WELLS REAL ESTATE FUND XIV LP

CIK:0001206401|SEC Filings

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

In accordance with GAAP, the Partnership has classified the results of operations related to the 3675 Kennesaw Building, which was sold on February 24, 2012, and the 150 Apollo Drive property, which was sold on July 21, 2011, as discontinued operations in the accompanying statements of operations. The details comprising income from discontinued operations for the years ended 2014, 2013, and 2012 are presented below:



	2014		2013		2012
Revenues:
Rental income	$	—	$	—	$	46,043
Tenant reimbursements	—		5,586		13,827
Bad debt recoveries	—		—		546,109
Interest and other income	—		—		415
Total revenues	—		5,586		606,394

Expenses:
Property operating costs	—		—		5,051
Asset and property management fees:
Related-party	—		—		23,625
Depreciation	—		—		3,500
Amortization	—		—		10,370
Bad debt expense	—		—		49,320
General and administrative expenses	—		—		24,758
Total expenses	—		—		116,624

Operating income	—		5,586		489,770
Gain on sale of real estate assets	—		—		363,895
Income from Discontinued Operations	$	—	$	5,586	$	853,665

Statements of Cash Flows (USD $)	12 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities:
Net income (loss)	$ 2,610,250us-gaap_NetIncomeLoss	$ 245,582us-gaap_NetIncomeLoss	$ 1,084,426us-gaap_NetIncomeLoss
Operating distributions received from joint venture	200,967	422,934	392,715
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Gain on sale of real estate assets	0us-gaap_GainLossOnDispositionOfAssets	0us-gaap_GainLossOnDispositionOfAssets	(363,895)us-gaap_GainLossOnDispositionOfAssets
Depreciation	0us-gaap_Depreciation	0us-gaap_Depreciation	3,500us-gaap_Depreciation
Amortization	0us-gaap_AmortizationOfIntangibleAssets	0us-gaap_AmortizationOfIntangibleAssets	11,300us-gaap_AmortizationOfIntangibleAssets
Bad debt expense	0us-gaap_ProvisionForDoubtfulAccounts	0us-gaap_ProvisionForDoubtfulAccounts	49,320us-gaap_ProvisionForDoubtfulAccounts
Equity in income of joint venture	(2,807,123)	(383,726)	(385,119)
Changes in assets and liabilities:
Decrease (increase) in tenant receivables	0	4,502	(49,320)
(Increase) decrease in other assets	(4,358)	7,093	73,643
Decrease in accounts payable and accrued expenses	(9,007)	(9,331)	(27,308)
Decrease in deferred income	0	0	(11,481)
Increase (decrease) in due to affiliates	674	(858)	(1,051)
Net cash (used in) provided by operating activities	(8,597)	286,196	776,730
Cash Flows from Investing Activities:
Net proceeds from sale of real estate	0	0	2,262,634
Cash Flows from Financing Activities:
Distributions of net sale proceeds to limited partners	0none_DistributionOfNetSaleProceeds	0none_DistributionOfNetSaleProceeds	(11,500,000)none_DistributionOfNetSaleProceeds
Net (Decrease) Increase in Cash and Cash Equivalents	(8,597)	286,196	(8,460,636)
Cash and Cash Equivalents, beginning of year	2,131,037	1,844,841	10,305,477
Cash and Cash Equivalents, end of year	$ 2,122,440	$ 2,131,037	$ 1,844,841

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Investment in joint venture	$ 6,879,711us-gaap_EquityMethodInvestments	$ 4,181,372us-gaap_EquityMethodInvestments
Cash and cash equivalents	2,122,440	2,131,037
Due from joint venture	37,870us-gaap_DueFromJointVentures	130,053us-gaap_DueFromJointVentures
Other assets	4,358us-gaap_OtherAssets	0us-gaap_OtherAssets
Total assets	9,044,379us-gaap_Assets	6,442,462us-gaap_Assets
Liabilities:
Accounts payable and accrued expenses	1,451	10,458
Due to affiliates	5,655	4,981
Total liabilities	7,106us-gaap_Liabilities	15,439us-gaap_Liabilities
Commitments and Contingencies
Partners' Capital:
Total partners' capital	9,037,273us-gaap_PartnersCapital	6,427,023us-gaap_PartnersCapital
Total liabilities and partners' capital	9,044,379	6,442,462
Cash Preferred Limited Partners
Partners' Capital:
Limited Partners	7,220,714	6,416,617
Total partners' capital	7,220,714	6,416,617
Tax Preferred Limited Partners
Partners' Capital:
Limited Partners	1,804,037	0
Total partners' capital	1,804,037	0
General Partners
Partners' Capital:
General Partners	12,522	10,406
Total partners' capital	$ 12,522	$ 10,406