Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2020shares | |
Document Information Line Items | |
Entity Registrant Name | AEI Net Lease Income & Growth Fund XX Limited Partnership |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 19,051 |
Amendment Flag | false |
Entity Central Index Key | 0000894245 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Period End Date | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
City Area Code | 651 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Address, Address Line One | 30 East 7th Street, Suite 1300 |
Entity Address, City or Town | St. Paul |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 55101 |
Entity File Number | 000-23778 |
Entity Incorporation, State or Country Code | MN |
Entity Interactive Data Current | Yes |
Entity Tax Identification Number | 41-1729121 |
Local Phone Number | 227-7333 |
No Trading Symbol Flag | true |
Security Exchange Name | NONE |
Title of 12(g) Security | Limited Partnership Units |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 2,882,273 | $ 3,000,960 |
Rent Receivable | 70,323 | 0 |
Total Current Assets | 2,952,596 | 3,000,960 |
Real Estate Investments: | ||
Land | 5,964,702 | 5,964,702 |
Buildings | 7,400,945 | 7,400,945 |
Acquired Intangible Lease Assets | 1,458,807 | 1,458,807 |
Real Estate Held for Investment, at cost | 14,824,454 | 14,824,454 |
Accumulated Depreciation and Amortization | (3,090,394) | (2,797,120) |
Real Estate Held for Investment, Net | 11,734,060 | 12,027,334 |
Long-Term Rent Receivable | 17,288 | 0 |
Total Assets | 14,703,944 | 15,028,294 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 43,952 | 33,872 |
Distributions Payable | 198,381 | 277,779 |
Unearned Rent | 17,873 | 17,873 |
Total Current Liabilities | 260,206 | 329,524 |
Long-term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 384,820 | 416,596 |
Partners’ Capital: | ||
General Partners | 39,140 | 41,373 |
Limited Partners – 24,000 Units authorized; 19,051 Units issued and outstanding as of 9/30/2020 and 12/31/2019 | 14,019,778 | 14,240,801 |
Total Partners' Capital | 14,058,918 | 14,282,174 |
Total Liabilities and Partners' Capital | $ 14,703,944 | $ 15,028,294 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 19,051 | 19,051 |
Limited Partners, units outstanding | 19,051 | 19,051 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Rental Income | $ 265,118 | $ 260,578 | $ 794,984 | $ 713,614 |
Expenses: | ||||
Partnership Administration – Affiliates | 46,508 | 46,354 | 120,055 | 132,640 |
Partnership Administration and Property Management – Unrelated Parties | 9,900 | 6,699 | 45,977 | 59,559 |
Depreciation and Amortization | 90,584 | 90,584 | 271,752 | 255,908 |
Total Expenses | 146,992 | 143,637 | 437,784 | 448,107 |
Operating Income | 118,126 | 116,941 | 357,200 | 265,507 |
Other Income: | ||||
Gain on Sale of Real Estate | 0 | 0 | 0 | 1,074,040 |
Interest Income | 699 | 12,011 | 6,814 | 51,767 |
Total Other Income | 699 | 12,011 | 6,814 | 1,125,807 |
Net Income | 118,825 | 128,952 | 364,014 | 1,391,314 |
Net Income Allocated: | ||||
General Partners | 1,188 | 1,289 | 3,640 | 13,913 |
Limited Partners | $ 117,637 | $ 127,663 | $ 360,374 | $ 1,377,401 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 6.17 | $ 6.61 | $ 18.92 | $ 70.75 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 19,051 | 19,320 | 19,051 | 19,468 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 364,014 | $ 1,391,314 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 261,498 | 259,778 |
Gain on Sale of Real Estate | 0 | (1,074,040) |
(Increase) Decrease in Rent Receivable | (87,611) | 50,689 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 10,080 | (7,815) |
Increase (Decrease) in Unearned Rent | 0 | (31,347) |
Total Adjustments | 183,967 | (802,735) |
Net Cash Provided By (Used For) Operating Activities | 547,981 | 588,579 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | 0 | (3,153,741) |
Proceeds from Sale of Real Estate | 0 | 2,073,311 |
Net Cash Provided By (Used For) Investing Activities | 0 | (1,080,430) |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (666,668) | (2,050,510) |
Repurchase of Partnership Units | 0 | (385,726) |
Net Cash Provided By (Used For) Financing Activities | (666,668) | (2,436,236) |
Net Increase (Decrease) in Cash | (118,687) | (2,928,087) |
Cash, beginning of period | 3,000,960 | 6,216,113 |
Cash, end of period | $ 2,882,273 | $ 3,288,026 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2018 | $ 43,205 | $ 14,422,164 | $ 14,465,369 |
Balance (in Shares) at Dec. 31, 2018 | 19,765.14 | ||
Balance at Mar. 31, 2019 | 52,094 | $ 15,302,186 | 15,354,280 |
Balance (in Shares) at Mar. 31, 2019 | 19,765.14 | ||
Distributions Declared | (2,778) | $ (275,002) | (277,780) |
Net Income | 11,667 | 1,155,024 | 1,166,691 |
Balance at Dec. 31, 2018 | 43,205 | $ 14,422,164 | 14,465,369 |
Balance (in Shares) at Dec. 31, 2018 | 19,765.14 | ||
Balance at Sep. 30, 2019 | 44,928 | $ 14,592,693 | 14,637,621 |
Balance (in Shares) at Sep. 30, 2019 | 19,320.17 | ||
Distributions Declared | (8,333) | $ (825,003) | (833,336) |
Units Repurchased | (3,857) | $ (381,869) | |
Units Repurchased (in Shares) | (444.97) | ||
Net Income | 1,391,314 | ||
Balance at Mar. 31, 2019 | 52,094 | $ 15,302,186 | 15,354,280 |
Balance (in Shares) at Mar. 31, 2019 | 19,765.14 | ||
Balance at Jun. 30, 2019 | 46,416 | $ 14,740,031 | 14,786,447 |
Balance (in Shares) at Jun. 30, 2019 | 19,320.17 | ||
Distributions Declared | (2,778) | $ (275,000) | (277,778) |
Units Repurchased | (3,857) | $ (381,869) | (385,726) |
Units Repurchased (in Shares) | (444.97) | ||
Net Income | 957 | $ 94,714 | 95,671 |
Balance at Sep. 30, 2019 | 44,928 | $ 14,592,693 | 14,637,621 |
Balance (in Shares) at Sep. 30, 2019 | 19,320.17 | ||
Distributions Declared | (2,777) | $ (275,001) | (277,778) |
Net Income | 1,289 | 127,663 | 128,952 |
Balance at Dec. 31, 2019 | 41,373 | $ 14,240,801 | 14,282,174 |
Balance (in Shares) at Dec. 31, 2019 | 19,051 | ||
Balance at Mar. 31, 2020 | 39,762 | $ 14,081,382 | 14,121,144 |
Balance (in Shares) at Mar. 31, 2020 | 19,051.11 | ||
Distributions Declared | (2,778) | $ (275,000) | (277,778) |
Net Income | 1,167 | 115,581 | 116,748 |
Balance at Dec. 31, 2019 | 41,373 | $ 14,240,801 | 14,282,174 |
Balance (in Shares) at Dec. 31, 2019 | 19,051 | ||
Balance at Sep. 30, 2020 | 39,140 | $ 14,019,778 | 14,058,918 |
Balance (in Shares) at Sep. 30, 2020 | 19,051 | ||
Distributions Declared | (5,873) | $ (581,397) | (587,270) |
Net Income | 364,014 | ||
Balance at Mar. 31, 2020 | 39,762 | $ 14,081,382 | 14,121,144 |
Balance (in Shares) at Mar. 31, 2020 | 19,051.11 | ||
Balance at Jun. 30, 2020 | 39,936 | $ 14,098,538 | 14,138,474 |
Balance (in Shares) at Jun. 30, 2020 | 19,051.11 | ||
Distributions Declared | (1,111) | $ (110,000) | (111,111) |
Net Income | 1,285 | 127,156 | 128,441 |
Balance at Sep. 30, 2020 | 39,140 | $ 14,019,778 | 14,058,918 |
Balance (in Shares) at Sep. 30, 2020 | 19,051 | ||
Distributions Declared | (1,984) | $ (196,397) | (198,381) |
Net Income | $ 1,188 | $ 117,637 | $ 118,825 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | (1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10K. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (2) Organization – AEI Net Lease Income & Growth Fund XX Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XX, Inc. (“AFM”), the Managing General Partner. Robert P. Johnson, the Chief Executive Officer and sole director of AFM, serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson and his wife own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership. The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on June 30, 1993 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. On January 19, 1995, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively. During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. In June 2014, the Managing General Partner mailed a Consent Statement (Proxy) seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership’s properties and assets within 24 to 36 months. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On July 23, 2014, the votes were counted and neither proposal received the required majority vote. As a result, the Partnership will not liquidate and will continue in operation until the Limited Partners vote to authorize the sale of all of the Partnership's properties or December 31, 2043, as stated in the Limited Partnership Agreement. In consideration of the adverse impact COVID-19 is having on the World and U.S. economy, the General Partner believes it is in the best interest of the Partnership to continue operations. The General Partner will re-evaluate the situation in 6 to 18 months and may again submit the option to liquidate to a vote by the Limited Partners at that time. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Issued Accounting Pronouncements – Management has reviewed recently issued, but not yet effective, accounting pronouncements and does not expect the implementation of these pronouncements to have a significant effect on the Partnership’s financial statements. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – In December 2018, the Partnership entered into an agreement to sell the KinderCare daycare center to an unrelated third party. On January 25, 2019, the sale closed with the Partnership receiving net proceeds of $2,073,311, which resulted in a net gain of $1,074,040. At the time of sale, the cost and related accumulated depreciation was $1,550,408 and $551,137, respectively. On April 30, 2019, the Partnership purchased 2.36 acres of land in Fredericksburg, Virginia for $3,165,897. The Partnership allocated $499,087 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $444,840 to Acquired Below-Market Lease Intangibles. The land is leased to Bassett Direct NC, LLC, a subsidiary of Bassett Furniture Industries, Inc., under a lease agreement with a remaining primary term of 10.5 years (as of the date of purchase) and annual rent of $199,296. Bassett operates a Bassett Home Furnishings store on the site. Ownership of the building and improvements will transfer to the Partnership upon termination of the lease. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (5) Payable to AEI Fund Management, Inc. – AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the nine months ended September 30, 2020 and 2019, the Partnership declared distributions of $587,270 and $833,336, respectively. The Limited Partners received distributions of $581,397 and $825,003 and the General Partners received distributions of $5,873 and $8,333 for the periods, respectively. The Limited Partners' distributions represented $30.52 and $42.38 per Limited Partnership Unit outstanding using 19,051 and 19,468 weighted average Units in 2020 and 2019, respectively. The distributions represented $18.92 and $42.38 per Unit of Net Income and $11.60 and $0.00 per Unit of return of capital in 2020 and 2019, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $73,865 and $256,284 in 2020 and 2019, respectively. The Limited Partners received distributions of $73,126 and $253,721 and the General Partners received distributions of $739 and $2,563 for the periods, respectively. The Limited Partners’ distributions represented $3.84 and $13.02 per Unit for the periods, respectively. For the nine months ended September 30, 2020, the Partnership did not repurchase any Units from the Limited Partners. For the nine months ended September 30, 2019, the Partnership repurchased a total of 444.97 Units for $381,869 from 28 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using Net Cash Flow from operations. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $3,857 in 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of September 30, 2020 and December 31, 2019, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. |
Coronavirus Outbreak
Coronavirus Outbreak | 9 Months Ended |
Sep. 30, 2020 | |
Coronavirus Outbreak Policy [Abstract] | |
CoronavirusOutbreakPolicyTextBlock | (8) Coronavirus Outbreak – During the first quarter of 2020, there was a global outbreak of a new strain of coronavirus, COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the coronavirus. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Partnership’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Partnership has entered into rent deferral agreements with two tenants of the six properties owned by the Partnership. In June 2020, the Partnership entered into an agreement with the tenant of the Jared Jewelry store in Hanover, Maryland to defer base rent in April and May 2020. The tenant shall pay the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. In April 2020, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to defer base rent in May, April, and June 2020. The tenant shall pay the deferred amounts in nine equal installments beginning on February 1, 2021. The tenant of the Basset Furniture store in Fredericksburg, Virginia did not pay April, May, and June 2020 rental payments. A past due notice was sent on June 4, 2020 and a default notice was sent on June 16, 2020 to the tenant. April, May and June rent have been paid in the third quarter. The Partnership has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the Financial Accounting Standards Board. Deferred rent of $35,747 was recognized as rental income during the three months ended September 30, 2020 and a corresponding rent receivable was recorded. During the nine months ended September 30, 2020 a total of $141,421 of deferred rent was recognized as rental income and a corresponding rent receivable was recorded. Of the $141,421 deferred rent, $53,810 has been collected reducing the rent receivable for the period ended September 30, 2020. The Partnership continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Distribution Policy, Members or Limited Partners, Description | During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units |
Key Provisions of Operating or Partnership Agreement, Description | For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Management has reviewed recently issued, but not yet effective, accounting pronouncements and does not expect the implementation of these pronouncements to have a significant effect on the Partnership’s financial statements. |
CoronavirusOutbreakTextBlock | During the first quarter of 2020, there was a global outbreak of a new strain of coronavirus, COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the coronavirus. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Partnership’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Partnership has entered into rent deferral agreements with two tenants of the six properties owned by the Partnership. In June 2020, the Partnership entered into an agreement with the tenant of the Jared Jewelry store in Hanover, Maryland to defer base rent in April and May 2020. The tenant shall pay the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. In April 2020, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to defer base rent in May, April, and June 2020. The tenant shall pay the deferred amounts in nine equal installments beginning on February 1, 2021. The tenant of the Basset Furniture store in Fredericksburg, Virginia did not pay April, May, and June 2020 rental payments. A past due notice was sent on June 4, 2020 and a default notice was sent on June 16, 2020 to the tenant. April, May and June rent have been paid in the third quarter. The Partnership has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the Financial Accounting Standards Board. Deferred rent of $35,747 was recognized as rental income during the three months ended September 30, 2020 and a corresponding rent receivable was recorded. During the nine months ended September 30, 2020 a total of $141,421 of deferred rent was recognized as rental income and a corresponding rent receivable was recorded. Of the $141,421 deferred rent, $53,810 has been collected reducing the rent receivable for the period ended September 30, 2020. The Partnership continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times. |
Organization (Details)
Organization (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 19, 1995 | Jun. 30, 1993 |
Limited Partner [Member] | ||||||||||
Organization (Details) [Line Items] | ||||||||||
Capital Units, Value | $ 1,000 | |||||||||
Limited Partners' Capital Account, Units Outstanding (in Shares) | 19,051 | 19,051.11 | 19,051.11 | 19,051 | 19,320.17 | 19,320.17 | 19,765.14 | 19,765.14 | 24,000 | 1,500 |
Limited Partners' Contributed Capital | $ 24,000,000 | $ 1,500,000 | ||||||||
General Partner [Member] | ||||||||||
Organization (Details) [Line Items] | ||||||||||
General Partners' Contributed Capital | $ 1,000 |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | Apr. 30, 2019 | Jan. 25, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 29, 2020 |
Real Estate Investments (Details) [Line Items] | |||||||
Gain (Loss) on Disposition of Assets | $ 0 | $ 0 | $ 0 | $ 1,074,040 | |||
Payments to Acquire Real Estate | $ 0 | $ 3,153,741 | |||||
KinderCare Mayfield Heights OH | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Disposal Date | Jan. 25, 2019 | ||||||
Proceeds from Sale of Real Estate | $ 2,073,311 | ||||||
Gain (Loss) on Disposition of Assets | 1,074,040 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 1,550,408 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 551,137 | ||||||
Basset Home Furnishings Fredericksburg VA | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Apr. 30, 2019 | ||||||
Payments to Acquire Real Estate | $ 3,165,897 | ||||||
Average Lease Term | The land is leased to Bassett Direct NC, LLC, a subsidiary of Bassett Furniture Industries, Inc., under a lease agreement with a remaining primary term of 10.5 years | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 199,296 | ||||||
Basset Home Furnishings Fredericksburg VA | Leases, Acquired-in-Place [Member] | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 499,087 | ||||||
Basset Home Furnishings Fredericksburg VA | Below Market Leases | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
FiniteLivedIntangibleAssetOffMarketLeaseUnfavorableGross | $ 444,840 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 198,381 | $ 111,111 | $ 277,778 | $ 277,778 | $ 277,778 | $ 277,780 | $ 587,270 | $ 833,336 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 73,865 | 256,284 | ||||||
Partners' Capital Account, Redemptions | 385,726 | |||||||
Limited Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 196,397 | 110,000 | 275,000 | 275,001 | $ 275,000 | 275,002 | $ 581,397 | $ 825,003 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 30.52 | $ 42.38 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 19,051 | 19,468 | ||||||
DistributionsPerUnitOfNetIncome (in Dollars per share) | $ 18.92 | $ 42.38 | ||||||
DistributionsPerUnitOfReturnOfCapital (in Dollars per share) | $ 11.60 | $ 0 | ||||||
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 73,126 | $ 253,721 | ||||||
SaleProceedsDistributionMadetoLimitedPartnerPerUnit (in Dollars per share) | $ 3.84 | $ 13.02 | ||||||
Partners' Capital Account, Units, Redeemed (in Shares) | 444.97 | 444.97 | ||||||
Partners' Capital Account, Redemptions | $ 381,869 | $ 381,869 | ||||||
General Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 1,984 | $ 1,111 | $ 2,778 | $ 2,777 | 2,778 | $ 2,778 | $ 5,873 | 8,333 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 739 | 2,563 | ||||||
Partners' Capital Account, Redemptions | $ 3,857 | $ 3,857 |