Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Document Information [Line Items] | |
Entity Central Index Key | 0000087047 |
Entity Registrant Name | SB PARTNERS |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Document Type | 10-K |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Entity File Number | 0-8952 |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 13-6294787 |
Entity Address, Address Line One | 1 New Haven Avenue, Suite 102A |
Entity Address, City or Town | Milford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06460 |
City Area Code | 203 |
Local Phone Number | 283-9593 |
Title of 12(b) Security | Units of Limited Partnership Interests |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Auditor Name | PKF O’Connor Davies, LLP |
Auditor Location | Shelton, Connecticut |
Auditor Firm ID | 127 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Land | $ 470,000 | $ 470,000 |
Buildings, furnishings and improvements | 5,671,101 | 5,671,101 |
Less - accumulated depreciation | (2,724,450) | (2,559,959) |
Real Estate Investment Property, Net, Total | 3,416,651 | 3,581,142 |
Investment in Sentinel Omaha, LLC, net of reserve for fair value of $0 and $11,923,033 at December 31, 2021 and 2020, respectively | 30,386,569 | 47,692,106 |
Investments, Total | 33,803,220 | 51,273,248 |
Other Assets - | ||
Cash and cash equivalents | 2,109,596 | 549,195 |
Other | 11,688 | 11,198 |
Total assets | 35,924,504 | 51,833,641 |
Liabilities: | ||
Accounts payable | 149,992 | 154,636 |
Tenant security deposit | 112,606 | 109,808 |
Total liabilities | 262,598 | 264,444 |
Partners' Equity (Deficit): | ||
Limited partner - 7,753 units | 35,675,742 | 51,580,982 |
General partner - 1 unit | (13,836) | (11,785) |
Total partners' equity | 35,661,906 | 51,569,197 |
Total liabilities and partners' equity | $ 35,924,504 | $ 51,833,641 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Investment in Sentinel Omaha, LLC, reserve for fair value | $ 0 | $ 11,923,033 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental income | $ 1,209,178 | $ 1,177,488 | $ 1,126,745 |
Interest income | 12,385 | 2,230 | 4,739 |
Total revenues | 1,221,563 | 1,179,718 | 1,131,484 |
Expenses: | |||
Real estate operating expenses | 328,407 | 312,558 | 304,542 |
Depreciation | 164,491 | 164,508 | 146,261 |
Real estate taxes | 146,833 | 141,572 | 129,556 |
Management fees | 996,741 | 1,018,617 | 1,007,137 |
Other | 145,845 | 122,783 | 117,545 |
Total expenses | 1,782,317 | 1,760,038 | 1,705,041 |
Loss from operations | (560,754) | (580,320) | (573,557) |
Equity in net income of investment | 19,251,430 | 7,637,437 | 6,829,088 |
(Increase) decrease in reserve for value of investment | 11,923,033 | (1,527,488) | 314,179 |
Net income | 30,613,709 | 5,529,629 | 6,569,710 |
Income allocated to general partner | 3,949 | 713 | 847 |
Income allocated to limited partners | $ 30,609,760 | $ 5,528,916 | $ 6,568,863 |
Income per unit of limited partnership interest (basic and diluted) | |||
Net income (in dollars per share) | $ 3,948.63 | $ 713.22 | $ 847.38 |
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] | Total |
Balance (in shares) at Dec. 31, 2018 | 7,753 | ||||
Balance at Dec. 31, 2018 | $ 119,968,973 | $ (111,721,586) | $ 34,336,816 | $ 42,584,203 | |
Net income | $ 0 | 0 | 6,568,863 | 6,568,863 | $ 6,569,710 |
Distribution paid | (3,101,000) | (3,101,000) | |||
Balance (in shares) at Dec. 31, 2019 | 7,753 | ||||
Balance at Dec. 31, 2019 | $ 119,968,973 | (114,822,586) | 40,905,679 | 46,052,066 | |
Net income | $ 0 | 0 | 5,528,916 | 5,528,916 | 5,529,629 |
Balance (in shares) at Dec. 31, 2020 | 7,753 | ||||
Balance at Dec. 31, 2020 | $ 119,968,973 | (114,822,586) | 46,434,595 | 51,580,982 | 51,569,197 |
Net income | 0 | 0 | 30,609,760 | 30,609,760 | 30,613,709 |
Distribution paid | $ 0 | (46,515,000) | 0 | (46,515,000) | |
Balance (in shares) at Dec. 31, 2021 | 7,753 | ||||
Balance at Dec. 31, 2021 | $ 119,968,973 | $ (161,337,586) | $ 77,044,355 | $ 35,675,742 | $ 35,661,906 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Partners' Equity (Deficit) (2) - USD ($) | 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, 2018 | 1 | ||||
Balance at Dec. 31, 2018 | $ 10,000 | $ (26,364) | $ 3,419 | $ (12,945) | |
Net income | $ 0 | 0 | 847 | 847 | $ 6,569,710 |
Distribution paid | (400) | (400) | |||
Balance (in shares) at Dec. 31, 2019 | 1 | ||||
Balance at Dec. 31, 2019 | $ 10,000 | (26,764) | 4,266 | (12,498) | |
Net income | $ 0 | 0 | 713 | 713 | 5,529,629 |
Balance (in shares) at Dec. 31, 2020 | 1 | ||||
Balance at Dec. 31, 2020 | $ 10,000 | (26,764) | 4,979 | (11,785) | 51,569,197 |
Net income | 0 | 0 | 3,949 | 3,949 | 30,613,709 |
Distribution paid | $ 0 | (6,000) | 0 | (6,000) | |
Balance (in shares) at Dec. 31, 2021 | 1 | ||||
Balance at Dec. 31, 2021 | $ 10,000 | $ (32,764) | $ 8,928 | $ (13,836) | $ 35,661,906 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | |||
Net income | $ 30,613,709 | $ 5,529,629 | $ 6,569,710 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in net (income) of investment | (19,251,430) | (7,637,437) | (6,829,088) |
(Decrease) increase in reserve for value of investment | (11,923,033) | 1,527,488 | (314,179) |
Depreciation and amortization | 164,491 | 164,508 | 146,261 |
Net (increase) in other assets | (490) | (2,455) | (954) |
Net (decrease) in accounts payable | (4,644) | (22,960) | (384,204) |
Net increase in tenant security deposit | 2,798 | 2,798 | 2,798 |
Net (decrease) in accrued expenses | 0 | 0 | (3,408,317) |
Distributions from investment in Sentinel Omaha, LLC | 41,280,000 | 0 | 8,400,000 |
Net cash provided by (used in) operating activities | 40,881,401 | (438,429) | 4,182,027 |
Cash Flows From Investing Activities: | |||
Return of investment in Sentinel Omaha, LLC | 7,200,000 | 0 | 0 |
Capital additions to real estate owned | 0 | 0 | (431,242) |
Net cash (provided by) used in investing activities | 7,200,000 | 0 | (431,242) |
Cash Flows From Financing Activities: | |||
Distribution paid to partners | (46,521,000) | 0 | (3,101,400) |
Net cash used in financing activities | (46,521,000) | 0 | (3,101,400) |
Net change in cash and cash equivalents | 1,560,401 | (438,429) | 649,385 |
Cash and cash equivalents at beginning of period | 549,195 | 987,624 | 338,239 |
Cash and cash equivalents at end of period | $ 2,109,596 | $ 549,195 | $ 987,624 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ( 1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES 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. 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% of the beneficial interest. Accordingly, the financial statements of these subsidiaries are consolidated with those of the Partnership. (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: Years Buildings and Improvements 5 to 40 Furnishings 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, 2021 (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 6 7 (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 and returns of investment are classified as cash inflows from investing activities on the accompanying Consolidated Statements of Cash Flows. (i) Tenant leases at the multifamily properties owned by Omaha generally have terms of one 3 (j) Sales of real estate owned are recognized in accordance with accounting principles generally accepted in the United States. Gains or losses on sales of real estate are recorded when a contract exists between buyer and seller, and whereby the entity transfers title. Net realized gain or loss on investments in real estate, if any, is the Company’s share of cash proceeds from disposition of investments in real estate less the cost basis and transaction costs. (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 potentially dilutive securities outstanding during each year. (m) The Partnership is engaged in only one not not |
Note 2 - COVID-19
Note 2 - COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | ( 2 COVID- 19 The continuation of the COVID- 19 may may no not December 31, 2021. |
Note 3 - Common Area Maintenanc
Note 3 - Common Area Maintenance Reimbursements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 COMMON AREA MAINTENANCE REIMBURSEMENTS 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, 2021: 2021 2020 2019 Operating lease income: Fixed lease income (Base Rent) $ 833,923 $ 809,632 $ 772,617 Variable lease income (Recoverable Costs) 375,255 367,856 354,128 Total Rental Income $ 1,209,178 $ 1,177,488 $ 1,126,745 Because the standard for lessors remained largely unchanged from the previous guidance, the adoption of ASC Topic 842 not |
Note 4 - Investment Management
Note 4 - Investment Management Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investment Management Agreement [Text Block] | ( 4 INVESTMENT MANAGEMENT AGREEMENT 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% of the average amount of capital invested in real estate plus cumulative mortgage amortization payments, and 0.5% of capital not December 31, 2021, 2020, 2019, December 31, 2021, 2020 2019. |
Note 5 - Investments in Real Es
Note 5 - Investments in Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | ( 5 INVESTMENTS IN REAL ESTATE During 2021 2020 December 31, 2021 2020: Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/21 12/31/20 Industrial flex property 1 2002 60,345 sf $ 6,141,101 $ 6,141,101 Less: accumulated depreciation (2,724,450 ) (2,559,959 ) Net book value $ 3,416,651 $ 3,581,142 On February 28, 2022, October 31, 2024 October 31, 2031. fifth November 1, 2021 October 31, 2024 From November 1, 2021 October 31, 2022, From November 1, 2022 October 31, 2023, From November 1, 2023 October 31, 2024, Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a one five |
Note 6 - Assets Measured at Fai
Note 6 - Assets Measured at Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 6 ASSETS MEASURED AT FAIR VALUE 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, 2021 2020: Level 2: Significant Unobservable 2021 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 30,386,569 $ 30,386,569 Reserve for fair value of investment - - Total assets $ 30,386,569 $ 30,386,569 Level 3: Significant Unobservable 2020 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 59,615,139 $ 59,615,139 Reserve for fair value of investment (11,923,033 ) (11,923,033 ) Total assets $ 47,692,106 $ 47,692,106 The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 2 2021 3 2020 December 31, 2021 2020: Investment in Reserve for Sentinel fair value Omaha, LLC of investment Total Balance at January 1, 2020 $ 51,977,702 $ (10,395,545 ) $ 41,582,157 Equity in net income of investment 7,637,437 - 7,637,437 Distribution from investment - - - Increase in reserve - (1,527,488 ) (1,527,488 ) Balance at December 31, 2020 59,615,139 (11,923,033 ) 47,692,106 Equity in net income of investment 19,251,430 - 19,251,430 Distribution from investment (48,480,000 ) - (48,480,000 ) Decrease in reserve - 11,923,033 11,923,033 Balance at December 31, 2021 $ 30,386,569 $ - $ 30,386,569 As of December 31, 2020 December 31, 2020 30% 2021 one December 31, 2021 December 31, 2021 one |
Note 7 - Investment in Sentinel
Note 7 - Investment in Sentinel Omaha, LLC | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 7 INVESTMENT IN SENTINEL OMAHA, LLC In 2007, thirty December 31, 2021 one November 2021 January 2022. 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, 2021 2020 three December 31, 2021: Balance Sheet 2021 2020 Investment in real estate properties, at fair value $ 56,777 $ 190,600 Cash and cash equivalents 37,268 49,699 Other assets 7,865 11,616 Debt - (49,880 ) Other liabilities (617 ) (3,318 ) Members' equity $ 101,293 $ 198,717 Statement of Operations 2021 2020 2019 Rent and other income $ 13,663 $ 24,239 $ 26,602 Real estate operating expenses (7,492 ) (12,090 ) (12,618 ) Other expenses (464 ) (1,563 ) (3,489 ) Net unrealized (losses) (15,713 ) (8,286 ) (1,366 ) Net realized gain 74,181 23,158 13,635 Net increase in net assets $ 64,175 $ 25,458 $ 22,764 During 2020, one first January 2021, During April 2021, first During August 2021, one first During October 2021, first During December 2021, one March 2022. During November 2021, January 13, 2022. March 2022 March 2022 March 2022, March 21, 2022. May 2022. 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 2 The investment in Omaha is not not The value of Omaha’s remaining real estate property has been prepared based on the sale price stated in the sale contract executed in November 2021 |
Note 8 - Quarterly Financial In
Note 8 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 8 QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Revenues from Net Income (Loss) per Equity in Net Continuing Net Unit of Limited Income (Loss) Year ended December 31, 2021 Operations Income (Loss) Partnership Interest of Investment First Quarter $ 304,628 $ 4,679,311 $ 603.55 $ 3,318,451 Second Quarter 303,623 2,094,249 270.12 2,794,433 Third Quarter 302,288 8,675,958 1,119.05 5,550,026 Fourth Quarter 311,024 15,164,191 1,955.91 7,588,520 Year ended December 31, 2020 First Quarter $ 293,365 $ 250,359 $ 32.29 $ 484,477 Second Quarter 295,300 (491,128 ) (63.35 ) (442,722 ) Third Quarter 293,529 92,443 11.92 315,222 Fourth Quarter 297,524 5,677,955 732.36 7,280,460 |
Note 9 - Federal Income Tax Inf
Note 9 - Federal Income Tax Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 9 FEDERAL INCOME TAX INFORMATION (UNAUDITED) A reconciliation of net income for financial reporting purposes to net income for Federal income tax reporting purposes is as follows: For the Years Ended December 31, 2021 2020 2019 Net income for financial reporting purposes $ 30,613,709 $ 5,529,629 $ 6,569,710 Difference between tax and financial statement equity in net income/loss of investment 4,149,359 6,077,663 4,175,809 Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 0 0 (3,734,253 ) Difference between tax and financial statement depreciation 8,230 8,251 8,712 Net income for Federal income tax reporting purposes $ 34,771,298 $ 11,615,543 $ 7,019,978 Net ordinary income (loss) for Federal income tax reporting purposes $ 2,727,798 $ 2,054,910 $ (1,173,621 ) Net capital (Sec. 1231) gain for Federal income tax reporting purposes 32,043,500 9,560,633 8,193,599 $ 34,771,298 $ 11,615,543 $ 7,019,978 Weighted average number of units of limited partnership interest outstanding 7,753 7,753 7,753 As of December 31, 2021 2020, |
Note 10 - Management Services
Note 10 - Management Services | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Management Services [Text Block] | ( 10 MANAGEMENT SERVICES 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, 2021, 2020 2019 During 2012 1 2021, 2020 2019 During 2019 |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | ( 11 FAIR VALUE OF FINANCIAL INSTRUMENTS The Partnership’s financial instruments include cash, cash equivalents, other assets, accounts payable and other liabilities. The carrying amount of cash, cash equivalents, other assets, accounts payable and other liabilities are reasonable estimates of fair value. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 12 COMMITMENTS AND CONTINGENCIES 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, 2021 2022, 2023, 2024, 2025 2026 Pursuant to the original investment agreement, the Partnership may not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 13 SUBSEQUENT EVENTS On February 28, 2022, October 31, 2024 October 31, 2031. fifth November 1, 2021 October 31, 2024 From November 1, 2021 October 31, 2022, From November 1, 2022 October 31, 2023, From November 1, 2023 October 31, 2024, Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a one five |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 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 $ 2,724,450 SB PARTNERS SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED DECEMBER 31, 2021 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: 2021 2020 2019 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 6,141,101 $ 6,141,101 $ 5,709,859 Additions - Cost of improvements 0 0 431,242 Deductions - Sales 0 0 0 Balance at end of year $ 6,141,101 $ 6,141,101 $ 6,141,101 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 2,559,959 $ 2,395,451 $ 2,249,190 Additions - Depreciation expense for the year 164,491 164,508 146,261 Deductions - Sales 0 0 0 $ 2,724,450 $ 2,559,959 $ 2,395,451 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,648,218 $ 5,648,218 $ 5,648,222 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,548,986 $ 2,424,429 $ 2,299,877 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Buildings and Improvements 5 to 40 Furnishings 5 to 7 |
Note 3 - Common Area Maintena_2
Note 3 - Common Area Maintenance Reimbursements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 2020 2019 Operating lease income: Fixed lease income (Base Rent) $ 833,923 $ 809,632 $ 772,617 Variable lease income (Recoverable Costs) 375,255 367,856 354,128 Total Rental Income $ 1,209,178 $ 1,177,488 $ 1,126,745 |
Note 5 - Investments in Real _2
Note 5 - Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Real Estate at Cost No. of Year of Type Prop. Acquisition Description 12/31/21 12/31/20 Industrial flex property 1 2002 60,345 sf $ 6,141,101 $ 6,141,101 Less: accumulated depreciation (2,724,450 ) (2,559,959 ) Net book value $ 3,416,651 $ 3,581,142 |
Note 6 - Assets Measured at F_2
Note 6 - Assets Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 2: Significant Unobservable 2021 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 30,386,569 $ 30,386,569 Reserve for fair value of investment - - Total assets $ 30,386,569 $ 30,386,569 Level 3: Significant Unobservable 2020 Inputs Total Assets Investment in Sentinel Omaha, LLC $ 59,615,139 $ 59,615,139 Reserve for fair value of investment (11,923,033 ) (11,923,033 ) Total assets $ 47,692,106 $ 47,692,106 |
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, 2020 $ 51,977,702 $ (10,395,545 ) $ 41,582,157 Equity in net income of investment 7,637,437 - 7,637,437 Distribution from investment - - - Increase in reserve - (1,527,488 ) (1,527,488 ) Balance at December 31, 2020 59,615,139 (11,923,033 ) 47,692,106 Equity in net income of investment 19,251,430 - 19,251,430 Distribution from investment (48,480,000 ) - (48,480,000 ) Decrease in reserve - 11,923,033 11,923,033 Balance at December 31, 2021 $ 30,386,569 $ - $ 30,386,569 |
Note 7 - Investment in Sentin_2
Note 7 - Investment in Sentinel Omaha, LLC (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of Operations [Member] | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Statement of Operations 2021 2020 2019 Rent and other income $ 13,663 $ 24,239 $ 26,602 Real estate operating expenses (7,492 ) (12,090 ) (12,618 ) Other expenses (464 ) (1,563 ) (3,489 ) Net unrealized (losses) (15,713 ) (8,286 ) (1,366 ) Net realized gain 74,181 23,158 13,635 Net increase in net assets $ 64,175 $ 25,458 $ 22,764 |
Balance Sheet [Member] | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Balance Sheet 2021 2020 Investment in real estate properties, at fair value $ 56,777 $ 190,600 Cash and cash equivalents 37,268 49,699 Other assets 7,865 11,616 Debt - (49,880 ) Other liabilities (617 ) (3,318 ) Members' equity $ 101,293 $ 198,717 |
Note 8 - Quarterly Financial _2
Note 8 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Revenues from Net Income (Loss) per Equity in Net Continuing Net Unit of Limited Income (Loss) Year ended December 31, 2021 Operations Income (Loss) Partnership Interest of Investment First Quarter $ 304,628 $ 4,679,311 $ 603.55 $ 3,318,451 Second Quarter 303,623 2,094,249 270.12 2,794,433 Third Quarter 302,288 8,675,958 1,119.05 5,550,026 Fourth Quarter 311,024 15,164,191 1,955.91 7,588,520 Year ended December 31, 2020 First Quarter $ 293,365 $ 250,359 $ 32.29 $ 484,477 Second Quarter 295,300 (491,128 ) (63.35 ) (442,722 ) Third Quarter 293,529 92,443 11.92 315,222 Fourth Quarter 297,524 5,677,955 732.36 7,280,460 |
Note 9 - Federal Income Tax I_2
Note 9 - Federal Income Tax Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2021 2020 2019 Net income for financial reporting purposes $ 30,613,709 $ 5,529,629 $ 6,569,710 Difference between tax and financial statement equity in net income/loss of investment 4,149,359 6,077,663 4,175,809 Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes 0 0 (3,734,253 ) Difference between tax and financial statement depreciation 8,230 8,251 8,712 Net income for Federal income tax reporting purposes $ 34,771,298 $ 11,615,543 $ 7,019,978 Net ordinary income (loss) for Federal income tax reporting purposes $ 2,727,798 $ 2,054,910 $ (1,173,621 ) Net capital (Sec. 1231) gain for Federal income tax reporting purposes 32,043,500 9,560,633 8,193,599 $ 34,771,298 $ 11,615,543 $ 7,019,978 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, 2021 | |
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 $ 2,724,450 |
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] | 2021 2020 2019 (a) Reconciliation of amounts shown in Column E: Balance at beginning of year $ 6,141,101 $ 6,141,101 $ 5,709,859 Additions - Cost of improvements 0 0 431,242 Deductions - Sales 0 0 0 Balance at end of year $ 6,141,101 $ 6,141,101 $ 6,141,101 (b) Reconciliation of amounts shown in Column F: Balance at beginning of year $ 2,559,959 $ 2,395,451 $ 2,249,190 Additions - Depreciation expense for the year 164,491 164,508 146,261 Deductions - Sales 0 0 0 $ 2,724,450 $ 2,559,959 $ 2,395,451 (c) Aggregate cost basis for Federal income tax reporting purposes $ 5,648,218 $ 5,648,218 $ 5,648,222 (d) Accumulated depreciation for Federal income tax reporting purposes $ 2,548,986 $ 2,424,429 $ 2,299,877 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2021shares | Dec. 31, 2020shares | 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 (in shares) | 0 | 0 | 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, 2021 | |
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 3 - Common Area Maintena_3
Note 3 - Common Area Maintenance Reimbursements - Disaggregation of Rental Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rental income | $ 1,209,178 | $ 1,177,488 | $ 1,126,745 |
Fixed Lease Income Base Rent [Member] | |||
Fixed lease income (Base Rent) | 833,923 | 809,632 | 772,617 |
Variable Lease Income [Member] | |||
Variable lease income (Recoverable Costs) | $ 375,255 | $ 367,856 | $ 354,128 |
Note 4 - Investment Managemen_2
Note 4 - Investment Management Agreement (Details Textual) - USD ($) | Jan. 01, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property Management Fee, Percent Fee | 2.00% | |||
Management Fee Percentage Other Than Real Estate | 0.50% | |||
Management Fee Expense | $ 996,741 | $ 1,018,617 | $ 1,007,137 | |
Percentage of Cash Distribution in Excess of Annual Distribution | 25.00% | |||
Cash Distribution in Excess of Annual Distribution | 0 | 0 | 0 | |
General Partner [Member] | ||||
Management Fee Expense | $ 996,741 | $ 1,018,617 | $ 1,007,137 |
Note 5 - Investments in Real _3
Note 5 - Investments in Real Estate (Details Textual) - USD ($) | Feb. 28, 2022 | Oct. 31, 2024 | Nov. 01, 2023 | Oct. 31, 2023 | Nov. 01, 2022 | Oct. 31, 2022 | Nov. 01, 2021 |
Forecast [Member] | |||||||
Rent Increase, Yearly, Percentage | 3.00% | ||||||
Tenant Improvement Allowance | $ 175,000 | ||||||
Operating Lease Option to Extend Term (Year) | 5 years | ||||||
Sixth Amendment Lease [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 71,222 | ||||||
Sixth Amendment Lease [Member] | Forecast [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 75,560 | $ 73,359 | |||||
Fifth Amendment Lease [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 62,859 | ||||||
Fifth Amendment Lease [Member] | Forecast [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 66,688 | $ 66,688 | $ 64,745 | $ 64,745 | $ 62,859 |
Note 5 - Investments in Real _4
Note 5 - Investments in Real Estate - Summary of Investments in Real Estate (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Less: accumulated depreciation | $ (2,724,450) | $ (2,559,959) |
Net book value | $ 3,416,651 | 3,581,142 |
Industrial Flex Property [Member] | ||
Number of Real Estate Properties | 1 | |
Year of Acquisition | 2002 | |
Description (Square Foot) | ft² | 60,345 | |
Investment in real estate, at cost | $ 6,141,101 | 6,141,101 |
Less: accumulated depreciation | (2,724,450) | (2,559,959) |
Net book value | $ 3,416,651 | $ 3,581,142 |
Note 6 - Assets Measured at F_3
Note 6 - Assets Measured at Fair Value (Details Textual) | Dec. 31, 2021 | Oct. 31, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2007 |
Sentinel Omaha LLC [Member] | |||||
Number of Real Estate Properties | 1 | ||||
Sentinel Omaha LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% |
Equity Method Investment, Fair Value, Reserve, Percent | 20.00% |
Note 6 - Assets Measured at F_4
Note 6 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reserve for fair value of investment | $ 0 | $ (11,923,033) | |
Total assets | 30,386,569 | 47,692,106 | |
Sentinel Omaha LLC [Member] | |||
Investment in Sentinel Omaha, LLC | 30,386,569 | 59,615,139 | |
Reserve for fair value of investment | 0 | (11,923,033) | |
Total assets | 30,386,569 | 47,692,106 | |
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member] | |||
Investment in Sentinel Omaha, LLC | 30,386,569 | 59,615,139 | $ 51,977,702 |
Reserve for fair value of investment | 0 | (11,923,033) | |
Total assets | $ 30,386,569 | $ 47,692,106 | $ 41,582,157 |
Note 6 - Assets Measured at F_5
Note 6 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2021 | Aug. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 47,692,106 | $ 47,692,106 | |||||||||||
Equity in net income of investment | $ 7,588,520 | $ 5,550,026 | $ 2,794,433 | 3,318,451 | $ 7,280,460 | $ 315,222 | $ (442,722) | $ 484,477 | 19,251,430 | $ 7,637,437 | $ 6,829,088 | ||
Distribution from investment | (41,280,000) | 0 | (8,400,000) | ||||||||||
(Decrease) increase in reserve for value of investment | (11,923,033) | 1,527,488 | (314,179) | ||||||||||
(Increase) decrease in reserve for value of investment | 11,923,033 | (1,527,488) | 314,179 | ||||||||||
Balance | 30,386,569 | 47,692,106 | 30,386,569 | 47,692,106 | |||||||||
Sentinel Omaha LLC [Member] | |||||||||||||
Balance, Investment in Sentinel Omaha, LLC | 59,615,139 | 59,615,139 | |||||||||||
Balance | 47,692,106 | 47,692,106 | |||||||||||
Distribution from investment | $ (15,780,000) | $ (21,900,000) | (27,000,000) | ||||||||||
Balance, Investment in Sentinel Omaha, LLC | 30,386,569 | 59,615,139 | 30,386,569 | 59,615,139 | |||||||||
Balance | 30,386,569 | 47,692,106 | 30,386,569 | 47,692,106 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member] | |||||||||||||
Balance, Investment in Sentinel Omaha, LLC | 59,615,139 | 51,977,702 | 59,615,139 | 51,977,702 | |||||||||
Balance, Reserve for fair value of investment | (11,923,033) | (10,395,545) | (11,923,033) | (10,395,545) | |||||||||
Balance | $ 47,692,106 | $ 41,582,157 | 47,692,106 | 41,582,157 | |||||||||
Equity in net income of investment | 19,251,430 | 7,637,437 | |||||||||||
Distribution from investment | (48,480,000) | 0 | |||||||||||
(Decrease) increase in reserve for value of investment | 0 | 0 | |||||||||||
Increase in reserve | (11,923,033) | (1,527,488) | |||||||||||
(Increase) decrease in reserve for value of investment | 0 | 0 | |||||||||||
(Increase) decrease in reserve for fair value investment | 11,923,033 | 1,527,488 | |||||||||||
Balance, Investment in Sentinel Omaha, LLC | 30,386,569 | 59,615,139 | 30,386,569 | 59,615,139 | 51,977,702 | ||||||||
Balance | $ 30,386,569 | $ 47,692,106 | $ 30,386,569 | $ 47,692,106 | $ 41,582,157 |
Note 7 - Investment in Sentin_3
Note 7 - Investment in Sentinel Omaha, LLC (Details Textual) | Mar. 01, 2022USD ($) | Dec. 31, 2021USD ($) | Nov. 30, 2021USD ($) | Oct. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2007USD ($) |
Payments of Distributions to Affiliates | $ 46,521,000 | $ 0 | $ 3,101,400 | |||||||
Proceeds from Equity Method Investment, Distribution | $ 41,280,000 | $ 0 | $ 8,400,000 | |||||||
Sentinel Omaha LLC [Member] | ||||||||||
Investment Owned, at Cost | $ 37,200,000 | |||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |||
Number of Multifamily Properties | 1 | 1 | ||||||||
Payments of Distributions to Affiliates | $ 90,000,000 | $ 52,600,000 | $ 73,000,000 | $ 10,800,000 | ||||||
Proceeds from Sale of Buildings | $ 33,300,000 | $ 57,350,000 | 34,500,000 | 77,234,663 | ||||||
Proceeds from Equity Method Investment, Distribution | $ 15,780,000 | $ 21,900,000 | $ 27,000,000 | |||||||
Sentinel Omaha LLC [Member] | Subsequent Event [Member] | ||||||||||
Payments of Distributions to Affiliates | $ 3,300 |
Note 7 - Investment in Sentin_4
Note 7 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 2,109,596 | $ 549,195 |
Other assets | 11,688 | 11,198 |
Sentinel Omaha LLC [Member] | ||
Investment in real estate properties, at fair value | 56,777,000 | 190,600,000 |
Cash and cash equivalents | 37,268,000 | 49,699,000 |
Other assets | 7,865,000 | 11,616,000 |
Debt | 0 | (49,880,000) |
Other liabilities | (617,000) | (3,318,000) |
Members' equity | $ 101,293,000 | $ 198,717,000 |
Note 7 - Investment in Sentin_5
Note 7 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rent and other income | $ 311,024 | $ 302,288 | $ 303,623 | $ 304,628 | $ 297,524 | $ 293,529 | $ 295,300 | $ 293,365 | $ 1,221,563 | $ 1,179,718 | $ 1,131,484 |
Real estate operating expenses | (328,407) | (312,558) | (304,542) | ||||||||
Other expenses | (145,845) | (122,783) | (117,545) | ||||||||
Net increase in net assets | 30,613,709 | 5,529,629 | 6,569,710 | ||||||||
Sentinel Omaha LLC [Member] | |||||||||||
Rent and other income | 13,663,000 | 24,239,000 | 26,602,000 | ||||||||
Real estate operating expenses | (7,492,000) | (12,090,000) | (12,618,000) | ||||||||
Other expenses | (464,000) | (1,563,000) | (3,489,000) | ||||||||
Net unrealized (losses) | (15,713,000) | (8,286,000) | (1,366,000) | ||||||||
Net realized gain | 74,181,000 | 23,158,000 | 13,635,000 | ||||||||
Net increase in net assets | $ 64,175,000 | $ 25,458,000 | $ 22,764,000 |
Note 8 - Quarterly Financial _3
Note 8 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rent and other income | $ 311,024 | $ 302,288 | $ 303,623 | $ 304,628 | $ 297,524 | $ 293,529 | $ 295,300 | $ 293,365 | $ 1,221,563 | $ 1,179,718 | $ 1,131,484 |
First Quarter, Net Income (Loss) | $ 15,164,191 | $ 8,675,958 | $ 2,094,249 | $ 4,679,311 | $ 5,677,955 | $ 92,443 | $ (491,128) | $ 250,359 | |||
First Quarter, Net Income (Loss) per Unit of Limited Partnership Interest (in dollars per share) | $ 1,955.91 | $ 1,119.05 | $ 270.12 | $ 603.55 | $ 732.36 | $ 11.92 | $ (63.35) | $ 32.29 | $ 3,948.63 | $ 713.22 | $ 847.38 |
Equity in net income of investment | $ 7,588,520 | $ 5,550,026 | $ 2,794,433 | $ 3,318,451 | $ 7,280,460 | $ 315,222 | $ (442,722) | $ 484,477 | $ 19,251,430 | $ 7,637,437 | $ 6,829,088 |
Note 9 - Federal Income Tax I_3
Note 9 - Federal Income Tax Information (Unaudited) (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Partnership Assets for Tax Basis | $ 35,323,360 | $ 51,969,171 |
Partnership Liabilities for Tax Basis | $ 262,598 | $ 264,404 |
Note 9 - Federal Income Tax I_4
Note 9 - 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net increase in net assets | $ 30,613,709 | $ 5,529,629 | $ 6,569,710 |
Difference between tax and financial statement equity in net income/loss of investment | 4,149,359 | 6,077,663 | 4,175,809 |
Difference between accrued investment management fees, mortgage interest and partnership administrative expenses recognized for tax purposes | 0 | 0 | (3,734,253) |
Difference between tax and financial statement depreciation | 8,230 | 8,251 | 8,712 |
Net income for Federal income tax reporting purposes | 34,771,298 | 11,615,543 | 7,019,978 |
Net ordinary income (loss) for Federal income tax reporting purposes | 2,727,798 | 2,054,910 | (1,173,621) |
Net capital (Sec. 1231) gain for Federal income tax reporting purposes | 32,043,500 | 9,560,633 | 8,193,599 |
Net Loss for Federal Income Tax Reporting Purposes | $ 34,771,298 | $ 11,615,543 | $ 7,019,978 |
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) | 7,753 | 7,753 | 7,753 |
Note 10 - Management Services (
Note 10 - Management Services (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of Goods and Services Sold, Total | $ 328,407 | $ 312,558 | $ 304,542 |
Management Fee Expense | 996,741 | 1,018,617 | 1,007,137 |
Affiliated Entity [Member] | |||
Management Fee Expense | 16,547 | ||
Management Service [Member] | |||
Cost of Goods and Services Sold, Total | 59,800 | 58,587 | 56,734 |
Asset Management [Member] | |||
Cost of Goods and Services Sold, Total | $ 54,000 | $ 54,000 | $ 54,000 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessor, Operating Lease, Payment to be Received, Year One | $ 758,080 |
Lessor, Operating Lease, Payment to be Received, Year Two | 780,826 |
Lessor, Operating Lease, Payment to be Received, Year Three | 804,256 |
Lessor, Operating Lease, Payment to be Received, Year Four | 828,378 |
Lessor, Operating Lease, Payment to be Received, Year Five | 853,232 |
Lessor, Operating Lease, Payment to be Received, after Year Five | 3,676,683 |
Additional Capital Investment to be Made | $ 3,720,000 |
Maple Grove (Eagle Lake Business Center IV) [Member] | |
Operating Lease, Tenant Leasing Percentage | 100.00% |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | Feb. 28, 2022 | Oct. 31, 2024 | Nov. 01, 2023 | Oct. 31, 2023 | Nov. 01, 2022 | Oct. 31, 2022 | Nov. 01, 2021 |
Forecast [Member] | |||||||
Monthly Increase Base Rent, Extended Term, Percentage | 3.00% | ||||||
Tenant Improvement Allowance | $ 175,000 | ||||||
Operating Lease Option to Extend Term (Year) | 5 years | ||||||
Sixth Amendment Lease [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 71,222 | ||||||
Sixth Amendment Lease [Member] | Forecast [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 75,560 | $ 73,359 | |||||
Fifth Amendment Lease [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 62,859 | ||||||
Fifth Amendment Lease [Member] | Forecast [Member] | |||||||
Lessee, Operating lease, Monthly payment | $ 66,688 | $ 66,688 | $ 64,745 | $ 64,745 | $ 62,859 |
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, 2021USD ($) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accumulated depreciation | $ 2,724,450 | $ 2,559,959 | $ 2,395,451 | $ 2,249,190 |
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 | $ 2,724,450 |
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, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
(a) Reconciliation of amounts shown in Column E: | |||
Balance | $ 6,141,101 | $ 6,141,101 | $ 5,709,859 |
Cost of improvements | 0 | 0 | 431,242 |
Sales | 0 | 0 | 0 |
Balance | 6,141,101 | 6,141,101 | 6,141,101 |
(b) Reconciliation of amounts shown in Column F: | |||
Balance | 2,559,959 | 2,395,451 | 2,249,190 |
Depreciation expense for the year | 164,491 | 164,508 | 146,261 |
Sales | 0 | 0 | 0 |
Balance | 2,724,450 | 2,559,959 | 2,395,451 |
(c) Aggregate cost basis for Federal income tax reporting purposes | 5,648,218 | 5,648,218 | 5,648,222 |
(d) Accumulated depreciation for Federal income tax reporting purposes | $ 2,548,986 | $ 2,424,429 | $ 2,299,877 |