Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SB PARTNERS | |
Entity Central Index Key | 0000087047 | |
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 Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 0 | |
Entity Public Float | $ 0 | |
Entity Shell Company | false | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Land | $ 470,000 | $ 470,000 |
Buildings, furnishings and improvements | 5,671,101 | 5,239,859 |
Less - accumulated depreciation | (2,395,451) | (2,249,190) |
3,745,650 | 3,460,669 | |
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $10,395,545 and $10,709,724 at December 31, 2019 and 2018, respectively | 41,582,157 | 42,838,890 |
45,327,807 | 46,299,559 | |
Other Assets - | ||
Cash and cash equivalents | 987,624 | 338,239 |
Other | 8,743 | 7,789 |
Total assets | 46,324,174 | 46,645,587 |
Liabilities: | ||
Accounts payable | 177,596 | 561,800 |
Tenant security deposit | 107,010 | 104,212 |
Accrued expenses | 3,408,317 | |
Total liabilities | 284,606 | 4,074,329 |
Partners' Equity (Deficit): | ||
Limited partner - 7,753 units | 46,052,066 | 42,584,203 |
General partner - 1 unit | (12,498) | (12,945) |
Total partners' equity | 46,039,568 | 42,571,258 |
Total liabilities and partners' equity | $ 46,324,174 | $ 46,645,587 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investment in Sentinel Omaha, LLC, reserve for fair value | $ 10,395,545 | $ 10,709,724 |
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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Rental income | $ 1,126,745 | $ 1,094,278 | $ 1,073,958 |
Interest income | 4,739 | 16,178 | 7,177 |
Total revenues | 1,131,484 | 1,110,456 | 1,081,135 |
Expenses: | |||
Real estate operating expenses | 304,542 | 304,672 | 281,796 |
Amortization of deferred financing costs | 7,280 | 21,839 | |
Depreciation | 146,261 | 164,344 | 157,520 |
Real estate taxes | 129,556 | 121,868 | 123,525 |
Management fees | 1,007,137 | 911,615 | 888,325 |
Other | 117,545 | 129,967 | 124,329 |
Total expenses | 1,705,041 | 1,639,746 | 1,597,334 |
Loss from operations | (573,557) | (529,290) | (516,199) |
Equity in net income of investment | 6,829,088 | 5,842,182 | 11,320,037 |
Decrease in reserve for value of investment | 314,179 | 1,816,884 | 1,048,630 |
Income from continuing operations | 6,569,710 | 7,129,776 | 11,852,468 |
Gain on extinguishment of debt | 1,693,876 | ||
Net income | 6,569,710 | 8,823,652 | 11,852,468 |
Income allocated to general partner | 847 | 1,138 | 1,529 |
Income allocated to limited partners | $ 6,568,863 | $ 8,822,514 | $ 11,850,939 |
Income per unit of limited partnership interest (basic and diluted) | |||
Income from continuing operations (in dollars per share) | $ 847.38 | $ 919.62 | $ 1,528.76 |
Gain on extinguishment of debt (in dollars per share) | 218.48 | ||
Net income (in dollars per share) | $ 847.38 | $ 1,138.10 | $ 1,528.76 |
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) | 7,753 | 7,753 | 7,753 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Equity (Deficit) - 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) | |
Net income | 11,850,939 | 11,850,939 | 1,529 | 1,529 | $ 11,852,468 | ||||
Balance (in shares) at Dec. 31, 2017 | 7,753 | 1 | |||||||
Balance at Dec. 31, 2017 | $ 119,968,973 | (111,721,586) | 25,514,302 | 33,761,689 | $ 10,000 | (26,364) | 2,281 | (14,083) | |
Net income | 8,822,514 | 8,822,514 | 1,138 | 1,138 | 8,823,652 | ||||
Balance (in shares) at Dec. 31, 2018 | 7,753 | 1 | |||||||
Balance at Dec. 31, 2018 | $ 119,968,973 | (111,721,586) | 34,336,816 | 42,584,203 | $ 10,000 | (26,364) | 3,419 | (12,945) | 42,571,258 |
Net income | 6,568,863 | 6,568,863 | 847 | 847 | 6,569,710 | ||||
Distribution paid | (3,101,000) | (3,101,000) | (400) | (400) | |||||
Balance (in shares) at Dec. 31, 2019 | 7,753 | 1 | |||||||
Balance at Dec. 31, 2019 | $ 119,968,973 | $ (114,822,586) | $ 40,905,679 | $ 46,052,066 | $ 10,000 | $ (26,764) | $ 4,266 | $ (12,498) | $ 46,039,568 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | |||
Net income | $ 6,569,710 | $ 8,823,652 | $ 11,852,468 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on extinguishment of debt | (1,693,876) | ||
Equity in net (income) of investment | (6,829,088) | (5,842,182) | (11,320,037) |
(Decrease) in reserve for value of investment | (314,179) | (1,816,884) | (1,048,630) |
Depreciation and amortization | 146,261 | 171,624 | 179,359 |
Net (increase) decrease in other assets | (954) | (770) | 344 |
Net (decrease) increase in accounts payable | (384,204) | 45,007 | 97,038 |
Net increase in tenant security deposit | 2,798 | 2,798 | 2,798 |
Net (decrease) increase in accrued expenses | (3,408,317) | 485,374 | 462,086 |
Distributions from investment in Sentinel Omaha, LLC | 8,400,000 | 2,400,000 | |
Net cash provided by operating activities | 4,182,027 | 2,574,742 | 225,426 |
Cash Flows From Investing Activities: | |||
Capital additions to real estate owned | (431,242) | (158,494) | (65,180) |
Net cash used in investing activities | (431,242) | (158,494) | (65,180) |
Cash Flows From Financing Activities: | |||
Distribution paid to partners | (3,101,400) | ||
Repayment of loan payable | (4,032,714) | (33,883) | |
Net cash used in financing activities | (3,101,400) | (4,032,714) | (33,883) |
Net change in cash and cash equivalents and cash in escrow | 649,385 | (1,616,466) | 126,363 |
Cash and cash equivalents and cash in escrow at beginning of period | 338,239 | 1,954,705 | 1,828,342 |
Cash and cash equivalents and cash in escrow at end of period | $ 987,624 | $ 338,239 | $ 1,954,705 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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"), have been engaged since April 1971 The significant accounting and financial reporting policies of the Partnership are as follows: (a) The accompanying consolidated financial statements include the accounts of SB Partners and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenues are recognized as earned and expenses are recognized as incurred. The preparation of financial statements in conformity with such principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (b) In connection with the mortgage financing on certain of its properties, the Partnership placed the assets and liabilities of the properties into single asset limited partnerships, limited liability companies or land trusts which hold title to the properties. The Partnership has effective control over such entities and holds 100% (c) Depreciation of buildings, furnishings and improvements is computed using the straight-line method of depreciation, based upon the estimated useful lives of the related properties, as follows: Buildings and Improvements (in years) 5 to 40 Furnishings (in years) 5 to 7 Investments in real estate are carried at historical cost and reviewed periodically for impairment. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for improvements, renewals and betterments, which increase the useful life of the real estate, are capitalized. Upon retirement or sale of property, the related cost and accumulated depreciation are removed from the accounts. Amortization of deferred financing and refinancing costs is computed by amortizing the cost on a straight-line basis over the terms of the related mortgage notes. (d) Real estate properties are regularly evaluated on a property by property basis to determine if it is appropriate to write down carrying values to recognize an impairment of value. Impairment is determined by calculating the sum of the estimated undiscounted future cash flows including the projected undiscounted future net proceeds from the sale of the property. In the event such sum is less than the net carrying value of the property, the property will be written down to estimated fair value. Based on the Partnership’s long-term hold strategy for its investments in real estate, the carrying value of its property at December 31, 2019 (e) Real estate held for sale is carried at the lower of cost or fair value less selling costs. Upon determination that a property is held for sale, depreciation of such property is no (f) For financial reporting purposes, the Partnership considers all highly liquid, short-term investments with original maturities of three not not (g) The Partnership accounts for its investment in Sentinel Omaha, LLC at fair value. Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs and real estate taxes. Judgments regarding these factors are not may 5 6 (h) The Partnership has elected to classify distributions received from equity method investees using the cumulative earnings approach. Accordingly, distributions received from equity method investees are classified as cash inflows from operating activities on the accompanying Consolidated Statements of Cash Flows. (i) Tenant leases at the multifamily properties owned by Omaha generally have terms of one 2. (j) Gains on sales of investments in real estate are recognized in accordance with accounting principles generally accepted in the United States of America applicable to sales of real estate which require minimum levels of initial and continuing investment by the purchaser, and certain other tests be met, prior to the full recognition of profit at the time of the sale. When the tests are not (k) Each partner is individually responsible for reporting its share of the Partnership's taxable income or loss. Accordingly, no (l) Net income per unit of partnership interest has been computed based on the weighted average number of units of partnership interest outstanding during each year. There were no (m) The Partnership is engaged in only one not not |
Note 2 - Recently Adopted Accou
Note 2 - Recently Adopted Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 2 In February 2016, No. 2016 2, Leases 2016 2 2016 02 July 2018, No. 2018 11, Leases – Targeted Improvements 2018 11 2016 2, 2016 02 2018 11 842” January 1, 2019. In connection with the adoption of ASC Topic 842, 842, 606, Revenue from Contracts with Customers not The following table provides a disaggregation of rental income recognized by the Partnership for each of the three December 31, 2019: 2019 2018 2017 Operating lease income: Fixed lease income (Base Rent) $ 772,617 $ 746,115 $ 724,140 Variable lease income (Recoverable Costs) 354,128 348,163 349,818 Total Rental Income $ 1,126,745 $ 1,094,278 $ 1,073,958 Because the standard for lessors remained largely unchanged from the previous guidance, the adoption of ASC Topic 842 not |
Note 3 - Investment Management
Note 3 - Investment Management Agreement | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investment Management Agreement [Text Block] | ( 3 The Partnership entered into a management agreement with the General Partner. Under the terms of this agreement, the General Partner is responsible for the acquisition, management and disposition of all investments, as well as performance of the day-to-day administrative operations and provision of office space for the Partnership. For these services, the General Partner receives a management fee equal to 2% 0.5% not $1,007,137, $911,615 $888,325 December 31, 2019, 2018, 2017, 2018 2017, $485,375 $462,086, $3,408,317 December 31, 2018. 2019 25% No December 31, 2019, 2018 2017. |
Note 4 - Investments in Real Es
Note 4 - Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | ( 4 During 2019 2018 December 31, 2019 2018: Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/19 12/31/18 Industrial flex property 1 2002 60,345 sf $ 6,141,101 $ 5,709,859 Less: accumulated depreciation (2,395,451 ) (2,249,190 ) Net book value $ 3,745,650 $ 3,460,669 |
Note 5 - Assets Measured at Fai
Note 5 - Assets Measured at Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 5 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 during the year ended December 31, 2019 2018: Level 3: Significant Unobservable 2019 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 51,977,702 $ 51,977,702 Reserve for fair value of investment (10,395,545 ) (10,395,545 ) Total assets $ 41,582,157 $ 41,582,157 Level 3: Significant Unobservable 2018 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 53,548,614 $ 53,548,614 Reserve for fair value of investment (10,709,724 ) (10,709,724 ) Total assets $ 42,838,890 $ 42,838,890 The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 3 December 31, 2019 2018: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2018 $ 50,106,432 $ (12,526,608 ) $ 37,579,824 Equity in net income of investment 5,842,182 - 5,842,182 Distribution from investment (2,400,000 ) (2,400,000 ) Decrease in reserve - 1,816,884 1,816,884 Balance at December 31, 2018 53,548,614 (10,709,724 ) 42,838,890 Equity in net income of investment 6,829,088 - 6,829,088 Distribution from investment (8,400,000 ) - (8,400,000 ) Decrease in reserve - 314,179 314,179 Balance at December 31, 2019 $ 51,977,702 $ (10,395,545 ) $ 41,582,157 As of December 31, 2018 30% December 31, 2018 20% 30% 20% December 31, 2019. For the year ended December 31, 2019 4.3% 2019 2018. one During 2019 may 2020 not may |
Note 6 - Investment in Sentinel
Note 6 - Investment in Sentinel Omaha, LLC | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 6 In 2007, $37,200,000 thirty December 31, 2019 six three 10 With respect to its investment in Omaha, the Partnership elected to adopt Accounting Standards Codification Topic 825. The following are the audited condensed financial statements ( 000’s December 31, 2019 2018 three December 31, 2019: Balance Sheet 2019 2018 Investment in real estate properties, at fair value $ 230,900 $ 290,500 Other assets 19,825 13,960 Debt (73,892 ) (121,481 ) Other liabilities (3,574 ) (4,484 ) Members' equity $ 173,259 $ 178,495 Statement of Operations 2019 2018 2017 Rent and other income $ 26,602 $ 33,786 $ 41,488 Real estate operating expenses (12,618 ) (16,189 ) (20,230 ) Other expenses (3,489 ) (5,705 ) (7,106 ) Net unrealized (losses) gains (1,366 ) 488 44,074 Net realized gain (losses) 13,635 7,094 (20,492 ) Net increase in net assets $ 22,764 $ 19,474 $ 37,734 Determination of the fair value of Omaha involves numerous estimates and subjective judgments that are subject to change in response to current and future economic and market conditions, including, among other things, demand for residential apartments, competition, and operating cost levels such as labor, energy costs, real estate taxes and market interest rates. Judgments regarding these factors are not may Estimated fair value was determined utilizing Level 3 2 The investment in Omaha is not not The values of real estate properties have been prepared giving consideration to the income and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities which typically provide a range of value. Generally, the income approach carries the most weight in the value reconciliation. Substantially all of Omaha’s real estate properties are classified within Level 3 The mortgage notes payable are all variable rate loans at December 31, 2019; The following table shows quantitative information about significant unobservable inputs related to Level 3 December 31, 2019 ( 000’s Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 230,900 Discounted cash flows (DCF) Discount rate 7.50% - 7.75% (7.53%) Capitalization rate 5.50% - 5.75% (5.53%) DCF Term (years) 10 |
Note 7 - Quarterly Financial In
Note 7 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 7 Revenues from Net Income per Equity in Net Continuing Unit of Limited Income of Year ended December 31, 2019 Operations Net Income Partnership Interest Investment First Quarter $ 278,356 $ 189,419 $ 24.43 $ 408,908 Second Quarter 278,993 2,159,145 278.49 795,927 Third Quarter 279,769 1,009,983 130.27 1,439,584 Fourth Quarter 294,366 3,211,163 414.19 4,184,669 Year ended December 31, 2018 First Quarter $ 273,781 $ 3,268,374 $ 421.56 $ 1,111,737 Second Quarter 277,069 766,217 98.83 1,116,053 Third Quarter 280,790 1,402,835 180.94 1,899,156 Fourth Quarter 278,816 3,386,226 436.77 1,715,236 |
Note 8 - Federal Income Tax Inf
Note 8 - Federal Income Tax Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 A reconciliation of net income for financial reporting purposes to net income (loss) for Federal income tax reporting purposes is as follows: For the Years Ended December 31, 2019 2018 2017 Net income for financial reporting purposes $ 6,569,710 $ 8,823,652 $ 11,852,468 Difference between tax and financial statement equity in net income/ loss of investment 4,175,809 2,807,300 (12,538,521 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes (3,734,253 ) 525,375 502,085 Difference between tax and financial statement depreciation 8,712 13,429 7,788 Net income (loss) for Federal income tax reporting purposes $ 7,019,978 $ 12,169,756 $ (176,180 ) Net ordinary income (loss) for Federal income tax reporting purposes $ (1,173,621 ) $ 4,745,461 $ 1,681,612 Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes 8,193,599 7,424,295 (1,857,792 ) $ 7,019,978 $ 12,169,756 $ (176,180 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 As of December 31, 2019 2018, $46,324,174 $46,360,757 $277,606, $4,074,329 |
Note 9 - Management Services
Note 9 - Management Services | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Management Services [Text Block] | ( 9 Certain affiliates of the General Partner oversee the management and operation of various real estate properties, including those owned by the Partnership. Services performed by affiliates are billed at actual or allocated cost, percentage of revenues or net equity. For the years ended December 31, 2019, 2018 2017 $56,734, $55,409 $54,311, The Partnership’s wholly owned property located in Maple Grove, Minnesota is 100% July 31, 2019. July 26, 2018, October 31, 2024. $158,494 During 2012 1 2019, 2018 2017 $54,000 During 2019 $16,547. |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | ( 10 The Partnership’s financial instruments include cash and cash equivalents. The carrying amount of cash and cash equivalents are reasonable estimates of fair value. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 11 The Partnership is a party to certain actions directly arising from its normal business operations. While the ultimate outcome is not not The Partnership leases its property to a tenant under an operating lease agreement, which requires the tenant to pay all or part of certain operating and other expenses of the property. The minimum future rentals to be received in respect of non-cancelable commercial operating leases with unexpired terms in excess of one December 31, 2019 $809,634 2020, $833,922 2021, $858,940 2022, $884,709 2023 $755,600 2024. 100% Pursuant to the original investment agreement, the Partnership may $3,720,000 not |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 12 Due to the COVID- 19 may may no not December 31, 2019. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | SB SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 Column A Column B Column C Column D Initial Cost to the Registrant Costs Capitalized Buildings and Subsequent Description Encumbrances Land Improvements Total to Acquisition INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ - $ 470,000 $ 4,243,385 $ 4,713,385 $ 1,427,716 Column A Column E Column F Gross amount at which Carried at End of Year (Notes a & c) Accumulated Buildings and Depreciation Description Land Improvements Total (Notes b & d) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ 470,000 $ 5,671,101 $ 6,141,101 $ 2,395,451 Column A Column G Column H Column I Life on which Depreciation in Latest Statement Date of Date of Operations Description Construction Acquired is Computed (years) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) 2000 Jun 2002 7 to 39 NOTES TO SCHEDULE III: 2019 2018 2017 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,709,859 $ 5,551,365 $ 5,486,185 Additions - Cost of improvements 431,242 158,494 65,180 Deductions - Sales 0 0 0 Balance at end of year $ 6,141,101 $ 5,709,859 $ 5,551,365 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 2,249,190 $ 2,084,846 $ 1,927,326 Additions - Depreciation expense for the year 146,261 164,344 157,520 Deductions - Sales 0 0 0 $ 2,395,451 $ 2,249,190 $ 2,084,846 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,648,218 $ 5,216,980 $ 5,216,980 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,299,877 $ 2,184,074 $ 2,070,468 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In February 2016, No. 2016 2, Leases 2016 2 2016 02 July 2018, No. 2018 11, Leases – Targeted Improvements 2018 11 2016 2, 2016 02 2018 11 842” January 1, 2019. In connection with the adoption of ASC Topic 842, 842, 606, Revenue from Contracts with Customers not The following table provides a disaggregation of rental income recognized by the Partnership for each of the three December 31, 2019: 2019 2018 2017 Operating lease income: Fixed lease income (Base Rent) $ 772,617 $ 746,115 $ 724,140 Variable lease income (Recoverable Costs) 354,128 348,163 349,818 Total Rental Income $ 1,126,745 $ 1,094,278 $ 1,073,958 Because the standard for lessors remained largely unchanged from the previous guidance, the adoption of ASC Topic 842 not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Buildings and Improvements (in years) 5 to 40 Furnishings (in years) 5 to 7 |
Note 2 - Recently Adopted Acc_2
Note 2 - Recently Adopted Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2019 2018 2017 Operating lease income: Fixed lease income (Base Rent) $ 772,617 $ 746,115 $ 724,140 Variable lease income (Recoverable Costs) 354,128 348,163 349,818 Total Rental Income $ 1,126,745 $ 1,094,278 $ 1,073,958 |
Note 4 - Investments in Real _2
Note 4 - Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/19 12/31/18 Industrial flex property 1 2002 60,345 sf $ 6,141,101 $ 5,709,859 Less: accumulated depreciation (2,395,451 ) (2,249,190 ) Net book value $ 3,745,650 $ 3,460,669 |
Note 5 - Assets Measured at F_2
Note 5 - Assets Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 3: Significant Unobservable 2019 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 51,977,702 $ 51,977,702 Reserve for fair value of investment (10,395,545 ) (10,395,545 ) Total assets $ 41,582,157 $ 41,582,157 Level 3: Significant Unobservable 2018 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 53,548,614 $ 53,548,614 Reserve for fair value of investment (10,709,724 ) (10,709,724 ) Total assets $ 42,838,890 $ 42,838,890 |
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, 2018 $ 50,106,432 $ (12,526,608 ) $ 37,579,824 Equity in net income of investment 5,842,182 - 5,842,182 Distribution from investment (2,400,000 ) (2,400,000 ) Decrease in reserve - 1,816,884 1,816,884 Balance at December 31, 2018 53,548,614 (10,709,724 ) 42,838,890 Equity in net income of investment 6,829,088 - 6,829,088 Distribution from investment (8,400,000 ) - (8,400,000 ) Decrease in reserve - 314,179 314,179 Balance at December 31, 2019 $ 51,977,702 $ (10,395,545 ) $ 41,582,157 |
Note 6 - Investment in Sentin_2
Note 6 - Investment in Sentinel Omaha, LLC (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of Operations [Member] | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Statement of Operations 2019 2018 2017 Rent and other income $ 26,602 $ 33,786 $ 41,488 Real estate operating expenses (12,618 ) (16,189 ) (20,230 ) Other expenses (3,489 ) (5,705 ) (7,106 ) Net unrealized (losses) gains (1,366 ) 488 44,074 Net realized gain (losses) 13,635 7,094 (20,492 ) Net increase in net assets $ 22,764 $ 19,474 $ 37,734 |
Balance Sheet [Member] | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Balance Sheet 2019 2018 Investment in real estate properties, at fair value $ 230,900 $ 290,500 Other assets 19,825 13,960 Debt (73,892 ) (121,481 ) Other liabilities (3,574 ) (4,484 ) Members' equity $ 173,259 $ 178,495 |
Valuation, Income Approach [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Valuation Unobservable Range Value Techniques Inputs (Weighted Average) Investment in real estate properties $ 230,900 Discounted cash flows (DCF) Discount rate 7.50% - 7.75% (7.53%) Capitalization rate 5.50% - 5.75% (5.53%) DCF Term (years) 10 |
Note 7 - Quarterly Financial _2
Note 7 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Revenues from Net Income per Equity in Net Continuing Unit of Limited Income of Year ended December 31, 2019 Operations Net Income Partnership Interest Investment First Quarter $ 278,356 $ 189,419 $ 24.43 $ 408,908 Second Quarter 278,993 2,159,145 278.49 795,927 Third Quarter 279,769 1,009,983 130.27 1,439,584 Fourth Quarter 294,366 3,211,163 414.19 4,184,669 Year ended December 31, 2018 First Quarter $ 273,781 $ 3,268,374 $ 421.56 $ 1,111,737 Second Quarter 277,069 766,217 98.83 1,116,053 Third Quarter 280,790 1,402,835 180.94 1,899,156 Fourth Quarter 278,816 3,386,226 436.77 1,715,236 |
Note 8 - Federal Income Tax I_2
Note 8 - Federal Income Tax Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2019 2018 2017 Net income for financial reporting purposes $ 6,569,710 $ 8,823,652 $ 11,852,468 Difference between tax and financial statement equity in net income/ loss of investment 4,175,809 2,807,300 (12,538,521 ) Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes (3,734,253 ) 525,375 502,085 Difference between tax and financial statement depreciation 8,712 13,429 7,788 Net income (loss) for Federal income tax reporting purposes $ 7,019,978 $ 12,169,756 $ (176,180 ) Net ordinary income (loss) for Federal income tax reporting purposes $ (1,173,621 ) $ 4,745,461 $ 1,681,612 Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes 8,193,599 7,424,295 (1,857,792 ) $ 7,019,978 $ 12,169,756 $ (176,180 ) Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Buildings and Improvements[Table Text Block] | Column A Column B Column C Column D Initial Cost to the Registrant Costs Capitalized Buildings and Subsequent Description Encumbrances Land Improvements Total to Acquisition INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ - $ 470,000 $ 4,243,385 $ 4,713,385 $ 1,427,716 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Gross Amounts [Table Text Block] | Column A Column E Column F Gross amount at which Carried at End of Year (Notes a & c) Accumulated Buildings and Depreciation Description Land Improvements Total (Notes b & d) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) $ 470,000 $ 5,671,101 $ 6,141,101 $ 2,395,451 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired [Table Text Block] | Column A Column G Column H Column I Life on which Depreciation in Latest Statement Date of Date of Operations Description Construction Acquired is Computed (years) INDUSTRIAL FLEX Minnesota - Maple Grove (Eagle Lake Business Center IV) 2000 Jun 2002 7 to 39 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Reconciliation [Table Text Block] | 2019 2018 2017 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 5,709,859 $ 5,551,365 $ 5,486,185 Additions - Cost of improvements 431,242 158,494 65,180 Deductions - Sales 0 0 0 Balance at end of year $ 6,141,101 $ 5,709,859 $ 5,551,365 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 2,249,190 $ 2,084,846 $ 1,927,326 Additions - Depreciation expense for the year 146,261 164,344 157,520 Deductions - Sales 0 0 0 $ 2,395,451 $ 2,249,190 $ 2,084,846 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,648,218 $ 5,216,980 $ 5,216,980 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,299,877 $ 2,184,074 $ 2,070,468 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) shares in Thousands | 12 Months Ended | |
Dec. 31, 2019shares | Dec. 31, 2018shares | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Number of Operating Segments | 1 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Estimated Useful Lives of Related Properties (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life of related properties (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life of related properties (Year) | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life of related properties (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life of related properties (Year) | 7 years |
Note 2 - Recently Adopted Acc_3
Note 2 - Recently Adopted Accounting Pronouncements - Disaggregation of Rental Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rental income | $ 1,126,745 | $ 1,094,278 | $ 1,073,958 |
Fixed Lease Income Base Rent [Member] | |||
Rental income | 772,617 | 746,115 | 724,140 |
Variable Lease Income [Member] | |||
Rental income | $ 354,128 | $ 348,163 | $ 349,818 |
Note 3 - Investment Managemen_2
Note 3 - Investment Management Agreement (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Management Fee, Percent Fee | 2.00% | ||
Management Fee Percentage Other Than Real Estate | 0.50% | ||
Management Fee Expense | $ 1,007,137 | $ 911,615 | $ 888,325 |
Percentage of Cash Distribution in Excess of Annual Distribution | 25.00% | ||
Cash Distribution in Excess of Annual Distribution | 0 | $ 0 | 0 |
Accounts Payable and Accrued Liabilities [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 485,375 | 462,086 | |
Accrued Expenses [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 3,408,317 | ||
General Partner [Member] | |||
Management Fee Expense | $ 1,007,137 | $ 911,615 | $ 888,325 |
Note 4 - Investments in Real _3
Note 4 - Investments in Real Estate - Summary of Investments in Real Estate (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Less: accumulated depreciation | $ (2,395,451) | $ (2,249,190) |
Net book value | $ 3,745,650 | 3,460,669 |
Industrial Flex Property [Member] | ||
No. of Prop. | 1 | |
Year of Acquisition | 2002 | |
Description (Square Foot) | ft² | 60,345 | |
Investment in real estate, at cost | $ 6,141,101 | 5,709,859 |
Less: accumulated depreciation | (2,395,451) | (2,249,190) |
Net book value | $ 3,745,650 | $ 3,460,669 |
Note 5 - Assets Measured at F_3
Note 5 - Assets Measured at Fair Value (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Sentinel Omaha LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 30.00% | ||
Equity Method Investment, Fair Value, Reserve, Percent | 20.00% | 20.00% | |
Sentinel Omaha LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 30.00% | ||
Increase in Real Estate Values, Percentage | 4.30% |
Note 5 - Assets Measured at F_4
Note 5 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reserve for fair value of investment | $ (10,395,545) | $ (10,709,724) | |
Total assets | 41,582,157 | 42,838,890 | |
Sentinel Omaha LLC [Member] | |||
Investment in Sentinel Omaha, LLC | 51,977,702 | 53,548,614 | |
Reserve for fair value of investment | (10,395,545) | (10,709,724) | |
Total assets | 41,582,157 | 42,838,890 | |
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member] | |||
Investment in Sentinel Omaha, LLC | 51,977,702 | 53,548,614 | $ 50,106,432 |
Reserve for fair value of investment | (10,395,545) | (10,709,724) | |
Total assets | $ 41,582,157 | $ 42,838,890 |
Note 5 - Assets Measured at F_5
Note 5 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distribution from investment | $ (8,400,000) | $ (2,400,000) | |
(Decrease) in reserve for value of investment | (314,179) | (1,816,884) | (1,048,630) |
Sentinel Omaha LLC [Member] | |||
Balance, Investment in Sentinel Omaha, LLC | 53,548,614 | ||
Balance, Investment in Sentinel Omaha, LLC | 51,977,702 | 53,548,614 | |
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member] | |||
Balance, Investment in Sentinel Omaha, LLC | 53,548,614 | 50,106,432 | |
Balance, Reserve for fair value of investment | (10,709,724) | (12,526,608) | |
Balance | 42,838,890 | 37,579,824 | |
Equity in net income of investment | 6,829,088 | 5,842,182 | |
Distribution from investment | (2,400,000) | ||
(Decrease) in reserve for value of investment | |||
Decrease in reserve | 314,179 | 1,816,884 | |
Balance, Investment in Sentinel Omaha, LLC | 51,977,702 | 53,548,614 | 50,106,432 |
Balance, Reserve for fair value of investment | (10,395,545) | (10,709,724) | (12,526,608) |
Balance | $ 41,582,157 | $ 42,838,890 | $ 37,579,824 |
Note 6 - Investment in Sentin_3
Note 6 - Investment in Sentinel Omaha, LLC (Details Textual) - Sentinel Omaha LLC [Member] | Dec. 31, 2019 | Dec. 31, 2007USD ($) |
Investment Owned, at Cost | $ 37,200,000 | |
Equity Method Investment, Ownership Percentage | 30.00% | |
Number of Multifamily Properties | 6 | |
Number of Markets | 3 |
Note 6 - Investment in Sentin_4
Note 6 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets | $ 8,743 | $ 7,789 |
Sentinel Omaha LLC [Member] | ||
Investment in real estate properties, at fair value | 230,900,000 | 290,500,000 |
Other assets | 19,825,000 | 13,960,000 |
Debt | (73,892,000) | (121,481,000) |
Other liabilities | (3,574,000) | (4,484,000) |
Members' equity | $ 173,259,000 | $ 178,495,000 |
Note 6 - Investment in Sentin_5
Note 6 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rent and other income | $ 294,366 | $ 279,769 | $ 278,993 | $ 278,356 | $ 278,816 | $ 280,790 | $ 277,069 | $ 273,781 | $ 1,131,484 | $ 1,110,456 | $ 1,081,135 |
Real estate operating expenses | (304,542) | (304,672) | (281,796) | ||||||||
Other expenses | (117,545) | (129,967) | (124,329) | ||||||||
Net increase in net assets | 6,569,710 | 8,823,652 | 11,852,468 | ||||||||
Sentinel Omaha LLC [Member] | |||||||||||
Rent and other income | 26,602,000 | 33,786,000 | 41,488,000 | ||||||||
Real estate operating expenses | (12,618,000) | (16,189,000) | (20,230,000) | ||||||||
Other expenses | (3,489,000) | (5,705,000) | (7,106,000) | ||||||||
Net unrealized (losses) gains | (1,366,000) | 488,000 | 44,074,000 | ||||||||
Net realized gain (losses) | 13,635,000 | 7,094,000 | (20,492,000) | ||||||||
Net increase in net assets | $ 22,764,000 | $ 19,474,000 | $ 37,734,000 |
Note 6 - Investment in Sentin_6
Note 6 - Investment in Sentinel Omaha, LLC - Significant Unobservable Inputs Related to Fair Value Measurement (Details) - Fair Value, Inputs, Level 3 [Member] $ in Millions | Dec. 31, 2019USD ($) |
Measurement Input, Expected Term [Member] | |
Investment in real estate properties | |
Minimum [Member] | Measurement Input, Cap Rate [Member] | |
Investment in real estate properties | 5.5 |
Maximum [Member] | Measurement Input, Cap Rate [Member] | |
Investment in real estate properties | 5.75 |
Weighted Average [Member] | Measurement Input, Cap Rate [Member] | |
Investment in real estate properties | (5.53) |
Real Estate [Member] | |
Investment in real estate properties | $ 230.9 |
Real Estate [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Investment in real estate properties | 7.5 |
Real Estate [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Investment in real estate properties | 7.75 |
Real Estate [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |
Investment in real estate properties | (7.53) |
Note 7 - Quarterly Financial _3
Note 7 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rent and other income | $ 294,366 | $ 279,769 | $ 278,993 | $ 278,356 | $ 278,816 | $ 280,790 | $ 277,069 | $ 273,781 | $ 1,131,484 | $ 1,110,456 | $ 1,081,135 |
First Quarter, Net Income (Loss) | $ 3,211,163 | $ 1,009,983 | $ 2,159,145 | $ 189,419 | $ 3,386,226 | $ 1,402,835 | $ 766,217 | $ 3,268,374 | |||
First Quarter, Net Income (Loss) per Unit of Limited Partnership Interest (in dollars per share) | $ 414.19 | $ 130.27 | $ 278.49 | $ 24.43 | $ 436.77 | $ 180.94 | $ 98.83 | $ 421.56 | $ 847.38 | $ 1,138.10 | $ 1,528.76 |
First Quarter, Equity Income (Loss) on Investment | $ 4,184,669 | $ 1,439,584 | $ 795,927 | $ 408,908 | $ 1,715,236 | $ 1,899,156 | $ 1,116,053 | $ 1,111,737 | $ 6,829,088 | $ 5,842,182 | $ 11,320,037 |
Note 8 - Federal Income Tax I_3
Note 8 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Partnership Assets for Tax Basis | $ 46,324,174 | $ 46,360,757 |
Partnership Liabilities for Tax Basis | $ 277,606 | $ 4,074,329 |
Note 8 - Federal Income Tax I_4
Note 8 - Federal Income Tax Information (Unaudited) - Reconciliation of Net Income (Loss) of Financial Reporting to Net Income (Loss) for Federal Income Tax Reporting (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net increase in net assets | $ 6,569,710 | $ 8,823,652 | $ 11,852,468 |
Difference between tax and financial statement equity in net income/ loss of investment | 4,175,809 | 2,807,300 | (12,538,521) |
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes | (3,734,253) | 525,375 | 502,085 |
Difference between tax and financial statement depreciation | 8,712 | 13,429 | 7,788 |
Net income (loss) for Federal income tax reporting purposes | 7,019,978 | 12,169,756 | (176,180) |
Net ordinary income (loss) for Federal income tax reporting purposes | (1,173,621) | 4,745,461 | 1,681,612 |
Net capital (Sec. 1231) gain (loss) for Federal income tax reporting purposes | 8,193,599 | 7,424,295 | (1,857,792) |
$ 7,019,978 | $ 12,169,756 | $ (176,180) | |
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) | 7,753 | 7,753 | 7,753 |
Note 9 - Management Services (D
Note 9 - Management Services (Details Textual) - USD ($) | Jul. 26, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cost of Goods and Services Sold, Total | $ 304,542 | $ 304,672 | $ 281,796 | |
Operating Lease, Tenant Leasing Percentage | 100.00% | |||
Leasing Commission Payments Made to Affiliate of General Partner for Lease Extension | $ 158,494 | |||
Management Fee Expense | 1,007,137 | $ 911,615 | 888,325 | |
Affiliated Entity [Member] | ||||
Management Fee Expense | 16,547 | |||
Management Service [Member] | ||||
Cost of Goods and Services Sold, Total | 56,734 | 55,409 | 54,311 | |
Asset Management [Member] | ||||
Cost of Goods and Services Sold, Total | $ 54,000 | $ 54,000 | $ 54,000 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 809,634 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 833,922 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 858,940 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 884,709 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 755,600 | |
Operating Lease, Tenant Leasing Percentage | 100.00% | |
Additional Capital Investment to be Made | $ 3,720,000 | |
Maple Grove (Eagle Lake Business Center IV) [Member] | ||
Operating Lease, Tenant Leasing Percentage | 100.00% |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Initial Cost (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member] | Dec. 31, 2019USD ($) |
Initial cost, land | $ 470,000 |
Initial cost, buildings and improvements | 4,243,385 |
Initial cost | 4,713,385 |
Cost capitalized subsequent to acquistion | $ 1,427,716 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross Amount (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated depreciation | $ 2,395,451 | $ 2,249,190 | $ 2,084,846 | $ 1,927,326 |
Industrial Flex Minnesota [Member] | Maple Grove (Eagle Lake Business Center IV) [Member] | ||||
Carrying amount, land | 470,000 | |||
Carrying amount, buildings and improvements | 5,671,101 | |||
Carrying amount, total | 6,141,101 | |||
Accumulated depreciation | $ 2,395,451 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation, Life On Which Depreciation Is Computed (Details) - Industrial Flex Minnesota [Member] - Maple Grove (Eagle Lake Business Center IV) [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Life on which depreciation in latest statement of operations is computed (Year) | 7 years |
Maximum [Member] | |
Life on which depreciation in latest statement of operations is computed (Year) | 39 years |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
(a) Reconciliation of amounts shown in Column E: | |||
Balance | $ 5,709,859 | $ 5,551,365 | $ 5,486,185 |
Cost of improvements | 431,242 | 158,494 | 65,180 |
Sales | 0 | 0 | 0 |
Balance | 6,141,101 | 5,709,859 | 5,551,365 |
(b) Reconciliation of amounts shown in Column F: | |||
Balance | 2,249,190 | 2,084,846 | 1,927,326 |
Depreciation expense for the year | 146,261 | 164,344 | 157,520 |
Sales | 0 | 0 | 0 |
Balance | 2,395,451 | 2,249,190 | 2,084,846 |
(c) Aggregate cost basis for Federal income tax reporting purposes | 5,648,218 | 5,216,980 | 5,216,980 |
(d) Accumulated depreciation for Federal income tax reporting purposes | $ 2,299,877 | $ 2,184,074 | $ 2,070,468 |