Document_And_Entity_Informatio
Document And Entity Information (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'AEI Income & Growth Fund XXI Ltd Partnership |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 22,653 |
Entity Public Float | $0 |
Amendment Flag | 'false |
Entity Central Index Key | '0000931755 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Entity Well-known Seasoned Issuer | 'No |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Balance_Sheet
Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash | $4,756,932 | $5,553,960 |
Real Estate Held for Investment: | ' | ' |
Land | 3,566,183 | 2,866,183 |
Buildings and Equipment | 10,216,447 | 8,809,264 |
Acquired Intangible Lease Assets | 185,920 | 0 |
Real Estate Investments, at cost | 13,968,550 | 11,675,447 |
Accumulated Depreciation and Amortization | 2,716,676 | 2,533,686 |
Real Estate Held for Investment, Net | 11,251,874 | 9,141,761 |
Real Estate Held for Sale | 0 | 1,508,930 |
Equity Method Investment Held for Sale | 433,446 | 0 |
Total Real Estate | 11,685,320 | 10,650,691 |
Total Assets | 16,442,252 | 16,204,651 |
Current Liabilities: | ' | ' |
Payable to AEI Fund Management, Inc. | 24,882 | 11,049 |
Distributions Payable | 291,922 | 291,922 |
Unearned Rent | 47,027 | 12,121 |
Total Current Liabilities | 363,831 | 315,092 |
Long-term Liabilities: | ' | ' |
Acquired Below-Market Lease Intangibles, Net | 79,687 | 0 |
Partners’ Capital: | ' | ' |
General Partners | 12,296 | 11,205 |
Limited Partners – 24,000 Units authorized; 22,653 Units issued and outstanding | 15,986,438 | 15,878,354 |
Total Partners' Capital | 15,998,734 | 15,889,559 |
Total Liabilities and Partners' Capital | 16,442,252 | 16,204,651 |
Limited Partner [Member] | ' | ' |
Partners’ Capital: | ' | ' |
Total Partners' Capital | $15,986,438 | $15,878,354 |
Balance_Sheet_Parentheticals
Balance Sheet (Parentheticals)(Limited Partner [Member]) | Jun. 30, 2014 | Dec. 31, 2013 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 22,653 | 22,653 |
Limited Partners, units outstanding | 22,653 | 22,653 |
Statement_of_Income
Statement of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Rental Income | $257,674 | $239,715 | $499,411 | $478,235 |
Expenses: | ' | ' | ' | ' |
Partnership Administration – Affiliates | 52,851 | 50,375 | 108,310 | 101,479 |
Partnership Administration and Property Management – Unrelated Parties | 12,769 | 14,559 | 32,683 | 25,044 |
Property Acquisition | 25,820 | 0 | 25,820 | 0 |
Depreciation and Amortization | 94,897 | 88,093 | 182,990 | 176,186 |
Total Expenses | 186,337 | 153,027 | 349,803 | 302,709 |
Operating Income | 71,337 | 86,688 | 149,608 | 175,526 |
Other Income: | ' | ' | ' | ' |
Interest Income | 3,365 | 1,577 | 7,352 | 3,151 |
Income from Continuing Operations | 74,702 | 88,265 | 156,960 | 178,677 |
Income from Discontinued Operations | 476,467 | 64,131 | 536,059 | 128,611 |
Net Income | 551,169 | 152,396 | 693,019 | 307,288 |
Net Income Allocated: | ' | ' | ' | ' |
General Partners | 5,511 | 1,524 | 6,930 | 3,073 |
Limited Partners | $545,658 | $150,872 | $686,089 | $304,215 |
Income per Limited Partnership Unit: | ' | ' | ' | ' |
Continuing Operations (in Dollars per share) | $3.26 | $3.86 | $6.86 | $7.81 |
Discontinued Operations (in Dollars per share) | $20.83 | $2.80 | $23.43 | $5.62 |
Total – Basic and Diluted (in Dollars per share) | $24.09 | $6.66 | $30.29 | $13.43 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 22,653 | 22,653 | 22,653 | 22,653 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $693,019 | $307,288 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ' | ' |
Depreciation and Amortization | 182,074 | 245,468 |
Income from Equity Method Investment Held for Sale | 512,347 | 0 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 13,833 | -20,636 |
Increase (Decrease) in Unearned Rent | 34,906 | 9,090 |
Total Adjustments | -281,534 | 233,922 |
Net Cash Provided By Operating Activities | 411,485 | 541,210 |
Cash Flows from Investing Activities: | ' | ' |
Investments in Real Estate | 2,212,500 | 0 |
Cash Paid for Equity Method Investment Held for Sale | 12,169 | 0 |
Distributions from Equity Method Investment Held for Sale | 1,600,000 | 0 |
Net Cash Provided By (Used For) Investing Activities | -624,669 | 0 |
Cash Flows from Financing Activities: | ' | ' |
Distributions Paid to Partners | 583,844 | 587,879 |
Net Increase (Decrease) in Cash | -797,028 | -46,669 |
Cash, beginning of period | 5,553,960 | 2,259,911 |
Cash, end of period | 4,756,932 | 2,213,242 |
Supplemental Disclosure of Non-Cash Investing Activities: | ' | ' |
Contribution of Real Estate in Exchange for Equity Method Investment | $1,508,930 | $0 |
Statement_of_Changes_in_Partne
Statement of Changes in Partners' Capital (USD $) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2012 | $686 | $15,658,370 | $15,659,056 |
Balance (in Shares) at Dec. 31, 2012 | ' | 22,653.11 | ' |
Distributions Declared | 5,878 | 582,000 | 587,878 |
Net Income | 3,073 | 304,215 | 307,288 |
Balance at Jun. 30, 2013 | -2,119 | 15,380,585 | 15,378,466 |
Balance (in Shares) at Jun. 30, 2013 | ' | 22,653.11 | ' |
Balance at Dec. 31, 2013 | 11,205 | 15,878,354 | 15,889,559 |
Balance (in Shares) at Dec. 31, 2013 | ' | 22,653 | ' |
Distributions Declared | 5,839 | 578,005 | 583,844 |
Net Income | 6,930 | 686,089 | 693,019 |
Balance at Jun. 30, 2014 | $12,296 | $15,986,438 | $15,998,734 |
Balance (in Shares) at Jun. 30, 2014 | ' | 22,653 | ' |
Basis_of_Accounting
Basis of Accounting | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
(1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10-K. | |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
(2) Organization – | |
AEI Income & Growth Fund XXI Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner. Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership. | |
The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on April 14, 1995 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. On January 31, 1997, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively. | |
During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. | |
Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 10% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. | |
For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. | |
For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 10% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. | |
The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. | |
In January 2014, the Managing General Partner mailed a Consent Statement (Proxy) seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership’s properties and assets. On February 14, 2014, the proposal to continue the Partnership was approved with a majority of Units voted in favor of the continuation proposal. As a result, the Managing General Partner will continue the operations of the Partnership for an additional 60 months at which time it will again ask the Limited Partners to vote on the same two proposals. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
(3) Summary of Significant Accounting Policies – | |
Real Estate | |
Upon acquisition of real properties, the Partnership records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset. | |
The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining terms of the respective leases. Below market leases will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income. | |
The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. | |
The Partnership tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Partnership will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Partnership recognizes an impairment loss by the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Partnership determines whether impairment has occurred by comparing the property’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value. | |
Recently_Adopted_Accounting_St
Recently Adopted Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Accounting Changes [Text Block] | ' |
(4) Recently Adopted Accounting Standards – | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This topic amends the requirements for reporting discontinued operations. The disposal of a component must represent a strategic shift that will have a major effect on the Partnership’s operations and financial results in order to be reported as discontinued operations, and require certain additional interim and annual disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Partnership has early adopted this standard effective January 1, 2014 and has applied the provisions prospectively. As a result, the Partnership anticipates that properties will not be considered discontinued operations when the properties are sold after January 1, 2014, with the exception of properties that were classified as Real Estate Held for Sale at December 31, 2013. | |
Reclassification
Reclassification | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Reclassifications [Text Block] | ' |
(5) Reclassification – | |
Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2014 presentation. These reclassifications had no effect on Partners’ capital, net income or cash flows. | |
Real_Estate_Held_for_Investmen
Real Estate Held for Investment | 6 Months Ended |
Jun. 30, 2014 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
(6) Real Estate Held for Investment – | |
On May 29, 2014, the Partnership purchased a 50% interest in a Tractor Supply Company store in Canton, Georgia for $2,212,500. The Partnership allocated $185,920 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles and allocated $80,603 to Acquired Below-Market Lease Intangibles. The Partnership incurred $25,820 of acquisition expenses related to the purchase that were expensed. The property is leased to Tractor Supply Company under a Lease Agreement with a remaining primary term of 7.3 years (as of the date of purchase) and annual rent of $164,355 for the interest purchased. The remaining interest in the property was purchased by AEI Accredited Investor Fund V LP, an affiliate of the Partnership. | |
For the six months ended June 30, 2014 and 2013, the value of in-place lease intangibles amortized to expense was $2,113 and $0, respectively, and the increase to rental income for below-market leases was $916 and $0, respectively. For lease intangibles not held for sale at June 30, 2014, the weighted average remaining life is 87 months, the estimated amortization expense is $25,353 and the estimated increase to rental income is $10,991 for each of the next five succeeding years. | |
On July 3, 2014, the Partnership purchased a 30% interest in a Gander Mountain store in Champaign, Illinois for $2,122,500. The property is leased to Gander Mountain Company under a Lease Agreement with a remaining primary term of 14.9 years and annual rent of $167,772 for the interest purchased. The remaining interests in the property were purchased by AEI Accredited Investor Fund V LP and AEI National Income Property Fund VIII LP, affiliates of the Partnership. | |
Equity_Method_Investment_Held_
Equity Method Investment Held for Sale | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Policy Text Block [Abstract] | ' | ||||
Equity Method Investments, Policy [Policy Text Block] | ' | ||||
(7) Equity Method Investment Held for Sale – | |||||
In the fourth quarter of 2013, the Partnership decided to sell its 20% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. The remaining interests in the property are owned by three affiliated entities, AEI Income & Growth Fund 24 LLC, AEI Income & Growth Fund 25 LLC and AEI Private Net Lease Millennium Fund Limited Partnership. On March 7, 2014, to facilitate the sale of the property, the Partnership and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”), in exchange for Class B ownership interests in CMLS. In addition, a small amount of cash was contributed for working capital. A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code. As investors purchase Class A ownership interests in CMLS, the proceeds received will be used to redeem, on a one-for-one basis, the Class B ownership interests of the Partnership and affiliated entities. | |||||
The investment in CMLS is recorded using the equity method of accounting in the accompanying financial statements. Under the equity method, the investment in CMLS is stated at cost and adjusted for the Partnership’s share of net income or losses and reduced by distributions received by the Partnership. As of June 30, 2014, the investment balance consists of the following: | |||||
Real Estate Contributed | $ | 1,508,930 | |||
Cash Contributed | 12,169 | ||||
Net Income | 512,347 | ||||
Distributions Received | -1,600,000 | ||||
Equity Method Investment Held for Sale | $ | 433,446 | |||
Payable_to_AEI_Fund_Management
Payable to AEI Fund Management, Inc. | 6 Months Ended |
Jun. 30, 2014 | |
Payables and Accruals [Abstract] | ' |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' |
(8) Payable to AEI Fund Management, Inc. – | |
AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
(9) Discontinued Operations – | |||||||||
On August 2, 2013, the Partnership sold its 39% interest in the Scott & White Clinic in College Station, Texas to an unrelated third party. The Partnership received net sale proceeds of $1,822,494, which resulted in a net gain of $512,842. At the time of sale, the cost and related accumulated depreciation was $1,433,468 and $123,816, respectively. | |||||||||
In June 2013, the Partnership entered into an agreement to sell its 62% interest in the Applebee’s restaurant in Johnstown, Pennsylvania to an unrelated third party. On August 23, 2013, the sale closed with the Partnership receiving net sale proceeds of $1,958,905, which resulted in a net gain of $615,907. At the time of sale, the cost and related accumulated depreciation was $1,682,887 and $339,889, respectively. | |||||||||
In the fourth quarter of 2013, the Partnership decided to sell its 20% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. On March 7, 2014, to facilitate the sale of the property, the Partnership contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 7. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,508,930. | |||||||||
During the first six months of 2014 and 2013, the Partnership distributed net sale proceeds of $163,115 and $35,123, respectively. The Limited Partners received distributions of $161,484 and $34,772 and the General Partners received distributions of $1,631 and $351 for the periods, respectively. The Limited Partners’ distributions represented $7.13 and $1.53 per Unit for the periods, respectively. | |||||||||
The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations: | |||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Rental Income | $ | 0 | $ | 99,211 | $ | 26,740 | $ | 198,423 | |
Property Management Expenses | 3,016 | 439 | 3,028 | 530 | |||||
Depreciation | 0 | 34,641 | 0 | 69,282 | |||||
Income from Equity Method Investment | 479,483 | 0 | 512,347 | 0 | |||||
Held for Sale | |||||||||
Income from Discontinued Operations | $ | 476,467 | $ | 64,131 | $ | 536,059 | $ | 128,611 | |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Cash Flows from Discontinued Operations: | |||||||||
Operating Activities | $ | -3,016 | $ | 98,772 | $ | 23,712 | $ | 197,893 | |
Investing Activities | $ | 1,600,000 | $ | 0 | $ | 1,587,831 | $ | 0 | |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
(10) Fair Value Measurements – | |
As of June 30, 2014 and December 31, 2013, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Distribution Policy, Members or Limited Partners, Description | 'During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units.Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 10% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. |
Key Provisions of Operating or Partnership Agreement, Description | 'For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners.For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 10% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners.The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Real Estate | |
Upon acquisition of real properties, the Partnership records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset. | |
The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining terms of the respective leases. Below market leases will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income. | |
The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. | |
The Partnership tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Partnership will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Partnership recognizes an impairment loss by the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Partnership determines whether impairment has occurred by comparing the property’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value |
Equity_Method_Investment_Held_1
Equity Method Investment Held for Sale (Tables) (CM Lithia Springs DST) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
CM Lithia Springs DST | ' | ||||
Equity Method Investment Held for Sale (Tables) [Line Items] | ' | ||||
Equity Method Investments [Table Text Block] | 'Equity Method Investment Held for Sale | ||||
Real Estate Contributed | $ | 1,508,930 | |||
Cash Contributed | 12,169 | ||||
Net Income | 512,347 | ||||
Distributions Received | -1,600,000 | ||||
Equity Method Investment Held for Sale | $ | 433,446 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'Discontinued Operations | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Rental Income | $ | 0 | $ | 99,211 | $ | 26,740 | $ | 198,423 | |
Property Management Expenses | 3,016 | 439 | 3,028 | 530 | |||||
Depreciation | 0 | 34,641 | 0 | 69,282 | |||||
Income from Equity Method Investment | 479,483 | 0 | 512,347 | 0 | |||||
Held for Sale | |||||||||
Income from Discontinued Operations | $ | 476,467 | $ | 64,131 | $ | 536,059 | $ | 128,611 | |
Cash Flow, Supplemental Disclosures [Text Block] | 'Cash Flows from Discontinued Operations | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Cash Flows from Discontinued Operations: | |||||||||
Operating Activities | $ | -3,016 | $ | 98,772 | $ | 23,712 | $ | 197,893 | |
Investing Activities | $ | 1,600,000 | $ | 0 | $ | 1,587,831 | $ | 0 | |
Organization_Details
Organization (Details) (USD $) | Jan. 31, 1997 | Apr. 14, 1995 |
Accounting Policies [Abstract] | ' | ' |
Capital Units, Value | ' | $1,000 |
Limited Partners' Capital Account, Units Outstanding (in Shares) | 24,000 | 1,500 |
Limited Partners' Contributed Capital | 24,000,000 | 1,500,000 |
General Partners' Contributed Capital | $1,000 | ' |
Real_Estate_Held_for_Investmen1
Real Estate Held for Investment (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | ||||
29-May-14 | 29-May-15 | Jul. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | 30-May-15 | Jun. 30, 2014 | Jun. 30, 2013 | 30-May-15 | |
Tractor Supply Canton GA | Tractor Supply Canton GA | Gander Mountain Champaign IL | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Off Market Unfavorable Lease Member | Off Market Unfavorable Lease Member | Off Market Unfavorable Lease Member | |
Real Estate Held for Investment (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 29-May-14 | ' | 3-Jul-14 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ' | 30.00% | ' | ' | ' | ' | ' | ' |
Business Acquisition, Name of Acquired Entity | 'Tractor Supply Company | ' | 'Gander Mountain | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $2,212,500 | ' | $2,122,500 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 185,920 | ' | ' | ' | ' | ' | ' | ' | ' |
Below Market Lease, Acquired | 80,603 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | 25,820 | ' | ' | ' | ' | ' | ' | ' | ' |
Average Lease Term | '7.3 | ' | '14.9 | ' | ' | ' | ' | ' | ' |
Real Estate Revenue, Net | ' | 164,355 | 167,772 | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | ' | 2,113 | 0 | ' | ' | ' | ' |
Amortization of above and below Market Leases | ' | ' | ' | ' | ' | ' | 916 | 0 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | ' | ' | ' | ' | ' | $25,353 | ' | ' | $10,991 |
Equity_Method_Investment_Held_2
Equity Method Investment Held for Sale (Details) (CM Lithia Springs DST) | Mar. 07, 2014 |
CM Lithia Springs DST | ' |
Equity Method Investment Held for Sale (Details) [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 20.00% |
Equity_Method_Investment_Held_3
Equity Method Investment Held for Sale (Details) - Equity Method Investment Held for Sale (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Real Estate Contributed | ' | ' | $1,508,930 | $0 | ' |
Cash Contributed | ' | ' | 12,169 | 0 | ' |
Net Income | 479,483 | 0 | 512,347 | 0 | ' |
Equity Method Investment Held for Sale | 433,446 | ' | 433,446 | ' | 0 |
CM Lithia Springs DST | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Real Estate Contributed | ' | ' | 1,508,930 | ' | ' |
Cash Contributed | ' | ' | 12,169 | ' | ' |
Net Income | ' | ' | 512,347 | ' | ' |
Distributions Received | ' | ' | -1,600,000 | ' | ' |
Equity Method Investment Held for Sale | $433,446 | ' | $433,446 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Aug. 02, 2013 | Aug. 23, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Scott White College Station TX | Applebees Johnstown PA | CarMax Auto Superstore Lithia Springs GA | Limited Partner [Member] | Limited Partner [Member] | General Partner [Member] | General Partner [Member] | |||
Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | $1,822,494 | $1,958,905 | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 512,842 | 615,907 | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Cost of Real Estate Sold | ' | ' | 1,433,468 | 1,682,887 | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | ' | ' | 123,816 | 339,889 | ' | ' | ' | ' | ' |
Real Estate Held-for-sale | ' | ' | ' | ' | 1,508,930 | ' | ' | ' | ' |
Sale Proceeds Distribution Made To Member Or Limited Partner | $163,115 | $35,123 | ' | ' | ' | $161,484 | $34,772 | $1,631 | $351 |
Sale Proceeds Distribution Made to Limited Partner Per Unit (in Dollars per Item) | ' | ' | ' | ' | ' | 7.13 | 1.53 | ' | ' |
Discontinued_Operations_Detail1
Discontinued Operations (Details) - Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Rental Income | $0 | $99,211 | $26,740 | $198,423 |
Property Management Expenses | 3,016 | 439 | 3,028 | 530 |
Depreciation | 0 | 34,641 | 0 | 69,282 |
Income from Equity Method Investment Held for Sale | 479,483 | 0 | 512,347 | 0 |
Income from Discontinued Operations | $476,467 | $64,131 | $536,059 | $128,611 |
Discontinued_Operations_Detail2
Discontinued Operations (Details) - Cash Flows from Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Discontinued Operations: | ' | ' | ' | ' |
Operating Activities | ($3,016) | $98,772 | $23,712 | $197,893 |
Investing Activities | $1,600,000 | $0 | $1,587,831 | $0 |