Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

As of January 23, 2015, the sale of all the properties was approved by the affirmative vote of the holders of approximately 53.1% of the outstanding units of limited partnership interests in the Fund. As of December 31, 2014 and 2013, all the properties have been classified as discontinued operation.

The following table summarizes the balance sheets components that comprise discontinued operations:


BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 96,337	$ 98,228
Property, net	2,112,431	2,141,470
Uncollected rental revenue	115,631	142,247
Prepaid advertising	7,344	-
Other assets	71,476	57,024
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 2,403,219	$ 2,438,969

LIABILITIES
Incentive management fee liability	305,918	342,035
Property management fee liability	310,895	309,146
Deferred income	43,402	51,461
Accrued expenses	13,654	17,462
Other liabilities	189,349	185,616
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	863,218	905,720
NET ASSETS OF DISCONTINUED OPERATIONS	$ 1,540,001	$ 1,533,249

The following table summarizes the revenue and expense components that comprise discontinued operations:

	For the year ended December 31,
	2014	2013

REVENUE	$2,999,167	$2,613,449
DEPRECIATION	29,039	31,875
OPERATING EXPENSES	1,169,558	1,289,341
GP’S INCENTIVE FEES	72,234	72,240
PROPERTY MANAGEMENT FEE	151,119	130,350
G&A EXPENSES	137,015	169,292
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,440,202	920,351
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,440,202	$920,351

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

DSI REALTY INCOME FUND X 10-K/A