11
<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 January 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) 392-1054
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>
January
31,
October 31,
2000
1999 <S>
<C>
<C>
ASSETS
Cash and cash equivalents $
1,423,134 $
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
(3,126,649)
(3,071,562)
6,640,245 6,695,332
Other assets
178,712
123,263
$
8,242,091 $ 8,174,590
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $
150,593 $
208,462
Partners' capital (deficiency):
General partners
(4,380,020)
(4,392,557)
Limited partners ($1,000 per Unit, 92,780 Units
issued) 12,471,518
12,358,685
Total partners' capital
8,091,498
7,966,128
$
8,242,091 $ 8,174,590
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
INCOME STATEMENTS
Three months ended January 31, 2000 and 1999
<CAPTION>
2000 1999 <S>
<C> <C>
Revenues:
Rental $ 276,888
$ 232,388
Interest and other 15,683 14,121
292,571 246,509
Expenses:
Property operating 79,802 77,439
Depreciation and 58,713 47,210
amortization 28,686 30,524
General and administrative
167,201
155,173
Net income $ 125,370 $ 91,336
Net income allocated to:
Limited partners $ 112,833 $ 82,202
General partners 12,537 9,134
$ 125,370 $ 91,336
Net income per Unit of
limited partnership $ 1.22 $ .89
interest
See accompanying notes to financial
statements. </TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
STATEMENT OF PARTNERS'
CAPITAL
Three months ended January
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 112,833
12,537
125,370
Partners' capital (deficiency)
at January 31, 2000 $
12,471,518
$(4,380,020) $
8,091,498
See accompanying notes to financial
statements. </TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
STATEMENTS OF CASH FLOWS
Three months ended January 31, 2000
and 1999 <CAPTION>
2000 1999
<S>
<C> <C>
Cash flows from operating activities:
Net income $ $
Adjustments to reconcile net income to 125,370 91,336
net cash
provided by (used in)operating
activities:
Depreciation and amortization 58,713 47,210
Increase in other assets (45,683)
Decrease in accounts payable and
(59,075)
other liabilities (146,975)
(57,869)
Net cash provided by (used in)
operating activities 67,139 (54,112)
Cash flows from investing activities:
Additions to real estate -
(158,910)
Increase (decrease) in cash and cash
equivalents 67,139 (213,022)
Cash and cash equivalents at beginning of
period
1,355,995 1,074,634
Cash and cash equivalents at end of $ $
period
1,423,134 861,612
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, 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 $9,000 for the three months ended
January 31, 2000 and 1999, 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. For the three months ended January
31, 2000 and 1999, the Partnership incurred
approximately $15,000 and $34,000,
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 months ended January 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 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 may make it difficult to sell it
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 part of
a redevelopement 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 first quarter of 2000,
property occupancy decreased slightly to
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 subleased 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
<PAGE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
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 th ree months ended January 31, 2000.
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 during the remainder of fiscal 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
There were no individually significant factors
which caused changes in the Partnership's
operating results for the threemonth period ended
January 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.
<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: March 15, 2000 By:
/s/E. Davisson Hardman, Jr.
E. Davisson
Hardman, Jr.
President
Date: March 15, 2000 By:
/s/Charles M. Charrow
Charles M. Charrow
Controller
(Principal
Financial and Accounting
Officer)
<PAGE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Quarter Ended January 31, 2000
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
E1
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Registrant is a limited partnership which invests in real estate, and
real estate joint ventures. 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> 3-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> JAN-31-2000
<CASH> 1,423,134
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,242,091<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,091,498<F2>
<TOTAL-LIABILITY-AND-EQUITY> 8,242,091<F3>
<SALES> 0
<TOTAL-REVENUES> 292,571<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 167,201
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 125,370
<INCOME-TAX> 0
<INCOME-CONTINUING> 125,370
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 125,370
<EPS-BASIC> 1.22<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivable, total assets include net
investments in real estate of $6,640,245 and other assets of $178,712.
<F2>Represents partners' capital.
<F3>Liabiliies include accounts payable and other liabilities of $150,593.
<F4>Total revenues include rent of $276,588 and interest and other
revenue of $15,683.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
