Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

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

(6)  Discontinued Operations –

After experiencing financial difficulties, the tenant of the Champps Americana restaurant in Utica, Michigan filed for Chapter 11 bankruptcy reorganization on December 15, 2013. In February 2014, Champps Operating Corporation (“Champps”), the tenant of the property, closed the restaurant, filed a motion with the bankruptcy court to reject the lease and returned possession of the property to the owners. The owners listed the property for sale or lease with a real estate broker in the Utica area. While the property was vacant, the Partnership was responsible for its 44% share of real estate taxes and other costs associated with maintaining the property.

During 2012, the Partnership decided to sell its 44% interest in the Champps Americana restaurant in Utica, Michigan and classified it as Real Estate Held for Sale. In June 2014, the Partnership and the other co-owners of the property entered into an agreement to sell the property to an unrelated third party. On August 25, 2014, the sale closed with the Partnership receiving net sales proceeds of $704,398, which resulted in a net gain of $56,398. At the time of sale, the cost and related accumulated depreciation was $1,012,657 and $364,657, respectively.

During 2014, the Partnership sold its 45% interest in the Applebee’s restaurant in Sandusky, Ohio, in eight separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $1,658,082, which resulted in a net gain of $652,509. The cost and related accumulated depreciation of the interests sold was $1,276,943 and $271,370, respectively. For the three months ended March 31, 2014, the net gain was $63,797.

During the first three months of 2014, the Partnership distributed net sale proceeds of $36,501. The Limited Partners received distributions of $36,136 and the General Partners received distributions of $365 for the period. The Limited Partners’ distributions represented $1.69 per Unit for the period.

The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations for the three months ended March 31:

		2015		2014
Rental Income	$	0	$	33,748
Property Management Expenses		0		(5,123)
Gain on Disposal of Real Estate		0		63,797
Income from Discontinued Operations	$	0	$	92,422

		2015		2014
Cash Flows from Discontinued Operations:
Operating Activities	$	0	$	28,625
Investing Activities	$	0	$	162,133