CAROLINA INVESTMENT PARTNERS LIMITED PARTNERSHIP
10-Q, 1999-08-12
REAL ESTATE
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                  --------------------------------------------

                                    FORM 10-Q
                  --------------------------------------------

(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999.

[ ]   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 0-15571

                CAROLINA INVESTMENT PARTNERS, LIMITED PARTNERSHIP
             (Exact name or registrant as specified in its charter)

        North Carolina                               56-1494619
        (State or other jurisdiction of              (I.R.S. Employer
        incorporation or organization)               Identification Number)

                         4000 Blue Ridge Road, Suite 100
                          Raleigh, North Carolina 27612
                     (Address of principal executive office)
                                   (Zip Code)

                                 (919) 781-1700
              (Registrant's telephone number, including area code)

   (Former name, former address and former fiscal year, if changed since last
                                    report)

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  __________________

                                        The Exhibit Index is located on Page 13.

                                       1
<PAGE>


                         PART I - FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
Item 1.           Financial Information

         a)       Income Statement


<TABLE>
<CAPTION>

                        STATEMENTS OF INCOME (Unaudited)

                                Three Months Ended                Six Months Ended
                                      June 30                          June 30

                                1999           1998               1999         1998

<S>                          <C>          <C>               <C>         <C>
Gain on sale of land         $       -0-   $      127,656    $     -0-   $      291,596

Extension fees                       -0-           54,840          -0-           77,606

Interest and other income         2,919            46,429      12,003            78,491
                            -----------   ---------------------------   ---------------
     Total Income                 2,919           228,925      12,003           447,693

General and
Administrative expenses          18,342            27,527      26,396            47,224
                            -----------   ---------------------------   ---------------


NET INCOME (LOSS)            $  (15,423)   $    201,398      $(14,393)   $      400,469
                            ===========   ===========================   ===============

Allocation of net income
(loss) to:
General Partner:
   From Gain on sale
     of land                 $       -0-   $        1,277    $     -0-   $        2,916
   From other operations           (875)              737        (865)            1,088
                            -----------   ---------------------------   ---------------
     Total to General
      Partner                      (875)            2,014        (865)            4,004
                            -----------   ---------------------------   ---------------
Limited Partners:
   From Gain on sale
     of land                         -0-          126,379          -0-          288,680
   From other operations        (14,548)           73,005     (13,528)          107,785
                            -----------   ---------------------------   ---------------
                                (14,548)          199,384     (13,528)          396,465
                            -----------   ---------------------------   ---------------

    TOTAL ALLOCATION         $  (15,423)   $      201,398    $(14,393)   $      400,469
                            ===========   ===========================   ===============

Net income (loss) per
limited partnership unit
(based on 5,900 weighted
average limited partnership
units outstanding):
         From Gain on sale
           of land          $       -0-   $        21.64    $     -0-   $        48.93
         From other
          operations              (2.61)            12.37       (2.44)            18.27
                            -----------   -------------- -------------   ---------------
            TOTAL PER UNIT   $    (2.61)   $        33.79    $  (2.44)   $        67.20
                            ===========   ===========================   ===============

=============================================================================================================================

See notes to unaudited financial statements.

                                       2
<PAGE>


         b)       Balance Sheets
                                 BALANCE SHEETS

                                              June 30, 1999            December 31,1998
                                               (Unaudited)


ASSETS
     Cash                                  $              81,832      $         110,033
     Short-term investments                              308,672                303,132
                                          -----------------------    ------------------
         CASH AND CASH EQUIVALENTS                       390,504                413,165

     Land held for investment--Note B                  3,594,592              3,594,592
     Other assets                                          5,084                  2,029
                                          -----------------------    ------------------
        TOTAL ASSETS                       $           3,990,180      $       4,009,786
                                          =======================    ==================


LIABILITIES AND PARTNERS' EQUITY

     Trade accounts payable and other
        accrued liabilities                $              20,298      $          14,637
     Distribution not claimed by
        limited partners                                 153,686                165,922
     Accounts payable-related party                        3,000                  1,639
                                          -----------------------    ------------------
       TOTAL LIABILITIES                   $             176,984      $         182,198
                                          -----------------------    ------------------

PARTNERS' EQUITY

     General partner's equity              $                  -0-     $             865

     Limited partners' equity; 5900
      units authorized, issued,
      and outstanding                                  3,813,196              3,826,723
                                          -----------------------    ------------------
       TOTAL PARTNERS' EQUITY              $           3,813,196      $       3,827,588
                                          -----------------------    ------------------

     TOTAL LIABILITIES
        AND PARTNERS' EQUITY               $           3,990,180      $       4,009,786
                                          =======================    ==================

See notes to unaudited financial statements.

                                      3

<PAGE>


         c)       Statements of Changes in Partners' Capital


              STATEMENTS OF CHANGES IN PARTNERS' EQUITY (Unaudited)

                         Limited                General                 Limited
                       Partnership             Partner's               Partners'
                         Units                  Equity                  Equity                     Total
                         -----                  ------                  ------                     -----
Balance at
   January 1, 1999           5,900          $          865     $         3,826,723     $           3,827,588


Net income for the
  Six months ended
  June 30, 1999                                       (865)                (13,527)                  (14,392)
                      --------------        ----------------   ---------------------   -----------------------


BALANCE AT
JUNE 30, 1999                5,900          $           -0-    $         3,813,196     $           3,813,196
                      ==============        ================   =====================   =======================

Balance at
   January 1, 1998           5,900          $        5,711     $         4,750,383     $           4,756,094


Net income for the
  six months ended
  June 30, 1998                                      4,004                 396,465                   400,469

Distributions for 1998
  General Partner
                                                    (8,626)                                           (8,626)
  Limited Partner
                                                                        (1,301,574)               (1,301,574)
                      --------------        ----------------   ---------------------   -----------------------

BALANCE AT
JUNE 30, 1998                5,900          $        1,697     $         4,334,947     $           4,336,644
                      ==============        ================   =====================   =======================

See notes to unaudited financial statements.

                                       4

<PAGE>


                  d)       Statements of Changes in Financial Position

                       STATEMENTS OF CASH FLOW (Unaudited)

                                                                  Six Months Ended
                                                                      June 30

                                                            1999                   1998

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                        $     (14,393)       $    400,469
Changes in assets and liabilities:
    Decrease in land held for investment                            -0-            255,980
    (Increase) decrease in other assets                         (3,054)              1,163
    Increase (decrease) in trade accounts payable
      and distributions not claimed by
      limited partners                                          (5,214)             12,198
                                                     ------------------    ---------------

     NET CASH PROVIDED (USED) BY
     OPERATING ACTIVITIES                                      (22,661)            669,810
                                                     ------------------    ---------------

CASH FLOW FROM FINANCING ACTIVITIES:
Distribution to General Partner                                     -0-            (8,626)
Distribution to Limited Partners                                    -0-        (1,301,574)
                                                     ------------------    ---------------

     NET CASH PROVIDED (USED) BY
     FINANCING ACTIVITIES                                           -0-        (1,310,200)
                                                     ------------------    ---------------

    INCREASE (DECREASE) IN CASH
    AND CASH EQUIVALENTS                                       (22,661)          (640,390)

Cash and cash equivalents at beginning
   Of period                                                   413,165           1,002,868
                                                     -----------------     ---------------

     CASH AND CASH EQUIVALENTS
     AT END OF PERIOD                                    $     390,504        $    362,478
                                                     =================      ==============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest during the three months
ended June 30 was $0 in 1999 and $0 in 1998.

See notes to unaudited financial statements.

</TABLE>



                                       5

<PAGE>



         e)       Notes to Financial Statements

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                                  June 30, 1999

NOTE A - SIGNIFICANT ACCOUNTING POLICIES AND PARTNERSHIP MATTERS

Carolina Investment Partners, Limited Partnership (the "Registrant"), was
organized in 1985 to invest in real property which it will sell or lease
undeveloped or develop into office or commercial projects. Walsmith Associates
Two, a North Carolina general partnership, is the general partner (the "General
Partner").

Basis of Presentation:

The accompanying June 30, 1999 financial statements of the Registrant are
unaudited. In the opinion of the General Partner, all adjustments (consisting of
normal accruals) considered necessary for a fair presentation have been
included. Operating results for the period presented are not necessarily
indicative of the results that may be expected for the entire year.

NOTE B - LAND HELD FOR INVESTMENT AND RELATED COMMITMENTS AND TRANSACTIONS

In July 1986, the Registrant purchased for $1,223,175 an undeveloped 16.3-acre
parcel of land in Cary, North Carolina, known as the Wellington Parcel, from
Wellington Park Associates ("WPA"), an affiliate of the General Partner. The
land was carried at the lower of (i) contract cost plus capitalized purchase and
closing costs or (ii) net realizable value. The contract under which the
Registrant purchased the parcel provides that WPA will share with the Registrant
in any profits resulting from the sale of the Wellington Parcel.

In June 1986 the Registrant purchased for approximately $3,080,200 an
undeveloped 26.7-acre parcel of land in Cary, North Carolina, known as the
Martin Parcel, from an affiliate of the General Partner. The land is carried at
the lower of (i) contract cost plus capitalized purchase and closing costs or
(ii) net realizable value.

In 1996, 1997 and 1998 the Registrant sold the Wellington Parcel to a third
party under the terms of an Agreement for the Purchase and Sale of Real Estate,
as amended ("the Agreement"), between the Registrant, Wellington Center
Associates LLC (successor to Churchill & Banks, Ltd.) ("WCA"), and ADA
Corporation of North Carolina ("ADA"), an affiliate of the Registrant's General
Partner. The total sales price for the property sold, a portion of which was
owned by ADA, was $3,927,636. This sales price was allocated among the
Registrant and ADA based upon acreage sold by each, with $3,730,963 to the
Registrant and $196,673 to ADA. As of April 9, 1998, all of the Wellington
Parcel was sold.

                                       6

<PAGE>


 Item 2. Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

The Registrant's operations resulted in net loss of $15,423 during the quarter
ended June 30, 1999 compared to a net income of $201,393 during the same period
of 1998 and a net loss of $14,393 during the six months ended June 30, 1999
compared to a net income of $400,469 during the same period of 1998. The primary
differences between 1999 and 1998 were:

       Three Months Ended June 30:
       ---------------------------

       o      In the second quarter of 1998, there was a gain of $127,656 from
              the sale of approximately .61 acres of the Registrant's Wellington
              Parcel and a late closing penalty of $54,840 and interest of
              $40,206. There was no sale in the second quarter of 1999.

       o      Expenses in 1998 included $4,300 for additional outside services.
              These fees were higher due to additional procedures required in
              relation to the land sale and distribution that occurred in 1998.

       Six Months Ended June 30:
       -------------------------

       o      In the six months ended June 30, 1998, there was a gain of
              $291,596 from the sale of the remainder of the Registrant's
              Wellington Parcel and a late closing penalty of $77,606 and
              interest of $66,167. There was no sale in the six months ended
              June 30, 1999.

       o      Expenses in 1999 attributable to property taxes decreased
              approximately $1,000. These taxes were lower due to the sales of
              land during 1998.

Changes in the Registrant's financial condition as of June 30, 1999, in
comparison to December 31, 1998, are primarily due to:

       o      Reclassification of checks that were classified as liabilities to
              the limited partners. These checks, totaling $12,236 as of June
              30, 1999, have reduced cash and accounts payable.

As of July 22, 1999, the Registrant has $391,157 in cash and short-term
investments, which is sufficient to meet its needs during the next year.

The Registrant maintains its excess funds in a money market account and
certificates of deposit at Triangle Bank. The General Partner believes these
accounts are an appropriate investment of the Registrant's funds. Until its
properties are sold, placed into development and/or refinanced, the Registrant
anticipates deficits from operations and administrative expenses.

                                       7

<PAGE>

YEAR 2000

The Registrant has assessed the potential impact of the Year 2000 issue on the
Registrant's operations. The Registrant believes that the Registrant does not
need to take any significant actions to address the Year 2000 issue and that the
impact of the Year 2000 issue will not materially affect the Registrant or the
Registrant's business, results of operations or financial condition. The
Registrant does not believe that the Year 2000 issue will materially affect the
Martin Parcel.

Due to the infrequent transfer of the Registrant's partnership interests and the
Registrant's use of paper records regarding the accounts of its partners (as a
supplement to the Registrant's computer systems), the Registrant does not
believe that the Year 2000 issue will materially affect the Registrant's
internal accounting or management systems. The Registrant will not make any
significant expenditures for computer equipment or software upgrades.

After brief discussion with Triangle Bank regarding the Year 2000 issue, the
Registrant does not believe that the Year 2000 issue will materially affect its
excess funds held at Triangle Bank. After brief discussions with the
Registrant's General Partner regarding the Year 2000 issue, the Registrant does
not believe that the Year 2000 issue will materially affect the General
Partner's ability to perform any of its duties in connection with the
Registrant. The Registrant does not believe that that Registrant is vulnerable
to any other third party failures to remedy their own Year 2000 issues.


CAUTIONARY STATEMENT IDENTIFYING IMPORTANT FACTORS THAT COULD CAUSE THE
REGISTRANT'S ACTUAL RESULTS TO DIFFER FROM THOSE PROJECTED IN FORWARD LOOKING
STATEMENTS.

         In connection with the "safe harbor" provisions of the Private
         Securities Litigation Reform Act of 1995, readers of this document, and
         any document incorporated by reference herein, are advised that this
         document and documents incorporated by reference into this document
         contain both statements of historical facts and forward looking
         statements. Forward looking statements are subject to certain risks and
         uncertainties, which could cause actual results to differ materially
         from those indicated by the forward looking statements. Examples of
         forward looking statements include, but are not limited to (i)
         projections of revenues, income or loss, earnings or loss per share,
         capital expenditures, dividends, capital structure and other financial
         items, (ii) statements of the plans and objectives of the Registrant or
         its management, including the introduction of new products, or
         estimates or predictions of actions by customers, suppliers,
         competitors or regulatory authorities, (iii) statements of future
         economic performance, and (iv) statements of assumptions underlying
         other statements and statements about the Registrant or its business.

         This document and any documents incorporated by reference herein also
         identify important factors which could cause actual results to differ
         materially from those indicated by the forward looking statements.
         These risks and uncertainties include uncertainties about whether real
         estate sales under contract will close, the ability of

                                       8

<PAGE>

         the Registrant to sell its other real estate assets, the price of real
         estate sales, environmental and similar liabilities, future operating
         expenses and the adequacy of capital resources to meet future operating
         expenses, which are described herein and/or in documents incorporated
         by reference herein.

         The cautionary statements made pursuant to the Private Litigation
         Securities Reform Act of 1995 above and elsewhere by the Registrant
         should not be construed as exhaustive or as any admission regarding the
         adequacy of disclosures made by the Registrant prior to the effective
         date of such Act. Forward looking statements are beyond the ability of
         the Registrant to control and in many cases the Registrant cannot
         predict what factors would cause actual results to differ materially
         from those indicated by the forward looking statements.

Item 3   Quantitative and Qualitative Disclosures About Market Risk
         ----------------------------------------------------------

         Not Applicable.

                                      9

<PAGE>
<TABLE>
<CAPTION>


Part II

Item 6.           Exhibits and Reports on Form 8-K
                  --------------------------------

<S>                             <C>           <C>
(a)                 Exhibit No. 3.1           Amended Agreement of Limited Partnership of
                                              the Registrant (incorporated by reference to Exhibit
                                              4.1 to the Registrant's Annual Report filed on Form
                                              10-K for the year ended December 31, 1986).

                    Exhibit No. 10.1          Purchase Agreement between Registrant and
                                              Walsmith Associates regarding the Martin Parcel
                                              (incorporated by reference to Exhibit 10.1 to the
                                              Registrant's Annual Report filed on Form 10-K for the
                                              year ended December 31, 1986).

                    Exhibit No. 10.2          Offer to Purchase and Contract for the Sale
                                              and Purchase of Real Estate, dated as of January 24,
                                              1986, between Wellington Park Associates and the
                                              Registrant (incorporated by reference to Exhibit 6A to
                                              the Registrant's Quarterly Report filed on Form 10-Q
                                              for the period ended June 30, 1989).

                    Exhibit No. 10.3          Agreement between the North Carolina
                                              Department of Transportation and Walsmith Associates
                                              (incorporated by reference to Exhibit 10.3 to the
                                              Registrant's Annual Report on Form 10-K for the year
                                              ended December 31, 1986).

                    Exhibit No. 10.4          Assignment and Assumption Agreement between
                                              the Registrant and Walsmith Associates (incorporated
                                              by reference to Exhibit 10.4 to the Registrant's
                                              Annual Report on Form 10-K for the year ended December
                                              31, 1986).


                    Exhibit No. 10.5          Amendment to Offer to Purchase and Contract
                                              for the Sale and Purchase of Real Estate, dated as of
                                              February 1, 1990, between Wellington Park Associates
                                              and the Registrant (incorporated by reference to
                                              Exhibit 10.6 to the Registrant's Annual Report filed
                                              on Form 10-K for the period ended December 31, 1989).

                    Exhibit No. 10.6          Agreement for the Purchase and Sale of Real
                                              Estate, dated as of April 20, 1995, between Churchill
                                              & Banks, Ltd., ADA Corporation of


                                       10
<PAGE>


                                              North Carolina, and the Registrant ( incorporated by
                                              reference to Exhibit C to the Registrant's Current
                                              Report filed on Form 8-K, dated April 20, 1995).

                    Exhibit No. 10.7          First Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of August
                                              9, 1995, between Churchill & Banks, Ltd., ADA
                                              Corporation of North Carolina, and the Registrant
                                              (incorporated by reference to Exhibit C to the
                                              Registrant's Current Report filed on Form 8-K, dated
                                              August 9, 1995).

                    Exhibit No. 10.8          Second Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of April
                                              19, 1996, between Churchill & Banks, Ltd., ADA
                                              Corporation of North Carolina, and the Registrant
                                              (incorporated by reference to Exhibit 28.5 to the
                                              Registrant's Quarterly Report filed on Form 10-Q for
                                              the period ended March 31, 1996).

                    Exhibit  No.  10.9        Third Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of
                                              September 10, 1996, between Churchill & Banks, Ltd.,
                                              ADA Corporation of North Carolina, and the Registrant
                                              (incorporated by reference to Exhibit 10.1 to the
                                              Registrant's Current Report filed on Form 8-K, dated
                                              September 25, 1996).


                    Exhibit No. 10.10         Fourth Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of
                                              September __, 1996, between Churchill & Banks, Ltd.,
                                              ADA Corporation of North Carolina, and the Registrant
                                              (incorporated by reference to Exhibit 10.2 to the
                                              Registrant's Current Report filed on Form 8-K, dated
                                              September 25, 1996).

                    Exhibit No. 10.11         Fifth Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of
                                              September 27, 1996, between Wellington Center
                                              Associates, LLC, ADA Corporation of North Carolina,
                                              and the Registrant (incorporated by reference to
                                              Exhibit 10.3 to the Registrant's  Current Report filed
                                              on Form 8-K, dated September 25, 1996).


                                       11

<PAGE>


                    Exhibit No. 10.12         Sixth Amendment to the Agreement for the
                                              Purchase and Sale of Real Estate, dated as of
                                              September 12, 1997, between Wellington Center
                                              Associates, LLC, ADA Corporation of North Carolina,
                                              and the Registrant (incorporated by reference to
                                              Exhibit 10.12 to the Registrant's Quarterly Report on
                                              Form 10-Q, dated September 30, 1997).

                    Exhibit No. 10.13         Letter Agreement to amend the Agreement for
                                              the Purchase and Sale of Real Estate, dated December
                                              12, 1997 between Churchill & Banks, Ltd., ADA
                                              Corporation of North Carolina, and the Registrant
                                              (incorporated by reference to Exhibit 10.13 to the
                                              Registrant's Quarterly Report filed on Form 10-Q for
                                              the period ended March 31, 1998).

                    Exhibit No. 10.14         Eight Amendment to the Agreement for the Purchase and
                                              Sale of Real Estate, dated March 24, 1998 between
                                              Churchill & Banks, Ltd., ADA Corporation of North
                                              Carolina, and the Registrant (incorporated by Reference
                                              to Exhibit 10.14 to the Registrant's Quarterly Report
                                              filed on Form 10-Q for the period ended March 31,
                                              1998).
</TABLE>



                   Exhibit No. 27            Financial Data Schedule

  (b)              Reports on Form 8-K.  None

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused the report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                            CAROLINA INVESTMENT PARTNERS
                                            LIMITED PARTNERSHIP (Registrant)

                                            BY:  WALSMITH ASSOCIATES TWO,
                                                       General Partner


                                            By: /s/ Alton L. Smith III
                                                -------------------------------
                                            Alton L. Smith III, General Partner

Date:  August 12, 1999


                                       12
<PAGE>

<TABLE>
<CAPTION>


                                                       INDEX
                                                    TO EXHIBITS

       Exhibit No.                          Description                                   Page
 <S>                                       <C>                                         <C>
                3.1                         Amended Agreement of Limited
                                            Partnership of the Registrant
                                            (incorporated by reference to
                                            Exhibit 4.1 to the Registrant's
                                            Annual Report filed on Form 10-K for
                                            the year ended December 31, 1986).

                10.1                        Purchase Agreement between
                                            Registrant and Walsmith Associates
                                            regarding the Martin Parcel
                                            (incorporated by reference to
                                            Exhibit 10.1 to the Registrant's
                                            Annual Report filed on Form 10-K for
                                            the year ended December 31, 1986).

                10.2                        Offer to Purchase and Contract for
                                            the Sale and Purchase of Real
                                            Estate, dated as of January 24,
                                            1986, between Wellington Park
                                            Associates and the Registrant
                                            (incorporated by reference to
                                            Exhibit 6A to the Registrant's
                                            Quarterly Report filed on Form 10-Q
                                            for the period ended June 30, 1989).

                10.3                        Agreement between the North Carolina
                                            Department of Transportation and
                                            Walsmith Associates (incorporated by
                                            reference to Exhibit 10.3 to the
                                            Registrant's Annual Report on Form
                                            10-K for the year ended December 31,
                                            1986).

                10.4                        Assignment and Assumption Agreement
                                            between the Registrant and Walsmith
                                            Associates (incorporated by
                                            reference to Exhibit 10.4 to the
                                            Registrant's Annual Report on Form
                                            10-K for the year ended December 31,
                                            1986).

                                       13
<PAGE>



                10.5                        Amendment to Offer to Purchase and
                                            Contract for the Sale and Purchase
                                            of Real Estate, dated as of February
                                            1, 1990, between Wellington Park
                                            Associates and the Registrant
                                            (incorporated by reference to
                                            Exhibit 10.6 to the Registrant's
                                            Annual Report filed on Form 10-K for
                                            the period ended December 31, 1989).

                10.6                        Agreement for the Purchase and Sale
                                            of Real Estate, dated as of April
                                            20, 1995, between Churchill & Banks,
                                            Ltd., ADA Corporation of North
                                            Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit C to the Registrant's
                                            Current Report filed on Form 8-K,
                                            dated April 20, 1995).

                10.7                        First Amendment to the Agreement for
                                            the Purchase and Sale of Real
                                            Estate, dated as of August 9, 1995,
                                            between Churchill & Banks, Ltd., ADA
                                            Corporation of North Carolina, and
                                            the Registrant (incorporated by
                                            reference to Exhibit C to the
                                            Registrant's Current Report filed on
                                            Form 8-K, dated August 9, 1995).

                10.8                        Second Amendment to the Agreement
                                            for the Purchase and Sale of Real
                                            Estate, dated as of April 19, 1996,
                                            between Churchill & Banks, Ltd., ADA
                                            Corporation of North Carolina, and
                                            the Registrant (incorporated by
                                            reference to Exhibit 28.5 to the
                                            Registrant's Quarterly Report filed
                                            on Form 10-Q for the period ended
                                            June 30, 1996).

                10.9                        Third Amendment to the Agreement for
                                            the Purchase and Sale of Real
                                            Estate, dated as of September 10,
                                            1996, between Churchill & Banks,
                                            Ltd., ADA Corporation of North
                                            Carolina, and the Registrant

                                       14

<PAGE>
                                            (incorporated by reference to
                                            Exhibit 10.1 to the Registrant's
                                            Current Report filed on Form 8-K,
                                            dated September 25, 1996).


                10.10                       Fourth Amendment to the Agreement
                                            for the Purchase and Sale of Real
                                            Estate, dated as of September __,
                                            1996, between Churchill & Banks,
                                            Ltd., ADA Corporation of North
                                            Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit 10.2 to the Registrant's
                                            Current Report filed on Form 8-K,
                                            dated September 25, 1996).

                10.11                       Fifth Amendment to the Agreement for
                                            the Purchase and Sale of Real
                                            Estate, dated as of September 27,
                                            1996, between Wellington Center
                                            Associates, LLC, ADA Corporation of
                                            North Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit 10.3 to the Registrant's
                                            Current Report filed on Form 8-K,
                                            dated September 25, 1996).

                10.12                       Sixth Amendment to the Agreement for
                                            the Purchase and Sale of Real
                                            Estate, dated as of September 12,
                                            1997, between Wellington Center
                                            Associates, LLC, ADA Corporation of
                                            North Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit 10.12 to the Registrant's
                                            Quarterly Report filed on Form 10-Q
                                            for the period ended September 30,
                                            1997).


               10.13                        Letter Agreement to amend the
                                            Agreement for the Purchase and Sale
                                            of Real Estate, dated as of
                                            December 12, 1997, between Churchill
                                            & Banks, Ltd., ADA Corporation of
                                            North Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit

                                       15

<PAGE>
                                            10.13 to the Registrant's Quarterly
                                            Report filed on Form 10-Q for the
                                            period ended March 31, 1998).


                10.14                       Eight Amendment to the Agreement for
                                            the Purchase and Sale of Real
                                            Estate, dated as of March 24, 1998
                                            between Wellington Center
                                            Associates, LLC, ADA Corporation of
                                            North Carolina, and the Registrant
                                            (incorporated by reference to
                                            Exhibit 10.14 to the Registrant's
                                            Quarterly Report filed on Form 10-Q
                                            for the period ended March 31,
                                            1998).

                  27                        Financial Data Schedule



                                       16
</TABLE>

<TABLE> <S> <C>

<ARTICLE> 5

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                         390,504
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               390,504
<PP&E>                                       3,594,592
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,990,180
<CURRENT-LIABILITIES>                          176,984
<BONDS>                                              0
                                0
                                          0
<COMMON>                                             0
<OTHER-SE>                                   3,813,196
<TOTAL-LIABILITY-AND-EQUITY>                 3,990,180
<SALES>                                              0
<TOTAL-REVENUES>                                12,003
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                26,396
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (14,393)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (14,393)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (14,393)
<EPS-BASIC>                                        0<F1>
<EPS-DILUTED>                                        0

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EPS-BASIC
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