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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the period ended April 30, 2000
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 ________
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
BALANCE SHEETS
<CAPTION>
April 30,
October 31,
2000 1999
<S> <C>
<C>
ASSETS
Cash and cash equivalents $ 1,623,153 $
1,355,995
Real estate:
Land
2,312,300 2,312,300
Building and improvements 7,454,594
7,454,594
9,766,894
9,766,894
Accumulated depreciation (3,181,735)
(3,071,562)
6,585,159
6,695,332
Other assets 165,291
123,263
$ 8,373,603 $
8,174,590
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 195,783 $
208,462
Partners' capital (deficiency):
General partners (4,371,388)
(4,392,557)
Limited partners ($1,000 per Unit, 92,780 Units issued)
12,549,208 12,358,685
Total partners' capital 8,177,820
7,966,128
$ 8,373,603 $
8,174,590
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
INCOME STATEMENTS
Three and six months ended April 30, 2000 and 1999
<CAPTION>
Three months ended Six months
ended
April 30
April 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Revenues:
Rental $ $ $ $ 518,145
Interest and other 266,505 285,757 543,393 23,674
17,082 9,553 32,765
541,819
283,587 295,310 576,158
Expenses:
Property operating 157,752
Depreciation and 99,193 80,313 178,995 104,092
amortization 59,416
General and 58,713 56,882 117,426
administrative
39,359 28,892 68,045
321,260
197,265 166,087 364,466
Net income $ $ $ $ 220,559
86,322 129,223 211,692
Net income allocated to:
Limited partners $ $ $ $ 198,503
General partners 77,690 116,301 190,523 22,056
8,632 12,922 21,169
$ $ $ $ 220,559
86,322 129,223 211,692
Net income per Unit of
limited partnership $ $ $ $ 2.14
interest 0.83 1.25 2.05
See accompanying notes to financial statements.
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<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
STATEMENT OF PARTNERS' CAPITAL
Six months ended April 30, 2000
<CAPTION>
Limited General
Partners Partners
Total
<S> <C> <C>
<C>
Partners' capital (deficiency)
at November 1, 1999 $ 12,358,685 $(4,392,557)
$7,966,128
Net income 190,523
21,169 211,692
Partners' capital (deficiency)
at April 30, 2000 $ 12,549,208
$(4,371,388) $8,177,820
See accompanying notes to financial statements.
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DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
STATEMENTS OF CASH FLOWS
Six months ended April 30, 2000 and 1999
<caption)
2000
1999
<S> <C> <C>
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to $ $
net cash 211,692 220,559
provided by operating activities:
Depreciation and amortization
Increase in other assets
Decrease in accounts payable and 117,426 104,092
other
liabilities: (49,281) (47,380)
(12,679) (170,347)
Net cash provided by operating
activities 267,158 106,924
Cash flows from investing activities:
Additions to real estate - (192,337)
Increase (decrease) in cash and cash
equivalents 267,158 (85,413)
Cash and cash equivalents at beginning of
period 1,355,995 1,074,634
Cash and cash equivalents at end of $1,623,15 $
period 3 989,221
See accompanying notes to financial statements.
</TABLE>
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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, consisting only of normal recurring accruals,
necessary to present fairly the results for the interim
periods.
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, 1999. 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 until January 1, 2000. The Partnership paid the
affiliate management fees of approximately $8,000 and
$21,000 for the six months ended April 30, 2000 and 1999,
respectively. These amounts are included in property
operating expenses.
Another affiliate of the Managing General Partner performs
administrative functions, processes certain investor
transactions and prepares tax information for the
Partnership. For the six months ended April 30, 2000 and
1999, the Partnership incurred approximately $30,000 and
$51,000, respectively, for these services. These amounts are
included in general and administrative expenses.
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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
During the three- and six-month periods ended April 30,
2000, the North Lake Plaza shopping center 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.
The North Lake Plaza property is located in the city of
Altmonte Springs, FL. Due to changes in the city's zoning
code, the property has become "non-conforming". Although it
can still be occupied and used, the Managing General Partner
believes that the "non-conforming" status of the property
has made it difficult to sell the property as a shopping
center at a price that reflects its full value. Therefore,
the Partnership has entered into an agreement with the city,
whereby the city will offer the North Lake Plaza property
and an adjacent property owned by the city for sale as a
part of a redevelopment plan, which would allow higher
density development than currently exists. Under the
agreement, the city has the sole authority to market the
North Lake Plaza property for sale, but the Partnership will
not be required to sell North Lake Plaza if the offering
price is not acceptable to it.
The Managing General Partner, with the assistance of an
outside real estate appraiser, has determined the market
value which reflects North Lake Plaza's highest and best
use. The Managing General Partner will use this valuation to
determine an acceptance price in conjunction with the city's
sale process. The Managing General Partner believes that
the minimum acceptance price will be greater than the
property's carrying value. However, there can be no
assurance that an acceptable price will be realized and the
property sold through the above-described plan.
The retail market in Altamonte Springs is improving. During
the second quarter of 2000, property occupancy remained at
approximately 88%. 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-
leased all the space leased to Home Depot, vacated the space
in October 1999; however, both Home Depot and Burlington
remain obligated, and continue to pay rent, under the lease.
This vacancy is adversely impacting the sales of smaller
tenants at the property. However, the
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Managing General Partner believes that this vacancy will not
adversely affect its ability to sell the property as part of
a redevelopment plan.
The lease of Marshalls Inc. (for approximately 21% of the
space) is scheduled to expire in 2002.
The Partnership did not pay any cash distributions during
the six-month period ended April 30, 2000. Generally,
future cash distributions will be paid from proceeds
received from the sale of the North Lake Plaza property and
cash reserves.
During the six months ended April 30, 2000, the Partnership
added the cash generated by North Lake Plaza to the
Partnership's cash reserves.
The Partnership believes that its cash reserves are adequate
for its needs during the remainder of fiscal 2000 and
thereafter.
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
There were no individually significant factors which caused
changes in the Partnership's operating results for the
three- and six-month periods ended April 30, 2000 as
compared to 1999.
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.
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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
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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: June 14, 2000 By: /s/E.Davisson Hardman Jr.
E. Davisson Hardman, Jr.
President
Date: June 14, 2000 By:
/s/Charles M. Charrow
Charles M. Charrow
Controller
(Principal Financial and
Accounting Officer)
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DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Quarter Ended April 30, 2000
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
E1
