Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'DSI Realty Income Fund XI |
Entity Central Index Key | '0000844048 |
Document Type | '10-K |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Entity Public Float | $10,000,000 |
Entity Common Stock, Shares Outstanding | 20,000 |
Document Fiscal Period Focus | 'Q4 |
Document Fiscal Year Focus | '2013 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS: | ' | ' |
Cash & Equivalents | $269,711 | $307,881 |
Property Net | 1,972,205 | 1,985,415 |
Uncollected Rent Receivable | 89,730 | 87,996 |
Prepaid Advertising | 0 | 3,298 |
Other Assets | 33,380 | 33,380 |
TOTAL | 2,365,026 | 2,417,970 |
LIABILITIES: | ' | ' |
Distribution due to Partners | 151,515 | 151,515 |
Incentive Management Fee Liability | 27,273 | 29,613 |
Property Management Fee Liability | 9,466 | 10,016 |
Other Liabilities | 83,164 | 93,374 |
Deferred Income | 32,127 | 35,266 |
Accrued Expenses | 25,186 | 19,311 |
Total Liabilities | 328,731 | 339,095 |
PARTNERS' EQUITY: | ' | ' |
General Partners | -69,304 | -68,878 |
Limited Partners | 2,105,599 | 2,147,753 |
Total Partners' Equity | 2,036,295 | 2,078,875 |
Noncontrolling interest in real estate joint venture | 0 | 0 |
Total Equity | 2,036,295 | 2,078,875 |
TOTAL | $2,365,026 | $2,417,970 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES: | ' | ' |
Self-storage rental income | $1,927,309 | $1,848,351 |
Ancillary operating revenue | 140,819 | 159,035 |
Interest and other income | 0 | 6 |
TOTAL | 2,068,128 | 2,007,392 |
EXPENSES: | ' | ' |
Depreciation | 13,210 | 14,770 |
Operating | 931,926 | 858,088 |
General and administrative | 251,761 | 227,394 |
General partners' incentive management fee | 54,544 | 54,613 |
Property management fee | 123,503 | 118,975 |
Total | 1,374,944 | 1,273,840 |
NET INCOME | 693,184 | 733,552 |
LESS: net income attributable to the non-controlling interest | 129,704 | 126,400 |
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP | 563,480 | 607,152 |
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP ALLOCATED TO: | ' | ' |
General partners | 5,635 | 6,072 |
Limited partners | 557,845 | 601,080 |
TOTAL | $563,480 | $607,152 |
Weighted average limited partnership units outstanding | 20,000 | 20,000 |
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT | 27.89 | 30.05 |
Consoldidate_Statements_of_Cas
Consoldidate Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income attributable to the Partnership | $563,480 | $607,152 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 13,210 | 14,770 |
Net income attributable to non-controlling interests | 129,704 | 126,400 |
Changes in assets and liabilities: | ' | ' |
Other assets | 1,564 | -22,054 |
Incentive management fee payable to General Partners | -2,340 | 18,250 |
Property management fees payable | -550 | 625 |
Customer deposits and other liabilities | -7,474 | -7,407 |
Net cash provided by operating activities | 697,594 | 737,736 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Distributions to partners | 606,060 | 606,811 |
Distributions paid to non-controlling interests | -129,704 | -126,400 |
Net cash used in financing activities | -735,764 | -733,211 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -38,170 | 4,525 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 307,881 | 303,356 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 269,711 | 307,881 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for interest | 0 | 0 |
NON CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Distributions due partners included in partners' equity | $151,515 | $151,515 |
Statements_of_Changes_in_Partn
Statements of Changes in Partners Equity (Deficit) (USD $) | General Partners | Limited Partners | Noncontrolling Interest | Total |
BALANCE, Beginning at Dec. 31, 2011 | ($68,882) | $2,147,416 | $0 | $2,078,534 |
Income Loss AttributableToParent | 6,072 | 601,080 | 126,400 | 733,552 |
Distributions | 6,068 | 600,743 | 126,400 | 733,211 |
BALANCE, Ending at Dec. 31, 2012 | -68,878 | 2,147,753 | 0 | 2,078,875 |
Income Loss AttributableToParent | 5,635 | 557,845 | 129,704 | 693,184 |
Distributions | 6,061 | 599,999 | 129,704 | 735,764 |
BALANCE, Ending at Dec. 31, 2013 | ($69,304) | $2,105,599 | $0 | $2,036,295 |
General
General | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
General | ' |
1. GENERAL | |
DSI Realty Income Fund XI, a California Limited Partnership (the "Partnership"), has three general partners (DSI Properties, Inc., RJC Capital Management, LLC and JWC Capital Management, LLC. The general partners have made no capital contributions to the Partnership and are not required to make any capital contributions in the future. The Partnership has a maximum life of 50 years and was formed on December 7, 1988, under the California Uniform Limited Partnership Act for the primary purpose of acquiring and operating real estate. | |
DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, Registrant sold twenty thousand (20,000) units of limited partnership interests aggregating Ten Million Dollars ($10,000,000). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions) without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future. | |
The Partnership has entered into four joint venture arrangements with affiliates of Dahn Corporation ("Dahn"). The Partnership and its joint venture partners have acquired four mini-storage properties located in Whittier, California; Edgewater, New Jersey; Bloomingdale, Illinois; and Sterling Heights, Michigan. The properties were acquired from Dahn. | |
Under the terms of the property purchase agreements, the Partnership and its joint venture partners (Whittier Mini, Bloomingdale Mini, Edgewater Mini, and Sterling Heights Mini, each a California Limited Partnership and an affiliate of Dahn, and hereinafter referred to as the "Joint Venture Partners") own an undivided interest in the mini-storage facilities as follows: | |
Joint Venture | |
Mini-Storage Property Partnership Partner | |
Whittier, CA 90% 10% | |
Bloomingdale, IL 90% 10% | |
Edgewater, NJ 85% 15% | |
Sterling Heights, MI 75% 25% | |
The Joint Venture Partners have made no cash contributions to any of the joint ventures. Rather, each Joint Venture Partner's interest in each respective mini-storage property was obtained in consideration of a reduction in the purchase price of the property by Dahn. The Partnership has control over the business and operations of the mini-storage facilities (see Note 6). | |
Pursuant to the terms of each joint venture agreement, annual profits (before depreciation) of each joint venture will be allocated to the Joint Venture Partners on the basis of actual distributions received, while annual losses (before depreciation) are to be allocated in proportion to the ownership percentages as specified above. Cash distributions are to be made to each Joint Venture Partner based upon each Joint Venture Partner's ownership percentage. However, the Joint Venture Partners have subordinated their rights to any distributions to the Partnership's receipt of an annual, noncumulative, 8% return (7.75% for the Whittier Mini) from the operation of the joint ventures. Requirements under the subordination agreement were met during 2013 and 2012. A noncontrolling interest in real estate joint venture is recorded to the extent of any distributions due to the Joint Venture Partners. The Joint Venture Partners are also entitled to receive a percentage, based upon a pre-determined formula, of the net proceeds from the sale of the properties. |
Property
Property | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes to Financial Statements | ' | ||
Property | ' | ||
The total cost of property and accumulated depreciation were as follows as of December 31: | |||
2013 | 2012 | ||
Land | $1,894,250 | $1,894,250 | |
Buildings and improvements | 6,725,753 | 6,725,753 | |
Rental trucks | 163,382 | 163,382 | |
Total | 8,783,385 | 8,783,385 | |
Less accumulated depreciation | -6,811,180 | -6,797,970 | |
Property – net | $1,972,205 | $1,985,415 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Related Party Transactions | ' |
The partnership has entered into management agreements with Dahn to operate its mini-storage facilities. The management agreements provide for a management fee equal to 6% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreements are renewable annually. Dahn earned management fees equal to $123,503 and $118,975 for the years ended December 31, 2013 and 2012, respectively. Amounts payable to Dahn at December 31, 2013 and 2012, were $9,466 and $10,016, respectively. | |
Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $2,313. Tax fees paid to DSI Properties, Inc. for the year ended December 31, 2013 were $27,756. |
Allocations_of_Profits_and_Los
Allocations of Profits and Losses | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Allocations of Profits and Losses | ' |
Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project. | |
In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash distributions to limited partners in the fund. |
Business_Segment_Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Business Segment Information | ' |
5. BUSINESS SEGMENT INFORMATION | |
The following disclosure about segment reporting of the Partnership is made in accordance with the requirements of ASC 280-10 (formerly SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information") The Partnership operates in a single segment; storage facility operations, under which the Partnership rents its storage facilities to its customers on a need basis and charges rent on a predetermined rate. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Cash - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents. As of December 31, 2013 the Partnership had no cash equivalents. | |
Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant. Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2013 and 2012 were $22,432 and $16,526, respectively. | |
Property and Depreciation - Property is recorded at cost and is composed primarily of mini-storage facilities. Depreciation is provided using the straight-line method over an estimated useful life of 20 years for the facilities. Building improvements are depreciated over a five year period. Property under capital leases is amortized over the lesser of the lives of the respective leases or the estimated useful lives of the assets. | |
Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2013. | |
Noncontrolling Interest - The Partnership reports noncontrolling interests in real estate joint ventures as a separate component within equity, in accordance with ASC 810-10 (formerly SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements"). The net income allocated to noncontrolling interest for the year ended December 31, 2013 and 2012 was $129,704 and $126,400 respectively. Distributions were made to the Joint Venture Partners for the noncontrolling interest in real estate joint venture during the years ended December 31, 2013 and 2012 in the amount of $129,704 and $126,400, respectively. No amounts were due to Joint Venture partners at December 31, 2013 and 2012. | |
Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned. | |
Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013 and 2011 were $108,770 and $74,812 respectively. | |
Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year. | |
Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership 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. | |
Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2013 or 2012. | |
Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, uncollected rent revenue, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, customer deposits, other liabilities and deferred income, carrying values approximate fair values because of the short maturity of those instruments. | |
Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2013, the Partnership had no balances in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership. | |
Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2013 and 2012 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2013 and 2012, accumulated other comprehensive income was $0. | |
Recent Accounting Pronouncements | |
The Partnership has reviewed all the recent accounting pronouncements issued to date of the issuance of these consolidated financial statements, and does not believe any of these pronouncements will have a material impact on the Partnership’s consolidated financial statements. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||
Real Estate and Accumulated Depreciation | ' | ||||||||
SCHEDULE III | |||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||
As of December 31, 2013 | |||||||||
Gross Carrying Amount | |||||||||
Initial Cost | Costs | at December 31, 2013 | |||||||
Description | Acquisition Date | Land | Buildings and Improvements | Subsequent to Acquisition | Land | Total | Accumulated Depreciation | ||
Buildings and | |||||||||
Improvements | |||||||||
Whittier, CA | Mar-90 | $845,000 | $1,969,083 | $34,025 | $845,000 | $2,003,108 | $2,848,108 | ($2,004,013) | |
Bloomingdale, IL | Jan-91 | 442,000 | 1,579,879 | 117,739 | 442,000 | 1,697,618 | 2,139,618 | ($1,672,219) | |
Edgewater, NJ | Sep-90 | 191,250 | 2,400,712 | 82,003 | 191,250 | 2,482,715 | 2,673,965 | ($2,439,393) | |
Sterling Hts., MI | Jul-91 | 416,000 | 467,979 | 44,333 | 416,000 | 542,312 | 958,312 | ($532,173) | |
$1,894,250 | $6,417,653 | $278,478 | $1,894,250 | $6,725,753 | $8,620,003 | ($6,647,798) | |||
Notes: | |||||||||
1 | Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings. | ||||||||
2 | There are no encumbrances. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Cash | ' | ||||||||
Cash - The Partnership classifies its short-term investments purchased with an original maturity of three months or less as cash equivalents. As of December 31, 2013 the Partnership had no cash equivalents. | |||||||||
Uncollected Rental Revenue | ' | ||||||||
Uncollected Rental Revenue - The Partnership estimates the collectability of uncollected rental revenue on an ongoing basis by reviewing past-due monthly rents and assessing the current creditworthiness of each tenant. Allowances are provided based on historical write-offs. Allowances on uncollected rental revenue as of December 31, 2013 and 2012 were $22,432 and $16,526, respectively. | |||||||||
Property and Depreciation | ' | ||||||||
SCHEDULE III | |||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||
As of December 31, 2013 | |||||||||
Gross Carrying Amount | |||||||||
Initial Cost | Costs | at December 31, 2013 | |||||||
Description | Acquisition Date | Land | Buildings and Improvements | Subsequent to Acquisition | Land | Total | Accumulated Depreciation | ||
Buildings and | |||||||||
Improvements | |||||||||
Whittier, CA | Mar-90 | $845,000 | $1,969,083 | $34,025 | $845,000 | $2,003,108 | $2,848,108 | ($2,004,013) | |
Bloomingdale, IL | Jan-91 | 442,000 | 1,579,879 | 117,739 | 442,000 | 1,697,618 | 2,139,618 | ($1,672,219) | |
Edgewater, NJ | Sep-90 | 191,250 | 2,400,712 | 82,003 | 191,250 | 2,482,715 | 2,673,965 | ($2,439,393) | |
Sterling Hts., MI | Jul-91 | 416,000 | 467,979 | 44,333 | 416,000 | 542,312 | 958,312 | ($532,173) | |
$1,894,250 | $6,417,653 | $278,478 | $1,894,250 | $6,725,753 | $8,620,003 | ($6,647,798) | |||
Notes: | |||||||||
1 | Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings. | ||||||||
2 | There are no encumbrances. | ||||||||
Income Taxes | ' | ||||||||
Income Taxes - No provision has been made for income taxes in the accompanying financial statements. The taxable income or loss of the Partnership is allocated to each partner in accordance with the terms of the Agreement of Limited Partnership. Each partner's tax status, in turn, determines the appropriate income tax for its allocated share of the Partnership's taxable income or loss.. For the year ended December 31, 2011 the Partnership changed the accounting method for federal income tax purposes from cash to accrual basis thereby eliminating the difference in the basis of the Partnership’s assets and liabilities between tax and the GAAP basis financial statements. The change in tax accounting method resulted in an adjustment to the limited partners’ capital account for tax purposes for the year ended December 31, 2011 only in order to coincide with the accounting method used to prepare the Partnership’s GAAP basis financial statements. Accordingly there were no differences for the year ended December 31, 2013. | |||||||||
Noncontrolling interests | ' | ||||||||
Noncontrolling Interest - The Partnership reports noncontrolling interests in real estate joint ventures as a separate component within equity, in accordance with ASC 810-10 (formerly SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements"). The net income allocated to noncontrolling interest for the year ended December 31, 2013 and 2012 was $129,704 and $126,400 respectively. Distributions were made to the Joint Venture Partners for the noncontrolling interest in real estate joint venture during the years ended December 31, 2013 and 2012 in the amount of $129,704 and $126,400, respectively. No amounts were due to Joint Venture partners at December 31, 2013 and 2012. | |||||||||
Revenues | ' | ||||||||
Revenues - Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned. | |||||||||
Advertising Expense | ' | ||||||||
Advertising Expense - Costs related to advertising in Yellow Pages are capitalized and amortized over 12 months. All other advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013 and 2011 were $108,770 and $74,812 respectively. | |||||||||
Net Income per Limited Partnership Unit | ' | ||||||||
Net Income per Limited Partnership Unit - Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding during each year. | |||||||||
Estimates | ' | ||||||||
Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership 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. | |||||||||
Impairment of Long-Lived Assets | ' | ||||||||
Impairment of Long-Lived Assets - The Partnership regularly reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the asset, the Partnership would recognize an impairment loss to the extent the carrying value exceeded the fair value of the property. No impairment losses were required in 2013 or 2012. | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Fair Value of Financial Instruments - ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. For all financial instruments, including cash and cash equivalents, other assets, distributions due to partners, incentive management fee payable to general partners, property management fee payable, and customer deposits and other liabilities, carrying values approximate fair values because of the short maturity of those instruments. | |||||||||
Concentrations of Credit Risk | ' | ||||||||
Concentrations of Credit Risk - Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and uncollected rent revenue. The Partnership places its cash and cash equivalents with high credit quality institutions. Accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At December 31, 2013, the Partnership had no balances in excess of insured limits. The Partnership performs ongoing evaluations of these institutions to limit its concentration of risk exposure. Management believes this risk is not significant due to the financial strength of the financial institutions utilized by the Partnership. | |||||||||
Comprehensive Income | ' | ||||||||
Comprehensive Income - The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the year ended December 31, 2013 and 2012 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of December 31, 2013 and 2012, accumulated other comprehensive income was $0. | |||||||||
Recent Accounting Pronoucements | ' | ||||||||
The Partnership has reviewed all the recent accounting pronouncements issued to date of the issuance of these consolidated financial statements, and does not believe any of these pronouncements will have a material impact on the Partnership’s consolidated financial statements. |
Property_Tables
Property (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes to Financial Statements | ' | ||
Summary of Property and Equipment | ' | ||
2013 | 2012 | ||
Land | $1,894,250 | $1,894,250 | |
Buildings and improvements | 6,725,753 | 6,725,753 | |
Rental trucks | 163,382 | 163,382 | |
Total | 8,783,385 | 8,783,385 | |
Less accumulated depreciation | -6,811,180 | -6,797,970 | |
Property – net | $1,972,205 | $1,985,415 |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||
Real Estate and Accumulated Depreciation | ' | ||||||||
Gross Carrying Amount | |||||||||
Initial Cost | Costs | at December 31, 2013 | |||||||
Description | Acquisition Date | Land | Buildings and Improvements | Subsequent to Acquisition | Land | Total | Accumulated Depreciation | ||
Buildings and | |||||||||
Improvements | |||||||||
Whittier, CA | Mar-90 | $845,000 | $1,969,083 | $34,025 | $845,000 | $2,003,108 | $2,848,108 | ($2,004,013) | |
Bloomingdale, IL | Jan-91 | 442,000 | 1,579,879 | 117,739 | 442,000 | 1,697,618 | 2,139,618 | ($1,672,219) | |
Edgewater, NJ | Sep-90 | 191,250 | 2,400,712 | 82,003 | 191,250 | 2,482,715 | 2,673,965 | ($2,439,393) | |
Sterling Hts., MI | Jul-91 | 416,000 | 467,979 | 44,333 | 416,000 | 542,312 | 958,312 | ($532,173) | |
$1,894,250 | $6,417,653 | $278,478 | $1,894,250 | $6,725,753 | $8,620,003 | ($6,647,798) | |||
Notes: | |||||||||
1 | Depreciation expense is computed using the straight-line method over an estimated useful life of 20 years for the buildings. | ||||||||
2 | There are no encumbrances. |
Allocations_of_Profits_and_Los1
Allocations of Profits and Losses (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
General Partner Percentage | 1.00% |
General_Details_Narrative
General (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Limited Partnership Units Outstanding | 20,000 |
Public Float | $10,000,000 |
General Partner Percent Ownership Percentage | 1.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Notes to Financial Statements | ' | ' | ' |
Management Fee Percentage | ' | 6.00% | 6.00% |
Management Fee | ' | $123,503 | $118,975 |
Payable To Dahn | 9,466 | 9,466 | 10,016 |
Monthly Tax Fee to General Partner | $2,313 | $27,756 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' |
Allowance for uncollectable rental revenue | $22,432 | $16,526 |
Advertising Expense | 108,770 | 74,812 |
Net income allocated to noncontrolling interests | 129,704 | 126,400 |
Distributions to noncontrolling interests | ($129,704) | ($126,400) |
Property_Summary_of_Property_a
Property - Summary of Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, net | ' | ' |
Land | $1,894,250 | $1,894,250 |
Buildings and improvements | 6,725,753 | 6,725,753 |
Rental trucks under capital leases | 163,382 | 163,382 |
Total | 8,783,385 | 8,783,385 |
Less accumulated depreciation | 6,811,180 | 6,797,970 |
Property - net | $1,972,205 | $1,985,415 |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 |
Acquisition Date | ' |
Whittier, CA Date | '1990-03 |
Bloomingdale, IL Date | '1991-01 |
Edgewater, NJ Date | '1990-09 |
Sterling Heights, MI Date | '1991-07 |
Land | ' |
Whittier, CA | 845,000 |
Bloomingdale, IL | 442,000 |
Edgewater, NJ | 191,250 |
Sterling Heights, MI | 416,000 |
Total | 1,894,250 |
Building and Improvements | ' |
Whittier, CA | 1,969,083 |
Bloomingdale, IL | 1,579,879 |
Edgewater, NJ | 2,400,712 |
Sterling Heights, MI | 467,979 |
Total | 6,417,653 |
Costs Subsequent To Acquition | ' |
Whittier, CA | 34,025 |
Bloomingdale, IL | 117,739 |
Edgewater, NJ | 82,003 |
Sterling Heights, MI | 74,333 |
Total | 308,100 |
Land | ' |
Whittier, CA | 845,000 |
Bloomingdale, IL | 442,000 |
Edgewater, NJ | 191,250 |
Sterling Heights, MI | 416,000 |
Total | 1,894,250 |
Buildings and Improvements | ' |
Whittier, CA | 2,003,108 |
Bloomingdale, IL | 1,697,618 |
Edgewater, NJ | 2,482,715 |
Sterling Heights, MI | 542,312 |
Total | 6,725,753 |
Total | ' |
Whittier, CA | 2,848,108 |
Bloomingdale, IL | 2,139,618 |
Edgewater, NJ | 2,673,965 |
Sterling Heights, MI | 958,312 |
Total | 8,620,003 |
Accumulated Depreciation | ' |
Whittier, CA | -2,004,013 |
Bloomingdale, IL | -1,672,219 |
Edgewater, NJ | -2,439,393 |
Sterling Heights, MI | -532,173 |
Total | -6,647,798 |