Investment in Joint Ventures

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

INVESTMENT IN JOINT VENTURES

Due from Joint Ventures

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

Summary of Investments

The Partnership's investments and approximate ownership percentage in the Joint Venture as of December 31, 2013 and 2012 are summarized below:

	2013			2012
	Amount		Percentage	Amount		Percentage
Fund VIII-IX Associates	$	—	45.2%	$	4,109,865	45.2%

Summary of Activity

Rollforwards of the Partnership's investment in the Joint Ventures for the years ended December 31, 2013 and 2012 are presented below:

	2013			2012
Investment in Joint Ventures, beginning of year	$	4,109,865		$	4,239,485
Equity in income of Joint Ventures	1,742,998			154,327
Contributions to Joint Ventures	368,065			—
Distributions from Joint Ventures	(6,220,928		)	(283,947		)
Investment in Joint Ventures, end of year	$	—		$	4,109,865

Summary of Financial Information

Condensed financial information for the Joint Ventures in which the Partnership held an interest as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012, and 2011 is presented below:

	Total Assets				Total Liabilities				Total Equity
	December 31,				December 31,				December 31,
	2013		2012		2013		2012		2013		2012
Fund VIII-IX Associates	$	—	$	9,456,156	$	—	$	364,178	$	—	$	9,091,978

	Total Revenues						Loss From Continuing Operations									Income From Discontinued Operations						Net Income
	For Years Ended						For Years Ended									For Years Ended						For Years Ended
	December 31,						December 31,									December 31,						December 31,
	2013		2012		2011		2013			2012			2011			2013		2012		2011		2013		2012		2011
Fund VIII-IX Associates	$	—	$	—	$	—	$	(38,384	)	$	(27,758	)	$	(25,124	)	$	3,894,293	$	369,164	$	487,293	$	3,855,909	$	341,406	$	462,169
Fund IX-X-XI-REIT Associates	—		—		—		—			—			(24,668		)	—		—		1,335,377		—		—		1,310,709
	$	—	$	—	$	—	$	(38,384	)	$	(27,758	)	$	(49,792	)	$	3,894,293	$	369,164	$	1,822,670	$	3,855,909	$	341,406	$	1,772,878

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, 2013							December 31, 2012						December 31, 2011
	Operating Loss			Gain on Sale		Total		Operating Income		Gain on Sale		Total		Operating Income		Gain on Sale		Total
Fund VIII-IX Associates	$	(411,768	)	$	4,306,061	$	3,894,293	$	369,164	$	—	$	369,164	$	487,293	$	—	$	487,293
Fund IX-X-XI-REIT Associates	—			—		—		—		—		—		108,434		1,226,943		1,335,377
	$	(411,768	)	$	4,306,061	$	3,894,293	$	369,164	$	—	$	369,164	$	595,727	$	1,226,943	$	1,822,670