Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
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 | 19,320 |
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, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Ex Transition Period | 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, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 3,288,026 | $ 6,216,113 |
Receivables | 0 | 50,689 |
Total Current Assets | 3,288,026 | 6,266,802 |
Real Estate Investments: | ||
Land | 5,952,546 | 2,853,052 |
Buildings | 7,400,945 | 7,400,945 |
Acquired Intangible Lease Assets | 1,458,807 | 959,720 |
Real Estate Held for Investment, at cost | 14,812,298 | 11,213,717 |
Accumulated Depreciation and Amortization | (2,699,362) | (2,421,932) |
Real Estate Held for Investment, Net | 12,112,936 | 8,791,785 |
Real Estate Held for Sale | 0 | 999,271 |
Total Real Estate Investments | 12,112,936 | 9,791,056 |
Total Assets | 15,400,962 | 16,057,858 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 58,375 | 66,190 |
Distributions Payable | 277,778 | 1,494,952 |
Unearned Rent | 0 | 31,347 |
Total Current Liabilities | 336,153 | 1,592,489 |
Long-term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 427,188 | 0 |
Partners’ Capital: | ||
General Partners | 44,928 | 43,205 |
Limited Partners – 24,000 Units authorized; 19,320 and 19,765 Units issued and outstanding as of 9/30/2019 and 12/31/2018, respectively | 14,592,693 | 14,422,164 |
Total Partners' Capital | 14,637,621 | 14,465,369 |
Total Liabilities and Partners' Capital | $ 15,400,962 | $ 16,057,858 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 19,320 | 19,765 |
Limited Partners, units outstanding | 19,320 | 19,765 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Rental Income | $ 260,578 | $ 353,094 | $ 713,614 | $ 1,058,931 |
Expenses: | ||||
Partnership Administration – Affiliates | 46,354 | 42,605 | 132,640 | 121,701 |
Partnership Administration and Property Management – Unrelated Parties | 6,699 | 12,874 | 59,559 | 55,854 |
Depreciation and Amortization | 90,584 | 78,701 | 255,908 | 239,779 |
Total Expenses | 143,637 | 134,180 | 448,107 | 417,334 |
Operating Income | 116,941 | 218,914 | 265,507 | 641,597 |
Other Income: | ||||
Gain on Sale of Real Estate | 0 | 0 | 1,074,040 | 0 |
Interest Income | 12,011 | 2,249 | 51,767 | 4,573 |
Total Other Income | 12,011 | 2,249 | 1,125,807 | 4,573 |
Net Income | 128,952 | 221,163 | 1,391,314 | 646,170 |
Net Income Allocated: | ||||
General Partners | 1,289 | 2,212 | 13,913 | 6,462 |
Limited Partners | $ 127,663 | $ 218,951 | $ 1,377,401 | $ 639,708 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 6.61 | $ 11 | $ 70.75 | $ 32.08 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 19,320 | 19,908 | 19,468 | 19,944 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 1,391,314 | $ 646,170 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 259,778 | 261,301 |
Gain on Sale of Real Estate | (1,074,040) | 0 |
(Increase) Decrease in Receivables | 50,689 | 0 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (7,815) | 8,032 |
Increase (Decrease) in Unearned Rent | (31,347) | 29,859 |
Total Adjustments | (802,735) | 299,192 |
Net Cash Provided By (Used For) Operating Activities | 588,579 | 945,362 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | (3,153,741) | 0 |
Proceeds from Sale of Real Estate | 2,073,311 | 0 |
Net Cash Provided By (Used For) Investing Activities | (1,080,430) | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (2,050,510) | (839,401) |
Repurchase of Partnership Units | (385,726) | (98,817) |
Net Cash Provided By (Used For) Financing Activities | (2,436,236) | (938,218) |
Net Increase (Decrease) in Cash | (2,928,087) | 7,144 |
Cash, beginning of period | 6,216,113 | 1,031,804 |
Cash, end of period | $ 3,288,026 | $ 1,038,948 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2017 | $ (6,818) | $ 11,837,153 | $ 11,830,335 |
Balance (in Shares) at Dec. 31, 2017 | 20,015.30 | ||
Balance at Mar. 31, 2018 | (7,485) | $ 11,771,161 | 11,763,676 |
Balance (in Shares) at Mar. 31, 2018 | 20,015.30 | ||
Distributions Declared | (2,798) | $ (277,003) | (279,801) |
Net Income | 2,131 | 211,011 | 213,142 |
Balance at Dec. 31, 2017 | (6,818) | $ 11,837,153 | 11,830,335 |
Balance (in Shares) at Dec. 31, 2017 | 20,015.30 | ||
Balance at Sep. 30, 2018 | (9,738) | $ 11,548,028 | 11,538,290 |
Balance (in Shares) at Sep. 30, 2018 | 19,907.74 | ||
Distributions Declared | (8,394) | $ (831,004) | (839,398) |
Repurchase of Partnership Units | (988) | $ (97,829) | |
Units Repurchased (in Shares) | (107.56) | ||
Net Income | 646,170 | ||
Balance at Mar. 31, 2018 | (7,485) | $ 11,771,161 | 11,763,676 |
Balance (in Shares) at Mar. 31, 2018 | 20,015.30 | ||
Balance at Jun. 30, 2018 | (9,152) | $ 11,606,077 | 11,596,925 |
Balance (in Shares) at Jun. 30, 2018 | 19,907.74 | ||
Distributions Declared | (2,798) | $ (277,001) | (279,799) |
Repurchase of Partnership Units | (988) | $ (97,829) | (98,817) |
Units Repurchased (in Shares) | (107.56) | ||
Net Income | 2,119 | $ 209,746 | 211,865 |
Balance at Sep. 30, 2018 | (9,738) | $ 11,548,028 | 11,538,290 |
Balance (in Shares) at Sep. 30, 2018 | 19,907.74 | ||
Distributions Declared | (2,798) | $ (277,000) | (279,798) |
Net Income | 2,212 | 218,951 | 221,163 |
Balance at Dec. 31, 2018 | 43,205 | $ 14,422,164 | 14,465,369 |
Balance (in Shares) at Dec. 31, 2018 | 19,765 | ||
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 | ||
Balance at Sep. 30, 2019 | 44,928 | $ 14,592,693 | 14,637,621 |
Balance (in Shares) at Sep. 30, 2019 | 19,320 | ||
Distributions Declared | (8,333) | $ (825,003) | (833,336) |
Repurchase of Partnership Units | (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) |
Repurchase of Partnership Units | (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 | ||
Distributions Declared | (2,777) | $ (275,001) | (277,778) |
Net Income | $ 1,289 | $ 127,663 | $ 128,952 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2019 | |
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 | 9 Months Ended |
Sep. 30, 2019 | |
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 | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (3) Recently Adopted Accounting Pronouncements – In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements for the analysis of partners’ capital for interim financial statements. Under the amendments, an analysis of changes in each caption of partners’ capital presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. The Partnership’s first presentation of year-to-date quarterly changes in partners’ capital was included in its Form 10‑Q for the quarter ended March 31, 2019. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which provides guidance for accounting for leases. The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of the lease payments. The accounting guidance for lessors is largely unchanged. The ASU is effective for annual and interim periods beginning after December 15, 2018. It is to be adopted using a modified retrospective approach. The Partnership has adopted the accounting pronouncement effective January 1, 2019 and the adoption of the standard did not have a material impact on the Partnership’s financial statements. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2019 | |
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 was scheduled to 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. In October 2018, the Partnership entered into a second agreement with the tenant to extend the lease term 6.3 years to end on September 30, 2028. The annual rent remains the same with a 10% increase scheduled for October 1, 2023. In October 2018, as part of the agreement, the Partnership made a lease incentive payment to the tenant of $100,000 that was capitalized. The General Partner believes that the additional lease term increased the number of buyers interested in the property and increased the value of the property by more than the $100,000 paid to the tenant. At December 31, 2018, the property was classified as Real Estate Held for Sale with a carrying value of $999,271. 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. In January 2018, the Partnership decided to sell the Red Robin restaurant in Colorado Springs, Colorado. In August 2018, the Partnership entered into an agreement to sell the property to an unrelated third party. On October 30, 2018, the sale closed with the Partnership receiving net proceeds of $5,516,851, which resulted in a net gain of $4,344,394. At the time of sale, the cost and related accumulated depreciation was $2,229,190 and $1,056,733, respectively. 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 decreased from $308,315 to $214,480 effective November 1, 2018. On April 30, 2019, the Partnership purchased a Bassett Home Furnishings store in Fredericksburg, Virginia for $3,153,741. 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 property 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. 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. In 2017, the Plaintiffs signed a settlement agreement with the Defendant and collected damages related to the breach of contract. On July 7, 2017, the judge in the case issued a ruling that set the amount of legal fees that the Plaintiffs could recover from the Defendant. The Partnership’s share of this amount was $50,689. After appealing the judge’s decision several times, the Defendant finally paid the amount awarded by the judge in January 2019. At December 31, 2018, the Partnership accrued its share of this amount as Miscellaneous Income. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the nine months ended September 30, 2019 and 2018, the Partnership declared distributions of $833,336 and $839,398, respectively. The Limited Partners received distributions of $825,003 and $831,004 and the General Partners received distributions of $8,333 and $8,394 for the periods, respectively. The Limited Partners' distributions represented $42.38 and $41.67 per Limited Partnership Unit outstanding using 19,468 and 19,944 weighted average Units in 2019 and 2018, respectively. The distributions represented $42.38 and $27.17 per Unit of Net Income and $0.00 and $14.50 per Unit of return of capital in 2019 and 2018, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $256,284 and $57,983 in 2019 and 2018, respectively. The Limited Partners received distributions of $253,721 and $57,403 and the General Partners received distributions of $2,563 and $580 for the periods, respectively. The Limited Partners’ distributions represented $13.02 and $2.88 per Unit for the periods, respectively. On April 1, 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 sale proceeds. On April 1, 2018, the Partnership repurchased a total of 107.56 Units for $97,829 from nine 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 $3,857 and $988 in 2019 and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of September 30, 2019 and December 31, 2018, 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) | 9 Months Ended |
Sep. 30, 2019 | |
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 Pronouncement or Change in Accounting Principle, Description | In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements for the analysis of partners’ capital for interim financial statements. Under the amendments, an analysis of changes in each caption of partners’ capital presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. The Partnership’s first presentation of year-to-date quarterly changes in partners’ capital was included in its Form 10‑Q for the quarter ended March 31, 2019.In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which provides guidance for accounting for leases.  The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of the lease payments.  The accounting guidance for lessors is largely unchanged.  The ASU is effective for annual and interim periods beginning after December 15, 2018. It is to be adopted using a modified retrospective approach.  The Partnership has adopted the accounting pronouncement effective January 1, 2019 and the adoption of the standard did not have a material impact on the Partnership’s financial statements. |
Organization (Details)
Organization (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | 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) | 19,320 | 19,320.17 | 19,765.14 | 19,765 | 19,907.74 | 19,907.74 | 20,015.30 | 20,015.30 | 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 | Dec. 31, 2018 | Oct. 30, 2018 | Oct. 01, 2018 | Aug. 01, 2018 | Mar. 01, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 29, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Jul. 01, 2017 |
Real Estate Investments (Details) [Line Items] | |||||||||||||
Payments to Acquire Real Estate | $ 3,153,741 | $ 0 | |||||||||||
Basset Home Furnishings Fredericksburg VA | |||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||
Average Lease Term | The property 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 | ||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 30, 2019 | ||||||||||||
Payments to Acquire Real Estate | $ 3,153,741 | ||||||||||||
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 | ||||||||||||
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 October 2018, the Partnership entered into a second agreement with the tenant to extend the lease term 6.3 years to end on September 30, 2028. | 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 | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Current | $ 40,421 | ||||||||||||
Lease Incentive, Payable | $ 100,000 | ||||||||||||
Property, Plant and Equipment, Gross | $ 999,271 | ||||||||||||
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 | ||||||||||||
Red Robin Colorado Springs CO | |||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||
Disposal Date | Oct. 30, 2018 | ||||||||||||
Proceeds from Sale of Real Estate | $ 5,516,851 | ||||||||||||
Gain (Loss) on Disposition of Assets | 4,344,394 | ||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 2,229,190 | ||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,056,733 | ||||||||||||
HomeTown Buffet Albuquerque NM | |||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||
Proceeds from Legal Settlements | $ 50,689 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 277,778 | $ 277,778 | $ 277,780 | $ 279,798 | $ 279,799 | $ 279,801 | $ 833,336 | $ 839,398 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 256,284 | 57,983 | ||||||
Partners' Capital Account, Redemptions | 385,726 | 98,817 | ||||||
Limited Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 275,001 | $ 275,000 | 275,002 | 277,000 | $ 277,001 | 277,003 | $ 825,003 | $ 831,004 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 42.38 | $ 41.67 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 19,468 | 19,944 | ||||||
DistributionsPerUnitOfNetIncome (in Dollars per share) | $ 42.38 | $ 27.17 | ||||||
DistributionsPerUnitOfReturnOfCapital (in Dollars per share) | $ 0 | $ 14.50 | ||||||
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 253,721 | $ 57,403 | ||||||
SaleProceedsDistributionMadetoLimitedPartnerPerUnit (in Dollars per share) | $ 13.02 | $ 2.88 | ||||||
Partners' Capital Account, Units, Redeemed (in Shares) | 444.97 | 107.56 | 444.97 | 107.56 | ||||
Partners' Capital Account, Redemptions | $ 381,869 | $ 97,829 | $ 381,869 | $ 97,829 | ||||
General Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,777 | 2,778 | $ 2,778 | $ 2,798 | 2,798 | $ 2,798 | 8,333 | 8,394 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 2,563 | 580 | ||||||
Partners' Capital Account, Redemptions | $ 3,857 | $ 988 | $ 3,857 | $ 988 |