2 <PAGE>
UNITED
STATES
SECURITIES
AND
EXCHANGE
COMMISSION
Wash
ingt
on,
D.C.
2054
9
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT
TO SECTION
13 OR 15(d)
OF
THE SECURITIES EXCHANGE
ACT OF 1934 For the period ended
July 31, 1999
OR
[ ] TRANSITION REPORT
PURSUANT TO SECTION
13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition
period from ________ to ________.
Commission File Number: 0-13260
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
(Exact name of registrant as specified
in governing
instrument)
Delaware 13-3174553
(State of organization)(IRS Employer
Identification No.)
2 World Trade Center, New York, NY
10048 (Address of principal executive
offices) (Zip Code)
Registrant's telephone number,
including area code: (212) 392-1054
Former name, former address and former
fiscal year, if changed since last
report: not applicable
Indicate by check mark whether the
registrant (1) has filed all reports
required to be filed by
Section 13 or 15(d) of the
Securities Exchange Act of 1934 during
the preceding 12 months (or for such
shorter period that the registrant was
required to file such reports), and
(2) has been subject
to such filing requirements for the
past 90 days. Yes X No
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY INCOME PARTNERSHIP
I, L.P.
BALANCE SHEETS
<CAPTION>
July 31, October
31,
1999 1998 <S>
<C>
<C>
ASSETS
Cash and cash equivalents $
1,171,911 $
1,074,634
Real estate:
Land
2,312,300
2,312,300
Building and improvements
7,454,594
7,230,844
9,766,894 9,543,144
Accumulated depreciation
(3,020,185)
(2,866,051)
6,746,709 6,677,093
Other assets
118,467
29,496
$ 8,037,087 $
7,781,223
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $
168,957 $
293,750
Partners' capital (deficiency):
General partners
(4,402,357)
(4,440,423)
Limited partners ($1,000 per Unit,
92,780 Units
issued) 12,270,487
11,927,896
Total partners' capital
7,868,130
7,487,473
$ 8,037,087 $
7,781,223
See accompanying notes to financial
statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP
I, L.P.
INCOME STATEMENTS
Three and nine months ended July 31,
1999 and 1998 <CAPTION>
Three months ended
Nine months ended
July 31,
July 31,
1999 1998 1999
1998
<S> <C> <C> <C>
<C>
Revenues:
Rental $ $ $
$
Gains on sales of 291,690 286,836 809,835
1,483,967
real estate - -
Interest and other 3,503,1
12,799,11
10,754 89 34,428 2
135,459 33,269
302,444 3,823,2 844,263
14,418,53
94 8
Expenses:
Property operating
Depreciation and 57,017 136,719 214,769 700,250
amortization
General and 58,035 49,122 162,127 191,746
administrative
27,294 83,576 86,710 290,029
142,346 269,417 463,606 1,182,025
Net income $ $3,553, $ $13,236,5
160,098 877 380,657 13
Net income allocated
to: $ $3,548, $ $13,192,7
Limited partners 144,088 808 342,591 73
General partners
16,010 5,069 38,066 43,740
$ $3,553, $ $13,236,5
160,098 877 380,657 13
Net income per Unit of
limited partnership $ $ $
$
interest 1.55 38.25 3.69
142.19
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
STATEMENT OF PARTNERS' CAPITAL
Nine months ended July 31,
1999
<CAPTION>
Limited General
Partners Partners
Total
<S>
<C> <C>
<C>
Partners' capital (deficiency)
at November 1, 1998
$ 11,927,896
$(4,440,423)
$ 7,487,473
Net income
342,591
38,066
380,657
Partners' capital (deficiency)
at July 31, 1999
$ 12,270,487
$(4,402,357)
$ 7,868,130
See accompanying notes to
financial statements. </TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
STATEMENTS OF
CASH FLOWS
Nine months ended July 31, 1999
and 1998 <CAPTION>
1999 1998
<S>
<C> <C>
Cash flows from operating activities:
Net income $ $
Adjustments to reconcile net income to 380,657 13,236,513
net cash
Provided by operating activities:
Depreciation and amortization
Gains on sales of real estate 162,127 191,746
Increase in other assets -
Decrease in accounts payable and
(12,799,11
other liabilities (96,964) 2)
(117,39
6)
(124,79
3)
(370,03
2)
Net cash provided by operating
activities 321,027 141,719
Cash flows from investing activities:
Additions to real estate
Proceeds from sales of real estate (223,750)
(554,560)
-
34,22
0,999
Net cash (used in) provided by
investing activities (223,750)
33,666,439
Cash flows used in financing activities:
Distributions
(
3
8
,
9
1
1
,
1
0
8
)
Increase (decrease) in cash and cash
equivalents 97,277 (5,102,950
)
Cash and cash equivalents at beginning of
period
1,074,634
5,974,627
Cash and cash equivalents at end of $ $
period
1,171,911 871,677
See accompanying notes to financial
statements. </TABLE>
<PAGE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Financial Statements
1. The Partnership
Dean Witter Realty Income Partnership I, L.P. (the
"Partnership") is a limited partnership organized under the
laws of the State of Delaware in 1983. The Partnership's
fiscal year ends on October 31.
The Partnership's records are maintained on
the accrual basis of
accounting for
financial reporting and tax
purposes.
Net income per Unit of limited partnership
interest amounts are calculated by dividing
net income allocated to the Limited Partners,
in accordance with the Partnership Agreement,
by the weighted average number of Units
outstanding.
In the opinion of management, the
accompanying financial statements, which have
not been audited, include all
adjustments necessary to present fairly the
results for the interim periods.
Except for the 1998 gains on sales
of real estate, such adjustments
consist only of normal recurring
accruals.
These financial statements should
be read in
conjunction with the annual financial statements and notes
thereto included in the Partnership's annual report on Form
10-K filed with the Securities and Exchange Commission for
the year ended October 31,
1998. Operating results of interim periods may not be
indicative of the operating results for the entire year.
2. Related Party Transactions
An affiliate of the Managing General Partner provided
property management services for the North Lake Plaza
property in
fiscal 1999, and the North Lake Plaza, Carmel Park and Westwood
10 (both sold December 1997) properties in fiscal 1998. The
Partnership paid the affiliate management fees of
approximately $32,500 and $43,000 for the nine months ended
July 31, 1999 and 1998, respectively. These amounts are
included in property operating expenses.
<PAGE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Financial Statements
Another affiliate of the Managing General Partner performs
administrative functions,
processes certain investor transactions and
prepares tax information for
the
Partnership. Effective November 1, 1998,
the affiliate
reduced its fees for these services because of
the greatly reduced level of Partnership
activity. For the nine months ended July 31,
1999 and 1998, the Partnership incurred
approximately $55,000 and $126,000,
respectively, for these services. These
amounts are included in general
and administrative expenses.
<PAGE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Partnership raised $92,780,000
in a public offering which was
terminated in 1984. The Partnership
has no plans to raise additional
capital.
The Managing General Partner is
currently marketing for sale the
North Lake Plaza property, with
the objective of completing the
property sale by December 31, 1999.
However, there can be no assurance that this
property will be sold.
Altamonte Springs, Florida, the location of the
North Lake Plaza Shopping Center, has a
steady retail market with stable market
rental rates. During the third fiscal quarter of
1999, occupancy at the property remained
at 91%. Development of nearby office projects
and the scheduled expansion of North Lake
Boulevard (which borders
the shopping center) are anticipated to increase
traffic at the property. The lease for Home Depot (for
approximately 50% of the property's space) is scheduled to
expire in 2003. The Burlington Coat Factory, which sub-
leases all the space leased to Home Depot, has announced
that it will vacate the space
in September 1999; however, Home Depot remains
obligated to pay rent under its lease. As a
result, the Managing General Partner believes
that this vacancy will not adversely affect
its ability to sell the property.
The Managing General Partner is working with
Home Depot to identify a suitable new sub-
tenant for this space.
The lease of Marshalls Inc., (for
approximately
21% of the space) is schedule to
expire in 2002.
During the nine months ended July
31, 1999, the North Lake Plaza
property generated positive cash
flow from operations, and it is
anticipated that the property will
continue to do so during the period
the Partnership continues to own it.
During the nine months ended
July 31, 1999, the
Partnership's cash flow from
operations of the North Lake Plaza
property also exceeded the
Partnership's capital expenditures
(which totaled approximately
$263,000) for tenant improvements
and leasing commissions at the
property.
<PAGE>
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
The Partnership did not pay any cash
distributions during the n ine months
ended July 31, 1999. Generally,
future cash distributions will be paid
from proceeds received from the sale
of the North Lake Plaza property and
cash reserves.
The Partnership believes that its cash
reserves are adequate
for its needs in fiscal 1999 and 2000.
Except as discussed above and in the
financial statements,
the Managing General Partner is not
aware of
any trends or events, commitments or
uncertainties that may have a
material
impact on liquidity.
Operations
Fluctuations in the Partnership's operating
results for the three- and nine-month
periods ended July 31, 1999 as compared to
1998 were primarily attributable to
the following:
In 1999, rental income, property operating
expenses, and general and administrative
expenses decreased as a result of
the fiscal 1998 sales of the
Westwood 10 (December 1997), Carmel
Park (December 1997), and
Harborgate (July 1998) properties.
The gains on sales of real estate
in fiscal 1998 resulted from the
sales of the Carmel Park,
Westwood 10, and Harborgate
properties.
Interest and other income
decreased during the nine-month
period ended July 31, 1999 primarily
because the Partnership earned
interest in 1998 on the proceeds
from the sales of the Carmel Park
and Westwood 10 properties
until such proceeds were
distributed to Limited Partners.
There were no other individually
significant factors which caused
changes in revenues and expenses.
Inflation
Inflation has been consistently
low during the periods presented
in the financial statements and, as
a result, has not had a
significant effect on the
operations of the Partnership or
its properties.
<PAGE>
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
PART II - OTHER INFORMATION
Item 6. Exhibits & Reports on
Form 8-K
(a) Exhibits.
An exhibit index has been
filed as part of this Report on
Page E1.
(b) Reports on Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934,
the registrant has duly caused this
report to be signed on its
behalf by the undersigned
thereunto duly authorized.
DEAN
WITTER REALTY INCOME PARTNERSHIP I,
L.P.
By: Dean
Witter Realty Income Properties I,
Inc.
Managing
General Partner
Date: September 13, 1999 By:
/s/E.Davisson
Hardman Jr.
E. Davisson Hardman, Jr.
President
Date: September 13, 1999 By:
/s/Charles M. Charrow
Charles M. Charrow
Control
l
e
r
(
P
r
i
n
c
i
p
a
l
Financial and
Accounting
Officer)
<PAGE>
DEAN WITTER REALTY INCOME
PARTNERSHIP
I, L.P. Quarter
Ended July 31,
1999
Exhibit Index Exhibit No.
Description
27 Financial Data
Schedule
E
1
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Registrant is a limited partnership which invests in real estate. In
accordance with industry practice, its balance sheet is unclassified. For
full information, refer to the accompanying unaudited financial
statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> JUL-31-1999
<CASH> 1,171,911
<SECURITIES> 0
<RECEIVABLES> 68,468
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,037,087<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,868,130<F2>
<TOTAL-LIABILITY-AND-EQUITY> 8,037,087<F3>
<SALES> 0
<TOTAL-REVENUES> 844,263<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 463,606
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 380,657
<INCOME-TAX> 0
<INCOME-CONTINUING> 380,657
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 380,657
<EPS-BASIC> 3.69<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate $6,746,709 and net deferred leasing commissions of
$49,999.
<F2>Represents partners' capital.
<F3>Liabilities include accounts payable and other liabilities $168,957.
<F4>Total revenue included rent of $809,835 and interest and other revenue
of $34,428.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
