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: |