Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'SB PARTNERS |
Entity Central Index Key | '0000087047 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'No |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-13 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Real estate, at cost | ' | ' |
Land | $1,985,000 | $1,985,000 |
Buildings, furnishings and improvements | 18,655,703 | 18,581,164 |
Less - accumulated depreciation | -4,176,384 | -3,931,815 |
Total Real Estate Assets | 16,464,319 | 16,634,349 |
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $500 and $0 at March 31, 2013 and December 31, 2012, respectively | 0 | 0 |
Total Investments | 16,464,319 | 16,634,349 |
Other Assets | ' | ' |
Cash and cash equivalents | 429,362 | 402,874 |
Cash in escrow | 500,084 | 500,084 |
Other | 150,026 | 202,806 |
Total assets | 17,543,791 | 17,740,113 |
Liabilities: | ' | ' |
Mortgage note and unsecured loan payable | 19,967,009 | 19,983,464 |
Accounts payable | 256,102 | 238,811 |
Tenant security deposits | 112,425 | 112,425 |
Accrued expenses | 1,573,830 | 1,202,188 |
Total liabilities | 21,909,366 | 21,536,888 |
Units of partnership interest without par value; | ' | ' |
Limited partner - 7,753 units | -4,346,576 | -3,777,849 |
General partner - 1 unit | -18,999 | -18,926 |
Total partners' deficit | -4,365,575 | -3,796,775 |
Total liabilities and partners' deficit | $17,543,791 | $17,740,113 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Investment in Sentinel Omaha, LLC, reserve for fair value | $4,599,676 | $0 |
Limited partner units (in shares) | 7,753 | 7,753 |
General partner units (in shares) | 1 | 1 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Revenues: | ' | ' | ' | ' |
Base rental income | $446,654 | $442,128 | $890,291 | $881,440 |
Other rental income | 179,442 | 200,628 | 358,885 | 401,256 |
Interest on short-term investments and other | 7 | 10 | 14 | 22 |
Total revenues | 626,103 | 642,766 | 1,249,190 | 1,282,718 |
Expenses: | ' | ' | ' | ' |
Real estate operating expenses | 133,552 | 115,121 | 245,827 | 219,865 |
Interest on mortgage notes and unsecured loan payable | 270,290 | 271,706 | 540,083 | 543,974 |
Depreciation and amortization | 136,330 | 137,596 | 272,613 | 275,192 |
Real estate taxes | 127,863 | 195,549 | 255,730 | 298,100 |
Management fees | 215,211 | 149,049 | 428,815 | 409,194 |
Other | 38,872 | 34,899 | 74,922 | 78,068 |
Total expenses | 922,118 | 903,920 | 1,817,990 | 1,824,393 |
Loss from operations | -296,015 | -261,154 | -568,800 | -541,675 |
Equity in net income of investment | 2,392,276 | -1,151,234 | 4,599,676 | 2,141,164 |
Reserve for value of investment | -2,392,276 | 1,151,234 | -4,599,676 | -2,141,164 |
Net loss | -296,015 | -261,154 | -568,800 | -541,675 |
Loss allocated to general partner | -38 | -34 | -73 | -70 |
Loss allocated to limited partners | ($295,977) | ($261,120) | ($568,727) | ($541,605) |
(Loss) earnings per unit of limited partnership interest (basic and diluted) | ' | ' | ' | ' |
Net loss | ($38.18) | ($33.68) | ($73.37) | ($69.87) |
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) | 7,753 | 7,753 | 7,753 | 7,753 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT (Unaudited) (USD $) | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Total |
Units of Partnership [Member] | Cumulative Cash Distributions [Member] | Accumulated Earnings (Losses) [Member] | Units of Partnership [Member] | Cumulative Cash Distributions [Member] | Accumulated Earnings (Losses) [Member] | ||||
Balance at Dec. 31, 2012 | $119,968,973 | ($111,721,586) | ($12,025,236) | ($3,777,849) | $10,000 | ($26,364) | ($2,562) | ($18,926) | ($3,796,775) |
Balance (shares) at Dec. 31, 2012 | 7,753 | ' | ' | ' | 1 | ' | ' | ' | ' |
Net loss for the period | 0 | 0 | -568,727 | -568,727 | 0 | 0 | -73 | -73 | -568,800 |
Balance at Jun. 30, 2013 | $119,968,973 | ($111,721,586) | ($12,593,963) | ($4,346,576) | $10,000 | ($26,364) | ($2,635) | ($18,999) | ($4,365,575) |
Balance (shares) at Jun. 30, 2013 | 7,753 | ' | ' | ' | 1 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Cash Flows From Operating Activities: | ' | ' |
Net loss | ($568,800) | ($541,675) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Equity in net income of investment | -4,599,676 | -2,141,164 |
Reserve for fair value of investment | 4,599,676 | 2,141,164 |
Depreciation and amortization | 272,613 | 275,192 |
Net decrease (increase) in operating assets | 24,736 | 24,770 |
Net increase in accounts payable | 17,291 | -46,645 |
Net increase in accrued expenses | 371,642 | 351,976 |
Net cash provided by operating activites | 117,482 | 63,618 |
Cash Flows From Investing Activities | ' | ' |
Capital additions to real estate owned | -74,539 | 0 |
Net cash used in investing activities | -74,539 | 0 |
Repayment of unsecured loan payable | -16,455 | -86,106 |
Net cash used in financing activities | -16,455 | -86,106 |
Cash Flows From Financing Activities: | 26,488 | -22,488 |
Cash and cash equivalents at beginning of year | 402,874 | 313,717 |
Cash and cash equivalents at end of year | 429,362 | 291,229 |
Cash paid during the year for interest | $390,083 | $392,308 |
ORGANIZATION_AND_SIGNIFICANT_A
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2013 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
(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 June 30, 2013 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, 2012. |
INVESTMENTS_IN_REAL_ESTATE
INVESTMENTS IN REAL ESTATE | 6 Months Ended | |||||
Jun. 30, 2013 | ||||||
INVESTMENTS IN REAL ESTATE [Abstract] | ' | |||||
INVESTMENTS IN REAL ESTATE | ' | |||||
(2) INVESTMENTS IN REAL ESTATE | ||||||
As of June 30, 2013, 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 June 30, 2013 and December 31, 2012: | ||||||
No. of | Year of | Real Estate at Cost | ||||
Type | Prop. | Acquisition | Description | 6/30/13 | 12/31/12 | |
Industrial flex property | 1 | 2002 | 60,345 sf | $ 5,344,667 | $ 5,270,128 | |
Warehouse distribution properties | 1 | 2005 | 226,000 sf | 15,296,036 | 15,296,036 | |
Total cost | 20,640,703 | 20,566,164 | ||||
Less: Accumulated depreciation | -4,176,384 | -3,931,815 | ||||
Investment in real estate | $ 16,464,319 | $ 16,634,349 | ||||
INVESTMENT_IN_SENTINEL_OMAHA_L
INVESTMENT IN SENTINEL OMAHA, LLC | 6 Months Ended | ||
Jun. 30, 2013 | |||
INVESTMENT IN SENTINEL OMAHA, LLC [Abstract] | ' | ||
INVESTMENT IN SENTINEL OMAHA, LLC | ' | ||
(3) 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 June 30, 2013 owns 17 multifamily properties in 11 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 June 30, 2013 and December 31, 2012. | |||
(Unaudited) | (Audited) | ||
Balance Sheet | 30-Jun-13 | 31-Dec-12 | |
Investment in real estate, net | $277,800 | $302,900 | |
Other assets | 6,917 | 7,056 | |
Debt | -265,215 | -305,623 | |
Other liabilities | -4,170 | -5,512 | |
Member's equity (deficit) | $15,332 | ($1,179) | |
(Unaudited) | |||
Statement of Operations | 30-Jun-13 | ||
Rent and other income | $19,954 | ||
Real estate operating expenses | -10,538 | ||
Other income and expenses | -6,835 | ||
Net realized loss | -20,783 | ||
Net unrealized income | 34,713 | ||
Net income | $16,511 | ||
MORTGAGE_NOTES_AND_UNSECURED_L
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE | 6 Months Ended | ||||||
Jun. 30, 2013 | |||||||
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE [Abstract] | ' | ||||||
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE | ' | ||||||
(4) MORTGAGE NOTES 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 | June 30, | December 31, | |||
Property | Rate | Maturity Date | Payments | at Maturity | 2013 | 2012 | |
Lino Lakes | 5.80% | October, 2015 | $ 580,000 (a) | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |
Bank Loan (b): | |||||||
Note A | 3,967,009 | 3,983,464 | |||||
Note B | 6,000,000 | 6,000,000 | |||||
$ 19,967,009 | $ 19,983,464 | ||||||
(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 and provided for interest only monthly payments based upon LIBOR plus 1.95% and had entered into discussions as to terms for extending the debt on a longer term basis. 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 $4,069,570 has a maturity of July 31, 2014. The Partnership has two 1-year options 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. If extended, the Partnership is required to make an additional fixed principal payment of $9,570 on April 1, 2015 and $30,000 monthly thereafter until paid in full. | ||||||
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 June 30, 2013 and December 31, 2012, $659,167 and $509,167, 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 June 30, 2013 and December 31, 2012, $911,598 and $693,020, 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. |
INVESTMENTS_IN_REAL_ESTATE_Tab
INVESTMENTS IN REAL ESTATE (Tables) | 6 Months Ended | |||||
Jun. 30, 2013 | ||||||
INVESTMENTS IN REAL ESTATE [Abstract] | ' | |||||
Cost basis and accumulated depreciation of real estate investments | ' | |||||
As of June 30, 2013, 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 June 30, 2013 and December 31, 2012: | ||||||
No. of | Year of | Real Estate at Cost | ||||
Type | Prop. | Acquisition | Description | 6/30/13 | 12/31/12 | |
Industrial flex property | 1 | 2002 | 60,345 sf | $ 5,344,667 | $ 5,270,128 | |
Warehouse distribution properties | 1 | 2005 | 226,000 sf | 15,296,036 | 15,296,036 | |
Total cost | 20,640,703 | 20,566,164 | ||||
Less: Accumulated depreciation | -4,176,384 | -3,931,815 | ||||
Investment in real estate | $ 16,464,319 | $ 16,634,349 | ||||
INVESTMENT_IN_SENTINEL_OMAHA_L1
INVESTMENT IN SENTINEL OMAHA, LLC (Tables) | 6 Months Ended | ||
Jun. 30, 2013 | |||
INVESTMENT IN SENTINEL OMAHA, LLC [Abstract] | ' | ||
Condensed financial statements of Omaha | ' | ||
The following are the condensed financial statements (000's omitted) of Omaha as of and for the periods ended June 30, 2013 and December 31, 2012. | |||
(Unaudited) | (Audited) | ||
Balance Sheet | 30-Jun-13 | 31-Dec-12 | |
Investment in real estate, net | $277,800 | $302,900 | |
Other assets | 6,917 | 7,056 | |
Debt | -265,215 | -305,623 | |
Other liabilities | -4,170 | -5,512 | |
Member's equity (deficit) | $15,332 | ($1,179) | |
(Unaudited) | |||
Statement of Operations | 30-Jun-13 | ||
Rent and other income | $19,954 | ||
Real estate operating expenses | -10,538 | ||
Other income and expenses | -6,835 | ||
Net realized loss | -20,783 | ||
Net unrealized income | 34,713 | ||
Net income | $16,511 | ||
MORTGAGE_NOTES_AND_UNSECURED_L1
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE (Tables) | 6 Months Ended | ||||||
Jun. 30, 2013 | |||||||
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE [Abstract] | ' | ||||||
Mortgage notes 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 | June 30, | December 31, | |||
Property | Rate | Maturity Date | Payments | at Maturity | 2013 | 2012 | |
Lino Lakes | 5.80% | October, 2015 | $ 580,000 (a) | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |
Bank Loan (b): | |||||||
Note A | 3,967,009 | 3,983,464 | |||||
Note B | 6,000,000 | 6,000,000 | |||||
$ 19,967,009 | $ 19,983,464 | ||||||
(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 and provided for interest only monthly payments based upon LIBOR plus 1.95% and had entered into discussions as to terms for extending the debt on a longer term basis. 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 $4,069,570 has a maturity of July 31, 2014. The Partnership has two 1-year options 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. If extended, the Partnership is required to make an additional fixed principal payment of $9,570 on April 1, 2015 and $30,000 monthly thereafter until paid in full. | ||||||
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 June 30, 2013 and December 31, 2012, $659,167 and $509,167, 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 June 30, 2013 and December 31, 2012, $911,598 and $693,020, 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. |
INVESTMENTS_IN_REAL_ESTATE_Det
INVESTMENTS IN REAL ESTATE (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | |
Property | ||
sqft | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' |
Real Estate at cost | $20,640,703 | $20,566,164 |
Less: Accumulated Depreciation | -4,176,384 | -3,931,815 |
Total Real Estate Assets | 16,464,319 | 16,634,349 |
Industrial flex property [Member] | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' |
No. of Prop. | 1 | ' |
Year of Acquisition | '2002 | ' |
Description (in square feet) | 60,345 | ' |
Real Estate at cost | 5,344,667 | 5,270,128 |
Warehouse distribution properties [Member] | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' |
No. of Prop. | 1 | ' |
Year of Acquisition | '2005 | ' |
Description (in square feet) | 226,000 | ' |
Real Estate at cost | $15,296,036 | $15,296,036 |
INVESTMENT_IN_SENTINEL_OMAHA_L2
INVESTMENT IN SENTINEL OMAHA, LLC (Details) (Sentinel Omaha, LLC [Member], USD $) | 6 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | |
Market | ||
MultifamilyProperty | ||
Sentinel Omaha, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment amount | $37,200,000 | ' |
Number of multifamily properties | 17 | ' |
Number of markets | 11 | ' |
Ownership interest in Omaha (in hundredths) | 30.00% | ' |
Balance Sheet [Abstract] | ' | ' |
Investment in real estate, net | 277,800,000 | 302,900,000 |
Other assets | 6,917,000 | 7,056,000 |
Debt | -265,215,000 | -305,623,000 |
Other liabilities | -4,170,000 | -5,512,000 |
Member's equity (deficit) | 15,332,000 | -1,179,000 |
Statement of Operations | ' | ' |
Rent and other income | 19,954,000 | ' |
Real estate operating expenses | -10,538,000 | ' |
Other income and expenses | -6,835,000 | ' |
Net realized loss | -20,783,000 | ' |
Net unrealized income | 34,713,000 | ' |
Net income | $16,511,000 | ' |
MORTGAGE_NOTES_AND_UNSECURED_L2
MORTGAGE NOTES AND UNSECURED LOAN PAYABLE (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
ExtensionOption | ||||
Debt Instrument [Line Items] | ' | ' | ' | |
Net Carrying Amount | $19,967,009 | $19,983,464 | ' | |
Mortgage Notes [Member] | Lino Lakes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest Rate | 5.80% | ' | ' | |
Maturity Date | 15-Oct-15 | ' | ' | |
Frequency of Installment Payments | 'Annual | ' | ' | |
Installment Payments | 580,000 | [1] | ' | ' |
Original amount of loan | 10,000,000 | ' | ' | |
Net Carrying Amount | 10,000,000 | 10,000,000 | ' | |
Bank Loan [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Frequency of Installment Payments | 'monthly | ' | ' | |
Original amount of loan | 22,000,000 | ' | ' | |
Net Carrying Amount | 10,069,570 | ' | ' | |
Original maturity date | 1-Oct-08 | ' | ' | |
Basis spread on variable interest rate (in hundredth) | 1.95% | ' | ' | |
Repayment of unsecured loan payable | 11,930,430 | ' | ' | |
Bank Loan [Member] | Note A [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest Rate | 5.00% | ' | ' | |
Maturity Date | ' | 31-Jul-14 | ' | |
Frequency of Installment Payments | 'monthly | ' | ' | |
Net Carrying Amount | 3,967,009 | 3,983,464 | 4,069,570 | |
Fixed principal payment after first payment | 30,000 | ' | ' | |
Deferred management fees | 911,598 | 693,020 | ' | |
Variable rate basis | 'LIBOR | ' | ' | |
Number of extension options | 2 | ' | ' | |
Term Of Extension Options | '1 year | ' | ' | |
Date of first required principal payment, if maturity date is extended | 1-Apr-15 | ' | ' | |
First fixed principal payment required, if maturity date is extended | 9,570 | ' | ' | |
Security interest on the Partnership's property, maximum | 5,000,000 | ' | ' | |
Bank Loan [Member] | Note B [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest Rate | 5.00% | ' | ' | |
Maturity Date | 29-Apr-18 | ' | ' | |
Net Carrying Amount | 6,000,000 | 6,000,000 | ' | |
Deferred Interest | $659,167 | $509,167 | ' | |
Number of extension options | 3 | ' | ' | |
Term Of Extension Options | '1 year | ' | ' | |
[1] | Annual installment payments include interest only. |