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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 1943,
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 Gilbert H.
(Last) (First) (Middle)
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1006 Trammel Street
(Street)
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Dalton GA 30720
(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
3/2000
<PAGE>
5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title below) [X] Other (specify below)
Former 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
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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<TABLE>
<CAPTION>
5.
Amount of 6. 7.
Securities Ownership Nature of
3. 4. Beneficially Form: Indirect
Transaction Securities Acquired (A) Owned at End Direct (D) Beneficial
2. Code or Disposed of (D) of Month or Indirect (1) Ownership
1. Transaction (Instr.8) (Instr.3,4, and 5) (Instr.3 and 4) (Instr.4) (Instru.4)
Title of Security Date ----------- --------------------------- ------------------ ---------------- -------------
(Instr.3) (mm/dd/yy) Code V Amount (A) or (D) Price
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares of Beneficial 3/17/00 S 3,355 D 5.45 8,500* D
Interest, without par
Value
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares of Beneficial 3/17/00 S 12,392 D 5.45 470,588* I
Interest, without par
Value
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4 (b) (v).
<PAGE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*The 8,500 Shares owned by Mr. Watts represents 8,500 Shares that Mr. Watts
may acquire upon the exercise of options within 60 days of July 17, 2000.
The sale of 3,355 Shares represents Shares owned by Watts Agent, L.P.. Mr.
Watts, as managing partner of Watts Agent, L.P., is deemed to be the beneficial
owner of the Shares owned by Watts Agent, L.P. Watts Agent, L.P. owns
470,588 preferred units of Vinings Investment Properties, L.P. which may be
converted into shares of beneficial ownership of the Trust within 60 days of
July 17, 2000. The 12,392 shares represent 6,196 Shares owned by ANTS, Inc.
("ANTS") and 6,196 Shares owned by A&P Investors, Inc. ("A&P") (ANTS
and A&P are collectively referred to herein as the "Companies"). Mr. Watts
was a minority shareholder in both ANTS and A&P and divested himself of his
interest in the Companies.
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
Owner-
6. ship
5. Date 7. Form of
Number of Exercisable Title and 9. Deriva-
Derivative and Expi- Amount of Number of tive
3. 4. Securities ration Date Underlying Derivative Security:
2. Trans- Trans- Acquired (A) or (Month Securities Securities Direct 11.
1. Conversion action action Disposed of (D) Day/year) (Instr.3 and 4) 8. Beneficially (D) Nature of
Title of or Exercise Date Code (Instru.3,4, ------------- ---------------- Price of Owned at or Indirect
Derivative Price of (Month (Instr.8) and 5) Date Expi- Title Amount Derivative End of Indirect Beneficial
Security Derivative Day/ ---------- Exer- ration or Number Security Month (I) Ownership
(Instr.3) Security Year) Code V (A) (D) cisable Date of Shares (Instr.5) (Instr.4) (Instr.4) (Instr.4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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None.
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</TABLE>
Explanation of Responses:
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<PAGE>
/s/ Gilbert H. Watts July 17, 2000
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Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
See U.S.C. 1001 and 15 U.S.C, 78ff(a).
