Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'zzdd |
Entity Registrant Name | 'DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP |
Entity Central Index Key | '0000825788 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
INVESTMENT PROPERTIES: (Note 3) | ' | ' |
Land | $2,956,118 | $2,956,118 |
Buildings | 5,028,699 | 5,028,699 |
Accumulated depreciation | -3,947,460 | -3,834,881 |
Net investment properties | 4,037,357 | 4,149,936 |
CURRENT ASSETS: | ' | ' |
Cash | 540,936 | 693,221 |
Cash held in Indemnification Trust (Note 9) | 452,645 | 452,094 |
Security deposit escrow | 70,631 | 2,911 |
Property tax cash escrow | 27,894 | 25,427 |
Deferred tenant award proceeds escrow (Note 3) | 177,412 | 0 |
Rents and other receivables | 238,583 | 465,406 |
Total current assets | 1,508,101 | 1,639,059 |
OTHER ASSETS: | ' | ' |
Property held for sale (Note 3) | 0 | 33,991 |
Deferred rent receivable | 3,600 | 1,971 |
Prepaid insurance | 490 | 4,902 |
Deferred charges, net | 185,952 | 201,499 |
Note receivable (Note 11) | 172,171 | 197,292 |
Total other assets | 362,213 | 439,655 |
Total assets | 5,907,671 | 6,228,650 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable and accrued expenses | 33,134 | 23,239 |
Property tax payable | 27,898 | 25,431 |
Due to general partner (Note 6) | 1,146 | 1,332 |
Deferred rent | 177,404 | 0 |
Security deposits | 70,440 | 70,440 |
Unearned rental income | 0 | 5,000 |
Total current liabilities | 310,022 | 125,442 |
CONTINGENCIES AND COMMITMENTS (Notes 8 and 9) | ' | ' |
General Partner- | ' | ' |
Cumulative net income | 331,116 | 323,742 |
Cumulative cash distributions | -137,779 | -134,830 |
Total general partners' capital | 193,337 | 188,912 |
Limited Partners (46,280.3 interests outstanding at September 30, 2013 and December 31, 2012) | ' | ' |
Capital contributions | 46,280,300 | 46,280,300 |
Offering Costs | -6,921,832 | -6,921,832 |
Cumulative net income | 39,146,341 | 38,416,325 |
Cumulative cash distributions | -72,260,268 | -71,020,268 |
Total limited partners' capital | 6,244,541 | 6,754,525 |
Former General Partner - | ' | ' |
Cumulative net income | 707,513 | 707,513 |
Cumulative cash distributions | -1,547,742 | -1,547,742 |
Total former general partners' capital | -840,229 | -840,229 |
Total partners' capital | 5,597,649 | 6,103,208 |
Total liabilities and partners' capital | $5,907,671 | $6,228,650 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Limited Partners' capital account, interests outstanding | 46,280.30 | 46,280.30 |
CONDENSED_STATEMENTS_OF_INCOME
CONDENSED STATEMENTS OF INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING REVENUES: | ' | ' | ' | ' |
Rental income (Note 5) | $461,800 | $449,225 | $1,007,324 | $985,775 |
TOTAL OPERATING REVENUES | 461,800 | 449,225 | 1,007,324 | 985,775 |
OPERATING EXPENSES | ' | ' | ' | ' |
Partnership management fees (Note 6) | 64,734 | 63,420 | 193,326 | 188,924 |
Restoration fees (Note 6) | 0 | 0 | 0 | 40 |
Insurance | 1,470 | 1,473 | 4,412 | 4,419 |
General and administrative | 12,921 | 11,709 | 47,528 | 66,207 |
Advisory Board fees and expenses | 2,125 | 2,625 | 7,375 | 7,875 |
Professional services | 53,629 | 45,356 | 198,639 | 182,654 |
Other property expenses | 0 | 820 | 0 | 820 |
Depreciation | 37,527 | 37,527 | 112,579 | 112,579 |
Amortization | 7,373 | 7,137 | 21,707 | 21,538 |
TOTAL OPERATING EXPENSES | 179,779 | 170,067 | 585,566 | 585,056 |
OTHER INCOME | ' | ' | ' | ' |
Interest income | 1,304 | 477 | 2,521 | 1,243 |
Note receivable interest income (Note 11) | 3,224 | 4,338 | 10,127 | 13,336 |
Recovery of amounts previously written off (Note 2) | 0 | 0 | 0 | 1,000 |
Other income | 0 | 1,702 | 280 | 3,242 |
TOTAL OTHER INCOME | 4,528 | 6,517 | 12,928 | 18,821 |
INCOME FROM CONTINUING OPERATIONS | 286,549 | 285,675 | 434,686 | 419,540 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (Notes 1 and 3) | 0 | -10,144 | 302,704 | -33,064 |
NET INCOME | 286,549 | 275,531 | 737,390 | 386,476 |
NET INCOME-GENERAL PARTNER | 2,865 | 2,755 | 7,374 | 3,865 |
NET INCOME-LIMITED PARTNERS | 283,684 | 272,776 | 730,016 | 382,611 |
NET INCOME | $286,549 | $275,531 | $737,390 | $386,476 |
PER LIMITED PARTNERSHIP INTEREST, Based on 46,280.3 interests outstanding: | ' | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS | $6.13 | $6.11 | $9.30 | $8.97 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $0 | ($0.22) | $6.48 | ($0.71) |
NET INCOME PER LIMITED PARTNERSHIP INTEREST | $6.13 | $5.89 | $15.78 | $8.26 |
CONDENSED_STATEMENTS_OF_INCOME1
CONDENSED STATEMENTS OF INCOME (LOSS) (Parenthetical) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Interests outstanding | 46,280.30 | 46,280.30 | 46,280.30 | 46,280.30 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $737,390 | $386,476 |
Net gain on disposal of land | -307,270 | 0 |
Adjustments to reconcile net income to net cash from operating activities- | ' | ' |
Depreciation and amortization | 134,286 | 134,117 |
Recovery of amounts previously written off | 0 | -1,000 |
Interest paid (applied) to Indemnification Trust account | -551 | 178 |
Decrease in rents and other receivables | 226,823 | 211,255 |
Increase in property tax cash escrow | -2,467 | -1,074 |
Increase in security deposit escrow | -67,720 | 0 |
Increase in deferred award proceeds escrow | -177,412 | 0 |
Decrease in prepaid insurance | 4,412 | 3,721 |
Increase in deferred rent receivable | -1,629 | -1,503 |
Increase in accounts payable and accrued expenses | 9,895 | 19,399 |
Increase in property tax payable | 2,467 | 4,859 |
Decrease in unearned rental income | -5,000 | 0 |
Decrease in due to General Partner | -186 | -655 |
Net cash from operating activities | 553,038 | 755,773 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Note receivable, principal payment received | 25,121 | 18,368 |
Net proceeds from sale of condemned land | 341,261 | 0 |
Leasing commission paid | -6,160 | 0 |
Deferred rent | 177,404 | 0 |
Recoveries from former General Partner affiliates | 0 | 1,000 |
Net cash from investing activities | 537,626 | 19,368 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash distributions to Limited Partners | -1,240,000 | -1,055,000 |
Cash distributions to General Partner | -2,949 | -1,546 |
Net cash used in financing activities | -1,242,949 | -1,056,546 |
NET DECREASE IN CASH | -152,285 | -281,405 |
CASH AT BEGINNING OF YEAR | 693,221 | 771,250 |
CASH AT END OF PERIOD | $540,936 | $489,845 |
ORGANIZATION_AND_SIGNIFICANT_A
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES: | |
The Partnership was formed on November 20, 1987, pursuant to the Uniform Limited Partnership Act of the State of Wisconsin. The initial capital, contributed during 1987, consisted of $300, representing aggregate capital contributions of $200 by the former general partners and $100 by the initial limited partner. | |
The Partnership is currently engaged in the business of owning and operating its investment portfolio of commercial real estate properties (the “Properties”). The Properties are leased on a triple net basis primarily to, and operated by, franchisors or franchisees of national, regional, and local retail chains under primarily long-term leases. The lessees are fast food, family style, and casual/theme restaurants. As of September 30, 2013, the Partnership owned twelve Properties, which are located in a total of five states. | |
The Partnership will be dissolved on November 30, 2020, or earlier upon the prior occurrence of any of the following events: (a) the disposition of all properties of the Partnership; (b) the written determination by The Provo Group, Inc., the general partner of the Partnership (the “General Partner”, or “TPG”, or “Management”), that the Partnership’s assets may constitute “plan assets” for purposes of ERISA; (c) the agreement of Limited Partners owning a majority of the outstanding interests to dissolve the Partnership; or (d) the dissolution, bankruptcy, death, withdrawal, or incapacity of the last remaining General Partner, unless an additional General Partner is elected previously by a majority of the Limited Partners. During the second quarters of 2001, 2003, 2005, 2007, 2009 and 2011, consent solicitations were circulated (the 2001, 2003, 2005, 2007, 2009 and 2011 consents each being a “Consent”), which if approved would have authorized the sale of all of the Partnership’s Properties and the dissolution of the Partnership. A majority of the Limited Partners did not vote in favor of any of the Consents. Therefore, the Partnership continued to operate as a going concern. During the third quarter of 2013, consent solicitations were circulated (the “2013 Consent”), which if approved would have authorized the sale of all of the Partnership’s Properties and the dissolution of the Partnership. A majority of the Limited Partners did not vote in favor of the 2013 Consent, and the General Partner declared the 2013 Consent solicitation process concluded on August 30, 2013. Therefore, the Partnership continues to operate as a going concern. | |
Significant Accounting Policies | |
Rental revenue from the Properties is recognized on the straight-line basis over the term of the respective lease. Percentage rents are only accrued when the tenant has reached the sales breakpoint stipulated in the lease. | |
Rents and other receivables are comprised of billed but uncollected amounts due for monthly rents and other charges, and amounts due for scheduled rent increases for which rentals have been earned and will be collected in the future under the terms of the leases. Receivables are recorded at Management’s estimate of the amounts that will be collected. | |
Based on an analysis of specific accounts and historical experience, as of September 30, 2013, and December 31, 2012, there were no recorded values for allowance for doubtful accounts. | |
The Partnership considers its operations to be in only one segment, the operation of a portfolio of commercial real estate leased on a triple net basis, and therefore no segment disclosure is made. | |
Depreciation of the Properties is provided on a straight-line basis over the estimated useful lives of the buildings and improvements. | |
Deferred charges represent leasing commissions paid when the Properties are leased and upon the negotiated extension of a lease. Leasing commissions are capitalized and amortized over the term of the lease. As of September 30, 2013 and December 31, 2012, accumulated amortization amounted to $122,830 and $101,123, respectively. | |
The Partnership generally maintains cash in federally insured accounts which, at times, may exceed federally insured limits. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk. | |
Financial instruments that potentially subject the Partnership to significant concentrations of credit risk consist primarily of cash investments and leases. Additionally, as of September 30, 2013, nine of the Partnership’s twelve Properties are leased to three significant tenants, Wendgusta, LLC (“Wendgusta”), Wendcharles I, LLC (“Wendcharles I”) and Wendcharles II, LLC (“Wendcharles II”), all three of whom are Wendy’s restaurant franchisees. The property lease(s) for the three tenants comprised approximately 53%, 14% and 8%, respectively, of the total operating base rents reflected as of September 30, 2013. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Assets disposed of or deemed to be classified as held for sale require the reclassification of current and previous years’ operations to discontinued operations in accordance with GAAP applicable to “Accounting for the Impairment or Disposal of Long Lived Assets”. As such, prior year operating results for those properties considered as held for sale or properties no longer considered for sale have been reclassified to conform to the current year presentation without affecting total income. When properties are considered held for sale, depreciation of the properties is discontinued, and the properties are valued at the lower of the depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the property previously classified as held for sale is no longer to be sold, the property is reclassified as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. | |
Assets are classified as held for sale, generally, when all criteria within GAAP applicable to “Accounting for the Impairment or Disposal of Long Lived Assets” have been met. | |
The Partnership periodically reviews its long-lived assets, primarily real estate, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Partnership’s review involves comparing current and future operating performance of the assets, the most significant of which is undiscounted operating cash flows, to the carrying value of the assets. Based on this analysis, a provision for possible loss is recognized, if any. There were no adjustments to carrying values for the nine month periods ended September 30, 2013 and 2012. | |
The Financial Accounting Standards Board (“FASB”) guidance on “Fair Value Measurements and Disclosure”, defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. The adoption of the provisions of this FASB issuance, with respect to nonrecurring fair value measurements of nonfinancial assets and liabilities, including (but not limited to) the valuation of reporting units for the purpose of assessing goodwill impairment and the valuation of property and equipment when assessing long-lived asset impairment, did not have a material impact on how the Partnership estimated its fair value measurements but did result in increased disclosures about fair value measurements in the Partnership’s financial statements as of and for the nine month period ended September 30, 2013 and the year ended December 31, 2012. See Note 12 for further disclosure. | |
GAAP applicable to Disclosure about Fair Value of Financial Instruments requires entities to disclose the fair value of all financial assets and liabilities for which it is practicable to estimate. Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The General Partner believes that the carrying value of the Partnership’s assets (exclusive of the Properties) and liabilities approximate fair value due to the relatively short maturity of these instruments. | |
No provision for federal income taxes has been made, as any liability for such taxes would be that of the individual partners rather than of the Partnership. | |
The Partnership is not subject to federal income tax because its income and losses are includable in the tax returns of its partners, but may be subject to certain state taxes. FASB has provided guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the entity’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. Management has determined that there were no material uncertain income tax positions. Tax returns filed by the Partnership generally are subject to examination by U.S. and state taxing authorities for the years ended after December 31, 2008. |
REGULATORY_INVESTIGATION
REGULATORY INVESTIGATION | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
REGULATORY INVESTIGATION | ' |
2. REGULATORY INVESTIGATION: | |
A preliminary investigation during 1992 by the Office of Commissioner of Securities for the State of Wisconsin and the Securities and Exchange Commission (the “Investigation”) revealed that during at least the four years ended December 31, 1992, the former general partners of the Partnership, Gary J. DiVall (“DiVall”) and Paul E. Magnuson (“Magnuson”), had transferred substantial cash assets of the Partnership and two affiliated publicly registered limited partnerships, DiVall Insured Income Fund Limited Partnership (“DiVall 1”), which was dissolved December of 1998, and DiVall Income Properties 3 Limited Partnership (“DiVall 3”), which was dissolved December of 2003, (collectively, the “three original partnerships”) to various other entities previously sponsored by or otherwise affiliated with DiVall and Magnuson. The unauthorized transfers were in violation of the respective partnership agreements and resulted, in part, from material weaknesses in the internal control system of the three original partnerships. | |
Subsequent to discovery, and in response to the regulatory inquiries, TPG was appointed Permanent Manager (effective February 8, 1993) to assume responsibility for daily operations and assets of the three original partnerships as well as to develop and execute a plan of restoration for the three original partnerships. Effective May 26, 1993, the Limited Partners, by written consent of a majority of interests, elected TPG as General Partner. TPG terminated the former general partners by accepting their tendered resignations. | |
In 1993, the General Partner estimated an aggregate recovery of $3 million for the three original partnerships. At that time, an allowance was established against amounts due from former general partners and their affiliates reflecting the estimated $3 million receivable. This net receivable was allocated among the three original partnerships based on their pro rata share of the total misappropriation, and restoration costs and recoveries have been allocated based on the same percentage. Through September 30, 2013, approximately $5,918,000 of recoveries have been received which exceeded the original estimate of $3 million. As a result, from January 1, 1996 through September 30, 2013, the Partnership has recognized a total of approximately $1,229,000 as recovery of amounts previously written off in the statements of income, which represents its share of the excess recovery. The General Partner continues to pursue recoveries of the misappropriated funds; however, no further significant recoveries are anticipated. |
INVESTMENT_PROPERTIES_AND_PROP
INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE | ' | ||||||||||||||||
3. INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE: | |||||||||||||||||
The total cost of the Properties includes the original purchase price plus acquisition fees and other capitalized costs paid to an affiliate of the former general partners. | |||||||||||||||||
As of September 30, 2013, the Partnership owned property leased to twelve fully constructed fast-food restaurants. The twelve tenants are composed of the following: nine Wendy’s restaurants, an Applebee’s restaurant, a KFC restaurant, and a Daytona’s All Sports Café. The Properties are located in a total of five states. | |||||||||||||||||
Wendy’s- 361 Highway 17 Bypass, Mt. Pleasant, SC Property | |||||||||||||||||
On November 30, 2010, the County of Charleston (the “County”) made a purchase offer of approximately $177,000 to the Partnership in connection with an eminent domain (condemnation) land acquisition of approximately 5,000 square feet of the approximately 44,000 square feet of the Wendy’s- Mt. Pleasant, SC (“Wendy’s- Mt. Pleasant”) property. The Partnership received Notice that the County, filed condemnation proceedings on October 12, 2011, which resulted in a partial taking of the Wendy’s- Mt. Pleasant property leased by tenant Wendcharles I, LLC (“Tenant”). In May 2013, The Partnership and Tenant settled the condemnation action for the sum of $871,500 and the widening of the remaining curb cut at the property. Subsequently, the Partnership and Tenant settled the adjudication of lease and just compensation award allocation of the $724,247 deposited with the Clerk of Court before a trial on the allocation of just compensation occurred. On July 19, 2013, the Partnership entered into a Release, evidencing the settlement that provides for a payout of the monies held by the Clerk of Court and an amendment to the lease with Tenant providing for a reduction in monthly rent of the property. The Release provides that the Tenant shall receive $181,062 of the monies on deposit with the Clerk of Court, the Tenant will execute an amendment of its Lease with the Partnership, the Tenant will receive the balance of $181,062 ratably over the balance of the original term of the lease effective August 1, 2013 in the form of a rent reduction in monthly savings of $1,829 in rent on the condition that Tenant continues to lease the property without default, and the Tenant’s annual rent under the lease will revert to the current annual fixed rent beginning in November 2021 at the onset of the five year renewal option lease term. | |||||||||||||||||
Contemporaneously with the Partnership’s execution of the Release, the Partnership entered into an Amendment of Lease with Tenant, dated July 19, 2013 (the “Amendment”), which amends the original lease, as amended (“Lease”), as a condition to the Release. The Amendment renews the Lease under the first extension term, commencing on November 7, 2021 and ending on November 6, 2026. The Amendment revised the legal description of the premises under the Lease and replaces Section 1.12 of the Lease to provide that the Base Monthly Rent for the remainder of the Lease, beginning on the Effective Date and ending on November 6, 2021, shall be $4,611.09 and for the first extension term beginning on November 7, 2021 and ending on November 6, 2026 and for the second extension term shall be $6,440. Finally, the Amendment further provides that it, together with the Release, settles all claims relating to the apportionment of the condemnation award and Article X of the Lease is deemed satisfied with respect to such condemnation proceedings. A Current Report on Form 8-K was filed with the SEC on July 24, 2013 further describing the terms of the agreement between the Partnership and the Tenant amending the Lease. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
During the three month periods ended September 30, 2013 and 2012, the Partnership recognized income (loss) from discontinued operations of $0 and ($10,144), respectively. During the nine month periods ended September 30, 2013 and 2012, the Partnership recognized income (loss) from discontinued operations of $302,704 and ($33,064), respectively. The 2013 income is made up of the gain on the sale of the condemned property to the County of Charleston, SC, offset by the cost of traveling to attend the mediation held for the Mt. Pleasant, SC property on March 15, 2013 and related legal costs in negotiating a settlement with the Wendy’s, Mt. Pleasant, SC Tenant. The 2012 loss from discontinued operations is attributable to the cost of securing and maintaining the vacant Phoenix, AZ property that was subsequently sold in October 2012. | |||||||||||||||||
The components of properties held for sale in the balance sheets as of September 30, 2013 and December 31, 2012 are outlined below: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance Sheet: | |||||||||||||||||
Land | $ | 0 | $ | 33,991 | |||||||||||||
Properties held for sale | $ | 0 | $ | 33,991 | |||||||||||||
Properties held for sale is $0 at September 30, 2013 due to the sale of the portion of the Wendy’s – Mt. Pleasant property to the County of Charleston, SC in May 2013 as discussed in further detail elsewhere in this 10-Q. | |||||||||||||||||
The components of discontinued operations included in the condensed statement of income (loss) for the three and nine month periods ended September 30, 2013 and 2012 are outlined below: | |||||||||||||||||
Three Month Period Ended | Nine Month Period Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Statements of Income (Loss): | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Other income | 0 | 0 | 0 | 2,500 | |||||||||||||
Net Gain on sale of condemned land | 0 | 0 | 307,270 | 0 | |||||||||||||
Total Revenues | $ | 0 | $ | 0 | $ | 307,270 | $ | 2,500 | |||||||||
Expenses: | |||||||||||||||||
Insurance expense | 0 | 698 | 0 | 2,078 | |||||||||||||
Professional services | 0 | 20 | 0 | 2,060 | |||||||||||||
Property tax expense | 0 | 3,785 | 0 | 11,356 | |||||||||||||
Other property expenses | 0 | 5,640 | 0 | 20,070 | |||||||||||||
Legal Expenses | 0 | 0 | 2,774 | 0 | |||||||||||||
Travel Expenses | 0 | 0 | 1,792 | 0 | |||||||||||||
Total Expenses | $ | 0 | $ | 10,144 | $ | 4,566 | $ | 35,564 | |||||||||
Net Income (Loss) from Discontinued Operations | $ | 0 | ($10,144 | ) | $ | 302,704 | ($33,064 | ) | |||||||||
PARTNERSHIP_AGREEMENT
PARTNERSHIP AGREEMENT | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
PARTNERSHIP AGREEMENT | ' |
4. PARTNERSHIP AGREEMENT: | |
The Amended Agreement of Limited Partnership (as amended, supplemented or modified, the “Partnership Agreement”) extends the term of the Partnership to November 30, 2020, or until dissolution prior thereto pursuant to the consent of the majority of the outstanding Limited Partnership Interests. | |
On May 26, 1993, pursuant to the results of a solicitation of written consents from the Limited Partners, the Partnership Agreement was amended to replace the former general partners and amend various sections of the agreement. The former general partners were replaced by the General Partner. Under the terms of the amendment, net profits or losses from operations are allocated 99% to the Limited Partners and 1% to the current General Partner. Additionally, the total compensation paid to all persons for the sale of the investment properties is limited to commissions customarily charged by other brokers in arm’s-length sales transactions involving comparable properties in the same geographic area, not to exceed six percent of the contract price for the sale of the property. The General Partner may receive up to one-half of the competitive real estate commission, not to exceed three percent, provided that the General Partner provides a substantial amount of services, as defined by the General Partner, in the sales effort. It is further provided that a portion of the amount of such fees payable to the General Partner is subordinated to its success in recovering the funds misappropriated by the former general partners. See Note 6 for further information. | |
The Partnership Agreement, as amended, provides that (i) the “Distribution Quarter” is defined as the calendar quarter, and (ii) the distribution provisions are subordinate to the General Partner’s share of distributions from Net Cash Receipts and Net Proceeds to the extent necessary for the General Partner to pay its federal and state income taxes on Partnership income allocated to the General Partner. Because these amendments do not adversely affect the rights of the Limited Partners, pursuant to section 10.2 of the Partnership Agreement, the General Partner can modify these provisions without a vote of the Limited Partners. |
LEASES
LEASES | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Leases [Abstract] | ' | ||||
LEASES | ' | ||||
5. LEASES: | |||||
Original lease terms for the majority of the Properties are generally five to twenty years from their inception. The leases generally provide for minimum rents and additional rents based upon percentages of gross sales in excess of specified breakpoints. The lessee is responsible for occupancy costs such as maintenance, insurance, real estate taxes, and utilities. Accordingly, these amounts are not reflected in the statements of income except in circumstances where, in Management’s opinion, the Partnership will be required to pay such costs to preserve its assets (i.e., payment of past-due real estate taxes). Management has determined that the leases are properly classified as operating leases; therefore, rental income is reported when earned on a straight-line basis and the cost of the property, excluding the cost of the land, is depreciated over its estimated useful life. | |||||
As of September 30, 2013, the aggregate minimum operating lease payments (including the aggregate total of the first through third quarters of 2013 collected revenues of $763,454) to be received under the current operating leases for the Partnership’s properties are as follows: | |||||
Year ending December 31, | |||||
2013 | $ | 1,022,534 | |||
2014 | 952,462 | ||||
2015 | 804,553 | ||||
2016 | 791,935 | ||||
2017 | 720,433 | ||||
Thereafter | 2,959,282 | ||||
$ | 7,251,199 | ||||
Operating percentage rents included in operating rental income for the three month periods ended September 30, 2013 and 2012 were $205,645 and $193,700, respectively. Operating percentage rents included in operating rental income for the nine month periods ended September 30, 2013 and 2012 were $238,583 and $219,200, respectively. The percentage rents for 2013 and 2012 included percentage rent accruals for tenants who had reached their sales breakpoints. Total operating percentage rents included in rental income from operations in 2012 were $465,406. At September 30, 2013 and December 31, 2012, rents and other receivables included $238,583 and $465,406, respectively, of unbilled percentage rents. As of September 30, 2013, all of the 2012 percentage rents had been billed and collected. |
TRANSACTIONS_WITH_GENERAL_PART
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES | ' | ||||||||||||||||
6. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES: | |||||||||||||||||
Pursuant to the terms of the Permanent Manager Agreement (“PMA”) executed in 1993 and renewed for an additional two year term as of January 1, 2013, the General Partner receives a base fee for managing the Partnership equal to four percent of gross receipts, subject to an initial annual minimum amount of $159,000 (the “Base Fee”). The PMA also provides that the Partnership is responsible for reimbursement of the General Partner for office rent and related office overhead (collectively, the “Expenses”) up to an initial annual maximum of $13,250. Both the Base Fee and Expense reimbursement are subject to annual Consumer Price Index based adjustments. Effective March 1, 2013, the minimum annual Base Fee and the maximum Expense reimbursement increased by 2.07% from the prior year, which represents the allowable annual Consumer Price Index adjustment per the PMA. Therefore, as of March 1, 2013, the minimum monthly Base Fee paid by the Partnership was raised to $21,578 and the maximum monthly Expense reimbursement was increased to $1,741. | |||||||||||||||||
For purposes of computing the four percent overall fees paid to the General Partner, gross receipts include amounts recovered in connection with the misappropriation of assets by the former general partners and their affiliates. To date, TPG has received fees from the Partnership totaling $59,729 on the amounts recovered, which includes restoration fees received for 2013 and 2012 of $0 and $40, respectively. The fee received from the Partnership on the amounts recovered reduces the minimum monthly Base Fee by that same amount. | |||||||||||||||||
Amounts paid and/or accrued to the General Partner and its affiliates for the three and nine month periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Incurred for the | Incurred for the | Incurred for the | Incurred for the | ||||||||||||||
Three Month | Three Month | Nine Month | Nine Month | ||||||||||||||
Period ended | Period ended | Period ended | Period ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
General Partner | |||||||||||||||||
Management fees | $ | 64,734 | $ | 63,420 | $ | 193,326 | $ | 188,924 | |||||||||
Restoration fees | 0 | 0 | 0 | 40 | |||||||||||||
Overhead allowance | 5,223 | 5,115 | 15,597 | 15,241 | |||||||||||||
Other outsourced administrative fees | 525 | 0 | 5,475 | 6,200 | |||||||||||||
Leasing Commission | 6,160 | 0 | 6,160 | 0 | |||||||||||||
Sales Commission | 0 | 0 | 16,296 | 0 | |||||||||||||
Reimbursement for out-of-pocket expenses | 1,240 | 1,369 | 4,164 | 5,237 | |||||||||||||
Cash distribution | 1,146 | 1,102 | 2,949 | 1,546 | |||||||||||||
$ | 79,028 | $ | 71,006 | $ | 243,967 | $ | 217,188 | ||||||||||
At September 30, 2013 and December 31, 2012, $1,146 and $1,332, respectively, was payable to the General Partner. | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, TPG Finance Corp. owned 200 limited partnership units of the Partnership. The President of the General Partner, Bruce A. Provo, is also the President of TPG Finance Corp., but he is not a shareholder of TPG Finance Corp. | |||||||||||||||||
As of September 30, 2013, the General Partner did not own any Limited Partnership Interests in the Partnership. The following chart identifies the security ownership of the Partnership’s principal executive officer and principal financial officer as the sole named executive officer holding any Limited Partnership Interests: | |||||||||||||||||
Title of | Name of | Amount and | Percentage of | ||||||||||||||
Class | Beneficial Owner(1) | Nature of | Interests | ||||||||||||||
Beneficial | Outstanding(4) | ||||||||||||||||
Ownership | |||||||||||||||||
Limited Partnership Interest | Bruce A. Provo | 200 | (2)(3) | 0.43 | % | ||||||||||||
-1 | A beneficial owner of a security includes a person who, directly or indirectly, has or shares voting or investment power with respect to such security. Voting power is the power to vote or direct the voting of the security and investment power is the power to dispose or direct the disposition of the security. | ||||||||||||||||
-2 | Bruce A. Provo is deemed to have beneficial ownership of all of TPG Finance Corp.’s Limited Partnership interests in the Partnership due to his control as President of TPG Finance Corp. | ||||||||||||||||
-3 | Bruce A. Provo may be deemed to beneficially own with such voting and investment power the Interests listed above. | ||||||||||||||||
-4 | Based on 46,280.3 Limited Partnership Interests outstanding as of September 30, 2013. |
TRANSACTIONS_WITH_OWNERS_WITH_
TRANSACTIONS WITH OWNERS WITH GREATER THAN TEN PERCENT BENEFICIAL INTERESTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
TRANSACTIONS WITH OWNERS WITH GREATER THAN TEN PERCENT BENEFICIAL INTERESTS | ' | ||||||||||||||||
7. TRANSACTIONS WITH OWNERS WITH GREATER THAN TEN PERCENT BENEFICIAL INTERESTS: | |||||||||||||||||
As of September 30, 2013, Advisory Board Member, Jesse Small, owned beneficially greater than ten percent of the Partnership’s Units. Amounts paid to Mr. Small for his services as a member of the Advisory Board for the three and nine month periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Incurred for the | Incurred for the | Incurred for the | Incurred for the | ||||||||||||||
Three Month | Three Month | Nine Month | Nine Month | ||||||||||||||
Period ended | Period ended | Period ended | Period ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Advisory Board Fees paid | $ | 875 | $ | 875 | $ | 2,625 | $ | 2,625 | |||||||||
At September 30, 2013 and December 31, 2012 there were no outstanding Advisory Board Fees accrued and payable to Jesse Small. |
CONTINGENT_LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
CONTINGENT LIABILITIES | ' |
8. CONTINGENT LIABILITIES: | |
According to the Partnership Agreement, as amended, TPG, as General Partner, may receive a disposition fee not to exceed three percent of the contract price on the sale of the three original partnerships’ properties (See Note 2 for further information as to the original partnerships). In addition, fifty percent of all such disposition fees earned by TPG were to be escrowed until the aggregate amount of recovery of the funds misappropriated from the partnerships by the former general partners was greater than $4,500,000. Upon reaching such recovery level, full disposition fees would thereafter be payable and fifty percent of the previously escrowed amounts would be paid to TPG. At such time as the recovery exceeded $6,000,000 in the aggregate, the remaining escrowed disposition fees were to be paid to TPG. If such levels of recovery were not achieved, TPG would contribute the amounts escrowed toward the recovery until the three original partnerships were made whole. In lieu of a disposition fee escrow, the fifty percent of all such disposition fees previously discussed were paid directly to a restoration account and then distributed among the three original partnerships; whereby the three original partnerships recorded the recoveries as income (Note 2). After the recovery level of $4,500,000 was exceeded, fifty percent of the total disposition fee amount paid to the three original partnerships’ recovery through the restoration account (in lieu of the disposition fee escrow) was refunded to TPG during March 1996. The remaining fifty percent amount allocated to the Partnership through the restoration account, and which was previously reflected as Partnership recovery income, may be owed to TPG if the $6,000,000 recovery level is met. As of September 30, 2013, the Partnership may owe TPG $16,296 if the $6,000,000 recovery level is achieved. TPG does not expect any future payment, as it is uncertain that such a $6,000,000 recovery level will be achieved. |
PMA_INDEMNIFICATION_TRUST
PMA INDEMNIFICATION TRUST | 9 Months Ended |
Sep. 30, 2013 | |
Banking And Thrift [Abstract] | ' |
PMA INDEMNIFICATION TRUST | ' |
9. PMA INDEMNIFICATION TRUST: | |
The PMA provides that TPG will be indemnified from any claims or expenses arising out of or relating to TPG serving in such capacity or as substitute general partner, so long as such claims do not arise from fraudulent or criminal misconduct by TPG. The PMA provides that the Partnership will fund this indemnification obligation by establishing a reserve of up to $250,000 of Partnership assets which would not be subject to the claims of the Partnership’s creditors. An Indemnification Trust (“Trust”) serving such purposes has been established at United Missouri Bank, N.A. The corpus of the Trust has been fully funded with Partnership assets. Funds are invested in U.S. Treasury securities. In addition, $202,645 of earnings has been credited to the Trust as of September 30, 2013. The rights of TPG to the Trust shall be terminated upon the earliest to occur of the following events: (i) the written release by TPG of any and all interest in the Trust; (ii) the expiration of the longest statute of limitations relating to a potential claim which might be brought against TPG and which is subject to indemnification; or (iii) a determination by a court of competent jurisdiction that TPG shall have no liability to any person with respect to a claim which is subject to indemnification under the PMA. At such time as the indemnity provisions expire or the full indemnity is paid, any funds remaining in the Trust will revert back to the general funds of the Partnership. |
FORMER_GENERAL_PARTNERS_CAPITA
FORMER GENERAL PARTNERS' CAPITAL ACCOUNTS | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
FORMER GENERAL PARTNERS' CAPITAL ACCOUNTS | ' |
10. FORMER GENERAL PARTNERS’ CAPITAL ACCOUNTS: | |
The capital account balance of the former general partners as of May 26, 1993, the date of their removal as general partners pursuant to the results of a solicitation of written consents from the Limited Partners, was a deficit of $840,229. At December 31, 1993, the former general partners’ deficit capital account balance in the amount of $840,229 was reallocated to the Limited Partners. |
NOTE_RECEIVABLE
NOTE RECEIVABLE | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
NOTE RECEIVABLE | ' |
11. NOTE RECEIVABLE: | |
A sales contract was executed on September 30, 2009 for the installment sale of the Panda Buffet property to the tenant for $520,000 (sales amount was to be reduced to $450,000 if closing occurred on or before November 15, 2009). The closing date on the sale of the property was November 12, 2009 at a sales price of $450,000. The buyer paid $150,000 at closing with the remaining balance of $300,000 being delivered in the form of a promissory note (“Buyers Note”) to the Partnership. The Buyers Note reflected a term of three years, an interest rate of 7.25%, and principal and interest payments paid monthly and principal amortized over a period of ten years beginning December 1, 2009 with a balloon payment due November 1, 2012. The Partnership amended the Buyers Note in the amount of $232,777, to $200,000 after a principal payment of $32,777 was received on October 19, 2012 under the following extended terms: The principal balance of $200,000 will be amortized over five years at an interest rate of 7.25% per annum with a full balloon payment of $133,396 due November 1, 2014. Pursuant to the Buyers Note, there is no penalty for early payment of principal. The Buyers Note also requires the buyer to escrow property taxes with the Partnership which, as of January 1, 2013, is $925 per month. The property tax escrow cash balance held by the Partnership amounted to $8,474 at September 30, 2013, and is included in the property tax payable in the condensed balance sheets. | |
Per the Buyer’s Note amortization schedule, the monthly payments are to total approximately $3,916 per month. The amortized principal payments yet to be received under the Buyer’s Note amounted to $197,292 as of December 31, 2012. During the nine month period ended September 30, 2013, nine note payments were received by the Partnership and totaled $25,121 in principal and $10,127 in interest. |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended | ||
Sep. 30, 2013 | |||
Fair Value Disclosures [Abstract] | ' | ||
FAIR VALUE DISCLOSURES | ' | ||
12. FAIR VALUE DISCLOSURES | |||
The Partnership has determined the fair value based on hierarchy that gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy under the accounting principle are described below: | |||
Level 1. | Quoted prices in active markets for identical assets or liabilities. | ||
Level 2. | Quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, and inputs other than quoted prices that are observable for the investment. | ||
Level 3. | Unobservable inputs for which there is little, if any, market activity for the investment. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation and the use of discounted cash flow models to value the investment. | ||
The fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||
The Partnership assesses the levels of the Investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the three and nine month periods ended September 30, 2013 and 2012, there were no such transfers. |
ORGANIZATION_AND_SIGNIFICANT_A1
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Rental revenue from the Properties is recognized on the straight-line basis over the term of the respective lease. Percentage rents are only accrued when the tenant has reached the sales breakpoint stipulated in the lease. | |
Rents and other receivables are comprised of billed but uncollected amounts due for monthly rents and other charges, and amounts due for scheduled rent increases for which rentals have been earned and will be collected in the future under the terms of the leases. Receivables are recorded at Management’s estimate of the amounts that will be collected. | |
Based on an analysis of specific accounts and historical experience, as of September 30, 2013, and December 31, 2012, there were no recorded values for allowance for doubtful accounts. | |
The Partnership considers its operations to be in only one segment, the operation of a portfolio of commercial real estate leased on a triple net basis, and therefore no segment disclosure is made. | |
Depreciation of the Properties is provided on a straight-line basis over the estimated useful lives of the buildings and improvements. | |
Deferred charges represent leasing commissions paid when the Properties are leased and upon the negotiated extension of a lease. Leasing commissions are capitalized and amortized over the term of the lease. As of September 30, 2013 and December 31, 2012, accumulated amortization amounted to $122,830 and $101,123, respectively. | |
The Partnership generally maintains cash in federally insured accounts which, at times, may exceed federally insured limits. The Partnership has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk. | |
Financial instruments that potentially subject the Partnership to significant concentrations of credit risk consist primarily of cash investments and leases. Additionally, as of September 30, 2013, nine of the Partnership’s twelve Properties are leased to three significant tenants, Wendgusta, LLC (“Wendgusta”), Wendcharles I, LLC (“Wendcharles I”) and Wendcharles II, LLC (“Wendcharles II”), all three of whom are Wendy’s restaurant franchisees. The property lease(s) for the three tenants comprised approximately 53%, 14% and 8%, respectively, of the total operating base rents reflected as of September 30, 2013. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Assets disposed of or deemed to be classified as held for sale require the reclassification of current and previous years’ operations to discontinued operations in accordance with GAAP applicable to “Accounting for the Impairment or Disposal of Long Lived Assets”. As such, prior year operating results for those properties considered as held for sale or properties no longer considered for sale have been reclassified to conform to the current year presentation without affecting total income. When properties are considered held for sale, depreciation of the properties is discontinued, and the properties are valued at the lower of the depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the property previously classified as held for sale is no longer to be sold, the property is reclassified as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. | |
Assets are classified as held for sale, generally, when all criteria within GAAP applicable to “Accounting for the Impairment or Disposal of Long Lived Assets” have been met. | |
The Partnership periodically reviews its long-lived assets, primarily real estate, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Partnership’s review involves comparing current and future operating performance of the assets, the most significant of which is undiscounted operating cash flows, to the carrying value of the assets. Based on this analysis, a provision for possible loss is recognized, if any. There were no adjustments to carrying values for the nine month periods ended September 30, 2013 and 2012. | |
Fair Value Measurements and Disclosure | ' |
The Financial Accounting Standards Board (“FASB”) guidance on “Fair Value Measurements and Disclosure”, defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. The adoption of the provisions of this FASB issuance, with respect to nonrecurring fair value measurements of nonfinancial assets and liabilities, including (but not limited to) the valuation of reporting units for the purpose of assessing goodwill impairment and the valuation of property and equipment when assessing long-lived asset impairment, did not have a material impact on how the Partnership estimated its fair value measurements but did result in increased disclosures about fair value measurements in the Partnership’s financial statements as of and for the nine month period ended September 30, 2013 and the year ended December 31, 2012. See Note 12 for further disclosure. | |
GAAP applicable to Disclosure about Fair Value of Financial Instruments requires entities to disclose the fair value of all financial assets and liabilities for which it is practicable to estimate. Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The General Partner believes that the carrying value of the Partnership’s assets (exclusive of the Properties) and liabilities approximate fair value due to the relatively short maturity of these instruments. | |
No provision for federal income taxes has been made, as any liability for such taxes would be that of the individual partners rather than of the Partnership. | |
The Partnership is not subject to federal income tax because its income and losses are includable in the tax returns of its partners, but may be subject to certain state taxes. FASB has provided guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the entity’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. Management has determined that there were no material uncertain income tax positions. Tax returns filed by the Partnership generally are subject to examination by U.S. and state taxing authorities for the years ended after December 31, 2008. |
INVESTMENT_PROPERTIES_AND_PROP1
INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Components of Properties Held for Sale | ' | ||||||||||||||||
The components of properties held for sale in the balance sheets as of September 30, 2013 and December 31, 2012 are outlined below: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance Sheet: | |||||||||||||||||
Land | $ | 0 | $ | 33,991 | |||||||||||||
Properties held for sale | $ | 0 | $ | 33,991 | |||||||||||||
Components of Discontinued Operations Included in Condensed Statement of Income (Loss) | ' | ||||||||||||||||
The components of discontinued operations included in the condensed statement of income (loss) for the three and nine month periods ended September 30, 2013 and 2012 are outlined below: | |||||||||||||||||
Three Month Period Ended | Nine Month Period Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Statements of Income (Loss): | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Other income | 0 | 0 | 0 | 2,500 | |||||||||||||
Net Gain on sale of condemned land | 0 | 0 | 307,270 | 0 | |||||||||||||
Total Revenues | $ | 0 | $ | 0 | $ | 307,270 | $ | 2,500 | |||||||||
Expenses: | |||||||||||||||||
Insurance expense | 0 | 698 | 0 | 2,078 | |||||||||||||
Professional services | 0 | 20 | 0 | 2,060 | |||||||||||||
Property tax expense | 0 | 3,785 | 0 | 11,356 | |||||||||||||
Other property expenses | 0 | 5,640 | 0 | 20,070 | |||||||||||||
Legal Expenses | 0 | 0 | 2,774 | 0 | |||||||||||||
Travel Expenses | 0 | 0 | 1,792 | 0 | |||||||||||||
Total Expenses | $ | 0 | $ | 10,144 | $ | 4,566 | $ | 35,564 | |||||||||
Net Income (Loss) from Discontinued Operations | $ | 0 | ($10,144 | ) | $ | 302,704 | ($33,064 | ) | |||||||||
LEASES_Tables
LEASES (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Leases [Abstract] | ' | ||||
Operating Leases for Partnership's Properties | ' | ||||
As of September 30, 2013, the aggregate minimum operating lease payments (including the aggregate total of the first through third quarters of 2013 collected revenues of $763,454) to be received under the current operating leases for the Partnership’s properties are as follows: | |||||
Year ending December 31, | |||||
2013 | $ | 1,022,534 | |||
2014 | 952,462 | ||||
2015 | 804,553 | ||||
2016 | 791,935 | ||||
2017 | 720,433 | ||||
Thereafter | 2,959,282 | ||||
$ | 7,251,199 | ||||
TRANSACTIONS_WITH_GENERAL_PART1
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Amounts Paid and/or Accrued to General Partner and its Affiliates | ' | ||||||||||||||||
Amounts paid and/or accrued to the General Partner and its affiliates for the three and nine month periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Incurred for the | Incurred for the | Incurred for the | Incurred for the | ||||||||||||||
Three Month | Three Month | Nine Month | Nine Month | ||||||||||||||
Period ended | Period ended | Period ended | Period ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
General Partner | |||||||||||||||||
Management fees | $ | 64,734 | $ | 63,420 | $ | 193,326 | $ | 188,924 | |||||||||
Restoration fees | 0 | 0 | 0 | 40 | |||||||||||||
Overhead allowance | 5,223 | 5,115 | 15,597 | 15,241 | |||||||||||||
Other outsourced administrative fees | 525 | 0 | 5,475 | 6,200 | |||||||||||||
Leasing Commission | 6,160 | 0 | 6,160 | 0 | |||||||||||||
Sales Commission | 0 | 0 | 16,296 | 0 | |||||||||||||
Reimbursement for out-of-pocket expenses | 1,240 | 1,369 | 4,164 | 5,237 | |||||||||||||
Cash distribution | 1,146 | 1,102 | 2,949 | 1,546 | |||||||||||||
$ | 79,028 | $ | 71,006 | $ | 243,967 | $ | 217,188 | ||||||||||
Security Ownership of Partnership Principal Executive Officer and Principal Financial Officer | ' | ||||||||||||||||
The following chart identifies the security ownership of the Partnership’s principal executive officer and principal financial officer as the sole named executive officer holding any Limited Partnership Interests: | |||||||||||||||||
Title of | Name of | Amount and | Percentage of | ||||||||||||||
Class | Beneficial Owner(1) | Nature of | Interests | ||||||||||||||
Beneficial | Outstanding(4) | ||||||||||||||||
Ownership | |||||||||||||||||
Limited Partnership Interest | Bruce A. Provo | 200 | (2)(3) | 0.43 | % | ||||||||||||
-1 | A beneficial owner of a security includes a person who, directly or indirectly, has or shares voting or investment power with respect to such security. Voting power is the power to vote or direct the voting of the security and investment power is the power to dispose or direct the disposition of the security. | ||||||||||||||||
-2 | Bruce A. Provo is deemed to have beneficial ownership of all of TPG Finance Corp.’s Limited Partnership interests in the Partnership due to his control as President of TPG Finance Corp. | ||||||||||||||||
-3 | Bruce A. Provo may be deemed to beneficially own with such voting and investment power the Interests listed above. | ||||||||||||||||
-4 | Based on 46,280.3 Limited Partnership Interests outstanding as of September 30, 2013. |
TRANSACTIONS_WITH_OWNERS_WITH_1
TRANSACTIONS WITH OWNERS WITH GREATER THAN TEN PERCENT BENEFICIAL INTERESTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Advisory Board Fees Paid to Jesse Small | ' | ||||||||||||||||
As of September 30, 2013, Advisory Board Member, Jesse Small, owned beneficially greater than ten percent of the Partnership’s Units. Amounts paid to Mr. Small for his services as a member of the Advisory Board for the three and nine month periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Incurred for the | Incurred for the | Incurred for the | Incurred for the | ||||||||||||||
Three Month | Three Month | Nine Month | Nine Month | ||||||||||||||
Period ended | Period ended | Period ended | Period ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Advisory Board Fees paid | $ | 875 | $ | 875 | $ | 2,625 | $ | 2,625 | |||||||||
Recovered_Sheet1
Organization and Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 1987 | Dec. 31, 2012 | |
Property | ||||
Tenants | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Aggregate capital contributions | ' | ' | $300 | ' |
Allowance for doubtful accounts | 0 | ' | ' | 0 |
Accumulated amortization | 122,830 | ' | ' | 101,123 |
Number of partnership's Properties leased to significant tenants | 9 | ' | ' | ' |
Number of Properties leased | 12 | ' | ' | ' |
Number of significant tenants | 3 | ' | ' | ' |
Adjustments to carrying values | 0 | 0 | ' | ' |
Federal income taxes | 0 | ' | ' | ' |
General Partner [Member] | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Aggregate capital contributions | ' | ' | 200 | ' |
Limited Partnership Interest [Member] | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Aggregate capital contributions | ' | ' | $100 | ' |
Number of Property Owned by Partnership | 12 | ' | ' | ' |
Number of State Partnership Property Located | 5 | ' | ' | ' |
Wendgusta [Member] | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Property lease(s) | 53.00% | ' | ' | ' |
Wendcharles I [Member] | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Property lease(s) | 14.00% | ' | ' | ' |
Wendcharles II [Member] | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' |
Property lease(s) | 8.00% | ' | ' | ' |
Regulatory_Investigation_Addit
Regulatory Investigation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 1993 | |
PartnershipUnit | ||
Regulatory Investigation [Abstract] | ' | ' |
Number of partnership relating to regulatory investigation | ' | 3 |
Estimated an aggregate recovery | $5,918,000 | $3,000,000 |
Affiliates reflecting estimated receivable | 3,000,000 | 3,000,000 |
Recovery of amounts previously written off | $1,229,000 | ' |
Recovered_Sheet2
Investment Properties and Properties Held For Sale - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Property | Property | Wendy's restaurants [Member] | Wendy's restaurants [Member] | An Applebee restaurant [Member] | KFC Restaurant [Member] | Daytona's All Sports cafe [Member] | Wendcharles I [Member] | First Extension [Member] | Second Extension [Member] | |||||
State | State | Property | sqft | Property | Property | Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property leased to fully constructed fast-food restaurants | ' | 12 | ' | 12 | ' | ' | 9 | ' | 1 | 1 | 1 | ' | ' | ' |
Location of properties | ' | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation offerer Eminent domain (condemnation) land acquisition | ' | ' | ' | ' | ' | ' | ' | $177,000 | ' | ' | ' | ' | ' | ' |
Eminent domain (condemnation) land acquisition | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Area of land under rental agreement | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' | ' | ' | ' |
Settlement value of condemnation action | 871,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condemnation settlement compensation allocated | 724,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monies on deposit allocated to tenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,062 | ' | ' |
Total rent reduction on the balance of leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,062 | ' | ' |
Rent reduction in monthly saving for tenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,829 | ' | ' |
Renewal option lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Amendment renewed lease term beginning | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Nov-21 | ' |
Amendment renewed lease term ending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Nov-26 | ' |
Monthly rent for the remainder of the lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,611.09 | 6,440 |
Lease agreement effective date | ' | ' | ' | 6-Nov-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership recognized income (losses) from discontinued operations | ' | 0 | -10,144 | 302,704 | -33,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties held for sale | ' | $0 | ' | $0 | ' | $33,991 | $0 | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Investment Properties and Properties Held for Sale - Components of Properties Held for Sale (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheet: | ' | ' |
Land | $0 | $33,991 |
Properties held for sale | $0 | $33,991 |
Investment_Properties_and_Prop2
Investment Properties and Properties Held for Sale - Components of Discontinued Operations Included in Condensed Statement of Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues: | ' | ' | ' | ' |
Rental income | $0 | $0 | $0 | $0 |
Other income | 0 | 0 | 0 | 2,500 |
Net Gain on sale of condemned land | 0 | 0 | 307,270 | 0 |
Total Revenues | 0 | 0 | 307,270 | 2,500 |
Expenses: | ' | ' | ' | ' |
Insurance expense | 0 | 698 | 0 | 2,078 |
Professional services | 0 | 20 | 0 | 2,060 |
Property tax expense | 0 | 3,785 | 0 | 11,356 |
Other property expenses | 0 | 5,640 | 0 | 20,070 |
Legal Expenses | 0 | 0 | 2,774 | 0 |
Travel Expenses | 0 | 0 | 1,792 | 0 |
Total Expenses | 0 | 10,144 | 4,566 | 35,564 |
Net Income (Loss) from Discontinued Operations | $0 | ($10,144) | $302,704 | ($33,064) |
Partnership_Agreement_Addition
Partnership Agreement - Additional Information (Detail) | 26-May-93 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Compensation percentage on the basis of contract price | 6.00% |
General Partner [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Net profits or losses from operations | 1.00% |
General Partner [Member] | Minimum [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Partners share in competitive Real Estate Commission | 3.00% |
General Partner [Member] | Maximum [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Partners share in competitive Real Estate Commission | 50.00% |
Limited Partnership Interest [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Net profits or losses from operations | 99.00% |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Operating Leases [Line Items] | ' | ' | ' | ' | ' |
Operating lease revenues collected | $461,800 | $449,225 | $1,007,324 | $985,775 | ' |
Operating percentage rents | 205,645 | 193,700 | 238,583 | 219,200 | 465,406 |
Rents and other receivables for unbilled percentage rents | $238,583 | ' | $238,583 | ' | $465,406 |
Maximum [Member] | ' | ' | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' | ' | ' |
Original lease terms of properties | ' | ' | '20 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' | ' | ' |
Original lease terms of properties | ' | ' | '5 years | ' | ' |
Leases_Operating_Leases_for_Pa
Leases - Operating Leases for Partnership's Properties (Detail) (USD $) | Sep. 30, 2013 |
Leases [Abstract] | ' |
2013 | $1,022,534 |
2014 | 952,462 |
2015 | 804,553 |
2016 | 791,935 |
2017 | 720,433 |
Thereafter | 2,959,282 |
Total | $7,251,199 |
Recovered_Sheet4
Transactions with General Partner and its Affiliates - Additional Information (Detail) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 01, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Renewal period of Permanent Manager Agreement | '2 years | ' | ' | ' |
Minimum amount of Base Fee for managing partnership | $159,000 | ' | ' | ' |
Percentage of Base Fee on gross receipts | 4.00% | ' | ' | ' |
Maximum reimbursement on office rent and related expenses | 13,250 | ' | ' | ' |
Percentage of increase in Base Fee and Expense reimbursement | ' | ' | 2.07% | ' |
Increase in minimum monthly Base Fee | ' | ' | 21,578 | ' |
Increase in maximum monthly expense reimbursement | ' | ' | 1,741 | ' |
Fees received from partnership, by TPG | 59,729 | ' | ' | ' |
Restoration fees | 0 | 40 | ' | ' |
Payable to General Partner | $1,146 | ' | ' | $1,332 |
Limited partnership units owned by TPG Finance Corp | 200 | ' | ' | 200 |
Recovered_Sheet5
Transactions with General Partner and its Affiliates - Amounts paid and/or accrued to the General Partner and its Affiliates (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Equity Transactions And Share Based Compensation [Line Items] | ' | ' | ' | ' |
Management fees | $64,734 | $63,420 | $193,326 | $188,924 |
Restoration fees | ' | ' | 0 | 40 |
Other outsourced administrative fees | 0 | 0 | 0 | 40 |
Cash distribution | ' | ' | 202,645 | ' |
Total general partner | 79,028 | 71,006 | 243,967 | 217,188 |
General Partner [Member] | ' | ' | ' | ' |
Equity Transactions And Share Based Compensation [Line Items] | ' | ' | ' | ' |
Management fees | 64,734 | 63,420 | 193,326 | 188,924 |
Restoration fees | 0 | 0 | 0 | 40 |
Overhead allowance | 5,223 | 5,115 | 15,597 | 15,241 |
Other outsourced administrative fees | 525 | 0 | 5,475 | 6,200 |
Leasing Commission | 6,160 | 0 | 6,160 | 0 |
Sales Commission | 0 | 0 | 16,296 | 0 |
Reimbursement for out-of-pocket expenses | 1,240 | 1,369 | 4,164 | 5,237 |
Cash distribution | $1,146 | $1,102 | $2,949 | $1,546 |
Transactions_with_General_Part2
Transactions with General Partner and Its Affiliates - Security Ownership of Partnership Principal Executive Officer and Principal Financial Officer (Detail) (Limited Partnership Interest [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Limited Partnership Interest [Member] | ' |
Limited Partners' Capital Account [Line Items] | ' |
Name of Beneficial Owner | 'Bruce A. Provo |
Amount and Nature of Beneficial Ownership | 200 |
Percentage of Interests Outstanding | 0.43% |
Transactions_with_General_Part3
Transactions with General Partner and Its Affiliates - Security Ownership of Partnership Principal Executive Officer and Principal Financial Officer (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Limited Partnership Interests outstanding | 46,280.30 | 46,280.30 |
Recovered_Sheet6
Transactions with Owners with Greater than Ten Percent Beneficial Interests - Advisory Board fees paid to Jesse Small (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Advisory Board Fees paid | $875 | $875 | $2,625 | $2,625 |
Recovered_Sheet7
Transactions with Owners with Greater than Ten Percent Beneficial Interests - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Outstanding Advisory Board Fees | $0 | $0 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Property | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Maximum disposition fee on sale of partnership properties | 3.00% |
Number of partnership properties for sale | 3 |
Percentage of disposition fees to be escrowed | 50.00% |
Amount of recovery of funds | $4,500,000 |
Recovery level | 6,000,000 |
Payable fee on achieving recovery level | $16,296 |
PMA_Indemnification_Trust_Addi
PMA Indemnification Trust - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Pma Indemnification Trust [Abstract] | ' | ' |
Reserve related to Partnership assets | $250,000 | ' |
Earnings credited to the Trust | 202,645 | ' |
Partnership liability | ' | ' |
Recovered_Sheet8
Former General Partners' Capital Accounts - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 1993 | 26-May-93 |
Former General Partners Capital Accounts [Abstract] | ' | ' | ' | ' |
Reallocation of Former General Partners' Deficit Capital | $840,229 | $840,229 | $840,229 | $840,229 |
Note_Receivable_Additional_Inf
Note Receivable - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Nov. 12, 2009 | Nov. 15, 2009 | Sep. 30, 2009 | Jan. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2009 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 19, 2012 | Dec. 01, 2009 | |
Note | ||||||||||
Receivables Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price of property | $450,000 | $450,000 | $520,000 | ' | ' | ' | ' | ' | ' | ' |
Amount paid by buyer | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note term | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Buyer's Note, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% |
Buyer's Note, principal amortized period | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Partnership amended the Buyers note amounted, principal | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Partnership amended the Buyers note amounted | ' | ' | ' | ' | ' | ' | ' | ' | 232,777 | ' |
Period of amortization | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Amount of full balloon payment due | ' | ' | ' | ' | ' | ' | 133,396 | ' | ' | ' |
Original Balloon Payment Due Date | ' | ' | ' | ' | ' | ' | 1-Nov-12 | ' | ' | ' |
Interest rate of amortized amount | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' |
Principal payment received | ' | ' | ' | ' | 32,777 | ' | ' | ' | ' | ' |
Escrow property taxes | ' | ' | ' | 925 | ' | ' | ' | ' | ' | ' |
Property tax escrow cash balance | ' | ' | ' | ' | ' | ' | 27,894 | 25,427 | ' | ' |
Penalty for early payment of principal | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Buyer's Note amortization schedule, monthly payments | ' | ' | ' | ' | ' | ' | 3,916 | ' | ' | ' |
Number of note payments | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' |
Amortized principal payments receivable | ' | ' | ' | ' | ' | ' | 172,171 | 197,292 | ' | ' |
Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended Balloon Payment Due Date | ' | ' | ' | ' | ' | ' | 1-Nov-14 | ' | ' | ' |
Property tax escrow cash balance | ' | ' | ' | ' | ' | ' | 8,474 | ' | ' | ' |
Principal payments | ' | ' | ' | ' | ' | ' | 25,121 | ' | ' | ' |
Interest payments | ' | ' | ' | ' | ' | ' | 10,127 | ' | ' | ' |
Promissory note ("Buyers Note") [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid by buyer | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Transfer between levels | $0 | $0 | $0 | $0 |