Partners' Capital

12 Months Ended

Dec. 31, 2017

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2017 and 2016, the Partnership declared distributions of $1,119,203 and $1,128,472, respectively.  The Limited Partners received distributions of $1,108,011 and $1,117,188 and the General Partners received distributions of $11,192 and $11,284 for the years, respectively.  The Limited Partners' distributions represented $55.09 and $55.12 per Limited Partnership Unit outstanding using 20,112 and 20,268 weighted average Units in 2017 and 2016, respectively.  The distributions represented $30.60 and $24.03 per Unit of Net Income and $24.49 and $31.09 per Unit of return of capital in 2017 and 2016, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completed in 2015) of $100,068 and $170,971 in 2017 and 2016, respectively.  The Limited Partners received distributions of $99,067 and $169,261 and the General Partners received distributions of $1,001 and $1,710 for the years, respectively.  The Limited Partners’ distributions represented $4.95 and $8.36 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 2017, the Partnership repurchased a total of 147.74 Units for $132,714 from 11 Limited Partners in accordance with the Partnership Agreement.  During 2016, the Partnership repurchased a total of 217.01 Units for $187,603 from 12 Limited Partners.  The Partnership acquired these Units using Net Cash Flow from operations.  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 $1,341 and $1,895 in 2017 and 2016, respectively.