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 June 30, 1994
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: 0-18148
DEAN WITTER REALTY YIELD PLUS, L.P.
(Exact name of registrant as specified in governing instrument)
Delaware 13-3426531
(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 YIELD PLUS, L.P.
Consolidated Balance Sheets
<CAPTION>
June 30,
1994 December 31,
(Unaudited) 1993
ASSETS
<S> <C> <C>
Real estate, at cost:
Land $ 32,808,912 $ 28,423,820
Buildings and improvements 145,100,677 122,181,781
177,909,589 150,605,601
Accumulated depreciation 9,933,084 7,953,483
167,976,505 142,652,118
Investments in participating mortgage
and other secured loans, net of allowance
of $12,858,595 at June 30, 1994 and
$17,523,066 at December 31, 1993 19,977,608 19,977,608
Cash and short-term investments, at cost
which approximates market 5,928,078 4,859,851
Cash in escrow 5,000,000 5,000,000
Deferred expenses, net 1,343,965 1,274,326
Other assets 1,203,139 2,083,466
$201,429,295 $175,847,369
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 70,688,973 $ 45,144,566
Accounts payable and other liabilities 3,529,401 4,357,759
Due to affiliates 1,741,691 1,971,435
Loan payable to bank 894,596 1,062,333
Minority interest 20,030,429 19,491,926
96,885,090 72,028,019
Partners' capital (deficiency):
General partners (5,413,517) (5,486,003)
Limited partners ($20 per Unit,
8,909,969 Units issued) 109,957,722 109,305,353
Total partners' capital 104,544,205 103,819,350
<FN>
$201,429,295 $175,847,369
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
Three and six months ended June 30, 1994 and 1993
(Unaudited)
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Revenues:
Rental $6,219,415 $3,622,885 $11,860,323 $7,076,369
Interest on participating
mortgage loan 652,451 806,855 1,290,660 1,591,092
Interest on short-term investments 76,162 60,027 144,881 93,377
Other 241,948 99,392 620,900 478,784
7,189,976 4,589,159 13,916,764 9,239,622
Expenses:
Property operating 2,336,911 1,667,205 4,720,442 3,140,984
Interest 1,455,492 42,816 2,373,357 79,488
Depreciation 1,056,246 795,291 1,979,601 1,587,999
Amortization 63,880 82,369 131,112 128,889
General and administrative 322,470 325,693 604,143 751,785
5,234,999 2,913,374 9,808,655 5,689,145
Income before minority interests 1,954,977 1,675,785 4,108,109 3,550,477
Minority interests 161,103 303,988 413,266 627,977
Net income $ 1,793,874 $1,371,797 $3,694,843 $2,922,500
Net income per Unit of limited
partnership interest $.18 $.14 $.37 $.30
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statement of Changes in Partners' Capital
Six months ended June 30, 1994
(Unaudited)
<CAPTION>
Limited General
Partners Partners Total
<S> <C> <C> <C>
Partners' capital (deficiency)
at January 1, 1994 $109,305,353 $ (5,486,003) $103,819,350
Net income 3,325,359 369,484 3,694,843
Cash distributions (2,672,990) (296,998) (2,969,988)
Partners' capital (deficiency)
at June 30, 1994 $109,957,722 $(5,413,517) $104,544,205
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statements of Cash Flows
Six months ended June 30, 1994 and 1993
(Unaudited)
<CAPTION>
1994 1993
<S> <C> <C>
Cash flows from operating activities:
Net income $ 3,694,843 $ 2,922,500
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 2,110,713 1,716,888
Minority interest in earnings of
consolidated partnership 413,266 627,977
Deferred expenses (200,751) (177,891)
Decrease (increase) in other assets 975,868 (324,452)
(Decrease) increase in accounts payable
and other liabilities (1,311,188) 226,102
(Decrease) increase in due to affiliates (229,744) 171,110
Net cash provided by operating activities 5,453,007 5,162,234
Cash flows from investing activities:
Contributions by minority interest
to consolidated partnership 730,965 -
Minority interest in distributions from
consolidated partnership (605,728) (703,948)
Investments in participating mortgage loans - (700,909)
Additions to real estate (1,572,042) (98,773)
Net cash used in investing activities (1,446,805) (1,503,630)
Cash flows from financing activities:
(Repayments) proceeds from bank loan (167,737) 1,062,333
Cash distributions (2,969,988) (2,969,988)
Repayments of mortgage notes (53,910) -
Cash received from acquisition of partnerships 253,660 -
Net cash used in financing activities (2,937,975) (1,907,655)
Increase in cash and short-term investments 1,068,227 1,750,949
Cash and short-term investments at
beginning of period 4,859,851 626,920
Cash and short-term investments at
end of period $ 5,928,078 $ 2,377,869
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,669,699 $ 28,410
<FN>
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statements of Cash Flows
Six months ended June 30, 1994 and 1993
(Unaudited) Cont'd
<CAPTION>
1994 1993
<S> <C> <C>
Supplemental disclosure of non-cash investing activities:
Assets acquired and liabilities assumed on receipt
of partnership interests in lieu of foreclosure of
secured loan:
Real estate $(25,731,946) $ -
Other assets $ (95,541) $ -
Mortgage notes $ 25,598,317 $ -
Accounts payable and accrued liabilities $ 482,830 $ -
<FN>
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P
Notes to Consolidated Financial Statements
(Unaudited)
1. The Partnership
Dean Witter Realty Yield Plus, L.P. (the "Partnership") is a limited
partnership organized under the laws of the State of Delaware in 1987.
The Managing General Partner of the Partnership is Dean Witter Realty
Yield Plus Inc., which is wholly-owned by Dean Witter Realty Inc.
("Realty").
The financial statements include the accounts of the Partnership, DW
Columbia Gateway Associates, DW Michelson Associates, DW Lakeshore
Associates (formerly Lakeshore Ontario Associates), Deptford Crossing
Associates (effective July 16, 1993), Hampton Crossing Associates
(effective September 7, 1993), and DW Community Centers Limited
Partnership and DW Maplewood Inc. (effective April 4, 1994) on a
consolidated basis. All significant intercompany accounts and
transactions have been eliminated.
The Partnership's records are maintained on the accrual basis of
accounting for financial reporting and tax reporting purposes.
Real estate acquired in settlement of loans is recorded at the lower
of the book value of the investment or estimated fair value at the date
of foreclosure or in-substance foreclosure. The Partnership
periodically evaluates the recoverability of the net carrying value of
its real estate and investments in participating mortgages and other
secured loans. The evaluation is based on a review of expected future
cash flows, determination of the Partnership's expected holding period
of these assets, the financial condition of guarantors, if any, and
other factors.
The net income per Unit amounts are calculated by dividing net income
allocated to 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, reflect all adjustments necessary to
present fairly the results for the interim periods.
2. Investments in Real Estate
401 East Ontario Street, Chicago, Illinois
The Partnership had funded an approximately $47,000,000 leasehold
mortgage loan, land purchase and participating land lease for 401 East
Ontario Street, a high rise luxury apartment building. The
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
(Unaudited)
property was developed and owned by Lakeshore Ontario Associates, a
50/50 joint venture between a Chicago developer ("Chicago Developer")
and an entity comprised of former and current Realty employees, several
of whom are former or current officers of the Managing General Partner.
The Partnership received a completion guaranty and a $6,000,000
operating deficits guaranty from the borrower land/lessee. One half
of these guarantees was the obligation of Realty and the other half was
the obligation of the principals of the Chicago Developer. Realty
funded all of the additional construction costs paid to date
(approximately $2,300,000) and has fully funded its obligation under
the operating deficits guaranty of $4,509,212 as of December 31, 1993.
During the first quarter of 1993, Realty paid the Partnership $379,392
pursuant to its guaranty obligations.
Beginning in March 1992, the Chicago Developer failed to fund deficits
it guaranteed, plus accrued interest on the unpaid balance which was
reserved in full. This resulted in a default on its loan. For
financial reporting purposes, the Partnership placed this loan on non-
accrual status in July 1992. As of December 31, 1992, the Partnership
accounted for this loan as if the property were foreclosed upon, wrote
down the loan to its estimated fair value, and reclassified the loan
to real estate.
In January 1994, the borrower transferred to the Partnership the ground
lease and ownership of the improvements by deed-in-lieu of foreclosure
In addition, the Chicago Developer paid the Partnership $350,000 in
exchange for the Partnership's release of the principals of the Chicago
Developer from any continuing liability under their deficit guaranty.
Deptford Crossing, Deptford, New Jersey
In March 1991, the Partnership made a $7.5 million participating loan
secured by partnership interests on Deptford Crossing, a community
shopping center. However, the borrower of the project failed to make
the required debt service payments to the Partnership since May 1992.
As of December 31, 1992, the Partnership accounted for this loan as if
the property was foreclosed upon, wrote down the loan to its estimated
fair value, and reclassified the loan to real estate.
In July 1993, the interests in the owner of the Deptford Crossing
project were transferred to the Partnership in lieu of foreclosure.
The Partnership provided a $5.4 million letter of credit, secured by
the Partnership's cash reserves, to the first mortgage lender to secure
repayment. During the third quarter of 1993, the bank allowed the
Partnership to use $400,000 of its cash reserves for tenant
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
(Unaudited)
improvements at the property. At the same time, the bank reduced the
letter of credit from $5.4 million to $5 million. The letter of
credit will be reduced further to $3 million if the property
achieves a debt service coverage ratio of 125% on the first mortgage
for twelve consecutive months.
Hampton Village Centre, Rochester Hills, Michigan
The Partnership's borrower had obtained a first mortgage loan of
$29,000,000, secured by Phase I of the property, from a major insurance
company.
In addition, the Partnership made the following loans to Hampton
Village Centre: a) a $3,000,000 second mortgage loan, secured by Phases
I, II and III of the center, b) an $8,000,000 construction loan secured
by a mortgage on Phases II and III of the center, and c) a $2,318,523
construction loan secured by a junior mortgage on Phases II and III of
the center. In addition to its right to repayment of these loans, the
Partnership was also entitled to a 50% participation in the property's
excess cash flow and appreciation over $40,000,000.
Debt service payments on the first mortgage loan and the Partnership's
$3,000,000 second mortgage loan were current. However, the
Partnership's other two loans were in default and were placed on non-
accrual status in 1992.
During the first quarter of 1993, the Partnership accelerated all of
its loans and instituted foreclosure proceedings. In September 1993,
the Partnership indirectly acquired one-half of the partnership
interests of Hampton Crossing Associates, the owner of Hampton Village
Centre, thereby obtaining effective control of the center, and began
accounting for the loans as if the property were owned, by
reclassifying the loans to real estate and recording the $29,000,000
first mortgage loan. During the first quarter of 1994, the Partnership
indirectly acquired all of the partnership interests of Hampton
Crossing Associates not previously owned by it.
Contractors who worked on the property have brought claims of about
$2,000,000 against the borrower and have filed liens against the
property; the Partnership is contesting these claims and expects to
settle them for less than their face amounts.
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
(Unaudited)
Shopping Centers Investments, Michigan, Ohio, and Tennessee
In 1990, the Partnership loaned $6,000,000 to the partners of the
developer of eleven community shopping centers and the Hampton Crossing
and Deptford Crossing properties. The loan was secured by interests
in eleven partnerships which owned the eleven community shopping
centers, and was due in August 1991. During the second quarter of
1991, through the sale of three of the shopping centers, the
Partnership received a payment of $1,588,000, but received no further
payments. The Partnership stopped accruing interest on the loan in
August 1991, and established an allowance of $4,664,471 against it at
December 31, 1992.
In the first quarter of 1993, the Partnership instituted legal
proceedings to collect on the note and to foreclose on the remaining
collateral partnership interests. The properties owned by the
partnerships in which the Partnership had a collateral interest were
all encumbered by mortgages; during the first six months of 1994, the
mortgagees foreclosed on four of the properties.
In April 1994, the Partnership obtained sole control of the
partnerships which own three of the remaining community shopping
centers (aggregating 321,000 square feet) and joint control of the
partnership which owns the fourth (84,000 square feet). At that date,
the Partnership consolidated the partnerships and recorded their assets
and liabilities at estimated fair values.
The mortgage notes payable on the acquired shopping centers were as
follows at June 30, 1994:
Mortgage note secured by Midway Crossing $8,316,267
Shopping Center: interest at 9.5%; matures
October 1, 1997; principal and interest of
$74,114 payable monthly through maturity.
Mortgage note secured by an outparcel at the 438,431
Midway Crossing Shopping Center: interest
at 10.5%; matures October 1, 1997; principal and
interest of $4,160 payable monthly through maturity.
Mortgage notes secured by Genesee Crossing Shopping 8,590,000
Center: interest-only payable monthly at 9.375%; mature
May 15, 1997.
Mortgage note secured by Farmington Crossroads 4,103,619
Shopping Center: interest at 7.875%; matures September
1, 1999; principal and interest of $32,338 is payable
monthly through maturity.
Mortgage note secured by Hickory Ridge 4,150,000
Crossing Shopping Center: interest accrues
at 12.375% per annum and interest-only is
payable monthly at 10 1/2% per annum through
maturity; matured June 30, 1994.
$25,598,317
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
(Unaudited)
The mortgage loan on the Hickory Ridge Crossing shopping center, which
matured on June 30, 1994, was not repaid and is therefore in default.
The Partnership expects that the property will be lost through
foreclosure during the third quarter of 1994. The loss of this
property is not expected to result in a material negative impact to the
Partnership. The other three shopping centers are expected to generate
positive cash flow from operations.
3. Investment in Participating Mortgage Loan
One Congress Street, Boston, Massachusetts
The property consists of a nine-story parking garage, two office levels
above the garage, and ground level retail space. The Partnership has
funded approximately $32,876,000 of its $34,350,000 commitment. Base
interest is payable currently at 8%.
The garage is fully leased under an agreement which expires in 2003. The
retail space is approximately 61% occupied. The office space is 100%
leased to a federal agency, the General Services Administration ("GSA")
under a lease that is cancellable by the GSA in 1995 and terminates in
1997. Not later than August 1994, the GSA will be entitled to free rent
for five months in connection with GSA's financing of tenant improvements
for its premises, which might adversely affect the borrower's ability to
pay debt service on the Partnership's loan. The borrower has made a claim
against GSA of approximately $3.3 million for the costs incurred in
connection with the GSA tenant improvements. This amount, if collected,
would be sufficient to pay debt service on the Partnership's loan, as well
as projected operating costs, during the free rent period. GSA has
responded to the borrower's claim by disputing the amount claimed in
connection with the tenant improvements. The borrower and GSA are
continuing negotiations to resolve this matter.
4. Related Party Transactions
An affiliate of Realty provided property management services for four
properties for the six months ended June 30, 1994 and 1993 (five
properties for the three months ended June 30, 1994). The Partnership
paid the affiliate management fees of $163,795 and $71,566 for the six
months ended June 30, 1994 and 1993, respectively.
An affiliate of Realty performs administrative functions, processes
certain investor transactions and prepares tax information for the
Partnership. For the six months ended June 30, 1994 and 1993, the
Partnership incurred approximately $219,000 each period for these
services.
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
(Unaudited)
The Partnership borrowed funds from an affiliate of Realty. Interest
expense, which was calculated at the prime rate, amounted to $56,016
and $51,078 for the six months ended June 30, 1994 and 1993,
respectively. As of June 30, 1994 and 1993, the amounts due to the
affiliate were $1,714,519 and $1,123,105, respectively.
5. Subsequent Event
On July 28, 1994, the Partnership paid a cash distribution of $.15 per
Unit to Limited Partners. The cash distribution aggregated $1,484,994
with $1,336,495 distributed to Limited Partners and $148,499
distributed to the General Partners.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
The Partnership raised $178,199,380 through a public offering which
terminated in 1987. The Partnership has no plans to raise additional
capital.
The Partnership has committed the proceeds raised in the offering to seven
investments.
Most real estate markets are stabilizing or gradually improving. No dramatic
turnarounds are forecast for the second half of 1994. Continued absence of
significant construction activity is the primary reason for market
improvement. Retail markets have been favorably affected by consumption
growth. Office properties are still not in demand but the suburban office
market appears to be strengthening as prices are well below replacement
costs.
Real estate markets are generally divided into sub-markets by geographic
locations and property type. Not all sub-markets have been affected equally
by the above factors.
The Partnership's original investments were mortgage loans or land leases,
which provided for a fixed current return and participation in the long-term
appreciation and/or revenue from operation of the properties involved in such
investments. Due to the weakness in real estate markets, most of the
properties did not generate sufficient cash flow to fully service their debt.
As a result, through June 30, 1994, the Partnership acquired, through
foreclosure, or through transfers of ownership interests in lieu of
foreclosure, all but one of the properties in which it originally invested.
The resulting foreclosures have effectively changed the Partnership from a
participating lender to an equity owner of real estate. While the benefits
to Limited Partners were expected to come from interest and a participation
in the increases in cash flow and appreciation of the properties, after
foreclosure, the Partnership receives all cash flow from the properties,
which is currently less than the interest that was required to have been paid
on the debt. In addition, the Partnership will now be required to expend
funds for tenant improvements and leasing commissions in connection with the
leasing of vacant space as is customary in most real estate markets.
During the first six months of 1994, Partnership cash flow from operations
exceeded distributions to investors and capital expenditures. The
Partnership expects that such cash flows for the remainder of 1994 will be
sufficient to fully fund capital expenditures and cash distributions.
During the first two quarters of 1994, the Partnership incurred approximately
$1.5 million for tenant improvements, leasing commissions and building
improvements at 2600 Michelson Drive. The minority interest contributed
approximately $730,000 for its share of these improvements.
In January 1993, the Partnership established a $3 million secured line of
credit with a bank, against which it has borrowed $894,596 and $1,062,333 as
at June 30, 1994 and 1993, respectively. Borrowings bear interest, payable
monthly, at the prime rate plus three quarters percent, and are repayable in
nineteen consecutive payments beginning March 30, 1994. The prime rate at
June 30, 1994 was 7.25%.
On July 28, 1994, the Partnership paid a cash distribution of $.15 per Unit
to Limited Partners. Total cash distributed was $1,484,994 with $1,336,495
distributed to Limited Partners and $148,499 to the General Partners.
Operations
Fluctuations in the Partnership's operating results for the three and six-
month periods ended June 30, 1994 compared to the comparable periods in 1993
are primarily attributable to the following:
The increases in rental income, property operating expenses and depreciation
primarily result from recording property operations for Deptford Crossing
beginning in July 1993, Hampton Village Centre beginning in September 1993
and the community shopping centers beginning in April 1994, due to the
reclassification of these investments to real estate from investments in
participating mortgage loans and other secured loans.
The decreases in interest income from participating mortgage loans and other
secured loans primarily result from reclassifying Hampton Village Center to
real estate from investments in participating mortgage loans.
The increase in other income primarily represents cash received in the second
quarter of 1994 from the partnerships which owned four community shopping
centers that were foreclosed upon by their respective first mortgage lenders.
The increases in interest expense represent interest on the Hampton Village
Centre, Deptford Crossing and community shopping centers first mortgage loans
which the Partnership began to record when it obtained ownership of these
properties.
The decreases in general and administrative expense primarily result from
decreased legal fees incurred in connection with foreclosures and
restructurings.
The decreases in minority interest result from lower rental income as a
result of lower rents in 1994 as compared to 1993 at 2600 Michelson Drive.
A summary of the office, retail, residential and research and development
building markets where the Partnership's properties are located and the
performance of each property is as follows:
Greenway Pointe, located in Columbia, Maryland has been affected by an
oversupply of research and development buildings in its market area. Current
vacancy levelsin the Columbia research and development market are approximately
18%. During the second quarter of 1994, occupancy at the property remained at
approximately 82%.
401 East Ontario Street is located in an improved residential sub-market in
Chicago, Illinois due to no new construction since 1991 and recent condo
conversions of competing area properties. The market vacancy rate is
approximately 5%. During the second quarter of 1994, occupancy at the
property increased to 92% from 89%.
The office market in Irvine, California, the location of 2600 Michelson Drive
is very weak due to the economic downturn in the aerospace, defense, and
construction industries. This results in higher vacancy rates and lower
rental rates when space is leased to new tenants or re-leased to existing
tenants. During the second quarter of 1994, occupancy at the property
decreased to 84% from 89%.
Deptford Crossing located in Deptford, New Jersey has been affected by a
combination of the recession in real estate and retailer reluctance to
expand, which has exerted downward pressure on rents and has made further
leasing difficult. Occupancy at the property remained at 83% during the
second quarter of 1994. In contrast, Rochester Hills, Michigan, the location
of Hampton Village Centre, has remained a relatively stable and strong retail
market. Occupancy at the property decreased slightly from 96% to 94% during
the second quarter of 1994.
The office space at One Congress Street located in Boston, Massachusetts has
not been affected by the weakness in the Boston economy. However, the GSA
lease is cancellable in 1995 and terminates in 1997. Additionally, the
retail space, which is a small portion of the property, has been difficult
to lease-up due to reduced demand for retail space. During the second
quarter of 1994, the occupancy at the office space and garage space remained
at 100%. However, occupancy at the retail space increased to 61% from 49%.
Flint, Michigan, the location of the Genesee Crossing Shopping Center
(acquired in the second quarter of 1994), is an active retail market with a
relatively low vacancy rate. As of June 30, 1994, the property was 99%
leased.
Memphis, Tennessee, the location of the Hickory Ridge Crossing shopping
center (acquired in the second quarter of 1994) is a stable retail market
with little new construction. As of June 30, 1994, occupancy at the property
was 93%.
Elyria, Ohio, the location of the Midway Crossing shopping center (acquired
in the second quarter of 1994) is a relatively stable retail market, with
little vacancy in the vicinity. The property is located across the street
from a successful regional mall. As of June 30, 1994, the property was 100%
leased.
Farmington Crossroads shopping center (acquired in the second quarter of
1994) is located in the affluent suburban community of Farmington, Michigan.
Farmington's retail market has a relatively low vacancy rate. As of June 30,
1994, occupancy at the property was 93%.
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>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings - not applicable.
Item 2. Changes in Securities - not applicable.
Item 3. Defaults upon Senior Securities - not applicable.
Item 4. Submission of Matters to a Vote of Security Holders -
not applicable.
Item 5. Other Information - not applicable.
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits - not applicable
b) Reports on Form 8-K - Report dated May 10, 1994 of the
valuation per Unit of Limited Partnership Interest at
December 31, 1993.<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 YIELD PLUS, L.P.
By: Dean Witter Realty Yield Plus Inc.
Managing General Partner
Date: August 15, 1994 By: /s/E. Davisson Hardman, Jr.
E. Davisson Hardman, Jr.
President
Date: August 15, 1994 By: /s/Lawrence Volpe
Lawrence Volpe
Controller
(Principal Financial and
Accounting Officer)
