<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-K/A
AMENDMENT TO GENERAL FORM FOR REGISTRATION OF SECURITIES
Filed pursuant to Section 12(g)
THE SECURITIES EXCHANGE ACT OF 1934
ASSOCIATED PLANNERS REALTY FUND
(Exact name of registrant as specified in its charter)
AMENDMENT NO. 1
File No. 0-16805
The undersigned Registrant hereby amends the following items, financial
statements, exhibits or other portions of its General Form for Registration
of Securities on Form 10-K as set forth in the pages attached hereto:
Item 2 (Properties) Item 5 (Market for the Registrant's Common Equity and
Related Stockholder Matters), Item 6 (Selected Financial Data), Item 7
(Management Discussion and Analysis), Item 8 (Financial Statements and
Supplementary Data)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
Associated Planners Realty Fund
(Registrant)
Date:
By: West Coast Realty Advisors, Inc. (Advisor)
By:
Michael G. Clark, Vice President/Treasurer
<PAGE>
PART I
ITEM 2. PROPERTIES
The properties acquired by the Partnership are described below:
SANTA FE BUSINESS PARK (Two Properties)
On December 31, 1986, the Partnership purchased two out of six office
buildings ("Building 3" and "Building 5"), located in a complex known as
Santa Fe Business Park (the "Park"). The Park is located in Encinitas,
California, near the intersection of Encinitas Boulevard and Interstate 5.
The buildings were acquired in a joint venture with Prado Land Company
(Prado), a California General Partnership, which is an affiliate of the
General Partner. The Partnership has an 81.2% interest in the buildings and
related profits and losses, and Prado has an 18.8% interest.
The Park was completed in 1982, and is situated on 163,765 square feet of
land. The buildings are two-story, constructed with steel and wood frames,
with exterior walls of concrete and wood. There is extensive use of windows
in the modern design, and Building 5 is operated as an executive suite with
on-site management and several desirable shared amenities, such as conference
rooms, showers, secretarial services, and wet bars. Ample parking is
available around both buildings.
Building 3 contains one office suite of 6,944 square feet. As of
December 31, 1994, the building was vacant. Building 5 contains 6,944 rental
square feet, and its offices range in size from 90 to 350 square feet. As of
December 31, 1994, the occupancy rate was 80%, and the average monthly rent
per occupied square foot was approximately $2.07. No one tenant occupied 10%
or of the rental square footage for Building 5 thru December 31, 1994.
The building and improvements are depreciated over 5 to 19 years using a
straight-line method for both financial and income tax reporting purposes.
The financial and income tax bases for the property are the same. In the
opinion of the General Partner, the property is adequately insured. The
property is managed by West Coast Realty Management, Inc. ("WCRM"), an
affiliate of the General Partner.
The attractive ocean-front community of Encinitas has instituted a
building moratorium which has limited the supply of rental office space in
the area. The existence of a major highway (Interstate 5) near the office
park makes it a desirable and accessible location for tenants. As the
Partnership owns two of six buildings that make up Santa Fe Business Park,
it is subject to competition from the other four buildings in the complex.
<PAGE>
SHAW VILLA SHOPPING CENTER
On January 23, 1987, the Partnership purchased the Shaw Villa Shopping
Center (the "Center"), a 12,678 net leasable square foot shopping center
located in Clovis, California.
The Center was completed in 1978, and is situated on 69,260 square feet
of land. The Center consists of two buildings of 8,250 and 4,428 square feet
each. Wherehouse Entertainment, Inc. (a nationally known audio/video store)
occupies the entire smaller building under a lease that expired January 1994,
and currently pays $3,540 per month in rent ($0.80 per square foot plus a
percentage of rent based on taxable sales) on a month to month lease. No
other tenant besides Wherehouse Entertainment, Inc., occupies 10% or more of
the rental square footage of the Shaw Villa Shopping Center. Stores range in
size from 1,000 to 3,000 square feet in the larger building. There are
seventy parking spaces available within the Center.
At December 31, 1994, the Center was 76% occupied. The average monthly
rent per occupied square foot was approximately $.76.
The building and improvements are depreciated over 31.5 to 40 years using
a straight-line method for both financial and income tax reporting purposes.
The financial and income tax bases for the property are the same. In the
opinion of the General Partner, the property is adequately insured. The
property is managed by WCRM.
In January 1995, the Partnership closed escrow on a parcel of land
adjacent to the Shaw Villa Shopping Center. The purchase price of the land
was $206,749, including a $13,102 acquisition fee paid to the Advisor. The
purchase was paid for using $23,602 in cash, and the remainder financed by a
one year construction loan provided by Valliwide Bank of Fresno. The loan
carries an interest rate of 2% over the bank's prime rate, with the total loan
commitment equaling $1,365,000. The loan is interest only with payments
being made via additional draws against the loan. There was no outstanding
loan balance at December 31, 1994.
Construction at the shopping center is expected to be completed in two
phases. First, 4,000 square feet of additional space will be erected on the
new parcel, contiguous to an existing building at Shaw Villa. Construction
is expected to be completed June 1, 1995. The Wherehouse will then be moved
into this space. The current space occupied by the Wherehouse will then be
remodeled and expanded by approximately 3,800 more square feet, for a total
of 8,200 square feet. This construction is expected to be completed by
September 1, 1995. The Wherehouse will than be relocated to the remodeled
space, and the Partnership will attempt to lease the new 4,000 square foot
space.
<PAGE>
This additional work is expected to enhance the value of the parcel and
operating cash flows in the long run. The construction loan is expected to be
replaced by permanent financing in December 1995. The Partnership has
already received a commitment from a major insurance company to replace the
construction loan with a twenty year loan. The material terms of this
commitment include are: 1) Amount of the loan: $1,500,000, 2) Term: 10 years
with 20 year amortization, 3) Interest Rate: 9.625%, or the rate equal to the
weekly average of the five-year Treasury Note yield for the seventh week prior
to loan closing, plus 250 basis points, and 4) Payments: $14,105 per month,
if the interest rate is 9.625%.
This Center is dependent upon the vitality of the consumer market in the
general area. There are several other small shopping centers in the area,
similar to the one owned by the Partnership. There is, however, a large
enough customer base for the retail and service business in the general area.
Although all areas of California have been affected by the economic slowdown,
layoffs, plant closings and military cutbacks, these economic factors are not
expected to significantly impact the occupancy of the shopping center.
PACIFIC BELL BUILDING, SIMI FREEWAY COMMERCE CENTER
On November 12, 1987, the Partnership purchased the Pacific Bell Building
located in the Simi Freeway Commerce Center in Simi Valley, California.
The building's construction was completed in 1986, though the sole tenant,
Pacific Bell, did not occupy the building until August 1987. The building
provides 26,154 rentable square feet and is centrally located on the
property's 2.06 acres of land.
The current average monthly rent per occupied square foot is
approximately $.72. In addition, the lease contains provisions for the
monthly rent to be adjusted one time during the five year lease extension in
the thirtieth month not to exceed 8.5% of the Consumer Price Index. The
lease extension expires on September 15, 1997. The lease is a "triple net"
lease, requiring Pacific Bell to pay insurance, taxes, maintenance, and all
other operating costs.
The building and improvements are depreciated over 31.5 to 40 years
using a straight-line method for both financial and income tax reporting
purposes. The financial and income tax bases for the property are the same.
In the opinion of the General Partner, the property is adequately insured.
The property is managed by WCRM.
Pacific Bell owns a contiguous parcel next to the Partnership's
property, and has built another facility there in order to handle the demands
of expansion brought on by population growth in eastern Ventura County.
<PAGE>
SHURGARD MINIWAREHOUSE
On May 9, 1988, the Partnership purchased the Shurgard Miniwarehouse
located in Puyallup, Washington.
The building's construction was completed in 1978. The property is
located on 2.76 acres of land, and has 485 storage spaces providing 44,040
square feet of rentable area. Overall rent per occupied square foot
currently averages approximately $.34 per month. Month-to-month occupancy
averages 85%. No one tenant occupies 10% or more of the rental square footage
of the property. The property contains four separate single story storage
buildings and a small building in the front which serves as the office and
living quarters for the on-site manager. A network of asphalt driveways
connects the storage buildings. There is ample parking available, the open
area in the front is landscaped with grass, trees, and shrubs, and a
computerized gate provides security access to the storage buildings. The
General Partner engaged Shurgard Capital Management Corporation to manage
this property.
The building and improvements are depreciated over 31.5 to 40 years using
a straight-line method for both financial and income tax reporting purposes.
The financial and income tax bases for the property are the same. In the
opinion of the General Partner, the property is adequately insured.
The miniwarehouse facility is favorably situated in one of the more
rapidly growing areas in the Pacific Northwest, the Tacoma-Seattle,
Washington metropolitan region. Pierce County relies on a diversity of
economic activity (e.g., natural resources, well-established military
facilities, electronics, and international shipping) to sustain its steady
growth and stability.
The miniwarehouse facility has convenient access to a major highway
(Interstate 5). With considerable commercial development in the area and
desirability and affordability of residential housing in the area, the
miniwarehouse is well-situated to compete on a profitable basis with other
ministorage facilities.
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SELECTED FINANCIAL DATA FOR PROPERTY OPERATIONS
The selected property financial data for the Partnership's properties
should be read in conjunction with the financial statements and related notes
and Item 7. Management Discussion and Analysis of Financial Condition and
Results of Operations appearing elsewhere in this report. This statement is
not covered by the accountants' opinion included elsewhere in this report.
<TABLE>
<CAPTION>
1994 1993 1992
<S> <C> <C> <C>
Operations for the years ended December 31:
Property Revenues $749,824 $855,622 $845,164
Income from Property Operations * 323,548 413,101 363,725
Property Net Income per Limited Partner Unit ** 37.13 47.85 41.89
</TABLE>
[FN]
* Determined using revenue and expenses directly related to the properties.
Expense items excluded in arriving at this amount included General and
Administrative expenses ($108,025 in 1994 and $116,030 in 1993) and Interest
Expense that pertains to loans from the General Partner ($2,369 in 1994 and
$5,616 in 1993). The data is presented in this manner in order to present
the actual operating results of the Partnership's real estate property
operations.
** Property Net Income per Limited Partner Unit was based on the Limited
Partners' share of income and the weighted quarterly average number of Shares
outstanding.
<PAGE>
KEY DATA ON REAL ESTATE OPERATIONS
As of December 31, 1994, the combined occupancy rate of all the
Partnership's properties, excluding the miniwarehouse storage facility,
was 80%. In the opinion of the General Partner, all properties are adequately
covered by insurance.
Noted below are some key data pertaining to the operations of improved
property that is operated by the Partnership:
Occupancy Rate as a Percentage of Square Feet:
Santa Fe Business Park:
Building #3 Building #5
1994 0% 80%
1993 0% 62%
1992 100% 84%
1991 100% 73%
1990 100% 55%
Shaw Villa Shopping Center:
1994 76%
1993 92%
1992 100%
1991 76%
1990 89%
Pacific Bell Building:
1994 100%
1993 100%
1992 100%
1991 100%
1990 100%
Shurgard Mini-warehouse:
1994 85%
1993 80%
1992 80%
1991 75%
1990 84%
<PAGE>
Tenants occupying 10% or more of the rental square footage:
Santa Fe Business Park:
No tenant occupies 10% or more of the rental square footage.
Shaw Villa Shopping Center:
The Wherehouse: 40.1% of rental square footage; $98,400 rent per year; lease
expires on October 31, 2010; Renewal options: Lessee has 2 options to renew
lease for 5 additional years.
BJ's Kountry Kitchen: 14.67% or rental square footage; $36,000 rent per year;
lease expires on December 31, 2000; Renewal options: Lessee has 3 options to
renew lease for 5 additional years.
Pacific Bell Building:
Pacific Bell: 100% of rental square footage; $313,848 rent per year; lease
expires on September 15, 1997; Renewal options: No renewal option.
Shurgard Miniwarehouse
No tenant occupies 10% or more of the rental square footage.
The total acquisition cost to the Partnership of each property and the
dates of acquisition were as follows:
Description Acquisition Cost Acquisition Dates
Santa Fe Business Park (Building 3) $ 699,973 12/31/86
Santa Fe Business Park (Building 5) 825,281 12/31/86
Shaw Villa Shopping Center 1,208,990 01/23/87
Pacific Bell Building 2,620,217 11/12/87
Shurgard Miniwarehouse 1,603,144 05/09/88
<PAGE>
<PAGE>
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY
AND RELATED STOCKHOLDER MATTERS
At December 31, 1994, there were 7,499 limited partnership units
outstanding and 705 unit holders of record. The units sold are not freely
transferable and no public market for the sold units presently exists or is
likely to develop. There are no units available for sale at
December 31, 1994.
Distributions totaling $348,703, $356,203, and $299,960, in 1994, 1993,
and 1992 were made to unit holders of record at the end of the calendar
quarters indicated below. These distributions constituted a return of
capital of $103,851, $53516, and $36,874 in 1994, 1993 and 1992,
respectively. In addition, $74,990 in distributions were paid to unit holders
subsequent to the year-end in February 1995. The distribution amounts
for 1994 and 1993 are summarized below.
Record Date Date Paid Per Unit Units Outstanding Total Paid
12/31/92 02/12/93 $10.00 7,499 $74,990
03/31/93 05/03/93 12.50 7,499 93,737
06/30/93 08/06/93 12.50 7,499 93,738
09/30/93 11/05/93 12.50 7,499 93,737
12/31/93 02/09/94 10.00 7,499 74,990
03/31/94 05/05/94 12.00 7,499 89,988
06/30/94 08/02/94 12.00 7,499 89,988
09/30/94 11/03/94 12.50 7,499 93,737
Distributions are made based on income from operations, before
depreciation and amortization, available as a result of the previous
quarter's operations.
<PAGE>
<PAGE>
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data should be read in conjunction with the
financial statements and related notes and Item 7. Management Discussion and
Analysis of Financial Condition and Results of Operations appearing elsewhere
in this report. This statement is not covered by the accountants' opinion
included elsewhere in this report.
<TABLE>
<CAPTION>
1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C>
Operations for the years ended December 31:
Revenues $754,950 $861,238 $848,087 $798,919 $833,848
Net Income 217,892 302,687 263,087 248,498 307,034
Net Income per Limited Partner Unit * 24.45 34.60 29.81 27.94 35.01
Distributions per Limited Partner Unit * 46.50 47.50 40.00 49.00 62.63
Financial position at December 31:
Total Assets 6,255,376 6,459,247 6,491,943 6,527,404 6,637,026
Partners' Equity 5,985,898 6,116,709 6,170,224 6,207,098 6,326,051
</TABLE>
[FN]
*Net income and distributions per limited partner unit were based on the
weighted quarterly average number of outstanding units.
<PAGE>
ITEM 7. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Partnership began offering for sale limited partnership units on
March 28, 1986. On July 16, 1986, the Partnership reached its minimum
offering level of $1,200,000, and funds were released from an escrow account
to the Partnership. The Partnership sold units throughout the remainder of
the year, and raised $3,397,000 in gross proceeds or $3,025,961 net of
syndication costs and sales commissions as of December 31, 1986. During
1986, the Partnership purchased two properties for $1,525,254 cash. During
1987, the Partnership purchased two additional properties for $3,829,207
cash. The Partnership filed Post-Effective Amendment No. 1 to the Form S-18
used to register the Partnership. This filing was done to extend the period
that units could be offered for sale by registrant to March 28, 1988. On
December 30, 1987, the sale of units ended with $7,499,000 raised or
$6,725,211 net of syndication costs and sales commissions. During 1988, the
Partnership acquired its last and final property for $1,603,144 cash. As of
December 31, 1988, the Partnership completed its property acquisition phase.
During the year ended December 31, 1994, the Partnership made
distributions to the limited partners totaling $348,703 of which $103,851
constituted a return of capital. On February 3, 1995, the Partnership made a
distribution to limited partners totaling $74,990. Distributions are
determined by management based on cash flow and the liquidity position of the
Partnership. It is the intention of management to make quarterly
distributions of cash, subject to the maintenance of reasonable reserves.
In January 1995, the Partnership closed escrow on a parcel of land
adjacent to the Shaw Villa Shopping Center. The purchase price of the land
was $206,749, including a $13,102 acquisition fee paid to the Advisor. The
purchase was paid for using $23,602 in cash, and the remainder financed by a
one year construction loan provided by Valliwide Bank of Fresno. The loan
carries an interest rate of 2% over the bank's prime rate, with the total
loan commitment equaling $1,365,000. The loan is interest only with payments
being made via additional draws against the loan. There was no outstanding
loan balance at December 31, 1994.
During the year, $307,180 in cash was provided by operating activities.
This resulted primarily from net cash basis income of $359,385 from
operations (net income plus depreciation expense) less the $55,030 increase
in other assets (primarily resulting from deposits paid in connection with
the construction at Shaw Villa Shopping Center), less a $38,002 decrease in
related party accounts payable (from the repayment of an advance from an
affiliate) less a $19,528 decrease in security deposits and prepaid rents
(due to a tenant prepaying January 1994 but not January 1995 rent). These
deductions were offset by $71,892 in cash generated from the sale of
government securities. Cash used in investing activities amounted to $60,762
in connection with the construction in progress at the Shaw Villa Shopping
Center. Cash used in financing activities amounted to $349,703 due primarily
to the distribution to the limited partners during the year.
<PAGE>
Management uses cash as its primary measure of a partnership's
liquidity. The amount of cash that represents adequate liquidity for a real
estate limited partnership, in the short-term and long-term, depends on
several factors. Among them are:
1. Relative risk of the partnership;
2. Condition of the partnership's properties;
3. Stage in the partnership's life cycle (e.g., money-raising,
acquisition, operating or disposition phase); and
4. Distributions to partners.
The Partnership believes it has the ability to generate sufficient cash
to meet both short-term and long-term liquidity needs, based upon the above
four points. The first point refers to the risk of Partnership investments.
The Partnership's investments in properties were paid for in cash and
precludes the risk of debt service. Although a major tenant representing 12%
of 1993 rental revenues vacated Santa Fe Business Park's Building 3 in
December 1993, the Partnership believes that its cash reserves are sufficient
to meet liquidity needs and to pay the relatively nominal operating costs of
owning this building. The second point relates to the condition of the
Partnership's properties. All Partnership properties are in good condition.
There is no foreseeable need to increase reserves to fund deferred or unusual
maintenance and repair expenditures. The third point relates to life cycle.
The Partnership completed its funding and acquisition of property in previous
years. Thus, the Partnership is in the property operating stage. As part of
these operating activities, the partnership was involved in purchasing and
developing the aforementioned parcel in Clovis in 1994. This activity is
expected to enhance rental revenues and increase the value of the Shaw Villa
Shopping Center. The Partnership believes that cash flows provided by
operating activities will continue. The fourth point relates to partner
distributions. The Partnership makes quarterly distributions from
operations. Such distributions are subject to payment of Partnership
expenses and reasonable reserves for expenses, maintenance, and replacements.
Adding to the liquidity is that at least one quarter's cash profits are
reflected on the Partnership's balance sheet at each quarter end, since the
Partnership makes distributions to the partners one month after quarter
end. In the absence of any unforeseeable catastrophic event, the General
Partner believes that the Partnership will have the ability to meet its cash
requirements in the short-term and long-term.
<PAGE>
During the year ended December 31, 1994, the General Partner earned
partnership management fees of $38,745, representing 10% of the total
distribution (including management fees) of $387,448 to the General Partner
and Limited Partners. Subsequent to year-end, the General Partner received a
partnership management fee of $8,332, representing 10% of a total
distribution of $83,322. Partnership management fees were paid and
calculated in accordance with the partnership agreement.
As of December 31, 1993, the property located at 179 Calle Magadalena
was vacated by its sole tenant. The property is not impaired and initially
management was attempting to lease the property to single floor tenants,
although this attempt was not successful. After management discussed the
leasing opportunities for the property, the General Partner decided to switch
brokerage firms and lease the property to multi-tenant users. This new plan
to lease the property is successful and as of September 30, 1995, the
property is 50% leased. The lost rental revenue per year is approximately
$50,000 net of operating expenses of $33,000.
The Tax Reform Acts of 1986 and 1987 and the Revenue Reconciliation Acts
of 1990 and 1993 did not have a material impact on the Partnership's
operations.
The slowdown in the economy, inflation and changing prices have had a
nominal effect on the Partnership's revenues and income from continuing
operations. During the eight years of the Partnership's existence,
inflationary pressures in the U.S. economy have been minimal, and this has
been consistent with the experience of the Partnership in operating rental
real estate in California. The Partnership has several lease clauses with
its properties' tenants that will help alleviate much of the negative impact
of inflation. Among these are:
A. Several month-to-month leases at the Santa Fe Business Park that
would allow the Partnership to raise rents on a monthly basis.
B. Triple net leases at the Shaw Villa Shopping Center and Pacific
Bell Building which give the Partnership an ability to pass on
higher operating costs to its tenants.
<PAGE>
RESULTS OF OPERATIONS - 1994 VS. 1993
Operations for the years ended December 31, 1994 and 1993 reflect full
years of rental activities for the Partnership's properties. Net Income
decreased 28% ($84,795) as a result of a 12% ($105,798) decrease in rental
revenues. This decrease in rental revenue was primarily the result of lower
occupancy at the 187 Calle Magdalena Office Suite Building and zero occupancy
at the 179 Calle Magdalena Building.
The Partnership's net income was reduced as the result of a $2,757
unrealized net loss on a $58,311 (cost basis) investment in short-term
government securities.
The Partnership generated $362,142 in income from operations before
depreciation expense of $141,493 and unrealized loss on government securities
of $2,757, compared to $454,331 in income from operation for 1993 before
depreciation expense of $144,075. Distributions to limited partners were
only slightly impacted--dropping from $356,202 in 1993 to $348,703 in 1994.
Distributions did not decrease more due to the payout of prior years'
undistributed income that had been held in reserves. Operating expenses
increased $5,013 (1.7%) and general and administrative expenses decreased
$8,005 (6.9%) from 1993 to 1994, which is considered immaterial for
comparison purposes.
The statement of cash flows reflects proceeds from the sales (purchases)
of government securities for 1994 and 1993. These amounts pertain to gross
sales or (purchases) of government securities for the periods being reported.
The General Partner believes that the Partnership will continue to incur
operating and general and administrative expenses consistent with the prior
years since occupancy has not fluctuated significantly from 1993 to 1994.
Additionally, the properties are in good condition and significant repairs
and maintenance or other capital improvements are not necessary at this time.
Net income per limited partner unit decreased from $34.60 in 1993
to $24.45 in 1994.
<PAGE>
RESULTS OF OPERATIONS - 1993 VS. 1992
Operations for years ended December 31, 1993 and 1992 reflect full years
of rental activities for the Partnership's properties. Net income increased
15.1% ($39,601) as a result of an 11.1% ($36,232) decrease in operating
expenses in particular and a 4.6% decrease in total expenses. Cash from
operations increased $80,474 as a result of higher overall revenues and lower
overall expenses. The average occupancy for the Santa Fe and Clovis
properties decreased from 84% in 1992 to 60% in 1993. However, during 1993
rental income increased $10,458 (1.2%) due increased occupancy in other
Partnership properties and due to a tenant who vacated the Santa Fe property
during December 1992 was obligated to make rent payment through the end of
the lease, which expired inDecember 1993.
The Partnership generated $454,331 in income from operations before
depreciation expense of $144,075 in 1993 compared to $417,416 in income from
operations for 1992 before depreciation expense of $147,023. This 1993
income resulted from $5,616 interest income on money market investments,
$564,745 in rental income, net of operating expenses of $290,877 and $116,030
in administrative expenses. Operating expenses decreased $36,232 primarily
as a result of lower overall repairs and maintenance expenses, while general
and administrative expenses increased $12,468 as a result of increased
General Partner management fees, higher accounting fees and general business
insurance.
The net income per limited partner unit was $34.60 in 1993 vs. $29.81
in 1992.
<PAGE>
S I G N A T U R E S
Pursuant to the requirements of the Section 13 or 15(d) 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.
ASSOCIATED PLANNERS REALTY FUND
A California Limited Partnership
(Registrant)
By: WEST COAST REALTY ADVISORS, INC.
(General Partner)
W. THOMAS MAUDLIN JR.
(Director and President)
WILLIAM T. HAAS
(Director and Executive Vice President / Secretary)
MICHAEL G. CLARK
(Vice President / Treasurer)
Date:
