Partners' Capital

12 Months Ended

Dec. 31, 2021

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2021 and 2020, the Partnership declared distributions of $10,889,304 and $785,651, respectively. The Limited Partners were allocated distributions of $10,780,411 and $777,794 and the General Partners were allocated distributions of $108,893 and $7,857 for the years, respectively. The Limited Partners' distributions represented $583.45 and $40.83 per Limited Partnership Unit outstanding using 18,477 and 19,051 weighted average Units in 2021 and 2020, respectively. The distributions represented $29.77 and $25.30 per Unit of Net Income and $553.68 and $15.53 per Unit of return of capital in 2021 and 2020, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $10,233,274 and $73,865 in 2021 and 2020, respectively. The Limited Partners were allocated distributions of $10,130,914 and $73,126 and the General Partners were allocated distributions of $102,333 and $739 for the years, respectively. The Limited Partners’ distributions represented $554.25 and $3.84 per Unit for the years, respectively.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership. Such Units may be acquired at a discount. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year. In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.

During 2021, the Partnership repurchased a total of 831.43 Units for $579,858 from 39 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sale proceeds. During 2020, the Partnership did not repurchase any Units from the Limited Partners. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $5,857 in 2021.