Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SB PARTNERS | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 0 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 87047 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Real estate, at cost | ||
Land | $470,000 | $470,000 |
Buildings, furnishings and improvements | 4,973,553 | 4,866,973 |
Less - accumulated depreciation | -1,662,738 | -1,631,056 |
3,780,815 | 3,705,917 | |
Real estate held for sale | 12,026,246 | 12,026,246 |
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $7,902,685 and $6,749,554 at March 31, 2015 and December 31, 2014, respectively | 0 | 0 |
15,807,061 | 15,732,163 | |
Other Assets - | ||
Cash and cash equivalents | 938,183 | 933,373 |
Cash in escrow | 500,206 | 500,194 |
Other | 73,718 | 83,508 |
Other assets in discontinued operations | 12,968 | 22,549 |
Total assets | 17,332,136 | 17,271,787 |
Liabilities: | ||
Unsecured loan payable | 9,943,466 | 9,953,036 |
Mortgage note in discontinued operations | 10,000,000 | 10,000,000 |
Accounts payable | 315,140 | 292,993 |
Tenant security deposits | 93,021 | 93,021 |
Accrued expenses | 2,871,526 | 2,683,030 |
Other liabilities in discontinued operations | 25,000 | 25,000 |
Total liabilities | 23,248,153 | 23,047,080 |
Partners' Deficit: | ||
Limited partner - 7,753 units | -5,896,818 | -5,756,112 |
General partner - 1 unit | -19,199 | -19,181 |
Total partners' deficit | -5,916,017 | -5,775,293 |
Total liabilities and partners' deficit | $17,332,136 | $17,271,787 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Investment in Sentinel Omaha, LLC, reserve for fair value (Parenthetical) (in Dollars) | $7,902,685 | $6,749,554 |
Limited partner - units | 7,753 | 7,753 |
General partner - unit | 1 | 1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues: | ||
Base rental income | $160,216 | $155,539 |
Other rental income | 87,936 | 72,644 |
Interest on short-term investments and other | 333 | 125 |
Total revenues | 248,485 | 228,308 |
Expenses: | ||
Real estate operating expenses | 90,716 | 106,731 |
Interest on unsecured loan payable | 123,864 | 124,588 |
Depreciation and amortization | 37,141 | 45,126 |
Real estate taxes | 31,362 | 32,665 |
Management fees | 220,061 | 216,049 |
Other | 37,406 | 37,509 |
Total expense | 540,550 | 562,668 |
Loss from operations | -292,065 | -334,360 |
Equity in net income of investment | 1,153,131 | 604,883 |
Reserve for value of investment | -1,153,131 | -604,883 |
Loss from continuing operations | -292,065 | -334,360 |
Income from discontinued operations | 151,341 | 50,077 |
Net loss | -140,724 | -284,283 |
Loss allocated to general partner | -18 | -37 |
Loss allocated to limited partners | ($140,706) | ($284,246) |
Loss per unit of limited partnership interest (basic and diluted) | ||
Loss from continuing operations (in Dollars per share) | ($37.67) | ($43.13) |
Income from discontinued operations (in Dollars per share) | $19.52 | $6.46 |
Net loss (in Dollars per share) | ($18.15) | ($36.67) |
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in Shares) | 7,753 | 7,753 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partners' (Deficit)(Unaudited) (USD $) | Units of Partnership [Member] | Units of Partnership [Member] | Cumulative Cash Distributions [Member] | Cumulative Cash Distributions [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Limited Partner [Member] | General Partner [Member] | Total |
Limited Partner [Member] | General Partner [Member] | Limited Partner [Member] | General Partner [Member] | Limited Partner [Member] | General Partner [Member] | ||||
Beginning Balance at Dec. 31, 2014 | $119,968,973 | $10,000 | ($111,721,586) | ($26,364) | ($14,003,499) | ($2,817) | ($5,756,112) | ($19,181) | ($5,775,293) |
Beginning Balance (in Shares) at Dec. 31, 2014 | 7,753 | 1 | |||||||
Net loss | -140,706 | -18 | -140,706 | -18 | -140,724 | ||||
Ending Balance at Mar. 31, 2015 | $119,968,973 | $10,000 | ($111,721,586) | ($26,364) | ($14,144,205) | ($2,835) | ($5,896,818) | ($19,199) | ($5,916,017) |
Ending Balance (in Shares) at Mar. 31, 2015 | 7,753 | 1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities: | ||
Net loss | ($140,724) | ($284,283) |
Equity in net (income) of investment | -1,153,131 | -604,883 |
Reserve for fair value of investment | 1,153,131 | 604,883 |
Depreciation and amortization | 37,803 | 134,020 |
Net decrease in operating assets | 13,250 | 12,316 |
Net increase (decrease) in accounts payable | 22,147 | -36,236 |
Net increase in accrued expenses | 188,496 | 184,488 |
Net cash provided by operating activites | 120,972 | 10,305 |
Cash Flows From Investing Activities: | ||
Interest earned on capital reserve escrow acount | -12 | -12 |
Capital additions to real estate owned | -106,580 | |
Net cash (used in) investing activites | -106,592 | -12 |
Cash Flows From Financing Activities: | ||
Repayment of unsecured loan payable | -9,570 | |
Net cash (used in) financing activities | -9,570 | |
Net change in cash and cash equivalents | 4,810 | 10,293 |
Cash and cash equivalents at beginning of period | 933,373 | 624,191 |
Cash and cash equivalents at end of period | 938,183 | 634,484 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | $193,864 | $194,588 |
Note_1_Organization_and_Signif
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | (1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership" or the “Registrant”), have been engaged since April 1971 in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership. | |
The consolidated financial statements included herein are unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Partnership’s latest annual report on Form 10-K. | |
The results of operations for the three month period ended March 31, 2015 are not necessarily indicative of the results to be expected for a full year. | |
For a discussion of the significant accounting and financial reporting policies of the Partnership, refer to the Annual Report on Form 10–K for the year ended December 31, 2014. |
Note_2_Investments_in_Real_Est
Note 2 - Investments in Real Estate | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||
Real Estate Disclosure [Text Block] | (2) INVESTMENTS IN REAL ESTATE | |||||||||||||||||
As of March 31, 2015, the Partnership owns an industrial flex property in Maple Grove, Minnesota and a warehouse distribution center in Lino Lakes, Minnesota. The following is the cost basis and accumulated depreciation of the real estate investments owned by the Partnership at March 31, 2015 and December 31, 2014. See footnote 3 regarding the Partnership’s marketing the Lino Lakes property for sale. | ||||||||||||||||||
No. of | Year of | Real Estate at Cost | ||||||||||||||||
Type | Prop. | Acquisition | Description | 3/31/15 | 12/31/14 | |||||||||||||
Industrial flex property | 1 | 2002 | 60,345 sf | $ | 5,443,553 | $ | 5,336,973 | |||||||||||
Less: Accumulated depreciation | (1,662,738 | ) | (1,631,056 | ) | ||||||||||||||
Investment in real estate | $ | 3,780,815 | $ | 3,705,917 | ||||||||||||||
Real estate held for sale: | ||||||||||||||||||
Warehouse distribution property | 1 | 2005 | 226,000 sf | $ | 12,026,246 | $ | 12,026,246 | |||||||||||
Note_3_Real_Estate_Held_for_Sa
Note 3 - Real Estate Held for Sale | 3 Months Ended |
Mar. 31, 2015 | |
Real Estate Held For Sale [Abstract] | |
Real Estate Held For Sale [Text Block] | (3) REAL ESTATE HELD FOR SALE |
The Partnership has initiated marketing Lino Lakes, its warehouse distribution property located in Lino Lakes, MN. for sale. The assets and liabilities for this property at March 31, 2015 and December 31, 2014 are reflected as assets and liabilities from discontinued operations in the accompanying consolidated balance sheets and the results of operations for the three months ended March 31, 2015 and 2014 are reflected as income from discontinued operations in the accompanying consolidated statements of operations. |
Note_4_Investment_Sentinel_Oma
Note 4 - Investment Sentinel Omaha, LLC | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | (4) INVESTMENT IN SENTINEL OMAHA, LLC | ||||||||
In 2007, the Partnership made an investment in the amount of $37,200,000 in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company which as of March 31, 2015 owns 14 multifamily properties in 10 markets. Omaha is an affiliate of the Registrant’s general partner. The investment represents a 30% ownership interest in Omaha. | |||||||||
The following are the condensed financial statements (000’s omitted) of Omaha as of and for the periods ended March 31, 2015 and December 31, 2014. | |||||||||
(Unaudited) | (Audited) | ||||||||
Balance Sheet | 31-Mar-15 | 31-Dec-14 | |||||||
Investment in real estate, net | $ | 285,900 | $ | 283,300 | |||||
Other assets | 8,760 | 11,707 | |||||||
Debt | (265,060 | ) | (267,495 | ) | |||||
Other liabilities | (3,258 | ) | (5,013 | ) | |||||
Member's equity (deficit) | $ | 26,342 | $ | 22,499 | |||||
(Unaudited) | |||||||||
Statement of Operations | 31-Mar-15 | ||||||||
Rent and other income | $ | 10,012 | |||||||
Real estate operating expenses | (5,020 | ) | |||||||
Other expenses | (3,552 | ) | |||||||
Net unrealized income | 2,403 | ||||||||
Net income | $ | 3,843 | |||||||
Note_5_Mortgage_Note_and_Unsec
Note 5 - Mortgage Note and Unsecured Loan Payable | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||
Debt Disclosure [Text Block] | (5) MORTGAGE NOTE AND UNSECURED LOAN PAYABLE | ||||||||||||||||||||||
Mortgage notes and unsecured loan payable consist of the following non-recourse first liens: | |||||||||||||||||||||||
Annual | Net Carrying Amount | ||||||||||||||||||||||
Interest | Installment | Amount Due | March 31, | December 31, | |||||||||||||||||||
Property | Rate | Maturity Date | Payments | at Maturity | 2015 | 2014 | |||||||||||||||||
Unsecured loan payable: | |||||||||||||||||||||||
Bank Loan (b): | |||||||||||||||||||||||
Note A | $ | 3,943,466 | $ | 3,953,036 | |||||||||||||||||||
Note B | 6,000,000 | 6,000,000 | |||||||||||||||||||||
$ | 9,943,466 | $ | 9,953,036 | ||||||||||||||||||||
Mortgage note in discontinued operations: | |||||||||||||||||||||||
Lino Lakes | 5.8 | % | October, 2015 | $ | 580,000 | (a) | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | |||||||||||
(a) | Annual installment payments include interest only. | ||||||||||||||||||||||
(b) | On September 17, 2007, the Partnership entered into a bank loan (the “Loan”) with a bank (“Holder”) in the amount of $22,000,000, which matured on October 1, 2008. On April 29, 2011, the Partnership and Holder executed the new loan agreement (“Loan Agreement”) on the following terms: | ||||||||||||||||||||||
1) | In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder’s legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes (“Note A” and “Note B;” together, the “Notes”). | ||||||||||||||||||||||
2) | Note A in the amount of $3,943,466 as of March 31, 2015 has a maturity of July 31, 2015. The Partnership has one 1-year option to extend the maturity if certain conditions are satisfied. Note A requires monthly payments of accrued interest at an annual fixed rate of 5% until paid in full. The Partnership made an additional fixed principal payment of $9,570 in March 2015 and is required to pay fixed principal payments of $30,000 monthly thereafter until paid in full. On May 4, 2015, the Partnership sent notification to Holder to exercise its second option to extend the maturity date of Note A to July 31, 2016. Holder responded that there were no issues regarding the extension to July 31, 2016. | ||||||||||||||||||||||
3) | Note B in the amount of $6,000,000 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B accrues interest at an annual fixed rate of 5% but only until all interest and principal have been paid in full on Note A. Thereafter Note B does not accrue any interest. Payments of interest and principal are deferred until Registrant’s investment in Sentinel Omaha LLC (“Omaha”) pays distributions to the Partnership. Distributions from Omaha would be used first to pay accrued interest on the Note B obligation, then principal on the Note B obligation. If there are no distributions from Omaha prior to the Note B maturity, all interest and principal is due at maturity, subject to the above mentioned extensions. As of March 31, 2015 and December 31, 2014, $1,188,339 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet. | ||||||||||||||||||||||
4) | The Notes may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership’s obligations under the Notes may be accelerated upon default. | ||||||||||||||||||||||
5) | Until the Partnership’s obligations under the Notes are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward the Notes while retaining the other portion to increase cash reserves. While the obligations under the Notes are outstanding the Partnership is precluded from making distributions to its partners. | ||||||||||||||||||||||
6) | The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of March 31, 2015 and December 31, 2014, $1,683,187 and 1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. | ||||||||||||||||||||||
As additional security for the Partnership’s payment of its obligations under the Loan Agreement, the Partnership, through its wholly-owned subsidiary Eagle IV Realty, LLC, has executed a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (“Eagle IV Security Agreement”) and a Pledge Agreement (“Eagle IV Pledge Agreement”) in favor of Holder. The Eagle IV Security Agreement provides Holder with a security interest on the Partnership’s property located in Maple Grove, Minnesota (“Eagle IV”) of up to $5,000,000. The Eagle IV Pledge Agreement pledges to Holder the Partnership’s membership interest in Eagle IV Realty, LLC, the direct owner of Eagle IV. The Partnership has no other debt obligation secured by Eagle IV. The Loan Agreement also provides for a negative pledge on the Partnership’s remaining properties and investments. |
Note_2_Investments_in_Real_Est1
Note 2 - Investments in Real Estate (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | No. of | Year of | Real Estate at Cost | |||||||||||||||
Type | Prop. | Acquisition | Description | 3/31/15 | 12/31/14 | |||||||||||||
Industrial flex property | 1 | 2002 | 60,345 sf | $ | 5,443,553 | $ | 5,336,973 | |||||||||||
Less: Accumulated depreciation | (1,662,738 | ) | (1,631,056 | ) | ||||||||||||||
Investment in real estate | $ | 3,780,815 | $ | 3,705,917 | ||||||||||||||
Real estate held for sale: | ||||||||||||||||||
Warehouse distribution property | 1 | 2005 | 226,000 sf | $ | 12,026,246 | $ | 12,026,246 |
Note_4_Investment_Sentinel_Oma1
Note 4 - Investment Sentinel Omaha, LLC (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet [Member] | |||||||||
Note 4 - Investment Sentinel Omaha, LLC (Tables) [Line Items] | |||||||||
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | (Unaudited) | (Audited) | |||||||
Balance Sheet | 31-Mar-15 | 31-Dec-14 | |||||||
Investment in real estate, net | $ | 285,900 | $ | 283,300 | |||||
Other assets | 8,760 | 11,707 | |||||||
Debt | (265,060 | ) | (267,495 | ) | |||||
Other liabilities | (3,258 | ) | (5,013 | ) | |||||
Member's equity (deficit) | $ | 26,342 | $ | 22,499 | |||||
Statement of Operations [Member] | |||||||||
Note 4 - Investment Sentinel Omaha, LLC (Tables) [Line Items] | |||||||||
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | (Unaudited) | ||||||||
Statement of Operations | 31-Mar-15 | ||||||||
Rent and other income | $ | 10,012 | |||||||
Real estate operating expenses | (5,020 | ) | |||||||
Other expenses | (3,552 | ) | |||||||
Net unrealized income | 2,403 | ||||||||
Net income | $ | 3,843 |
Note_5_Mortgage_Note_and_Unsec1
Note 5 - Mortgage Note and Unsecured Loan Payable (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Annual | Net Carrying Amount | |||||||||||||||||||||
Interest | Installment | Amount Due | March 31, | December 31, | |||||||||||||||||||
Property | Rate | Maturity Date | Payments | at Maturity | 2015 | 2014 | |||||||||||||||||
Unsecured loan payable: | |||||||||||||||||||||||
Bank Loan (b): | |||||||||||||||||||||||
Note A | $ | 3,943,466 | $ | 3,953,036 | |||||||||||||||||||
Note B | 6,000,000 | 6,000,000 | |||||||||||||||||||||
$ | 9,943,466 | $ | 9,953,036 | ||||||||||||||||||||
Mortgage note in discontinued operations: | |||||||||||||||||||||||
Lino Lakes | 5.8 | % | October, 2015 | $ | 580,000 | (a) | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 |
Note_2_Investments_in_Real_Est2
Note 2 - Investments in Real Estate (Details) - Summary of Investments in Real Estate (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||
Less: Accumulated depreciation | ($1,662,738) | ($1,631,056) |
Investment in real estate | 3,780,815 | 3,705,917 |
Industrial Flex Property [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Properties | 1 | |
Year of Acquisition | 2002 | |
Real Estate at Cost | 5,443,553 | 5,336,973 |
Warehouse Distribution Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Properties | 1 | |
Year of Acquisition | 2005 | |
Real Estate at Cost | $12,026,246 | $12,026,246 |
Note_4_Investment_Sentinel_Oma2
Note 4 - Investment Sentinel Omaha, LLC (Details) (Sentinel Omaha, LLC [Member], USD $) | Mar. 31, 2015 |
Sentinel Omaha, LLC [Member] | |
Note 4 - Investment Sentinel Omaha, LLC (Details) [Line Items] | |
Investment Owned, at Cost (in Dollars) | $37,200,000 |
Number of Multifamily Properties | 14 |
Number of Markets | 10 |
Equity Method Investment, Ownership Percentage | 30.00% |
Note_4_Investment_Sentinel_Oma3
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Balance Sheet (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Balance Sheet (Current Period Unaudited) [Line Items] | ||
Other assets | $73,718 | $83,508 |
Sentinel Omaha, LLC [Member] | ||
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Balance Sheet (Current Period Unaudited) [Line Items] | ||
Investment in real estate, net | 285,900,000 | 283,300,000 |
Other assets | 8,760,000 | 11,707,000 |
Debt | -265,060,000 | -267,495,000 |
Other liabilities | -3,258,000 | -5,013,000 |
Member's equity (deficit) | $26,342,000 | $22,499,000 |
Note_4_Investment_Sentinel_Oma4
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Statement of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Statement of Operations [Line Items] | ||
Rent and other income | $248,485 | $228,308 |
Real estate operating expenses | -90,716 | -106,731 |
Other expenses | -37,406 | -37,509 |
Net income | -140,724 | -284,283 |
Sentinel Omaha, LLC [Member] | ||
Note 4 - Investment Sentinel Omaha, LLC (Details) - Condensed Financial Statements of Omaha, LLC - Statement of Operations [Line Items] | ||
Rent and other income | 10,012,000 | |
Real estate operating expenses | -5,020,000 | |
Other expenses | -3,552,000 | |
Net unrealized income | 2,403,000 | |
Net income | $3,843,000 |
Note_5_Mortgage_Note_and_Unsec2
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Mar. 31, 2015 | Sep. 17, 2007 | Dec. 31, 2014 | Dec. 31, 2007 | |||
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) [Line Items] | ||||||
Repayments of Unsecured Debt | $9,570 | |||||
Note A [Member] | Notes Payable to Banks [Member] | ||||||
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) [Line Items] | ||||||
Original Maturity Date | 31-Jul-15 | |||||
Long-term Debt | 3,943,466 | [1] | 3,953,036 | [1] | ||
Number of Extension Options | 1 | |||||
Term of Extension Options | 1 year | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
First Fixed Principal Payment Required if Maturity Date is Extended | 9,570 | |||||
Fixed Principal Payment After First Payment | 30,000 | |||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||||
Note B [Member] | Notes Payable to Banks [Member] | ||||||
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) [Line Items] | ||||||
Original Maturity Date | 29-Apr-18 | |||||
Long-term Debt | 6,000,000 | [1] | 6,000,000 | [1] | ||
Number of Extension Options | 3 | |||||
Term of Extension Options | 1 year | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
Interest Payable | 1,188,339 | 1,113,339 | ||||
Notes Payable to Banks [Member] | ||||||
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | 22,000,000 | |||||
Original Maturity Date | 1-Oct-08 | |||||
Repayments of Unsecured Debt | 11,930,430 | |||||
Long-term Debt | 9,943,466 | 10,069,570 | 9,953,036 | 10,069,570 | ||
Management Fee Payable | 1,683,187 | 1,569,691 | ||||
Security Interest on Partnership S Property Maximum | $5,000,000 | |||||
[1] | On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008. On April 29, 2011, the Partnership and Holder executed the new loan agreement ("Loan Agreement") on the following terms:1) In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder's legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes ("Note A" and "Note B;" together, the "Notes").2) Note A in the amount of $3,943,466 as of March 31, 2015 has a maturity of July 31, 2015. The Partnership has one 1-year option to extend the maturity if certain conditions are satisfied. Note A requires monthly payments of accrued interest at an annual fixed rate of 5% until paid in full. The Partnership made an additional fixed principal payment of $9,570 in March 2015 and is required to pay fixed principal payments of $30,000 monthly thereafter until paid in full. On May 4, 2015, the Partnership sent notification to Holder to exercise its second option to extend the maturity date of Note A to July 31, 2016. Holder responded that there were no issues regarding the extension to July 31, 2016.3) Note B in the amount of $6,000,000 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B accrues interest at an annual fixed rate of 5% but only until all interest and principal have been paid in full on Note A. Thereafter Note B does not accrue any interest. Payments of interest and principal are deferred until Registrant's investment in Sentinel Omaha LLC ("Omaha") pays distributions to the Partnership. Distributions from Omaha would be used first to pay accrued interest on the Note B obligation, then principal on the Note B obligation. If there are no distributions from Omaha prior to the Note B maturity, all interest and principal is due at maturity, subject to the above mentioned extensions. As of March 31, 2015 and December 31, 2014, $1,188,339 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet.4) The Notes may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default.5) Until the Partnership's obligations under the Notes are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward the Notes while retaining the other portion to increase cash reserves. While the obligations under the Notes are outstanding the Partnership is precluded from making distributions to its partners.6) The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of March 31, 2015 and December 31, 2014, $1,683,187 and 1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. |
Note_5_Mortgage_Note_and_Unsec3
Note 5 - Mortgage Note and Unsecured Loan Payable (Details) - Summary of Notes and Loans Payable (USD $) | 3 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | Sep. 17, 2007 | |||
Note A [Member] | Notes Payable to Banks [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 5.00% | |||||
Net Carrying Amount | $3,943,466 | [1] | $3,953,036 | [1] | ||
Note B [Member] | Notes Payable to Banks [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 5.00% | |||||
Net Carrying Amount | 6,000,000 | [1] | 6,000,000 | [1] | ||
Lino Lakes [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 5.80% | [2] | ||||
Annual Installment Payments | 580,000 | [2] | ||||
Amount Due at Maturity | 10,000,000 | [2] | ||||
Net Carrying Amount | 10,000,000 | [2] | 10,000,000 | |||
Notes Payable to Banks [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Due at Maturity | 22,000,000 | |||||
Net Carrying Amount | $9,943,466 | $9,953,036 | $10,069,570 | $10,069,570 | ||
[1] | On September 17, 2007, the Partnership entered into a bank loan (the "Loan") with a bank ("Holder") in the amount of $22,000,000, which matured on October 1, 2008. On April 29, 2011, the Partnership and Holder executed the new loan agreement ("Loan Agreement") on the following terms:1) In connection with the execution of the Loan Agreement, the Partnership was required to make an immediate payment to Holder of $11,930,430, reducing the balance due under the unsecured credit facility to $10,069,570. The payment was made from proceeds resulting from the sale of 175 Ambassador Drive. Additional proceeds from the sale were used to pay Holder's legal and appraisal costs and to fund a reserve account for future tenant improvement and leasing costs, as needed. The remaining outstanding obligation in the amount of $10,069,570 was divided into two notes ("Note A" and "Note B;" together, the "Notes").2) Note A in the amount of $3,943,466 as of March 31, 2015 has a maturity of July 31, 2015. The Partnership has one 1-year option to extend the maturity if certain conditions are satisfied. Note A requires monthly payments of accrued interest at an annual fixed rate of 5% until paid in full. The Partnership made an additional fixed principal payment of $9,570 in March 2015 and is required to pay fixed principal payments of $30,000 monthly thereafter until paid in full. On May 4, 2015, the Partnership sent notification to Holder to exercise its second option to extend the maturity date of Note A to July 31, 2016. Holder responded that there were no issues regarding the extension to July 31, 2016.3) Note B in the amount of $6,000,000 has a maturity date of April 29, 2018. The Partnership has three 1-year options to extend the maturity date if certain conditions are satisfied. Note B accrues interest at an annual fixed rate of 5% but only until all interest and principal have been paid in full on Note A. Thereafter Note B does not accrue any interest. Payments of interest and principal are deferred until Registrant's investment in Sentinel Omaha LLC ("Omaha") pays distributions to the Partnership. Distributions from Omaha would be used first to pay accrued interest on the Note B obligation, then principal on the Note B obligation. If there are no distributions from Omaha prior to the Note B maturity, all interest and principal is due at maturity, subject to the above mentioned extensions. As of March 31, 2015 and December 31, 2014, $1,188,339 and $1,113,339, respectively of Note B interest has been accrued and is included in accrued expenses on the balance sheet.4) The Notes may be voluntarily prepaid upon notice to the Holder, subject to certain requirements as to the application of payments. The Partnership's obligations under the Notes may be accelerated upon default.5) Until the Partnership's obligations under the Notes are satisfied in full, the Partnership is required to pay a portion of its net operating income (after payment of certain permitted expenses), and the net proceeds from the sale, transfer or refinancing of its remaining properties and investments, toward the Notes while retaining the other portion to increase cash reserves. While the obligations under the Notes are outstanding the Partnership is precluded from making distributions to its partners.6) The Partnership, its general partner and the Holder also entered into a Management Subordination Agreement accruing a portion of the investment management fee payable by the Partnership to its general partner so long as the Notes remain outstanding. As of March 31, 2015 and December 31, 2014, $1,683,187 and 1,569,691, respectively of investment management fees have been accrued and are included in accrued expenses on the balance sheet. | |||||
[2] | Annual installment payments include interest only. |