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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Watts, Jr. Gilbert H.
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(Last) (First) (Middle)
c/o Vinings Investment Properties Trust
3111 Paces Mill Road, Suite A-200
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(Street)
Atlanta GA 30339
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Vinings Investment Properties Trust (VIPIS)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
February, 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[ ] Officer (give title below) [ X ] Other (specify below)
Trustee
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7. Individual or Joint/Group Filing (Check applicable line)
[X ] Form filed by one Reporting Person [ ] Form filed by more than one
Reporting Person
<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares of beneficial interest,
without par value 2/20/98 S 90,000 D $4.16 1,118 (1) D
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Shares of beneficial interest,
without par value 4,131 I (2)
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
None.
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<FN>
Explanation of Responses:
(1) On February 20, 1998, Watts Agent, LP ("Watts LP"), of which the reporting
person is the Managing Partner, sold 90,000 shares of beneficial interest,
without par value (the "Shares"), of the Issuer (the "Sale"). As a result of the
Sale, Watts LP owns 3,355 Shares. By virtue of the reporting person's position
as Managing Partner of Watts LP the reporting person may be deemed to have a
pecuniary interest in 1,118 of these Shares. <PAGE> (2) Watts LP directly owns
25% of the common stock of A&P Investors, Inc. ("A&P")(which directly owns
49,570 Shares). Consequently, the reporting person may be deemed to have an
indirect pecuniary interest in 4,131 Shares by virtue of his position as
Managing Partner of Watts LP (which may be deemed to have an indirect pecuniary
interest in 12,393 Shares by virtue of its ownership of 25% of A&P). The
reporting person disclaims beneficial ownership of these Shares, and this report
shall not be deemed as admission that such person is the beneficial owner of
such securities for purposes of Section 16 or for any other purposes. </FN>
</TABLE>
/s/ Gilbert H. Watts, Jr. 3/9/98
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Alternatively, this Form is permitted to be submitted to the Commission
in electronic format at the option of the reporting person pursuant to
ruke 101(b)(4) of Regulatiob S-T.
