10
<PAGE>
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 July 31, 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)
392-2974
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> July 31, October
31,
2000 1999
<S> <C>
<C>
ASSETS
Cash and cash equivalents $ 1,886,683 $
1,355,995
Real estate:
Land
2,312,300 2,312,300
Building and improvements 7,489,594
7,454,594
9,801,894
9,766,894
Accumulated depreciation (3,238,744)
(3,071,562)
6,563,150
6,695,332
Other assets 170,038
123,263
$ 8,619,871 $
8,174,590
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 318,457 $
208,462
Partners' capital (deficiency):
General partners (4,359,028)
(4,392,557)
Limited partners ($1,000 per Unit, 92,780 Units issued)
12,660,442 12,358,685
Total partners' capital 8,301,414
7,966,128
$ 8,619,871 $
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 nine months ended July 31, 2000 and 1999
<CAPTION>
Three months ended
Nine months ended
July 31,
July 31,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Revenues:
Rental $ $ $ $
Interest and other 261,968 291,690 805,361 809,835
10,754
21,374 54,139 34,428
283,342 302,444 859,500 844,263
Expenses:
Property operating
Depreciation and 66,431 57,017 245,426 214,769
amortization
General and 60,636 58,035 178,062 162,127
administrative
32,681 27,294 100,726 86,710
159,748 142,346 524,214 463,606
Net income $ $ $ $
123,594 160,098 335,286 380,657
Net income allocated
to: $ $ $ $
Limited partners 111,235 144,088 301,757 342,591
General partners
12,359 16,010 33,529 38,066
$ $ $ $
123,594 160,098 335,286 380,657
Net income per Unit of
limited partnership $ $ $ $
interest 1.20 1.55 3.25 3.69
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
STATEMENT OF PARTNERS' CAPITAL
Nine months ended July 31, 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 301,757
33,529 335,286
Partners' capital (deficiency)
at July 31, 2000 $ 12,660,442
$(4,359,028) $ 8,301,414
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
STATEMENTS OF CASH FLOWS
Nine months ended July 31, 2000 and 1999
<CAPTION>
2000 1999
<S> <C> <C>
Cash flows from operating activities:
Net income $ $
Adjustments to reconcile net income to 335,286 380,657
net cash
Provided by operating activities:
Depreciation and amortization
Increase in other assets 178,062 162,127
Increase (decrease) in accounts
payable and other (57,655) (96,964)
liabilities
109,995 (124,793)
Net cash provided by operating
activities 565,688 321,027
Cash flows from investing activities:
Additions to real estate
(35,000) (223,750)
Increase in cash and cash equivalents
530,688 97,277
Cash and cash equivalents at beginning of
period
1,355,995 1,074,634
Cash and cash equivalents at end of $ $
period 1,886,683 1,171,911
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
$32,500 for the nine months ended July 31, 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 nine months ended July 31, 2000 and
1999, the Partnership incurred approximately $44,000 and
$55,000, 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
During the three- and nine-month periods ended July 31,
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
Altamonte Springs, FL. Due to changes in the city's zoning
code, the property became "non-conforming". Although it can
still be occupied and used, the Managing General Partner
believes that the "non-conforming" status of the property
made it difficult to sell the property as a shopping center
at a price that reflected its full value. Therefore, the
Partnership entered into an agreement with the city, whereby
the city had the sole authority to offer the North Lake
Plaza property, and an adjacent property owned by the city,
for sale as a part of a redevelopment plan that allows
higher density development than currently exists at the
location of the two properties. The city has identified a
party who wants to redevelop the properties, and the
prospective redeveloper must negotiate separate purchase and
sale agreements with by the city and the Partnership to
acquire the properties. There can be no assurance that
the North Lake Plaza the property will be sold through the
above-described plan.
The retail market in Altamonte Springs is improving. During
the third 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 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.
<PAGE>
The Partnership did not pay any cash distributions during
the nine-month period ended July 31, 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 nine months ended July 31, 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 nine-month periods ended July 31, 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 property.
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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: September 14, 2000 By: /s/E.Davisson Hardman Jr.
E. Davisson Hardman, Jr.
President
Date: September 14, 2000 By: /s/Raymond E. Koch
Raymond E. Koch
Principal Financial and
Accounting Officer
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DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Quarter Ended July 31, 2000
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
E1
