<PAGE> 1
EXHIBIT 99.8
1 of 3
INDEPENDENT AUDITORS' REPORT ON
SUPPLEMENTARY INFORMATION
To the Partners
Nooney-Hazelwood Associates, L.P.
St. Louis, Missouri
Our audits were made for the purpose of forming an opinion on the basic
consolidated financial statements taken as a whole. The following schedule is
presented for the purpose of additional analysis and is not a required part of
the basic consolidated financial statements of Nooney-Hazelwood Associates, L.P.
and Investee. Such information has been subjected to the auditing procedures
applied in the audits of the basic consolidated financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
consolidated financial statements taken as a whole.
Wolfe, Nilges, Nahorski,
A Professional Corporation
February 29, 2000
St. Louis, Missouri
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Exhibit 99.8
2 of 3
NOONEY-HAZELWOOD ASSOCIATES, L.P. AND INVESTEE
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
Property Name Type Location Encumbrances
------------- ---- -------- ------------
<S> <C> <C> <C>
The Lakes Apartments Apartment Hazelwood, MO $13,096,120
-------------------- --------- ------------- -----------
</TABLE>
<TABLE>
<CAPTION>
Costs Capitalized
Initial Cost Subsequent to
to Company Acquisition
Buildings and Buildings and
Property Name Land Improvements Land Improvements
------------- ---- ------------ ---- ------------
<S> <C> <C> <C> <C>
The Lakes Apartments $1,450,000 $11,881,865 $0 $659,607
-------------------- ---------- ----------- -- --------
</TABLE>
<TABLE>
<CAPTION>
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD(1)
BUILDINGS AND
Property Name LAND IMPROVEMENTS TOTAL
------------- ---- ------------ -----
<S> <C> <C> <C>
The Lakes Apartments $1,450,000 $12,541,472 $13,991,472
-------------------- ---------- ----------- -----------
</TABLE>
1. The aggregate cost for Federal income tax purposes as of December 31, 1999
was approximately $13,991,472.
<TABLE>
<CAPTION>
ACCUMULATED DATE OF DATE DEPRECIABLE
Property Name DEPRECIATION CONSTRUCTION ACQUIRED LIFE
------------- ------------ ------------ -------- ----
<S> <C> <C> <C> <C>
The Lakes Apartments $(6,675,788) 1985-1986 Dec. 1984 5-31 years
-------------------- ------------ --------- --------- ----------
</TABLE>
<PAGE> 3
EXHIBIT 99.8
3 of 3
NOONEY-HAZELWOOD ASSOCIATES, L.P. AND INVESTEE
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
SUMMARY OF ACTIVITY OF REAL ESTATE HELD FOR
INVESTMENT AND ACCUMULATED DEPRECIATION
The changes in real estate held for investment for
the years ended December 31, 1999, 1998, and
1997 are as follows:
<TABLE>
<CAPTION>
Years Ended December 31,
(IN 000'S) 1999 1998 1997
---------- ---- ---- ----
<S> <C> <C> <C>
Balance, beginning of the period: $13,882 $13,823 $13,811
Additions during period:
Acquisitions -- -- --
Improvements 109 59 12
Deductions during period:
Properties disposed of -- -- --
------- ------- -------
Balance, end of period: $13,991 $13,882 $13,823
======= ======= =======
</TABLE>
The changes in accumulated depreciation for the
years ended December 31, 1999, 1998, and 1997
are as follows:
<TABLE>
<CAPTION>
Years Ended December 31,
(IN 000'S) 1999 1998 1997
---------- ---- ---- ----
<S> <C> <C> <C>
Balance, beginning of the period: $6,272 $5,855 $5,423
Additions during period:
Depreciation 404 417 432
Deductions during period:
Properties disposed of -- -- --
------ --------- ------
Balance, end of period: $6,676 $ 6,272 $5,855
====== ========= ======
</TABLE>
