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 September 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
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<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Balance Sheets
<CAPTION>
September 30,
1994 December 31,
(Unaudited) 1993
ASSETS
<S> <C> <C>
Real estate, at cost:
Land $ 31,771,412 $ 28,423,820
Buildings and improvements 142,308,662 122,181,781
174,080,074 150,605,601
Accumulated depreciation 11,024,985 7,953,483
163,055,089 142,652,118
Investments in participating mortgage
and other secured loans, net of allowance
of $12,858,595 at September 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 6,904,384 4,859,851
Cash in escrow 5,000,000 5,000,000
Deferred expenses, net 1,473,604 1,274,326
Other assets 1,348,229 2,083,466
$197,758,914 $175,847,369
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 57,771,617 $ 45,144,566
Accounts payable and other liabilities 3,509,746 4,357,759
Due to affiliates 1,749,313 1,971,435
Loans payable to bank 9,338,174 1,062,333
Minority interests 19,821,340 19,491,926
92,190,190 72,028,019
Partners' capital (deficiency):
General partners (5,311,064) (5,486,003)
Limited partners ($20 per Unit,
8,909,969 Units issued) 110,879,788 109,305,353
Total partners' capital 105,568,724 103,819,350
$197,758,914 $175,847,369
See accompanying notes to consolidated financial statements.
</TABLE>
[FN]<PAGE>
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<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
Three and nine months ended September 30, 1994 and 1993
(Unaudited)
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Revenues:
Rental $6,850,095 $4,718,016 $18,710,418 $11,794,385
Interest on participating
mortgage loan 652,331 803,061 1,942,991 2,394,153
Interest on short-term investments 107,717 50,939 252,598 144,316
Other 190,248 505,364 811,148 984,148
7,800,391 6,077,380 21,717,155 15,317,002
Expenses:
Property operating 2,678,905 2,142,434 7,399,347 5,283,418
Interest 1,485,713 391,034 3,859,070 470,522
Depreciation 1,091,901 931,062 3,071,502 2,519,061
Amortization 190,722 66,295 321,834 195,184
General and administrative 283,929 359,492 888,072 1,111,277
5,731,170 3,890,317 15,539,825 9,579,462
Income before minority interests 2,069,221 2,187,063 6,177,330 5,737,540
Minority interests 186,083 347,305 599,349 975,282
Income before gain on refinancing
of debt 1,883,138 1,839,758 5,577,981 4,762,258
Gain on refinancing of debt 626,375 - 626,375 -
Net income $ 2,509,513 $1,839,758 $6,204,356 $4,762,258
Net income per unit of limited
partnership interest $.25 $.19 $.62 $.48
See accompanying notes to consolidated financial statements.
</TABLE>
[FN]<PAGE>
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<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statement of Changes in Partners' Capital
Nine months ended September 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 5,583,920 620,436 6,204,356
Cash distributions (4,009,485) (445,497) (4,454,982)
Partners' capital (deficiency)
at September 30, 1994 $110,879,788 $(5,311,064) $105,568,724
See accompanying notes to consolidated financial statements.
</TABLE>
[FN]
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<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statements of Cash Flows
Nine months ended September 30, 1994 and 1993
(Unaudited)
<CAPTION>
1994 1993
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,204,356 $ 4,762,258
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 3,393,336 2,714,245
Minority interests in earnings of
consolidated partnerships 599,349 975,282
Deferred expenses (521,112) (227,437)
Decrease (increase) in other assets 830,778 (769,712)
(Decrease) increase in accounts payable
and other liabilities (1,330,843) 583,292
(Decrease) increase in due to affiliates (222,122) 293,640
Net cash provided by operating activities 8,953,742 8,331,568
Cash flows from investing activities:
Contributions by minority interest
to consolidated partnerships 821,131 -
Minority interest in distributions from
consolidated partnerships (1,091,066) (1,322,594)
Investments in participating mortgage loans - (807,353)
Cash in escrow - 400,000
Additions to real estate (1,892,527) (963,669)
Net cash used in investing activities (2,162,462) (2,693,616)
Cash flows from financing activities:
Proceeds from bank loans 8,555,404 1,062,333
Repayments of bank loans (279,563) -
Cash distributions (4,454,982) (4,454,982)
Repayments of mortgage notes (8,821,266) -
Cash received from acquisition of partnerships 253,660 -
Net cash used in financing activities (4,746,747) (3,392,649)
Increase in cash and short-term investments 2,044,533 2,245,303
Cash and short-term investments at
beginning of period 4,859,851 626,920
Cash and short-term investments at
end of period $ 6,904,384 $ 2,872,223
Supplemental disclosure of cash flow information:
Cash paid for interest $ 3,652,009 $ -
See accompanying notes to consolidated financial statements.
</TABLE>
[FN]<PAGE>
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statements of Cash Flows
Nine months ended September 30, 1994 and 1993
(Unaudited) Cont'd
<CAPTION>
1994 1993
<C> <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) $(59,451,213)
Investment in participating mortgage
loans transferred to real estate $ - $ 13,387,383
Other assets $ (95,541) $ -
Mortgage notes $ 25,598,317 $ 45,198,476
Accounts payable and accrued liabilities $ 482,830 $ 865,354
Foreclosure of real estate:
Real estate $ 4,150,000 $ -
Mortgage note $( 4,150,000) $ -
See accompanying notes to consolidated financial statements.
</TABLE>
[FN]
<PAGE>
<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 mortgage 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
Hampton Village Centre, Rochester Hills, Michigan
The Partnership's borrower had obtained a first mortgage loan of $29
million, secured by Phase I of the property, from a major insurance
company, and three additional loans totalling $13.3 million from the
Partnership. Two of the loans from the Partnership 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.
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.
One of these centers was encumbered by a $4,150,000 mortgage note which
matured on June 30, 1994 but was not repaid when due. In September 1994,
the mortgagee foreclosed on the property. The loss of the property did
not have a material impact on the financial statements.
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 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. Pursuant to the lease, the GSA is entitled
to a five-month free rent period, which began in August 1994, in
connection with GSA's financing of tenant improvements for its premises.
The borrower has made a claim against GSA of approximately $3.3 million
for the costs incurred in connection with the GSA tenant improvements;
GSA has responded by disputing the amount claimed. The borrower and GSA
are continuing negotiations to resolve this matter.
Unadvanced loan proceeds, in addition to cash reserves at the property,
are projected to be sufficient to fund debt service payments on the first
and second mortgages through the GSA free rent period. In October 1994,
the Partnership advanced approximately $904,000 to the borrower to cover
operating deficits and debt service.
4. Loans Payable
In August 1994, the Partnership increased its existing $3 million bank
line of credit to $5 million and borrowed the available amount of
approximately $4.1 million. Contemporaneously, the Partnership
established an additional $6 million line of credit with the bank and
borrowed approximately $4.5 million.
These borrowings were used to repay mortgage loans secured by the Midway
Crossing Shopping Center aggregating approximately $8.8 million and
delinquent real estate taxes and closing costs totaling approximately
$312,000. The remaining borrowings were used to increase Partnership cash
reserves. In connection with this refinancing, the mortgagee forgave
approximately $626,000 of its loans.
Borrowings on the $5 million line of credit are secured by a first
mortgage on Greewway Pointe and an assignment of distributions from 2600
Michelson Drive. Borrowings on the $6 million line of credit are secured
by a first mortgage on the Midway Crossing Shopping Center. Repayment of
both loans is guaranteed by the Partnership. Both loans bear interest,
payable monthly, at the prime rate plus one quarter percent, and are
repayable in thirty-one consecutive payments beginning March 1, 1996. The
prime rate at September 30, 1994 was 7.75%.
5. Related Party Transactions
An affiliate of Realty provided property management services for four
properties for the nine months ended September 30, 1994 and 1993. The
Partnership paid the affiliate management fees of $246,406 and $125,806
for the nine months ended September 30, 1994 and 1993, respectively.
Realty performs administrative functions, processes certain investor
transactions and prepares tax information for the Partnership. For the
nine months ended September 30, 1994 and 1993, the Partnership incurred
approximately $328,000 each period for these services.
The Partnership borrowed funds from an affiliate of Realty. Interest
expense, which was calculated at the prime rate, amounted to $88,870 and
$77,407 for the nine months ended September 30, 1994 and 1993,
respectively. As of September 30, 1994 and 1993, the amounts due to the
affiliate were $1,714,915 and $1,723,115, respectively.
6. Subsequent Event
On October 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>
<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 had originally committed the proceeds raised in the offering to
seven investments in 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 September 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. As
a result, the Partnership receives all cash flow from the properties it owns,
and will 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.
Many real estate markets are stabilizing or improving primarily due to the
continued absence of significant construction activity. The recovery of the
office market, however, will be slow because tenant demand is weak as a result
of continued downsizing by many major corporations. Increased consumer spending
has helped the retail property market, although increased interest rates have
slowed spending. Rents for residential properties have been increasing in most
regions while demand for apartment units continues to grow.
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.
During the first nine 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 three quarters of 1994, the Partnership incurred approximately
$1,649,000 for tenant improvements, leasing commissions and building
improvements at 2600 Michelson Drive. The minority interest contributed
approximately $821,000 for its share of these improvements.
In August 1994, the Partnership refinanced the mortgage notes payable on the
Midway Crossing Shopping Center. See Note 4 to the consolidated financial
statements. The Partnership is attempting to sell one of the other community
shopping centers.
At One Congress Street, the General Services Administration ("GSA"), as provided
in its lease, has begun its five month free rent period which commenced August
1994. Unadvanced loan proceeds in addition to cash reserves at the property,
are projected to be sufficient to fund debt service payments on the first and
second mortgages through the GSA free rent period.
On October 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 nine-month
periods ended September 30, 1994 compared to 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 increases in interest on short-term investments is attributable to higher
cash balances and interest rates in 1994.
The decreases in other income primarily represent operating deficity guaranty
payments received at 401 East Ontario Street during the first three quarters of
1993 and the repayment of fees relating to One Congress Street during the third
quarter of 1993, partially offset by 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 restructur-
ings.
The decreases in minority interests primarily results 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 over-
supply of research and development buildings in its market area. Current
vacancy levels in the Columbia research and development market are
approximately 20%. However, during the third quarter of 1994, occupancy
at the property increased from 82% to 95%.
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 third quarter of 1994, occupancy at the property
increased to 94% from 92%.
The office market in Irvine, California, the location of 2600 Michelson Drive
is 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
third quarter of 1994, occupancy at the property decreased to 72% from 84%.
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 increased slightly from 83% to 84% during
the third 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 remained at 94% during the third 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. 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 third quarter of 1994, the
occupancy at the office space and garage space remained at 100%, and occupancy
at the retail space remained at 61%.
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. During the third quarter of 1994, occupancy at the property
remained at 99%.
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 September 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. During the third
quarter of 1994, occupancy at the property remained at 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.
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<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 - not applicable<PAGE>
<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: November 14, 1994 By: /s/E. Davisson Hardman, Jr.
E. Davisson Hardman, Jr.
President
Date: November 14, 1994 By: /s/Lawrence Volpe
Lawrence Volpe
Controller
(Principal Financial and Accounting
Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Registrant is a limited partnership which invests in real estate,
participating mortgage loans,and real estate joint ventures. In accordance
with industry practice, its balance sheet is unclassified. For full
information, refer to the accompanying unaudited financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> QTR-3
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 11,904,384
<SECURITIES> 0
<RECEIVABLES> 940,834
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 197,758,914<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 105,568,724<F2>
<TOTAL-LIABILITY-AND-EQUITY> 197,758,914<F3>
<SALES> 0
<TOTAL-REVENUES> 22,343,530<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 12,280,104
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,859,070
<INCOME-PRETAX> 6,204,356
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,204,356
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,204,356
<EPS-PRIMARY> .62<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate of $163,055,089, net investments in participating mortgage
and other secured loans of $19,977,608, net deferred expenses of $1,473,604
and other assets of $407,395.
<F2>Represents partners' capital.
<F3>Liabilities include mortgage notes payable of $57,771,617, minority
interests of $19,821,340, loans payable to bank of $9,338,174 and accounts
payable and other liabilities of $5,259,059.
<F4>Total revenue includes rent of $18,710,418, interest on participating
mortgage loans of $1,942,991, interest on short-term investments of
$252,598, other revenue of $811,148 and gain on refinancing of debt of
$626,375.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
