4. Investments in equipment and leases, net:

The Partnership’s investments in equipment and leases consist of the following (in thousands):


	Balance December 31, 2010		Reclassifications & Additions/ Dispositions			Depreciation/ Amortization Expense or Amortization of Leases			Balance December 31, 2011
Net investment in operating leases	$	3,624	$	(34	)	$	(761	)	$	2,829
Assets held for sale or lease, net of accumulated depreciation of $5 in 2011 and $0 in 2010		—		15			(1	)		14
Total	$	3,624	$	(19	)	$	(762	)	$	2,843

Impairment of investments in leases and assets held for sale or lease:

Management periodically reviews the carrying values of its assets on leases and assets held for lease or sale. As a result of these reviews, management determined that no impairment losses existed in either 2011 or 2010.

The Partnership utilizes a straight line depreciation method for equipment in all of the categories currently in its portfolio of lease transactions. Depreciation expense on the Partnership’s equipment approximated $761 thousand and $958 thousand for the years ended December 31, 2011 and 2010, respectively.

All of equipment on lease was acquired in the years 1993 through 2004.

Operating leases:

Equipment on operating leases consists of the following (in thousands):


	Balance December 31, 2010			Additions			Reclassifications or Dispositions			Balance December 31, 2011
Transportation, rail	$	19,626		$	—		$	(3,247	)	$	16,379
Containers		400			—			(166	)		234
		20,026			—			(3,413	)		16,613
Less accumulated depreciation		(16,402	)		(761	)		3,379			(13,784	)
Total	$	3,624		$	(761	)	$	(34	)	$	2,829

The average estimated residual value for assets on operating leases was 14% and 15% of the assets’ original cost at December 31, 2011 and 2010, respectively. As of December 31, 2011 and 2010, the Partnership had no operating leases in non-accrual status.

At December 31, 2011, the aggregate amounts of future minimum lease payments under operating leases are as follows (in thousands):


	Operating Leases
Year ending December 31, 2012	$	1,324
2013		1,166
2014		1,012
2015		776
2016		652
Thereafter		105
	$	5,035

As indicated in Note 1, the Partnership is scheduled to terminate no later than December 31, 2013. In the event that any assets remain at such date, the Fund will venture to dispose of such assets in an orderly manner within a reasonable timeframe.

ATEL CASH DISTRIBUTION FUND V L P 10-K