estate properties are regularly evaluated on a property by property basis to determine if it is appropriate to write down carrying values to recognize an impairment of value. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. Based on the Partnership’s long-term hold strategy for its investments in real estate, the carrying value of its property at
December
31,
2016
is estimated to be fully realizable.
 
(e)
Real estate held for sale is carried at the lower of cost or fair value less selling costs. Upon determination that a property is held for sale, depreciation of such property is no longer recorded.
 
(f)
For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of
three
months or less when purchased to be cash equivalents. From time to time, the Partnership has on deposit at financial institutions amounts that exceed current federal deposit insurance limitations. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
 
(g)
The Partnership accounts for its investment in Sentinel Omaha, LLC at fair value. Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not subject to precise quantification or verification and
may
change from time to time as economic and market factors change. (see Notes
6
and
7)
 
  (h)
 
Tenant leases at the multifamily properties owned by Omaha generally have terms of
one
year or less. Rental income at the multifamily properties is recognized when earned pursuant to the terms of the leases with
tenants.
The
tenant
lease at the industrial flex property has a term that exceeds
one
year. Rental income at the industrial flex property is recognized on a straight-line basis over the term of the lease.
 
(i)
Gains on sales of investments in real estate are recognized in accordance with accounting principles generally accepted in the United States of America applicable to sales of real estate which require minimum levels of initial and continuing investment by the purchaser, and certain other tests be met, prior to the full recognition of profit at the time of the sale. When the tests are not met, gains on sales are recognized on either the installment or cost recovery methods.
 
(j)
Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no provision has been made in the accompanying consolidated financial statements for Federal, state or local income taxes.
 
(k)
Net income per unit of partnership interest has been computed based on the weighted average number of units of partnership interest outstanding during each year. There were
no
potentially dilutive securities outstanding during each year.
 
(l)
The Partnership is engaged in only
one
industry segment, real estate investment, and therefore information regarding industry segments is not applicable and is not included in these consolidated financial statements.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 2 - Changes in Accounting Method
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
(2)
CHANGE IN ACCOUNTIN
G METHOD
 
In
April
2015,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.
2015
-
3,
Simplifying the Presentation of Debt Issuance Costs
(ASU
2015
-
3),
which changes the presentation of debt issuance costs in financial statements. ASU
2015
-
3
requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. ASU
2015
-
3
is effective for annual reporting periods beginning after
December
15,
2015.
The new guidance has been applied retrospectively to each prior period presented.
 
The consolidated balance sheets for the periods ended
December
31,
2016
and
December
31,
2015
report the unamortized deferred financing costs as deductions from the loan payable.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 3- Investment Management Agreement
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Investment Management Agreement [Text Block]
(3)
INVESTMENT MANAGEMENT AGREEMENT
 
The Partnership entered into a management agreement with the General Partner. Under the terms of this agreement, the General Partner is responsible for the acquisition, management and disposition of all investments, as well as performance of the day-to-day administrative operations and provision of office space for the Partnership.
 
For these services, the General Partner receives a management fee equal to
2%
of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and
0.5%
of capital not invested in real estate, as defined in the partnership agreement.
The management fee amounted to
$867,859,
$875,788
and
$869,228
for the years ended
December
31,
2016,
2015,
and
2014,
respectively. Of the amounts earned in
2016,
2015
and
2014,
$441,618,
$449,548
and
$442,988,
respectively has been deferred while the obligations under the Loan Agreement are outstanding. The deferred amounts total
$2,460,857
and
$2,019,239
and are included in accrued expenses on the balance sheet as of
December
31,
2016
and
2015,
respectively.
In addition, the General Partner is entitled to
25%
of cash distributions in excess of the annual distribution preference, as defined in the partnership agreement.
No
such amounts were due for the years ended
December
31,
2016,
2015
or
2014.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 4 - Investments in Real Estate
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Real Estate Disclosure [Text Block]
(
4)
INVESTMENTS IN REAL ESTATE
 
 
During
2016
and
2015
the Partnership owned an industrial flex property in Maple Grove, Minnesota. During
2015,
the Partnership also owned a warehouse distribution property in Lino Lakes, Minnesota (see note
5).
The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of
December
31,
2016
and
2015:
 
                           
Real Estate at Cost
  
   
No. of
    
Year of
                          
Type
  
Prop.
    
Acquisition
    
Description
    
12/31/16
    
12/31/15
  
                                         
                                         
Industrial flex property
    
1
      
2002
      
60,345sf
     $
5,486,185
     $
5,486,185
  
                                         
Less: accumulated depreciation
    
 
      
 
      
 
      
(1,927,326
 )    
(1,769,982
 )
                                         
Net book value
    
 
      
 
      
 
     $
3,558,859
     $
3,716,203
  
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 5 - Real Estate Transaction
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Real Estate Held for Sale [Text Block]
(
5)
REAL ESTATE TRANSACTION
 
On
September
17,
2015,
the Partnership sold Lino Lakes for
$16,050,000
in an all cash transaction. The net proceeds from the sale were used, in part, to retire the mortgage note of
$10,000,000
that had been secured by the property and to pay down the Partners
hip’s loan (see Note
8).
The carrying value at the time of the sale was
$12,026,246
which resulted in a net gain for financial reporting purposes of
$3,569,246
after closing costs of
$454,508.
The closing costs of
$454,508
included a sale commission of
$80,250
paid to an affiliate of the general partner. The historical cost of the property at the time of the sale was
$15,296,036.
The results of operations for the years ended
December
31,
2015
and
2014
are reflected as income from discontinued operations in the accompanying consolidated statements of operations.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Assets Measured at Fair Value
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Fair Value, Measurement Inputs, Disclosure [Text Block]
(
6)
ASSETS MEASURED AT FAIR VALUE
 
The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into
three
levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value
measurement.
 
Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.
 
The
three
levels of fair value hierarchy are described below:
 
 
●
Level
1
- Unadjusted quoted prices in active markets that are accessible at the
measurement date for identical unrestricted assets or liabilities;
 
 
●
Level
2
- Quoted prices in active markets for similar assets and liabilities or
quoted prices in less active dealer or broker markets;
 
 
●
Level
3
- Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.
 
The following major categories of assets were measured at fair value during
the year ended
December
31,
2016
and
2015:
 
 
   
Level 3:
          
   
Significant
          
   
Unobservable
    
2016
  
   
Inputs
    
Total
  
                 
Assets
                
Investment in Sentinel Omaha, LLC   $
38,786,395
     $
38,786,395
  
Reserve for fair value of investment    
(13,575,238
 )    
(13,575,238
 )
                 
Total assets
   $
25,211,157
     $
25,211,157
  
 
   
Level 3:
          
   
Significant
          
   
Unobservable
    
2015
  
   
Inputs
    
Total
  
                 
Assets
                
Investment in Sentinel Omaha, LLC   $
28,891,652
     $
28,891,652
  
Reserve for fair value of investment    
(14,445,826
 )    
(14,445,826
 )
                 
Total assets
   $
14,445,826
     $
14,445,826
  
 
The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level
3)
during the years
ended
December
31,
2016
and
2015:
 
   
Investment in
    
Reserve for
          
   
Sentinel
    
fair value
          
   
Omaha, LLC
    
of investment
    
Total
  
                         
Balance at January 1, 2015
   $
6,749,553
     $
(6,749,553
 )   $
-
  
Equity in net income of investment
    
22,142,099
      
-
      
22,142,099
  
Increase in reserve
    
-
      
(7,696,273
 )    
(7,696,273
 )
Balance at December 31, 2015
    
28,891,652
      
(14,445,826
 )    
14,445,826
  
Equity in net income of investment
    
9,894,743
      
-
      
9,894,743
  
Decrease in reserve
    
-
      
870,588
      
870,588
  
Balance at December 31, 2016
   $
38,786,395
     $
(13,575,238
 )   $
25,211,157
  
 
On
September
30,
2015,
Omaha refinanced
six
properties which had been encumbered by a single secured credit facility with a high fixed interest rate. Previously, a refinancing of the secured credit facility would have required significant prepayment penalties which made a refinancing cost prohibitive. On
September
30,
2015,
the prepayment penalties were reduced enough that combined with stronger valuation rates, each property
’s borrowing capacity was sufficient to support a new separate mortgage with enough combined proceeds to pay off the credit facility and the prepayment penalties. The
six
new mortgages have lower interest rates although the new interest rates are floating rates, subject to changes in the credit markets. Omaha is precluded from making distributions to its investors until its unsecured loan is paid in full. However, based on a review of the
2015
property operations and applying the terms of the new mortgages and barring any unforeseen downturn in the real estate and capital markets, Registrant anticipates Omaha has a more likely than not chance to improve the operations of the real estate assets, sell the assets at values sufficient to pay off the mortgages and after paying off the unsecured bank loan, make distributions to its investors for a portion of the original capital invested. Therefore, Registrant as of the year ended
December
31,
2015
has recognized a value in the Omaha investment equal to Registrant’s
30%
portion of the equity reported on Omaha’s balance sheet as of
December
31,
2015
less a
50%
reserve (see Note
7).
During
2016,
the net operating income reported for Omaha’s properties continued to improve which led to an increase in the real estate values. Omaha continued to make payments on its unsecured loan. However, Omaha’s mortgages and unsecured loan are encumbered with floating interest rates which started to increase near the end of
2016.
Omaha’s unsecured loan has a maturity date of
December
31,
2017.
Omaha has
one
option to extend the maturity date to
June
30,
2018.
It is unlikely Omaha will be able to pay off the unsecured loan from net operating cash flow or refinancing proceeds. Omaha
will have to sell some of the properties which will reduce the net cash flow which could be available for distribution to the investors after the unsecured loan is paid off.
Registrant as of the year ended
December
31,
2016
has recognized a value in the Omaha investment equal to Registrant’s
30%
portion of the equity reported on Omaha’s balance sheet as of
December
31,
2016
less a
35%
reserve.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
(
7)
INVESTMENT IN SENTINEL OMAHA, LLC
 
I
n
2007,
the Registrant made an investment in the amount of
$37,200,000
representing a
thirty
percent ownership interest in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company which as of
December
31,
2016
owns
14
multifamily properties in
10
markets. Omaha is an affiliate of the Partnership’s general partner. The Omaha annual audited financial statements are filed as an exhibit to the Partnership’s annual Form
10
-K filed with the SEC.
 
With respect to its investment in Omaha, the Registrant elected to adopt
Accounting Standards Codification Topic
825.
Accordingly, the investment is presented at fair value. Adoption was elected, in part, because the audited financial statements of Omaha are presented at fair value and it was believed that a similar presentation would best reflect the value of the Registrant’s investment from its inception.
 
The following are the
audited condensed financial statements
(000’s
omitted) of Omaha as of
December
31,
2016
and
2015
and for each of the
three
years in the period ended
December
31,
2016.
 
Balance Sheet
  
2016
    
2015
  
                 
Investment in real estate properties, at fair value
   $
378,460
     $
355,615
  
Other assets
    
10,749
      
13,552
  
Debt
    
(254,913
 )    
(267,674
 )
Other liabilities
    
(5,008
 )    
(5,187
 )
Members' equity
   $
129,288
     $
96,306
  
 
Statement of Operations
  
2016
    
2015
    
2014
  
                         
Rent and other income
   $
44,266
     $
41,850
     $
39,125
  
Real estate operating expenses
    
(21,062
 )    
(20,221
 )    
(18,871
 )
Other expenses
    
(6,825
 )    
(11,601
 )    
(10,225
 )
Net unrealized gains
    
16,603
      
63,779
      
6,907
  
                         
Net income
   $
32,982
     $
73,807
     $
16,936
  
 
Determination of the fair value of Omaha involves numerous estimates and subjec
tive judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not subject to precise quantification or verification and
may
change from time to time as economic and market factors change.
 
Estimated fair value calculations were prepared by Omaha's management utilizing Level
3
inputs.
 
T
he investment in Omaha is not consolidated because other investors have substantive ownership and participative rights regarding Omaha’s operations and therefore control does not vest in the Registrant. Were the Partnership deemed to control Omaha, it would have to be consolidated and therefore would impact the financial statements and related ratios.
 
The values of real estate properties have been prepared giving consideration to the income and
sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. Omaha’s real estate properties are classified within Level
3
of the valuation hierarchy.
 
 
The mortgage notes payable are all variable
rate loans at
December
31,
2016;
therefore they are reported at amortized cost.
 
The following table shows quantitative information about significant unobservable inputs related
to Level
3
fair value measurement used at
December
31,
2016
(000’s
omitted):
 
   
Fair
  
Valuation
Unobservable
  
Range
  
   
Value
  
Techniques
Inputs
  
(Weighted Average)
  
                         
Investment in real estate properties   $
378,460
  
Discounted cash flows (DCF)
Discount rate
  
 6.75%
-
9.00%
(7.66%)
  
                         
     
 
  
 
Capitalization rate
  
 5.25%
-
6.5%
(5.93%)
  
                         
     
 
  
 
DCF Term (years)
  
10 years
  
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 8 - Loan Payable
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Debt Disclosure [Text Block]
(
8)
LOAN PAYABLE
 
Loan payable consists of the following:
 
                                   
Net Carrying Amount
  
                   
Annual
            
December 31,
  
   
Interest Rate
            
Installment
    
Amount Due
                  
Property
  
Rate
    
Maturity Date
    
Payments
    
at Maturity
    
2016
    
2015
  
                                                 
Loan payable:
                                                
                                                 
Bank Loan (a):
                                                
Note B
                                    
5,760,473
      
5,986,888
  
Less: unamortized finance costs                                    
(29,118
 )    
(50,956
 )
                                                 
                                    $
5,731,355
     $
5,935,932
  
 
  (a)
On
September
17,
2007,
the Partnership entered into a bank loan (the “Loan”) with a bank (“Holder”) in the amount of
$22,000,000,
which matured on
October
1,
2008
and provided for interest only monthly payments based upon LIBOR plus
1.95%.
On
April
29,
2011,
the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement (“Loan Agreement”) on the following terms:
 
 
1)
In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of
$11,930,430,
reducing the balance due under the unsecured credit facility to
$10,069,570.
The payment was made from proceeds resulting from the sale of
175
Ambassador Drive. Additional proceeds from the sale were used to pay Holder
’s legal and appraisal
costs and to fund a reserve account for future
tenant
improvement and leasing costs, as needed.
The remaining outstanding obligation in the amount of
$10,069,570
was divided into
two
notes (“Note A” and “Note B;” together, the “Notes”).
 
 
2)
Note A which had a balance of
$3,768,751
as of
September
18,
2015
was paid off in full using proceeds from the sale of Lino Lakes
.
 
 
3)
No
te B in the amount of
$5,760,473
has a maturity date of
April
29,
2018
.
The Partnership has
three
1
-year options to extend the maturity date if certain conditions are satisfied. Note B previously accrued interest at an annual fixed rate of
5%
but only until all interest and principal had been paid in full on Note A. Accrued interest related to Note B in the amount of
$1,335,833
was paid off in full on
September
18,
2015
using sales proceeds from the sale of Lino Lakes. Thereafter Note B does not accrue any interest. Except as discussed below, payments of principal are deferred until Registrant’s investment in Sentinel Omaha LLC (“Omaha”) pays distributions to the Partnership or the Partnership sells Eagle Lake Business Center IV or its investment in Omaha. Distributions from Omaha or net proceeds from the sale of Eagle IV or Omaha would be used
first
to pay the outstanding principal balance of Note B. If there are no distributions from Omaha prior to the Note B maturity, principal is due at maturity, subject to the above mentioned extensions.
 
 
4)
Note B
may
be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the
application of payments. The Partnersh
ip’s obligations under Note B
may
be accelerated upon default.
 
 
 
5)
Until the Partnersh
ip’s obligations under the Note B are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward Note B while retaining the other portion to increase cash reserves.
On
September
17,
2015,
Registrant sold Lino Lakes. An amount of
$200,000
of net sales proceeds had been held in reserve pending the expiration of the representations and warranties period as stipulated in the sales contract. On
March
15,
2016,
the representation and warranties period expired. There were no charges made against this reserve, therefore in
March
2016,
the
$200,000
was used to further pay down the principal balance of the Note B in accordance with the terms of the Loan Agreement. On
May
16,
2016,
the partnership paid
$26,415
to the Holder to pay down a portion of the outstanding balance of Note B. The proceeds represented excess net operating income, as defined, for the
twelve
months ended
April
30,
2016.
On
May
28,
2015,
the Partnership paid
$24,715
to the Holder to pay down a portion of the outstanding balance of Note A. The proceeds represented excess net operating income, as defined, for the
twelve
months ended
April
30,
2015.
While the obligations under Note B are outstanding the Partnership is precluded from making distributions to its partners.
 
 
6)
The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Note
B remains outstanding. As of
December
31,
2016
and
2015,
$2,460,857
and
$2,019,239,
respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet.
 
 
7)
As additional security for the Partnership’s payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (“Eagle IV Security Agreement”) and a Pledge Agreement (“Eagle IV Pledge Agreement”) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota (“Eagle IV”) of up to
$5,000,000.
The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership’s remaining properties and investments.
 
Scheduled pri
ncipal payments on the loan payable are as follows:
 
2017
   $
-
  
2018
    
5,760,473
  
2019
    
-
  
2020
    
-
  
2021
    
-
  
Thereafter
    
-
  
         
Total
   $
5,760,473
  
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 9 - Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
(
9)
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 
                  Net Income (Loss) per Unit of        
   
Revenues from
             Limited    
Equity
  
   
Continuing
    
Net Income
     Partnership    
Income (Loss)
  
   
Operations
    
(Loss)
    
Interest
    
on Investment
  
Year ended December 31, 2016
                                
                                 
First Quarter
   $
262,312
     $
833,979
     $
107.57
     $
1,972,800
  
Second Quarter
    
262,781
      
1,517,735
      
195.76
      
3,289,592
  
Third Quarter
    
266,304
      
2,315,680
      
298.68
      
4,872,219
  
Fourth Quarter
    
267,947
      
5,565,883
      
717.90
      
(239,868
 )
                                 
Year ended December 31, 2015
                                
                                 
First Quarter
   $
248,485
     $
(140,724
 )   $
(18.15
 )   $
1,153,131
  
Second Quarter
    
248,489
      
(128,399
 )    
(16.56
 )    
1,130,278
  
Third Quarter
    
257,345
      
13,601,839
      
1,754.40
      
11,337,038
  
Fourth Quarter
    
261,768
      
4,104,438
      
529.40
      
8,521,652
  
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 10 - Federal Income Tax Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
(
10)
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
 
A reconciliation of net
income (loss) for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows:
 
   
For the Years Ended December 31,
  
   
2016
    
2015
    
2014
  
                         
Net income (loss) for financial reporting purposes
   $
10,233,277
     $
17,437,154
     $
(875,279
 )
                         
Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities    
-
      
749,124
      
-
  
                         
Difference between tax and financial statement equity in net income/loss of investment    
(8,999,145
 )    
(14,750,473
 )    
(247,710
 )
                         
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes    
481,619
      
(619,789
 )    
791,155
  
                         
Difference between tax and financial statement depreciation
    
7,424
      
(230,508
 )    
20,879
  
                         
Net income (loss) for Federal income tax reporting purposes
   $
1,723,175
     $
2,585,508
     $
(310,955
 )
                         
Net ordinary income (loss) for Federal income tax reporting purposes
   $
1,723,175
     $
(1,043,005
 )   $
(310,955
 )
Net capital (Sec. 1231) gain for Federal income tax reporting purposes
    
-
      
3,628,513
      
-
  
                         
    $
1,723,175
     $
2,585,508
     $
(310,955
 )
                         
Weighted average number of units of limited partnership interest outstanding
    
7,753
      
7,753
      
7,753
  
 
As of Decem
ber
31,
2016
and
2015,
the tax bases of the Partnership's assets and liabilities were approximately
$30,604,120
and
$19,724,176
of assets, and
$8,739,701
and
$8,472,154
of liabilities, respectively.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 11 - Management Services
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Management Services [Text Block]
(1
1)
MANAGEMENT SERVICES
 
Certain affiliates of the General Partner oversee the management and operation of various real estate properties, including those owned by the Partnership. Services performed by affiliates are billed at actual or allocated cost, percentage of revenues or net equity. For the years ended
December
31,
2016,
2015
and
2014
billings to the Partnership amounting
to
$53,242,
$117,004
and
$131,120,
respectively, and are included in real estate operating expenses.
 
Registrant
’s wholly owned property located in Maple Grove, Minnesota is
100%
leased to a single
tenant
whose lease was scheduled to expire
July
31,
2015.
On
February
12,
2015,
the Partnership and the
tenant
executed an extension of the lease to
October
31,
2019.
An affiliate of the General Partner was paid a leasing commission of
$63,948
for the lease extension.
 
On
September
17,
2015,
the Partnership completed the sale of the warehouse distribution property. Sales proceeds were used to pay selling expenses, retire the
$10,000,000
mortgage encumbering the property and pay down a portion of the Partnership’s bank loan. Closing expenses includes a sale commission of
$80,250
paid to an affiliate of the General Partner.
 
During
2012
an affiliate of the General Partner commenced maintaining and updating the investor database and preparing the tax K-
1
forms and related schedules which previously had been prepared by an unaffiliated company. The fee charged by the affiliate for the similar service is lower than the fee previously charged by the unaffiliated company. Fees charged for
2016,
2015
and
2014
were
$
54,000
each year.
 
In connection with the mortgage financing of certain properties, the respective lenders required the Partnership to place the assets and liabilities of these properties into single asset limited partnerships
which hold title to these properties. A trust company affiliated with the General Partner holds the general partner interest in each single asset limited partnership as trustee for the Partnership. For its services, the affiliate is paid an annual fee, which aggregated
$
0
in
2016,
2015,
and
2014,
respectively, and is based upon the trust company's standard rate schedule.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 12 - Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Financial Instruments Disclosure [Text Block]
(1
2)
FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The Partnership
’s financial instruments include cash, cash equivalents and a loan payable. The carrying amount of cash, cash equivalents and loan payable are reasonable estimates of fair value. Loan payable has been valued based on the maturity date and
zero
interest rate charged to maturity.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 13 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
(1
3)
COMMITMENTS AND CONTINGENCIES
 
The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not presently determinable with certainty, the Partnership believes that the resolution of these matters will not have a material adverse effect on its financial statements.
 
The Partnership leases its property to a
tenant
under an operating lease agreement, which requires the
tenant
to pay all or part of certain operating and other expenses of the property. The minimum future rentals to be received in respect of non-cancelable commercial operating leases with unexpired terms in excess of
one
year as of
December
31,
2016
are
$
724,142
for
2017;
and
$746,117,
for
2018,
$638,353
for
2019,
$
0
for
2020
and
2021.
These amounts include the minimum rents from the
tenant
leasing
100%
of the space at Eagle Lake IV. The maturity date of this lease was extended to
July
31,
2019
under an extension signed in
March
2015.
However, the
tenant
has a right to terminate the lease after paying a termination penalty and providing prior
twelve
month notice. The early termination penalty is not included in the aforementioned amounts.
Pursuant to the original investment agreement, the Partnership
may
be called upon to contribute, in cash, an additional
$3,720,000
to the capital of Omaha, as and when required, as determined by the Manager. In addition, the Partnership shall not have any liability to restore any negative balance in its capital account.
 
Should a default occur by Omaha on its unsecured credit facility, the lender would not have any recourse to the Partnership and will look solely to Omaha’s membership interest in Sentinel White Plains LLC. Sentinel White Plains LLC is a wholly owned subsidiary of Sentinel Omaha LLC and holds the assets and liabilities of the Omaha properties through wholly owned single asset limited partnerships or limited liability companies.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]
SB PARTNERS
                                        
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                  
DECEMBER 31, 2016
                                        
                                         
Column A
  
Column B
            
Column C
            
Column D
  
           
Initial Cost to the Registrant
    
Costs
  
                                   
Capitalized
  
                   
Buildings and
            
Subsequent
  
Description
  
Encumbrances
    
Land
    
Improvements
    
Total
    
to Acquisition
  
                                         
INDUSTRIAL FLEX
                                        
Minnesota -                                        
Maple Grove (Eagle Lake Business Center IV)   $
-
     $
470,000
     $
5,016,185
     $
5,486,185
     $
772,801
  
 
Column A
          
Column E
            
Column F
  
                                 
   
Gross amount at which Carried at End of Year
          
   
(Notes a & c)
          
                           
Accumulated
  
           
Buildings and
            
Depreciation
  
Description
  
Land
    
Improvements
    
Total
    
(Notes b & d)
  
                                 
INDUSTRIAL FLEX
                                
Minnesota -                                
Maple Grove (Eagle Lake Business Center IV)   $
470,000
     $
5,016,185
     $
5,486,185
     $
1,927,326
  
 
 
 
SB PARTNERS
              
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED
  
DECEMBER 31, 2016
              
               
Column A
Column G
Column H
  
Column I
  
               
       
Life on which
  
       
Depreciation in
  
       
Latest Statement
  
 
Date of
Date
  
of Operations
  
Description
Construction
Acquired
  
is Computed (in years)
  
               
INDUSTRIAL FLEX
              
Minnesota -              
Maple Grove (Eagle Lake Business Center IV)
2000
Jun 2002
  
 7
to
39
  
 
NOTES TO SCHEDULE III:
                        
                           
     
2016
    
2015
    
2014
  
                           
(a)
Reconciliation of amounts shown in Column E:
                        
 
Balance at beginning of year
   $
5,486,185
     $
20,633,009
     $
20,633,009
  
  Additions -                        
  Cost of improvements    
0
      
149,212
      
0
  
                           
  Deductions -                        
  Sales    
0
      
(15,296,036
 )    
0
  
                           
 
Balance at end of year
   $
5,486,185
     $
5,486,185
     $
20,633,009
  
                           
(b)
Reconciliation of amounts shown in Column F:
                        
 
Balance at beginning of year
   $
1,769,982
     $
4,900,846
     $
4,420,952
  
  Additions -                        
  Depreciation expense for the year    
157,344
      
138,926
      
479,894
  
                           
  Deductions -                        
  Sales    
0
      
(3,269,790
 )    
0
  
                           
      $
1,927,326
     $
1,769,982
     $
4,900,846
  
                           
(c) Aggregate cost basis for Federal income tax reporting purposes   $
5,151,797
     $
5,151,797
     $
20,124,541
  
                           
(d) Accumulated depreciation for Federal income tax reporting purposes   $
1,958,045
     $
1,845,433
     $
5,513,791
  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 1 - Organization and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Property, Plant and Equipment [Table Text Block]
 
(in years)
Buildings and Improvements
5
to
40
Furnishings
5
to
7
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 4 - Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Real Estate Properties [Table Text Block]
                           
Real Estate at Cost
  
   
No. of
    
Year of
                          
Type
  
Prop.
    
Acquisition
    
Description
    
12/31/16
    
12/31/15
  
                                         
                                         
Industrial flex property
    
1
      
2002
      
60,345sf
     $
5,486,185
     $
5,486,185
  
                                         
Less: accumulated depreciation
    
 
      
 
      
 
      
(1,927,326
 )    
(1,769,982
 )
                                         
Net book value
    
 
      
 
      
 
     $
3,558,859
     $
3,716,203
  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Assets Measured at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]
   
Level 3:
          
   
Significant
          
   
Unobservable
    
2016
  
   
Inputs
    
Total
  
                 
Assets
                
Investment in Sentinel Omaha, LLC   $
38,786,395
     $
38,786,395
  
Reserve for fair value of investment    
(13,575,238
 )    
(13,575,238
 )
                 
Total assets
   $
25,211,157
     $
25,211,157
  
   
Level 3:
          
   
Significant
          
   
Unobservable
    
2015
  
   
Inputs
    
Total
  
                 
Assets
                
Investment in Sentinel Omaha, LLC   $
28,891,652
     $
28,891,652
  
Reserve for fair value of investment    
(14,445,826
 )    
(14,445,826
 )
                 
Total assets
   $
14,445,826
     $
14,445,826
  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
   
Investment in
    
Reserve for
          
   
Sentinel
    
fair value
          
   
Omaha, LLC
    
of investment
    
Total
  
                         
Balance at January 1, 2015
   $
6,749,553
     $
(6,749,553
 )   $
-
  
Equity in net income of investment
    
22,142,099
      
-
      
22,142,099
  
Increase in reserve
    
-
      
(7,696,273
 )    
(7,696,273
 )
Balance at December 31, 2015
    
28,891,652
      
(14,445,826
 )    
14,445,826
  
Equity in net income of investment
    
9,894,743
      
-
      
9,894,743
  
Decrease in reserve
    
-
      
870,588
      
870,588
  
Balance at December 31, 2016
   $
38,786,395
     $
(13,575,238
 )   $
25,211,157
  
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC (Tables)
 12 Months Ended
Dec. 31, 2016
Statement of Operations [Member]  
Notes Tables  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
Statement of Operations
  
2016
    
2015
    
2014
  
                         
Rent and other income
   $
44,266
     $
41,850
     $
39,125
  
Real estate operating expenses
    
(21,062
 )    
(20,221
 )    
(18,871
 )
Other expenses
    
(6,825
 )    
(11,601
 )    
(10,225
 )
Net unrealized gains
    
16,603
      
63,779
      
6,907
  
                         
Net income
   $
32,982
     $
73,807
     $
16,936
  
Balance Sheet [Member]  
Notes Tables  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
Balance Sheet
  
2016
    
2015
  
                 
Investment in real estate properties, at fair value
   $
378,460
     $
355,615
  
Other assets
    
10,749
      
13,552
  
Debt
    
(254,913
 )    
(267,674
 )
Other liabilities
    
(5,008
 )    
(5,187
 )
Members' equity
   $
129,288
     $
96,306
  
Income Approach Valuation Technique [Member]  
Notes Tables  
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]
   
Fair
  
Valuation
Unobservable
  
Range
  
   
Value
  
Techniques
Inputs
  
(Weighted Average)
  
                         
Investment in real estate properties   $
378,460
  
Discounted cash flows (DCF)
Discount rate
  
 6.75%
-
9.00%
(7.66%)
  
                         
     
 
  
 
Capitalization rate
  
 5.25%
-
6.5%
(5.93%)
  
                         
     
 
  
 
DCF Term (years)
  
10 years
  
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 8 - Loan Payable (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Long-term Debt Instruments [Table Text Block]
                                   
Net Carrying Amount
  
                   
Annual
            
December 31,
  
   
Interest Rate
            
Installment
    
Amount Due
                  
Property
  
Rate
    
Maturity Date
    
Payments
    
at Maturity
    
2016
    
2015
  
                                                 
Loan payable:
                                                
                                                 
Bank Loan (a):
                                                
Note B
                                    
5,760,473
      
5,986,888
  
Less: unamortized finance costs                                    
(29,118
 )    
(50,956
 )
                                                 
                                    $
5,731,355
     $
5,935,932
  
Schedule of Maturities of Long-term Debt [Table Text Block]
2017
   $
-
  
2018
    
5,760,473
  
2019
    
-
  
2020
    
-
  
2021
    
-
  
Thereafter
    
-
  
         
Total
   $
5,760,473
  
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 9 - Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Quarterly Financial Information [Table Text Block]
                  Net Income (Loss) per Unit of        
   
Revenues from
             Limited    
Equity
  
   
Continuing
    
Net Income
     Partnership    
Income (Loss)
  
   
Operations
    
(Loss)
    
Interest
    
on Investment
  
Year ended December 31, 2016
                                
                                 
First Quarter
   $
262,312
     $
833,979
     $
107.57
     $
1,972,800
  
Second Quarter
    
262,781
      
1,517,735
      
195.76
      
3,289,592
  
Third Quarter
    
266,304
      
2,315,680
      
298.68
      
4,872,219
  
Fourth Quarter
    
267,947
      
5,565,883
      
717.90
      
(239,868
 )
                                 
Year ended December 31, 2015
                                
                                 
First Quarter
   $
248,485
     $
(140,724
 )   $
(18.15
 )   $
1,153,131
  
Second Quarter
    
248,489
      
(128,399
 )    
(16.56
 )    
1,130,278
  
Third Quarter
    
257,345
      
13,601,839
      
1,754.40
      
11,337,038
  
Fourth Quarter
    
261,768
      
4,104,438
      
529.40
      
8,521,652
  
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 10 - Federal Income Tax Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   
For the Years Ended December 31,
  
   
2016
    
2015
    
2014
  
                         
Net income (loss) for financial reporting purposes
   $
10,233,277
     $
17,437,154
     $
(875,279
 )
                         
Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities    
-
      
749,124
      
-
  
                         
Difference between tax and financial statement equity in net income/loss of investment    
(8,999,145
 )    
(14,750,473
 )    
(247,710
 )
                         
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes    
481,619
      
(619,789
 )    
791,155
  
                         
Difference between tax and financial statement depreciation
    
7,424
      
(230,508
 )    
20,879
  
                         
Net income (loss) for Federal income tax reporting purposes
   $
1,723,175
     $
2,585,508
     $
(310,955
 )
                         
Net ordinary income (loss) for Federal income tax reporting purposes
   $
1,723,175
     $
(1,043,005
 )   $
(310,955
 )
Net capital (Sec. 1231) gain for Federal income tax reporting purposes
    
-
      
3,628,513
      
-
  
                         
    $
1,723,175
     $
2,585,508
     $
(310,955
 )
                         
Weighted average number of units of limited partnership interest outstanding
    
7,753
      
7,753
      
7,753
  
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Buildings and Improvements[Table Text Block]
SB PARTNERS
                                        
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                  
DECEMBER 31, 2016
                                        
                                         
Column A
  
Column B
            
Column C
            
Column D
  
           
Initial Cost to the Registrant
    
Costs
  
                                   
Capitalized
  
                   
Buildings and
            
Subsequent
  
Description
  
Encumbrances
    
Land
    
Improvements
    
Total
    
to Acquisition
  
                                         
INDUSTRIAL FLEX
                                        
Minnesota -                                        
Maple Grove (Eagle Lake Business Center IV)   $
-
     $
470,000
     $
5,016,185
     $
5,486,185
     $
772,801
  
SEC Schedule III, Real Estate and Accumulated Depreciation, Gross Amounts [Table Text Block]
Column A
          
Column E
            
Column F
  
                                 
   
Gross amount at which Carried at End of Year
          
   
(Notes a & c)
          
                           
Accumulated
  
           
Buildings and
            
Depreciation
  
Description
  
Land
    
Improvements
    
Total
    
(Notes b & d)
  
                                 
INDUSTRIAL FLEX
                                
Minnesota -                                
Maple Grove (Eagle Lake Business Center IV)   $
470,000
     $
5,016,185
     $
5,486,185
     $
1,927,326
  
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired [Table Text Block]
SB PARTNERS
              
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED
  
DECEMBER 31, 2016
              
               
Column A
Column G
Column H
  
Column I
  
               
       
Life on which
  
       
Depreciation in
  
       
Latest Statement
  
 
Date of
Date
  
of Operations
  
Description
Construction
Acquired
  
is Computed (in years)
  
               
INDUSTRIAL FLEX
              
Minnesota -              
Maple Grove (Eagle Lake Business Center IV)
2000
Jun 2002
  
 7
to
39
  
SEC Schedule III, Real Estate and Accumulated Depreciation, Reconciliation [Table Text Block]
NOTES TO SCHEDULE III:
                        
                           
     
2016
    
2015
    
2014
  
                           
(a)
Reconciliation of amounts shown in Column E:
                        
 
Balance at beginning of year
   $
5,486,185
     $
20,633,009
     $
20,633,009
  
  Additions -                        
  Cost of improvements    
0
      
149,212
      
0
  
                           
  Deductions -                        
  Sales    
0
      
(15,296,036
 )    
0
  
                           
 
Balance at end of year
   $
5,486,185
     $
5,486,185
     $
20,633,009
  
                           
(b)
Reconciliation of amounts shown in Column F:
                        
 
Balance at beginning of year
   $
1,769,982
     $
4,900,846
     $
4,420,952
  
  Additions -                        
  Depreciation expense for the year    
157,344
      
138,926
      
479,894
  
                           
  Deductions -                        
  Sales    
0
      
(3,269,790
 )    
0
  
                           
      $
1,927,326
     $
1,769,982
     $
4,900,846
  
                           
(c) Aggregate cost basis for Federal income tax reporting purposes   $
5,151,797
     $
5,151,797
     $
20,124,541
  
                           
(d) Accumulated depreciation for Federal income tax reporting purposes   $
1,958,045
     $
1,845,433
     $
5,513,791
  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 1 - Organization and Significant Accounting Policies (Details Textual)
shares in Thousands
 12 Months Ended
Dec. 31, 2016
shares
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 100.00%
Number of Operating Segments 1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 1 - Organization and Significant Accounting Policies - Estimated Useful Lives of Related Properties (Details)
 12 Months Ended
Dec. 31, 2016
Building and Building Improvements [Member] | Minimum [Member]  
Estimated useful life of related properties (Year) 5 years
Building and Building Improvements [Member] | Maximum [Member]  
Estimated useful life of related properties (Year) 40 years
Furniture and Fixtures [Member] | Minimum [Member]  
Estimated useful life of related properties (Year) 5 years
Furniture and Fixtures [Member] | Maximum [Member]  
Estimated useful life of related properties (Year) 7 years
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 3- Investment Management Agreement (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Property Management Fee, Percent Fee 2.00%      
Management Fee Percentage Other Than Real Estate 0.50%      
Management Fee Expense $ 867,859   $ 875,788 $ 869,228
Percentage of Cash Distribution in Excess of Annual Distribution 25.00%      
Cash Distribution in Excess of Annual Distribution $ 0 $ 0   0
Accounts Payable and Accrued Liabilities [Member]        
Deferred Compensation Arrangement with Individual, Recorded Liability 441,618 449,548 449,548 442,988
Accrued Expenses [Member]        
Deferred Compensation Arrangement with Individual, Recorded Liability 2,460,857 2,019,239 $ 2,019,239  
General Partner [Member]        
Management Fee Expense $ 867,859 $ 875,788   $ 869,228
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 4 - Investments in Real Estate - Summary of Investments in Real Estate (Details)
 12 Months Ended
Dec. 31, 2016
USD ($)
ft²
Dec. 31, 2015
USD ($)
Sep. 17, 2015
USD ($)
Real Estate Investment Property, at Cost     $ 15,296,036
Less: accumulated depreciation $ (1,927,326) $ (1,769,982)  
Net book value $ 3,558,859 3,716,203  
Industrial Flex Property [Member]      
Industrial flex property 1    
Industrial flex property 2002    
Industrial flex property (Square Foot) | ft² 60,345    
Real Estate Investment Property, at Cost $ 5,486,185 $ 5,486,185  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 5 - Real Estate Transaction (Details Textual) - USD ($)
 12 Months Ended
Sep. 17, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment, Disposals $ 16,050,000        
Repayments of Long-term Debt 10,000,000 $ 10,000,000  
Real Estate Held-for-sale 12,026,246        
Gains (Losses) on Sales of Investment Real Estate 3,569,246 $ 3,569,246 $ 3,569,246
Closing Costs 454,508        
Sales Commissions and Fees 80,250        
Real Estate Investment Property, at Cost $ 15,296,036        
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Assets Measured at Fair Value (Details Textual)
Dec. 31, 2016
Sep. 30, 2015
Number of Refinanced Properties   6
Equity Method Investment, Ownership Percentage 30.00%  
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reserve for fair value of investment $ (13,575,238) $ (14,445,826)  
Total assets 25,211,157 14,445,826  
Sentinel Omaha LLC [Member]      
Investment in Sentinel Omaha, LLC 38,786,395 28,891,652  
Reserve for fair value of investment (13,575,238) (14,445,826)  
Total assets 25,211,157 14,445,826  
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]      
Investment in Sentinel Omaha, LLC 38,786,395 28,891,652 $ 6,749,553
Reserve for fair value of investment (13,575,238) (14,445,826)  
Total assets $ 25,211,157 $ 14,445,826  
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Increase in reserve, Reserve for fair value of investment $ (870,588)  
Decrease in reserve, Reserve for fair value of investment 870,588  
Sentinel Omaha LLC [Member]    
Balance, Investment in Sentinel Omaha, LLC 28,891,652  
Balance, Investment in Sentinel Omaha, LLC 38,786,395 $ 28,891,652
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]    
Balance, Investment in Sentinel Omaha, LLC 28,891,652 6,749,553
Balance, Reserve for fair value of investment (14,445,826) (6,749,553)
Balance 14,445,826
Equity in net income of investment, Investment in Sentinel Omaha, LLC 9,894,743 22,142,099
Increase in reserve, Reserve for fair value of investment   (7,696,273)
Balance, Investment in Sentinel Omaha, LLC 38,786,395 28,891,652
Balance, Reserve for fair value of investment (13,575,238) (14,445,826)
Balance $ 25,211,157 14,445,826
Decrease in reserve, Reserve for fair value of investment   $ 7,696,273
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC (Details Textual) - Sentinel Omaha LLC [Member]
Dec. 31, 2016
Dec. 31, 2007
USD ($)
Investment Owned, at Cost   $ 37,200,000
Number of Multifamily Properties 14  
Number of Markets 10  
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Investment in real estate properties, at fair value $ 378,460,000 $ 355,615,000
Other assets 7,363 13,887
Debt (5,731,355) (5,935,932)
Members' equity 129,288,000 96,306,000
Sentinel Omaha LLC [Member]    
Other assets 10,749,000 13,552,000
Debt (254,913,000) (267,674,000)
Other liabilities $ (5,008,000) $ (5,187,000)
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Rent and other income $ 267,947 $ 266,304 $ 262,781 $ 262,312 $ 261,768 $ 257,345 $ 248,489 $ 248,485 $ 1,059,344   $ 1,016,087 $ 1,087,303
Real estate operating expenses                 (286,536)   (314,306) (334,195)
Other expenses                 (131,157)   (153,473) (160,464)
Net unrealized gains                 16,603,000 $ 63,779,000   6,907,000
Net income                 10,233,277 17,437,154 $ 17,437,154 (875,279)
Sentinel Omaha LLC [Member]                        
Rent and other income                 44,266,000 41,850,000   39,125,000
Real estate operating expenses                 (21,062,000) (20,221,000)   (18,871,000)
Other expenses                 (6,825,000) (11,601,000)   (10,225,000)
Net income                 $ 32,982,000 $ 73,807,000   $ 16,936,000
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Investment in Sentinel Omaha, LLC - Significant Unobservable Inputs Related to Fair Value Measurement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Investment in real estate properties $ 378,460 $ 355,615
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]    
Investment in real estate properties 5.25%  
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]    
Investment in real estate properties 6.50%  
Investment in real estate properties (Year) 10 years  
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]    
Investment in real estate properties 5.93%  
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]    
Investment in real estate properties $ 378,460  
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]    
Investment in real estate properties 6.75%  
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]    
Investment in real estate properties 9.00%  
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]    
Investment in real estate properties 7.66%  
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 8 - Loan Payable (Details Textual)
 1 Months Ended 12 Months Ended
May 16, 2016
USD ($)
Sep. 17, 2015
USD ($)
May 28, 2015
USD ($)
Apr. 29, 2011
USD ($)
Sep. 17, 2007
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 18, 2015
USD ($)
Repayments of Unsecured Debt             $ 226,415 $ 3,966,148 $ 13,973  
Long-term Debt             5,731,355 5,935,932    
Long-term Debt, Gross             5,760,473      
Restricted Cash and Cash Equivalents             200,000    
Repayments of Long-term Debt   $ 10,000,000         10,000,000  
Lino Lakes [Member]                    
Restricted Cash and Cash Equivalents   $ 200,000                
Notes Payable to Banks [Member]                    
Debt Instrument, Face Amount         $ 22,000,000          
Repayments of Unsecured Debt       $ 11,930,430            
Long-term Debt       $ 10,069,570     $ 5,731,355 5,935,932    
Debt Instrument, Interest Rate, Stated Percentage             0.00%      
Management Fee Payable             $ 2,460,857 2,019,239    
Security Interest on Partnership's Property Maximum             5,000,000      
Notes Payable to Banks [Member] | Note A [Member]                    
Long-term Debt                   $ 3,768,751
Repayments of Long-term Debt     $ 24,715              
Notes Payable to Banks [Member] | Note B [Member]                    
Long-term Debt, Gross             $ 5,760,473 [1] $ 5,986,888 [1]   5,760,473
Number of Extension Options             3      
Term of Extension Options             1 year      
Debt Instrument, Interest Rate, Stated Percentage             5.00%      
Interest Payable                   $ 1,335,833
Repayments of Long-term Debt $ 26,415         $ 200,000        
Original Maturity Date             Apr. 29, 2018      
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Debt Instrument, Basis Spread on Variable Rate         1.95%          
[1] On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008 and provided for interest only monthly payments based upon LIBOR plus 1.95%. On April 29, 2011, the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement ("Loan Agreement") on the following terms:
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 8 - Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Sep. 18, 2015
Apr. 29, 2011
Long-term debt, gross $ 5,760,473      
Less: unamortized finance costs (29,118) $ (50,956)    
Long-term debt 5,731,355 5,935,932    
Notes Payable to Banks [Member]        
Less: unamortized finance costs [1] (29,118) (50,956)    
Long-term debt 5,731,355 5,935,932   $ 10,069,570
Notes Payable to Banks [Member] | Note B [Member]        
Long-term debt, gross $ 5,760,473 [1] $ 5,986,888 [1] $ 5,760,473  
[1] On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008 and provided for interest only monthly payments based upon LIBOR plus 1.95%. On April 29, 2011, the Holder of the unsecured credit facility and the Partnership executed a new Loan Agreement ("Loan Agreement") on the following terms:
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 8 - Loan Payable - Principal Payments on Mortgage Note and Unsecured Loan Payable (Details)
Dec. 31, 2016
USD ($)
2018 $ 5,760,473
Total $ 5,760,473
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 9 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Rent and other income $ 267,947 $ 266,304 $ 262,781 $ 262,312 $ 261,768 $ 257,345 $ 248,489 $ 248,485 $ 1,059,344   $ 1,016,087 $ 1,087,303
First Quarter, Net Income (Loss) $ 5,565,883 $ 2,315,680 $ 1,517,735 $ 833,979 $ 4,104,438 $ 13,601,839 $ (128,399) $ (140,724)        
Net income (loss) (in dollars per share) $ 717.90 $ 298.68 $ 195.76 $ 107.57 $ 529.40 $ 1,754.40 $ (16.56) $ (18.15) $ 1,319.91   $ 2,249.09 $ (112.89)
First Quarter, Equity Income (Loss) on Investment $ (239,868) $ 4,872,219 $ 3,289,592 $ 1,972,800 $ 8,521,652 $ 11,337,038 $ 1,130,278 $ 1,153,131 $ 9,894,743 $ 22,142,099 $ 22,142,099 $ 5,080,602
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 10 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Partnership Assets for Tax Basis $ 30,604,120 $ 19,724,176
Partnership Liabilities for Tax Basis $ 8,739,701 $ 8,472,154
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 10 - Federal Income Tax Information (Unaudited) - Reconciliation of Net Income (Loss) of Financial Reporting to Net Income (Loss) for Federal Income Tax Reporting (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Net income (loss) $ 10,233,277 $ 17,437,154 $ 17,437,154 $ (875,279)
Adjustment to net loss on sale of investment in real estate property to reflect differences between tax and financial reporting bases of assets and liabilities 749,124  
Difference between tax and financial statement equity in net income/loss of investment (8,999,145) (14,750,473)   (247,710)
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 481,619 (619,789)   791,155
Difference between tax and financial statement depreciation 7,424 (230,508)   20,879
Net income (loss) for Federal income tax reporting purposes 1,723,175 2,585,508   (310,955)
Net ordinary income (loss) for Federal income tax reporting purposes 1,723,175 (1,043,005)   (310,955)
Net capital (Sec. 1231) gain for Federal income tax reporting purposes $ 3,628,513  
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) 7,753 7,753 7,753 7,753
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 11 - Management Services (Details Textual) - USD ($)
 12 Months Ended 24 Months Ended
Sep. 17, 2015
Jul. 31, 2015
Feb. 12, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Service Management Costs         $ 117,004 $ 131,120 $ 53,242
Operating Lease Tenant Leasing Percentage   100.00%          
Payments for Lease Commissions     $ 63,948        
Repayments of Long-term Debt $ 10,000,000     10,000,000  
Sales Commissions and Fees $ 80,250            
Asset Management Fees       54,000 54,000 54,000  
Asset Management Costs       $ 0 $ 0 $ 0  
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 12 - Fair Value of Financial Instruments (Details Textual)
xbrli-pure in Thousands
Dec. 31, 2016
Notes Payable to Banks [Member]  
Debt Instrument, Interest Rate, Stated Percentage 0.00%
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 13 - Commitments and Contingencies (Details Textual) - USD ($)
 12 Months Ended
Jul. 31, 2015
Dec. 31, 2016
Operating Leases, Future Minimum Payments Due, Next Twelve Months   $ 724,142
Operating Leases, Future Minimum Payments, Due in Two Years   746,117
Operating Leases, Future Minimum Payments, Due in Three Years   638,353
Operating Leases, Future Minimum Payments, Due in Four Years   0
Operating Leases, Future Minimum Payments, Due in Five Years   0
Operating Lease Tenant Leasing Percentage 100.00%  
Additional Capital Investment to be Made   $ 3,720,000
Maple Grove (Eagle Lake Business Center IV) [Member]    
Operating Lease Tenant Leasing Percentage   100.00%
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Initial Cost (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member]
Dec. 31, 2016
USD ($)
Initial cost, land $ 470,000
Initial cost, buildings and improvements 5,016,185
Initial cost 5,486,185
Cost capitalized subsequent to acquistion $ 772,801
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross Amount (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accumulated depreciation $ 1,927,326 $ 1,769,982 $ 4,900,846 $ 4,420,952
Industrial Flex Minnesota [Member] | Maple Grove (Eagle Lake Business Center IV) [Member]        
Carrying amount, land 470,000      
Carrying amount, buildings and improvements 5,016,185      
Carrying amount, total 5,486,185      
Accumulated depreciation $ 1,927,326      
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Date Acquired (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member]
 12 Months Ended
Dec. 31, 2016
Minimum [Member]  
Life on which depreciation in latest statement of operations is computed (Year) 7 years
Maximum [Member]  
Life on which depreciation in latest statement of operations is computed (Year) 39 years
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Reconciliation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reconciliation of amounts shown in Column E:      
Balance $ 5,486,185 $ 20,633,009 $ 20,633,009
Cost of improvements 0 149,212 0
Sales 0 (15,296,036) 0
Balance 5,486,185 5,486,185 20,633,009
Reconciliation of amounts shown in Column F:      
Balance 1,769,982 4,900,846 4,420,952
Depreciation expense for the year 157,344 138,926 479,894
Sales 0 (3,269,790) 0
1,927,326 1,769,982 4,900,846
Aggregate cost basis for Federal income tax reporting purposes 5,151,797 5,151,797 20,124,541
Accumulated depreciation for Federal income tax reporting purposes $ 1,958,045 $ 1,845,433 $ 5,513,791
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