Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Document and Entity Information [Abstract] | |
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 | shares | 19,908 |
Entity Public Float | $ | $ 0 |
Amendment Flag | false |
Entity Central Index Key | 894,245 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Smaller Reporting Company |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Balance Sheet
Balance Sheet - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash | $ 1,040,813 | $ 1,031,804 |
Real Estate Investments: | ||
Land | 2,853,052 | 3,759,032 |
Buildings | 7,400,945 | 8,724,155 |
Acquired Intangible Lease Assets | 959,720 | 959,720 |
Real Estate Held for Investment, at cost | 11,213,717 | 13,442,907 |
Accumulated Depreciation and Amortization | (2,250,182) | (3,131,489) |
Real Estate Held for Investment, Net | 8,963,535 | 10,311,418 |
Real Estate Held for Sale | 2,071,728 | 899,271 |
Total Real Estate Investments | 11,035,263 | 11,210,689 |
Total Assets | 12,076,076 | 12,242,493 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 116,035 | 118,883 |
Distributions Payable | 279,798 | 279,801 |
Unearned Rent | 83,318 | 13,474 |
Total Current Liabilities | 479,151 | 412,158 |
Partners’ Capital (Deficit): | ||
General Partners | (9,152) | (6,818) |
Limited Partners – 24,000 Units authorized; 19,908 and 20,015 Units issued and outstanding as of 6/30/2018 and 12/31/2017, respectively | 11,606,077 | 11,837,153 |
Total Partners' Capital | 11,596,925 | 11,830,335 |
Total Liabilities and Partners' Capital | 12,076,076 | 12,242,493 |
Limited Partner [Member] | ||
Partners’ Capital (Deficit): | ||
Total Partners' Capital | $ 11,606,077 | $ 11,837,153 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 19,908 | 20,015 |
Limited Partners, units outstanding | 19,908 | 20,015 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Rental Income | $ 353,094 | $ 348,302 | $ 705,837 | $ 696,253 |
Expenses: | ||||
Partnership Administration – Affiliates | 37,505 | 42,082 | 79,096 | 90,338 |
Partnership Administration and Property Management – Unrelated Parties | 26,590 | 28,347 | 42,980 | 63,520 |
Depreciation and Amortization | 78,701 | 89,728 | 161,078 | 188,771 |
Total Expenses | 142,796 | 160,157 | 283,154 | 342,629 |
Operating Income | 210,298 | 188,145 | 422,683 | 353,624 |
Other Income: | ||||
Miscellaneous Income | 0 | 0 | 0 | 35,705 |
Interest Income | 1,567 | 743 | 2,324 | 1,535 |
Total Other Income | 1,567 | 743 | 2,324 | 37,240 |
Net Income | 211,865 | 188,888 | 425,007 | 390,864 |
Net Income Allocated: | ||||
General Partners | 2,119 | 1,889 | 4,250 | 3,909 |
Limited Partners | $ 209,746 | $ 186,999 | $ 420,757 | $ 386,955 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 10.54 | $ 9.29 | $ 21.08 | $ 19.20 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 19,908 | 20,134 | 19,962 | 20,149 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 425,007 | $ 390,864 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 175,426 | 203,119 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (2,848) | (30,361) |
Increase (Decrease) in Unearned Rent | 69,844 | 54,773 |
Total Adjustments | 242,422 | 227,531 |
Net Cash Provided By (Used For) Operating Activities | 667,429 | 618,395 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | 0 | (43,350) |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (559,603) | (561,919) |
Repurchase of Partnership Units | (98,817) | (25,998) |
Net Cash Provided By (Used For) Financing Activities | (658,420) | (587,917) |
Net Increase (Decrease) in Cash | 9,009 | (12,872) |
Cash, beginning of period | 1,031,804 | 1,152,822 |
Cash, end of period | $ 1,040,813 | $ 1,139,950 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2016 | $ (1,848) | $ 12,329,173 | $ 12,327,325 |
Balance (in Shares) at Dec. 31, 2016 | 20,163.04 | ||
Balance at Jun. 30, 2017 | (3,795) | $ 12,136,385 | 12,132,590 |
Balance (in Shares) at Jun. 30, 2017 | 20,134.32 | ||
Distributions Declared | (5,596) | $ (554,005) | (559,601) |
Repurchase of Partnership Units | (260) | $ (25,738) | (25,998) |
Units Repurchased (in Shares) | (28.72) | ||
Net Income | 3,909 | $ 386,955 | 390,864 |
Balance at Dec. 31, 2017 | (6,818) | $ 11,837,153 | 11,830,335 |
Balance (in Shares) at Dec. 31, 2017 | 20,015 | ||
Balance at Jun. 30, 2018 | (9,152) | $ 11,606,077 | 11,596,925 |
Balance (in Shares) at Jun. 30, 2018 | 19,908 | ||
Distributions Declared | (5,596) | $ (554,004) | (559,600) |
Repurchase of Partnership Units | (988) | $ (97,829) | (98,817) |
Units Repurchased (in Shares) | (107.56) | ||
Net Income | $ 4,250 | $ 420,757 | $ 425,007 |
Basis of Accounting
Basis of Accounting | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | (1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with 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 | 6 Months Ended |
Jun. 30, 2018 | |
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 President and sole director of AFM, serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership. The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on 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. However, in approximately five years, the Managing General Partner expects to again submit the question to liquidate to a vote by the Limited Partners. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Policy Text Block [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Adopted Accounting Pronouncements – In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 regarding ASC Topic 606, Revenue from Contracts with Customers. This standard was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. Those steps include the following: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Management has concluded that all of the Partnership’s material revenue streams fall outside of the scope of this guidance. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. During 2018, the Partnership selected the modified retrospective transition method as of the date of adoption effective January 1, 2018. Management has concluded that the majority of total revenues consist of rental income from leasing arrangements, which are specifically excluded from the standard. The Partnership analyzed its remaining revenue streams, inclusive of gains and losses on real estate sales, and concluded there are no changes in revenue recognition with the adoption of the new standard. As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Partnership’s financial statements. In January 2017, the FASB issued ASU 2017-01, which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted, and is required to be applied prospectively to any transactions occurring within the period of adoption. We expect the new standard will result in all of our real estate acquisitions being considered asset acquisitions, whereby substantially all acquisition costs related to our real estate acquisitions will be capitalized. Prior to the adoption of the new standard, all of our real estate acquisitions completed after January 1, 2009, were considered acquisitions of businesses, whereby all acquisition-related costs were expensed as incurred. During 2018, the Partnership has adopted the accounting pronouncement effective January 1, 2018, and applied this guidance prospectively. The adoption did not have a material effect on its financial statements. |
Real Estate Investments
Real Estate Investments | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – In March 2017, the Partnership entered into an agreement with the tenant of the KinderCare daycare center in Mayfield Heights, Ohio to extend the lease term five years to end on June 30, 2022. The annual rent will remain the same throughout the remainder of the extended lease term. As part of the agreement, the Partnership paid a tenant improvement allowance of $43,350 that was capitalized. In addition, beginning on July 1, 2017, the tenant received free rent for three months that equaled $40,421. In the first quarter of 2017, the Partnership decided to sell the property. At June 30, 2018, the property was classified as Real Estate Held for Sale with a carrying value of $899,271. In January 2018, the Partnership decided to sell the Red Robin restaurant in Colorado Springs, Colorado. In March 2018, the Partnership entered into an agreement to sell the property to an unrelated third party. If the sale was completed, the Partnership expected to receive net proceeds of approximately $5,380,000. The buyer subsequently withdrew the offer and cancelled the agreement. The Partnership continues to seek a buyer for the property. At June 30, 2018, the property was classified as Real Estate Held for Sale with a carrying value of $1,172,457. In August 2018, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to extend the lease term five years to end on October 31, 2023. As part of the agreement, the annual rent will decrease from $308,315 to $214,480 effective November 1, 2018. The Partnership owned a 40.1354% interest in a HomeTown Buffet restaurant in Albuquerque, New Mexico. The remaining interests in this property were owned by unrelated third parties, who owned the property with the Partnership as tenants-in-common. On November 10, 2015, the Partnership sold the property to an unrelated third party. In December 2014, the Partnership and three of the other co-owners of the property (the “Plaintiffs”) commenced legal action against a fourth coowner (“Defendant”) for breach of contract related to a prior attempt to sell the property. The Plaintiffs are suing to recover damages and attorney’s fees. In July 2015, the judge ruled that the Defendant had breached the contract. On March 24, 2016, the judge heard the Plaintiffs’ motion for summary judgment as to damages. The judge ruled that the Plaintiffs are entitled to attorney’s fees, but declined to award damages until additional proof of damages could be provided. On March 22, 2017, the Plaintiffs signed a settlement agreement with the Defendant for damages related to the breach of contract. The Partnership’s share of the settlement is $35,705. This amount was recognized as Miscellaneous Income in the first quarter of 2017. In addition, on April 30, 2017, the Plaintiffs filed a motion with the court that details the Plaintiffs’ legal and other costs related to the legal action and why the Plaintiffs believe the costs should be recovered from the Defendant. On July 7, 2017, the judge issued a ruling that set the amount that the Plaintiffs can recover from the Defendant. The Partnership’s share of this amount is $50,689. The Defendant subsequently filed a motion requesting that the judge reconsider the amount awarded. The Plaintiffs filed a response to the Defendant’s motion. On September 6, 2017, the judge denied the Defendant’s motion to reconsider. Subsequently, the Defendant filed an appeal with the Court of Appeals. The Plaintiffs are waiting to find out if the Court will hear the appeal. Due to the uncertainty of this situation, the Partnership did not accrue a receivable for the recovery of any legal costs. Through June 30, 2018, the Partnership’s share of the legal and other costs incurred related to the legal action was $138,885. For the six months ended June 30, 2018 and 2017, the legal and other costs were $459 and $25,940, respectively. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 6 Months Ended |
Jun. 30, 2018 | |
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 | 6 Months Ended |
Jun. 30, 2018 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the six months ended June 30, 2018 and 2017, the Partnership declared distributions of $559,600 and $559,601, respectively. The Limited Partners received distributions of $554,004 and $554,005 and the General Partners received distributions of $5,596 and $5,596 for the periods, respectively. The Limited Partners' distributions represented $27.75 and $27.50 per Limited Partnership Unit outstanding using 19,962 and 20,149 weighted average Units in 2018 and 2017, respectively. The distributions represented $16.17 and $17.92 per Unit of Net Income and $11.58 and $9.58 per Unit of return of capital in 2018 and 2017, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completed in 2015) of $57,983 in 2018. The Limited Partners received distributions of $57,403 and the General Partners received distributions of $580. The Limited Partners’ distributions represented $2.88 per Unit. On April 1, 2018, the Partnership repurchased a total of 107.56 Units for $97,829 from nine Limited Partners in accordance with the Partnership Agreement. On April 1, 2017, the Partnership repurchased a total of 28.72 Units for $25,738 from three Limited Partners. 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 $988 and $260 in 2018 and 2017, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of June 30, 2018 and December 31, 2017, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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 |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 regarding ASC Topic 606, Revenue from Contracts with Customers. This standard was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. Those steps include the following: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Management has concluded that all of the Partnership’s material revenue streams fall outside of the scope of this guidance. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. During 2018, the Partnership selected the modified retrospective transition method as of the date of adoption effective January 1, 2018. Management has concluded that the majority of total revenues consist of rental income from leasing arrangements, which are specifically excluded from the standard. The Partnership analyzed its remaining revenue streams, inclusive of gains and losses on real estate sales, and concluded there are no changes in revenue recognition with the adoption of the new standard. As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Partnership’s financial statements. In January 2017, the FASB issued ASU 2017-01, which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted, and is required to be applied prospectively to any transactions occurring within the period of adoption. We expect the new standard will result in all of our real estate acquisitions being considered asset acquisitions, whereby substantially all acquisition costs related to our real estate acquisitions will be capitalized. Prior to the adoption of the new standard, all of our real estate acquisitions completed after January 1, 2009, were considered acquisitions of businesses, whereby all acquisition-related costs were expensed as incurred. During 2018, the Partnership has adopted the accounting pronouncement effective January 1, 2018, and applied this guidance prospectively. The adoption did not have a material effect on its financial statements. |
Organization (Details)
Organization (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | 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) | 19,908 | 20,015 | 20,134.32 | 20,163.04 | 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 ($) | Aug. 01, 2018 | Apr. 30, 2017 | Mar. 31, 2017 | Mar. 01, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Oct. 31, 2018 | Jun. 30, 2018 | Jul. 01, 2017 |
Staples Vernon Hills IL | ||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||
Average Lease Term | In August 2018, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to extend the lease term five years to end on October 31, 2023 | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 214,480 | $ 308,315 | ||||||||
KinderCare Mayfield Heights OH | ||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||
Average Lease Term | In March 2017, the Partnership entered into an agreement with the tenant of the KinderCare daycare center in Mayfield Heights, Ohio to extend the lease term five years to end on June 30, 2022. | |||||||||
Payments for Tenant Improvements | $ 43,350 | |||||||||
Allowance for Notes, Loans and Financing Receivable, Current | $ 40,421 | |||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 899,271 | $ 899,271 | ||||||||
Red Robin Colorado Springs CO | ||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||
Property, Plant, and Equipment, Fair Value Disclosure | 1,172,457 | 1,172,457 | ||||||||
HomeTown Buffet Albuquerque NM | ||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||
Other Nonoperating Income | $ 35,705 | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 50,689 | |||||||||
Legal Fees | $ 459 | $ 25,940 | $ 138,885 |
Partners' Capital (Details)
Partners' Capital (Details) | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / shares$ / itemshares | Jun. 30, 2017USD ($)$ / shares$ / itemshares | |
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | $ 559,600 | $ 559,601 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 57,983 | |
Partners' Capital Account, Redemptions | 98,817 | 25,998 |
Limited Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | $ 554,004 | $ 554,005 |
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares | $ 27.75 | $ 27.50 |
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares | 19,962 | 20,149 |
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item | 16.17 | 17.92 |
DistributionsPerUnitOfReturnOfCapital (in Dollars per Item) | $ / item | 11.58 | 9.58 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 57,403 | |
SaleProceedsDistributionMadetoLimitedPartnerPerUnit | $ 2.88 | |
Partners' Capital Account, Units, Redeemed (in Shares) | shares | 107.56 | 28.72 |
Partners' Capital Account, Redemptions | $ 97,829 | $ 25,738 |
General Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | 5,596 | 5,596 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 580 | |
Partners' Capital Account, Redemptions | $ 988 | $ 260 |