SB Partners 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document Information [Line Items]
Entity Registrant Name	SB PARTNERS
Entity Central Index Key	87,047
Trading Symbol	sbp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	0
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets:
Land	$ 470,000	$ 470,000
Buildings, furnishings and improvements	5,016,185	5,016,185
Less - accumulated depreciation	(2,045,361)	(1,927,326)
	3,440,824	3,558,859
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $12,045,963 and $13,575,238 at September 30, 2017 and December 31, 2016, respectively	36,137,888	25,211,157
	39,578,712	28,770,016
Other Assets -
Cash and cash equivalents	1,378,971	1,327,197
Cash in escrow	503,564	501,145
Other	2,600	7,363
Total assets	41,463,847	30,605,721
Liabilities:
Loan payable, net of unamortized deferred finance costs of $12,739 and $29,118 at September 30, 2017 and December 31, 2016, respectively	5,713,851	5,731,355
Accounts payable	410,672	419,755
Tenant security deposit	100,015	98,616
Accrued expenses	2,805,369	2,460,857
Total liabilities	9,029,907	8,710,583
Partners' Equity (Deficit):
Limited partner - 7,753 units	32,448,193	21,910,750
General partner - 1 unit	(14,253)	(15,612)
Total partners' equity	32,433,940	21,895,138
Total liabilities and partners' equity	$ 41,463,847	$ 30,605,721

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Investment in Sentinel Omaha, LLC, reserve for fair value	$ 12,045,963	$ 13,575,238
Deferred finance costs	$ 12,739	$ 29,118
Limited partner - units (in shares)	7,753	7,753
General partner - units (in shares)	1	1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Base rental income	$ 182,393	$ 177,012	$ 539,937	$ 523,996
Other rental income	87,452	88,238	262,356	264,714
Interest income	1,774	1,054	4,504	2,687
Total revenues	271,619	266,304	806,797	791,397
Expenses:
Real estate operating expenses	70,610	60,016	206,441	210,353
Amortization of deferred financing costs	5,460	5,460	16,380	16,380
Depreciation	39,345	39,336	118,035	118,008
Real estate taxes	30,881	31,665	92,644	94,996
Management fees	222,090	218,456	664,191	651,786
Other	32,730	31,800	97,035	99,784
Total expenses	401,116	386,733	1,194,726	1,191,307
Loss from operations	(129,497)	(120,429)	(387,929)	(399,910)
Equity in net income of investment	4,013,490	4,872,219	9,397,455	10,134,611
Reserve for value of investment	1,205,146	(2,436,110)	1,529,276	(5,067,305)
Net income	5,089,139	2,315,680	10,538,802	4,667,396
Income allocated to general partner	656	299	1,359	602
Income allocated to limited partners	$ 5,088,483	$ 2,315,381	$ 10,537,443	$ 4,666,794
Income per unit of limited partnership interest (basic and diluted)
Net income (in dollars per share)	$ 656.41	$ 298.68	$ 1,359.32	$ 602.01
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares)	7,753	7,753	7,753	7,753

Consolidated Statements of Chan

Consolidated Statements of Changes in Partners' Equity (Deficit) (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)	Limited Partner [Member]Units of Partnership [Member]	Limited Partner [Member]Cumulative Cash Distributions [Member]	Limited Partner [Member]Retained Earnings [Member]	Limited Partner [Member]	General Partner [Member]Units of Partnership [Member]	General Partner [Member]Cumulative Cash Distributions [Member]	General Partner [Member]Retained Earnings [Member]	General Partner [Member]	Total
Balance (in shares) at Dec. 31, 2016	7,753				1
Balance at Dec. 31, 2016	$ 119,968,973	$ (111,721,586)	$ 13,663,363	$ 21,910,750	$ 10,000	$ (26,364)	$ 752	$ (15,612)	$ 21,895,138
Net income			10,537,443	10,537,443			1,359	1,359	10,538,802
Balance (in shares) at Sep. 30, 2017	7,753				1
Balance at Sep. 30, 2017	$ 119,968,973	$ (111,721,586)	$ 24,200,806	$ 32,448,193	$ 10,000	$ (26,364)	$ 2,111	$ (14,253)	$ 32,433,940

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities:
Net income	$ 10,538,802	$ 4,667,396
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net (income) of investment	(9,397,455)	(10,134,611)
Reserve for fair value of investment	(1,529,276)	5,067,305
Depreciation and amortization	134,414	134,388
Net decrease (increase) in operating assets	4,763	(23,781)
Net (decrease) increase in accounts payable	(9,083)	4,466
Net increase in tenant security deposit	1,399	1,399
Net increase in accrued expenses	344,512	332,105
Net cash provided by operating activites	88,076	48,667
Cash Flows From Investing Activities:
Interest earned on capital reserve escrow acount	(2,419)	(433)
Net cash (used in) investing activites	(2,419)	(433)
Cash Flows From Financing Activities:
Repayment of loan payable	(33,883)	(226,415)
Decrease in restricted cash		200,000
Net cash (used in) financing activities	(33,883)	(26,415)
Net change in cash and cash equivalents	51,774	21,819
Cash and cash equivalents at beginning of period	1,327,197	1,206,899
Cash and cash equivalents at end of period	$ 1,378,971	$ 1,228,718

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	( 1 SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership" or the “Registrant”), have been engaged since April 1971 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 10 The results of operations for the three nine September 30, 2017 not 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, 2016.

Note 2 - Investments in Real Es

Note 2 - Investments in Real Estate	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Real Estate Disclosure [Text Block]	( 2 As of September 30, 2017, September 30, 2017 December 31, 2016. No. of Year of Real Estate at Cost Type Prop. Acquisition Description 9/30/2017 12/31/2016 Industrial flex property 1 2002 60,345 sf $ 5,486,185 $ 5,486,185 Less: Accumulated depreciation (2,045,361 ) (1,927,326 ) Investment in real estate $ 3,440,824 $ 3,558,859

Note 3 - Assets Measured at Fai

Note 3 - Assets Measured at Fair Value	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	( 3 The accounting guidance for fair value measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not The three ● Level 1 ● Level 2 ● Level 3 The following major categories of assets were measured at fair value as of September 30, 2017 December 31, 2016, Level 3: September 30, Significant 2017 Unobservable (Unaudited) Inputs Total Assets Investment in Sentinel Omaha, LLC $ 48,183,851 $ 48,183,851 Reserve for fair value of investment (12,045,963 ) (12,045,963 ) Total assets $ 36,137,888 $ 36,137,888 Level 3: December 31, Significant 2016 Unobservable (Audited) Inputs Total Assets Investment in Sentinel Omaha, LLC $ 38,786,395 $ 38,786,395 Reserve for fair value of investment (13,575,238 ) (13,575,238 ) Total assets $ 25,211,157 $ 25,211,157 The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3 September 30, 2017 December 31, 2016: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2016 $ 28,891,652 $ (14,445,826 ) $ 14,445,826 Equity in net income of investment 9,894,743 - 9,894,743 Decrease in reserve - 870,588 870,588 Balance at December 31, 2016 38,786,395 (13,575,238 ) 25,211,157 Equity in net income of investment 9,397,456 - 9,397,456 Decrease in reserve - 1,529,275 1,529,275 Balance at September 30, 2017 $ 48,183,851 $ (12,045,963 ) $ 36,137,888 On September 30, 2015, six September 30, 2015, six 2015 not December 31, 2015 30% December 31, 2015 50% 2016, 2016 2017. December 31, 2016 30% December 31, 2016 35% September 30, 2017 $26,859,322 December 31, 2017 one June 30, 2018. s. Omaha will have to sell one nine September 30, 2017 one two first September 30, 2017 30% September 30, 2017 25%

Note 4 - Investment in Sentinel

Note 4 - Investment in Sentinel Omaha, LLC	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	( 4 In 2007, $37,200,000 September 30, 2017 11 8 30% The following are the condensed financial statements ( 000 ’s omitted) of Omaha as of and for the periods ended September 30, 2017 December 31, 2016. (Unaudited) (Audited) Balance Sheet September 30, 2017 December 31, 2016 Investment in real estate, net $ 364,750 $ 378,460 Other assets 15,083 10,749 Debt (214,385 ) (254,913 ) Other liabilities (4,835 ) (5,008 ) Net assets $ 160,613 $ 129,288 (Unaudited) Statement of Operations September 30, 2017 Rent and other income $ 31,616 Real estate operating expenses (16,059 ) Other expenses (5,138 ) Net realized losses (20,794 ) Net unrealized income 41,700 Net increase in net assets $ 31,325

Note 5 - Loan Payable

Note 5 - Loan Payable	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	( 5 Loan payable consists of the following: Annual Net Carrying Amount Interest Installment Amount Due September 30, December 31, Property Rate Maturity Date Payments at Maturity 2017 2016 Bank Loan (a): Note B 0.000 % Apr-18 - 5,726,590 $ 5,726,590 $ 5,760,473 Less: unamortized finance costs (12,739 ) (29,118 ) Loan payable $ 5,713,851 $ 5,731,355 (a ) On September 17, 2007, $22,000,000, October 1, 2008. April 29, 2011 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, $10,069,570. 175 $10,069,570 two 2 Note A which had a balance of $3,768,751 September 18, 2015 3 Note B in the amount of $5,726,590 April 29, 2018 three one 5% not first no 4 Note B may may 5 On September 17, 2015, $200,000 March 15, 2016, no March 2016, $200,000 May 16, 2016, $26,415 May 26, 2017, $33,883 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 Note B remains outstanding. As of September 30, 2017 December 31, 2016, $2,805,369 $2,460,857, 7 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. no

Note 2 - Investments in Real 12

Note 2 - Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	No. of Year of Real Estate at Cost Type Prop. Acquisition Description 9/30/2017 12/31/2016 Industrial flex property 1 2002 60,345 sf $ 5,486,185 $ 5,486,185 Less: Accumulated depreciation (2,045,361 ) (1,927,326 ) Investment in real estate $ 3,440,824 $ 3,558,859

Note 3 - Assets Measured at F13

Note 3 - Assets Measured at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Level 3: September 30, Significant 2017 Unobservable (Unaudited) Inputs Total Assets Investment in Sentinel Omaha, LLC $ 48,183,851 $ 48,183,851 Reserve for fair value of investment (12,045,963 ) (12,045,963 ) Total assets $ 36,137,888 $ 36,137,888 Level 3: December 31, Significant 2016 Unobservable (Audited) Inputs Total Assets Investment in Sentinel Omaha, LLC $ 38,786,395 $ 38,786,395 Reserve for fair value of investment (13,575,238 ) (13,575,238 ) Total assets $ 25,211,157 $ 25,211,157
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2016 $ 28,891,652 $ (14,445,826 ) $ 14,445,826 Equity in net income of investment 9,894,743 - 9,894,743 Decrease in reserve - 870,588 870,588 Balance at December 31, 2016 38,786,395 (13,575,238 ) 25,211,157 Equity in net income of investment 9,397,456 - 9,397,456 Decrease in reserve - 1,529,275 1,529,275 Balance at September 30, 2017 $ 48,183,851 $ (12,045,963 ) $ 36,137,888

Note 4 - Investment in Sentin14

Note 4 - Investment in Sentinel Omaha, LLC (Tables)	9 Months Ended
	Sep. 30, 2017
Statement of Operations [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	(Unaudited) Statement of Operations September 30, 2017 Rent and other income $ 31,616 Real estate operating expenses (16,059 ) Other expenses (5,138 ) Net realized losses (20,794 ) Net unrealized income 41,700 Net increase in net assets $ 31,325
Balance Sheet [Member]
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	(Unaudited) (Audited) Balance Sheet September 30, 2017 December 31, 2016 Investment in real estate, net $ 364,750 $ 378,460 Other assets 15,083 10,749 Debt (214,385 ) (254,913 ) Other liabilities (4,835 ) (5,008 ) Net assets $ 160,613 $ 129,288

Note 5 - Loan Payable (Tables)

Note 5 - Loan Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Annual Net Carrying Amount Interest Installment Amount Due September 30, December 31, Property Rate Maturity Date Payments at Maturity 2017 2016 Bank Loan (a): Note B 0.000 % Apr-18 - 5,726,590 $ 5,726,590 $ 5,760,473 Less: unamortized finance costs (12,739 ) (29,118 ) Loan payable $ 5,713,851 $ 5,731,355

Note 2 - Investments in Real 16

Note 2 - Investments in Real Estate - Summary of Investments in Real Estate (Details)	9 Months Ended
	Sep. 30, 2017USD ($)ft²	Dec. 31, 2016USD ($)
Less: Accumulated depreciation	$ (2,045,361)	$ (1,927,326)
Investment in real estate	$ 3,440,824	3,558,859
Industrial Flex Property [Member]
No. of Prop.	1
Year of Acquisition	2,002
Description (Square Foot) | ft²	60,345
Investment in real estate, at cost	$ 5,486,185	$ 5,486,185

Note 3 - Assets Measured at F17

Note 3 - Assets Measured at Fair Value (Details Textual)	Sep. 30, 2017USD ($)
Equity Method Investment, Ownership Percentage	30.00%
Sentinel Omaha LLC [Member]
Number of Refinanced Properties	6
Unsecured Debt	$ 26,859,322
Sentinel Omaha LLC [Member] | Daytona, Florida [Member]
Number of Properties Sold	1
Sentinel Omaha LLC [Member] | Fayetteville, North Carolina [Member]
Number of Properties Sold	2

Note 3 - Assets Measured at F18

Note 3 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Reserve for fair value of investment	$ (12,045,963)	$ (13,575,238)
Total assets	36,137,888	25,211,157
Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	48,183,851	38,786,395
Reserve for fair value of investment	(12,045,963)	(13,575,238)
Total assets	36,137,888	25,211,157
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]
Investment in Sentinel Omaha, LLC	48,183,851	38,786,395	$ 28,891,652
Reserve for fair value of investment	(12,045,963)	(13,575,238)
Total assets	$ 36,137,888	$ 25,211,157

Note 3 - Assets Measured at F19

Note 3 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - Sentinel Omaha LLC [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Balance at beginning of period, Investment in Sentinel Omaha, LLC	$ 38,786,395
Balance, Investment in Sentinel Omaha, LLC	48,183,851	$ 38,786,395
Fair Value, Inputs, Level 3 [Member]
Balance at beginning of period, Investment in Sentinel Omaha, LLC	38,786,395	28,891,652
Balance at beginning of period, Reserve for fair value of investment	(13,575,238)	(14,445,826)
Balance at beginning of period	25,211,157	14,445,826
Equity in net income of investment, Investment in Sentinel Omaha, LLC	9,397,456	9,894,743
Decrease in reserve, Reserve for fair value of investment	1,529,275	870,588
Balance, Investment in Sentinel Omaha, LLC	48,183,851	38,786,395
Balance, Reserve for fair value of investment	(12,045,963)	(13,575,238)
Balance	$ 36,137,888	$ 25,211,157

Note 4 - Investment in Sentin20

Note 4 - Investment in Sentinel Omaha, LLC (Details Textual)	Sep. 30, 2017	Dec. 31, 2007USD ($)
Equity Method Investment, Ownership Percentage	30.00%
Sentinel Omaha LLC [Member]
Investment Owned, at Cost		$ 37,200,000
Number of Multifamily Properties	11
Number of Markets	8
Equity Method Investment, Ownership Percentage	30.00%

Note 4 - Investment in Sentin21

Note 4 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Other assets	$ 2,600	$ 7,363
Debt	(5,713,851)	(5,731,355)
Sentinel Omaha LLC [Member]
Investment in real estate, net	364,750,000	378,460,000
Other assets	15,083,000	10,749,000
Debt	(214,385,000)	(254,913,000)
Other liabilities	(4,835,000)	(5,008,000)
Net assets	$ 160,613,000	$ 129,288,000

Note 4 - Investment in Sentin22

Note 4 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Rent and other income	$ 271,619	$ 266,304	$ 806,797	$ 791,397
Real estate operating expenses	(70,610)	(60,016)	(206,441)	(210,353)
Other expenses	(32,730)	(31,800)	(97,035)	(99,784)
Net increase in net assets	$ 5,089,139	$ 2,315,680	10,538,802	$ 4,667,396
Sentinel Omaha LLC [Member]
Rent and other income			31,616,000
Real estate operating expenses			(16,059,000)
Other expenses			(5,138,000)
Net realized losses			(20,794,000)
Net unrealized income			41,700,000
Net increase in net assets			$ 31,325,000

Note 5 - Loan Payable (Details

Note 5 - Loan Payable (Details Textual)

May 26, 2017USD ($)

May 16, 2016USD ($)

Apr. 29, 2011USD ($)

Mar. 31, 2016USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Sep. 18, 2015USD ($)

Sep. 17, 2015USD ($)

Sep. 16, 2015

Sep. 17, 2007USD ($)

Repayments of Unsecured Debt

$ 33,883

$ 226,415

Long-term Debt

5,713,851

$ 5,731,355

Lino Lakes [Member]

Restricted Cash and Cash Equivalents

$ 200,000

Notes Payable to Banks [Member]

Debt Instrument, Face Amount

$ 22,000,000

Repayments of Unsecured Debt

$ 11,930,430

Long-term Debt

$ 10,069,570

Management Fee Payable

2,805,369

2,460,857

Security Interest on Partnership's Property Maximum

5,000,000

Notes Payable to Banks [Member] | Note A [Member]

Long-term Debt

$ 3,768,751

Notes Payable to Banks [Member] | Note B [Member]

Debt Instrument, Face Amount

[1]

5,726,590

Repayments of Unsecured Debt

$ 33,883

Long-term Debt

$ 5,713,851

[1]

$ 5,731,355

[1]

$ 5,726,590

Number of Extension Options

3

Debt Instrument, Interest Rate, Stated Percentage

0.00%

[1]

5.00%

Repayments of Long-term Debt

$ 26,415

$ 200,000

Term of Extension Options

1 year

Original Maturity Date

[1]

Apr. 29, 2018

[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 a new loan agreement (“Loan Agreement”) on the following terms:

Note 5 - Loan Payable - Summary

Note 5 - Loan Payable - Summary of Notes and Loans Payable (Details) - USD ($)		9 Months Ended
		Sep. 30, 2017		Dec. 31, 2016		Sep. 18, 2015	Sep. 16, 2015	Apr. 29, 2011	Sep. 17, 2007
Less: unamortized finance costs		$ (12,739)		$ (29,118)
Long-term Debt		$ 5,713,851		5,731,355
Notes Payable to Banks [Member]
Long-term debt, At Maturity									$ 22,000,000
Long-term Debt								$ 10,069,570
Notes Payable to Banks [Member] | Note B [Member]
Long-term debt, Interest Rate		0.00%	[1]				5.00%
Maturity Date	[1]	Apr. 29, 2018
Long-term debt, At Maturity	[1]	$ 5,726,590
Long-term debt, Gross	[1]	5,726,590		5,760,473
Less: unamortized finance costs	[1]	(12,739)		(29,118)
Long-term Debt		$ 5,713,851	[1]	$ 5,731,355	[1]	$ 5,726,590
[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 a new loan agreement (“Loan Agreement”) on the following terms: