Investment in Joint Ventures

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

INVESTMENT IN JOINT VENTURES

Summary of Financial Information

Fund IX-X-XI-REIT Associates wound up its affairs in 2011 by, among other things, collecting the outstanding receivables, satisfying outstanding payables, and distributing any residual cash balances to the joint venture partners. Fund IX-X-XI-REIT Associates was terminated in the first quarter of 2012 in accordance with the relevant dissolution and termination provisions of the Georgia Uniform Partnership Act upon filing its final tax return.

Condensed financial information for the joint ventures in which the Partnership held direct interests for the three months and nine months ended September 30, 2012 and 2011, respectively, is presented below:

	Total Revenues				Income (Loss) From Continuing Operations					Income From Discontinued Operations				Net Income (Loss)
	Three Months Ended				Three Months Ended					Three Months Ended				Three Months Ended
	September 30,				September 30,					September 30,				September 30,
	2012		2011		2012		2011			2012		2011		2012		2011
Fund VIII-IX Associates	$	424,557	$	520,536	$	7,233	$	132,922		$	—	$	—	$	7,233	$	132,922
Fund IX-X-XI-REIT Associates	—		—		—		(4,042		)	—		3,397		—		(645		)
	$	424,557	$	520,536	$	7,233	$	128,880		$	—	$	3,397	$	7,233	$	132,277

	Total Revenues				Income (Loss) From Continuing Operations					Income From Discontinued Operations				Net Income
	Nine Months Ended				Nine Months Ended					Nine Months Ended				Nine Months Ended
	September 30,				September 30,					September 30,				September 30,
	2012		2011		2012		2011			2012		2011		2012		2011
Fund VIII-IX Associates	$	1,491,243	$	1,486,705	$	351,558	$	285,708		$	—	$	—	$	351,558	$	285,708
Fund IX-X-XI-REIT Associates	—		—		—		(24,668		)	—		1,354,512		—		1,329,844
	$	1,491,243	$	1,486,705	$	351,558	$	261,040		$	—	$	1,354,512	$	351,558	$	1,615,552

The Partnership allocates its share of net income, net loss, and gain on sale generated by the properties owned by the Joint Ventures to its Class A and Class B limited partners pursuant to the partnership agreement provisions outlined in Note 2. The components of income from discontinued operations recognized by the Joint Ventures are provided below:

	Nine Months Ended						Nine Months Ended
	September 30, 2012						September 30, 2011
	Operating Income		Gain on Sale		Total		Operating Income		Gain on Sale		Total
Fund IX-X-XI-REIT Associates	$	—	$	—	$	—	$	127,569	$	1,226,943	$	1,354,512

Due from Joint Ventures

As presented in the accompanying balance sheets, due from joint ventures as of September 30, 2012 and December 31, 2011 represents operating cash flow generated by Fund VIII-IX Associates for the three months ended September 30, 2012 and December 31, 2011, respectively, which is attributable to the Partnership.