Investment in Joint Ventures

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

INVESTMENT IN JOINT VENTURES

Due from Joint Ventures

As of December 31, 2012 and 2011, due from joint ventures represents the Partnership's share of operating cash flow to be distributed from Fund VIII-IX Associates for the fourth quarters of 2012 and 2011, respectively.

Summary of Investments

The Partnership's investments and approximate ownership percentage in Fund VIII-IX Associates as of December 31, 2012 and 2011 are summarized below:

	2012			2011
	Amount		Percentage	Amount		Percentage
Fund VIII-IX Associates	$	4,109,865	45%	$	4,239,485	45%

Summary of Activity

Rollforwards of the Partnership's investment in the Joint Ventures for the years ended December 31, 2012 and 2011 are presented below:

	2012			2011
Investment in Joint Ventures, beginning of year	$	4,239,485		$	7,186,841
Equity in income of Joint Ventures	154,327			720,494
Contributions to Joint Ventures	—			253,699
Distributions from Joint Ventures	(283,947		)	(3,921,549		)
Investment in Joint Ventures, end of year	$	4,109,865		$	4,239,485

Summary of Financial Information

Condensed financial information for the Joint Ventures in which the Partnership held an interest as of December 31, 2012 and 2011, and for the years ended December 31, 2012, 2011, and 2010 is presented below:

	Total Assets				Total Liabilities				Total Equity
	December 31,				December 31,				December 31,
	2012		2011		2012		2011		2012		2011
Fund VIII-IX Associates	$	9,456,156	$	10,163,823	$	364,178	$	785,096	$	9,091,978	$	9,378,727

	Total Revenues						Income (Loss) From Continuing Operations								Income (Loss) From Discontinued Operations							Net Income (Loss)
	For Years Ended						For Years Ended								For Years Ended							For Years Ended
	December 31,						December 31,								December 31,							December 31,
	2012		2011		2010		2012		2011			2010			2012		2011		2010			2012		2011		2010
Fund VIII-IX Associates	$	1,868,845	$	2,040,165	$	1,960,816	$	341,406	$	462,169		$	357,084		$	—	$	—	$	—		$	341,406	$	462,169	$	357,084
Fund IX-X-XI-REIT Associates	—		—		—		—		(24,668		)	(38,736		)	—		1,335,377		(850,397		)	—		1,310,709		(889,133		)
	$	1,868,845	$	2,040,165	$	1,960,816	$	341,406	$	437,501		$	318,348		$	—	$	1,335,377	$	(850,397	)	$	341,406	$	1,772,878	$	(532,049	)

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:

	December 31, 2012						December 31, 2011						December 31, 2010
	Operating Income		Gain on Sale		Total		Operating Income		Gain on Sale		Total		Operating Loss			Impairment Loss			Gain on Sale		Total
Fund IX-X-XI-REIT Associates	$	—	$	—	$	—	$	108,434	$	1,226,943	$	1,335,377	$	(86,656	)	$	(1,448,217	)	$	684,476	$	(850,397	)