Investment in Joint Ventures

6 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN JOINT VENTURES

Summary of Financial Information

Condensed financial information for the Joint Ventures for the three months and six months ended June 30, 2013 and 2012, respectively, is presented below:



	Total Revenues				Net Income (Loss)					Total Revenues				Net Income (Loss)
	Three Months Ended				Three Months Ended					Six Months Ended				Six Months Ended
	June 30,				June 30,					June 30,				June 30,
	2013		2012		2013			2012		2013		2012		2013			2012
Fund XI-XII-REIT Associates	$	242,347	$	278,947	$	(2,456,925	)	$	12,364	$	409,584	$	571,681	$	(2,535,183	)	$	(26,119	)
Fund XII-REIT Associates	914,972		926,370		8,920			676,323		1,827,205		1,854,668		596,788			1,267,835
	$	1,157,319	$	1,205,317	$	(2,448,005	)	$	688,687	$	2,236,789	$	2,426,349	$	(1,938,395	)	$	1,241,716

During the second quarter of 2013, Fund XI-XII-REIT and Fund XII-REIT recognized impairment losses on the 20/20 Building and the Comdata Building of $2,411,051 and $605,106, respectively, of which $412,024 and $272,225, respectively, was allocated to the Partnership.

Due from Joint Ventures

As presented in the accompanying balance sheets, due from joint ventures as of June 30, 2013 and December 31, 2012 represents operating cash flow generated by Fund XII-REIT Associates for the three months ended June 30, 2013 and December 31, 2012, respectively, which is attributable to the Partnership.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

WELLS REAL ESTATE FUND XII LP 10-Q