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, 1996
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 1 of 14
PAGE
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Balance Sheets
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
Real estate, at cost:
Land $ 13,444,875 $ 13,444,875
Buildings and improvements 101,646,445 99,540,590
115,091,320 112,985,465
Accumulated depreciation 16,320,745 14,468,727
98,770,575 98,516,738
Investment in participating mortgage loan,
net of allowance of $14,570,278 19,974,382 19,974,382
Cash and cash equivalents 10,491,841 18,939,265
Deferred expenses, net 1,451,814 1,626,335
Other assets 2,614,232 2,697,256
$133,302,844 $141,753,976
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 19,867,618 $ 20,003,736
Accounts payable and other liabilities 4,757,506 4,249,284
Minority interest 19,837,961 19,566,955
44,463,085 43,819,975
Partners' capital (deficiency):
General partners (6,675,866) (6,407,938)
Limited partners ($20 per Unit,
8,909,969 Units issued) 95,515,625 104,341,939
Total partners' capital 88,839,759 97,934,001
$133,302,844 $141,753,976
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and six months ended June 30, 1996 and 1995
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> (c> <C>
Revenues:
Rental $4,254,485 $6,737,359 $ 8,519,008 $13,289,196
Interest on participating
mortgage loan 692,647 692,647 1,377,765 1,367,668
Interest on short-term investments 120,568 85,623 291,119 234,599
Other 133,710 204,987 278,463 441,987
5,201,410 7,720,616 10,466,355 15,333,450
Expenses:
Property operating 3,848,185 3,928,491 6,472,197 6,857,909
Interest 402,200 1,506,688 805,223 3,004,606
Depreciation 953,189 1,149,282 1,852,018 2,289,661
Amortization 105,074 127,498 232,783 232,833
General and administrative 298,348 279,509 595,886 444,344
5,606,996 6,991,468 9,958,107 12,829,353
(Loss) income before minority interests (405,586) 729,148 508,248 2,504,097
Minority interests 154,387 119,405 415,576 305,216
Net (loss) income $ (559,973) $ 609,743 $ 92,672 $ 2,198,881
Net (loss) income allocated to:
Limited partners $ (503,976) $ 548,769 $ 83,405 $ 1,978,993
General partners (55,997) 60,974 9,267 219,888
$ (559,973) $ 609,743 $ 92,672 $ 2,198,881
Net (loss) income per Unit of limited
partnership interest $(.06) $.06 $.01 $.22
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Consolidated Statement of Partners' Capital
Six months ended June 30, 1996
<CAPTION>
Limited General
Partners Partners Total
<S> <C> <C> <C>
Partners' capital (deficiency)
at January 1, 1996 $104,341,939 $(6,407,938) $ 97,934,001
Net income 83,405 9,267 92,672
Cash distributions (8,909,719) (277,195) (9,186,914)
Partners' capital (deficiency)
at June 30, 1996 $ 95,515,625 $(6,675,866) $ 88,839,759
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, 1996 and 1995
<CAPTION>
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income $ 92,672 $ 2,198,881
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 2,084,801 2,522,494
Minority interest in earnings of
consolidated partnership 415,576 305,216
Deferred expenses (58,262) (600,459)
Decrease (increase) in other assets 83,024 (67,726)
Increase in accounts payable and
other liabilities 508,222 963,843
Decrease in loan from affiliate - (15,252)
Net cash provided by operating activities 3,126,033 5,306,997
Cash flows from investing activities:
Additions to real estate (2,105,855) (624,464)
Investment in participating mortgage loan - (390,034)
Net cash used in investing activities (2,105,855) (1,014,498)
Cash flows from financing activities:
Repayments of mortgage note payable (136,118) (72,879)
Cash distributions (9,186,914) (2,969,988)
Contributions by minority interest to
consolidated partnership 871,029 436,835
Minority interest in distributions from
consolidated partnership (1,015,599) (689,201)
Net cash used in financing activities (9,467,602) (3,295,233)
(Decrease) increase in cash and cash equivalents (8,447,424) 997,266
Cash and cash equivalents at
beginning of period 18,939,265 4,772,726
Cash and cash equivalents at
end of period $ 10,491,841 $ 5,769,992
Supplemental disclosure of cash flow information:
Cash paid for interest $ 805,223 $ 3,016,215
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
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, Deptford Crossing Associates, Hampton Crossing Associates,
DW Community Centers Limited Partnership and DW Maplewood Inc. 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 purposes.
Net income (loss) per Unit amounts are calculated by dividing net income
(loss) 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, include all adjustments, consisting only of
normal recurring accruals, necessary to present fairly the results for
the interim periods.
These financial statements should be read in conjunction with the annual
financial statements and notes thereto included in the Partnership's
annual report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1995. Operating results of
interim periods may not be indicative of the operating results for the
entire year.
2. Real Estate
In December 1995, the Partnership sold the Hampton Village Centre,
Farmington Crossroads and Midway Crossing Shopping Centers (the "Sold
Shopping Centers").
The repair work on the exterior concrete of 401 East Ontario Street
should be completed prior to December 31, 1996. During the six months
ended June 30, 1996, repair costs totaled approximately $2.3 million.
Total costs are expected to approximate $7.4 million, of which $4.2
million has been expended to date. Subsequent to June 30, 1996, the
building's primary insurance carrier, which has denied that these repairs
were covered by the Partnership's policy, paid $125,000 to the
Partnership in settlement of this matter. The litigation continues
against those the Partnership deems responsible for the design and
construction of this building.
Subsequent to June 30, 1996, it was discovered that certain of the
building's interior walls did not meet the city of Chicago's fire code
requirements. The Partnership retained the services of nationally
recognized consultants to investigate, test, and conduct a thorough
review of all the building fire and life safety systems. Their reports
concluded that the existing fire and life safety systems will function
if called upon to do so and the building is safe for continued occupancy,
although the reports also recommended fixing some problems they
identified with those systems. The Partnership has notified the city of
Chicago of the matter, and the City agrees with the Partnership's
proposed corrections. The Partnership is in the process of notifying the
building's tenants of these deficiencies. The Partnership currently
plans to complete the corrections by the end of 1997. The cost of the
repairs is currently being determined. The building's insurance carriers
have been notified, and the Partnership is adding this matter to the
litigation with the building's architect and contractor.
3. Related Party Transactions
Realty and an affiliate of Realty provided property management services
for four properties at June 30, 1996 and June 30, 1995. The Partnership
paid Realty and its affiliate management fees of $112,187 and $159,322
for the six months ended June 30, 1996 and 1995, respectively. These
amounts are included in property operating expense.
Realty performs administrative functions, processes certain investor
transactions and prepares tax information for the Partnership. For each
of the six-month periods ended June 30, 1996 and 1995, the Partnership
incurred approximately $193,000 and $219,000, respectively for these
services. These amounts are included in general and administrative
expense.
As of June 30, 1996, Realty and its affiliate were owed a total of
approximately $56,000 for the above-mentioned services.
In 1991, the Partnership borrowed funds from an affiliate of Realty. The
loan was repaid in December 1995 out of the proceeds of the sale of the
Sold Shopping Centers. For the six months ended June 30, 1995, interest
on the loan totalled $76,000.
4. Litigation
Various public partnerships sponsored by Realty (including the
Partnership and, in certain cases, its Managing General Partner) are
defendants in a number of class action lawsuits pending in state and
federal courts. The complaints allege a variety of claims, including
breach of fiduciary duty, fraud, misrepresentation and related claims,
and seek compensatory and other damages and equitable relief. The
defendants intend to vigorously defend the actions. It is impossible to
predict the effect, if any, the outcome of these actions might have on
the Partnership's financial statements.
5. Cash Distributions
On July 30, 1996, the Partnership paid a cash distribution of $.13 per
Unit to Limited Partners. The cash distribution aggregated $1,286,959
with $1,158,263 distributed to Limited Partners and $128,696 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 originally invested in seven loans or land leases. Due
to the past weakness in real estate markets, most of the properties did
not generate sufficient cash flow to fully service their debt. As a
result, prior to December 31, 1994, the Partnership acquired all but one
of the properties in which it originally invested. No additional
investments are planned.
Many real estate markets are stabilizing or improving, primarily due to
the continued absence of significant construction activity. The relative
absence of office construction as well as growth in demand from high
technology and professional service firms has recently resulted in
absorption of office space in Orange County, CA (the location of 2600
Michelson Drive). In contrast, office vacancy levels in Boston (the
location of One Congress Street) may be negatively impacted by corporate
and bank consolidations in the near term. In most markets, office
construction is limited to build-to-suit projects. The research and
development/office market for buildings, such as Greenway Pointe,
strengthened during 1995 with growth in the high technology industries.
However, recent downturns in values and performance results of many high
technology companies may reduce the demand for space at research and
development properties. In general, retail sales have recently been
sluggish as consumers struggled with increased personal debt and job
uncertainty. Declining retail sales and increased competition among
specialty retailers has resulted in a difficult retail environment.
The Partnership's liquidity depends upon the cash flow from operations
of its real estate investments, interest on its participating mortgage
loan and expenditures for building improvements and tenant improvements
and leasing commissions in connection with the leasing of space. For the
six months ended June 30, 1996, all of the Partnership's properties,
except for 401 East Ontario Street generated positive cash flow from
operations, and it is anticipated that they will continue to do so. The
costs of concrete repairs at 401 East Ontario Street caused property
operating expenses to exceed rental income by approximately $1.0 million
(see note 2 to the consolidated financial statements).
In addition, the Partnership's liquidity has been and will continue to
be affected by the sale of the Partnership's properties. Because the
Partnership sold three shopping centers in December 1995, the
Partnership's aggregate cash flow from operations was reduced by
approximately $585,000 and $1,240,000 during the three-and six-month
periods ending June 30, 1996, respectively. The Partnership accordingly
adjusted the quarterly distribution rate to $.13 per Unit, beginning with
the distribution for the first quarter of 1996, which was paid in April
1996.
In the first half of 1996, the Partnership incurred approximately
$900,000 (net of contributions by the minority interest) primarily for
tenant-related capital expenditures at 2600 Michelson Drive and $300,000
for building improvements at 401 East Ontario Street.
As of June 30, 1996, the Partnership has commitments to contribute
approximately $165,000 (net of contributions by the minority interest)
to DW Michelson Associates and Deptford Crossing Associates, primarily
for lease-related capital expenditures, and expects to expend
approximately $3.3 million to complete the repairs on the exterior
concrete at 401 East Ontario Street. The Partnership also expects to
incur significant repairs to the fire and life safety systems of 401 East
Ontario Street (see note 2 to the consolidated financial statements).
These expenditures will be primarily funded from cash reserves.
The Partnership's participating mortgage loan (the "Second Mortgage
Loan") is secured by the One Congress Street property. In March 1996,
the General Services Administration ("GSA"), which leases all of the
office space at the property, notified the owner/borrower of the One
Congress Street property that it will exercise its one-time cancellation
option on a portion of its lease and will vacate approximately 67,500
square feet (approximately 28%) in August 1996. The GSA's annual rent
for this space approximates $2.5 million. The owner is currently
attempting to re-lease this space and continues renewal discussions
regarding the lease of GSA's remaining space, which expires August 1997.
Discussions regarding the pending claim with GSA in connection with the
original construction of its space are also ongoing. The owner remains
current on the first mortgage loan and the Second Mortgage Loan.
Current market rental rates are significantly less than in the early
1990's when the GSA lease was entered into. Therefore, the
owner/borrower may not receive sufficient rent from re-leasing the office
space at the property to fully fund all of its obligations, including the
total interest due on the Partnership's loan. In addition, there may be
a significant amount of time before a new tenant is found for this space,
and substantial funds may be required to re-lease it. Notwithstanding,
the cash flow generated from the garage lease is projected to be
sufficient to pay the debt service due under the first mortgage loan on
the property. However, the Partnership is concerned that the
owner/borrower will not be able to pay its minimum debt service under the
Second Mortgage Loan once GSA vacates.
Except as discussed herein and in the consolidated financial statements,
the Managing General Partner is not aware of any trends or events,
commitments or uncertainties that will have a material impact on
liquidity.
In January 1996, the Partnership distributed the net sales proceeds from
the Sold Shopping Centers (see note 2 to the consolidated financial
statements). All of the net proceeds of $6,414,961 ($.72 per Unit) were
distributed to the Limited Partners; the General Partners deferred
receipt of their share of proceeds.
On July 30, 1996, the Partnership paid a cash distribution of $.13 per
Unit to Limited Partners. The cash distribution aggregated $1,286,959
with $1,158,263 distributed to Limited Partners and $128,696 distributed
to the General Partners.
Operations
Fluctuations in the Partnership's operating results for the three and
six-month periods ended June 30, 1996 compared to 1995 are primarily
attributable to the following:
Rental income decreased primarily due to the absence in 1996 of rents
approximately $2,187,000 in the first quarter and $4,468,000 year-to-date
from the Sold Shopping Centers, as well as a temporary decrease at 401
East Ontario Street due to rent concessions granted to tenants while the
above-mentioned exterior cocrete repairs at the property are being
completed. These decreases were partially offset by an increase in
rental income at 2600 Michelson Drive from the leasing of 22% of the
property's space in the third quarter of 1995.
Other income decreased during the six-month period ended June 30, 1996
due to the receipt of a lease termination fee at the Michelson property
of $150,000 in the first quarter of 1995.
Property operating expenses decreased primarily due to the absence in
1996 of expenses of approximately $845,000 in the first quarter and
$1,706,000, year-to-date from the Sold Shopping Centers, partially offset
by the increased costs of the repair work at 401 East Ontario.
Interest expense decreased primarily due to the absence in 1996 of
interest of approximately $759,000 in the first quarter and $1,520,000,
year-to-date due to the repayment of debt relating to the Sold Shopping
Centers, the repayments in December 1995 of loans payable to affiliates
and banks and the restructuring of the Deptford Crossing mortgage loan
in the fourth quarter of 1995.
Depreciation decreased primarily due to the absence in 1996 of
depreciation of approximately $266,000 in the first quarter and $533,000,
year-to-date from the Sold Shopping Centers. Depreciation on the
Deptford property was lower in 1996 because its cost basis was written
down in the third quarter of 1995. During the three months ended June
30, 1996, these decreases were partially offset by an increase in
depreciation expense at the Michelson property resulting from increased
capital expenditures.
General and administrative expenses increased for the six months ended
June 30, 1996 primarily due to additional costs related to the sale of
the Sold Shopping Centers.
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, MD, remained 100% leased during
the first half of 1996. The market for research and development
properties in which the property is located is improving; and it
currently has a vacancy rate of 10%. G Tech, which occupies
approximately 20% of the property's space will vacate when its lease
expires in September 1996. Subsequent to June 30, 1996, the Partnership
negotiated a buyout of its lease with Caremark for approximately 11% of
the property's space, and signed a new lease for the combined space to
be given up by G Tech and Caremark at a higher rental rate. No other
significant leases expire prior to 1998.
The luxury residential sub-market in Chicago, IL, location of 401 East
Ontario property, has a current vacancy rate of approximately 5%. The
occupancy at the property has decreased slightly to 92% as a result of
the above-mentioned exterior concrete repair work continuing at the
property. To maximize tenant retention while these repairs are being
performed, the owner has given tenants temporary rent concessions. The
effect, if any, of all the repair programs on rents and occupancy in the
future cannot be determined at this time.
Favorable lease rates are attracting tenants to the office market in
Irvine, California, the location of 2600 Michelson Drive, where the
market vacancy rate is approximately 14%. The steady absorption of space
and the lack of new construction are leading to a tightening of available
quality office space in this market. During the second quarter of 1996,
occupancy at the property increased slightly to 92%. No significant
leases are scheduled to expire before 1998.
The vacancy level in the Boston office market, the location of One
Congress Street, is approximately 11% and, as discussed above, may worsen
in the near future. The property may be affected by the vacancy in this
market because GSA has announced it will vacate approximately 67,500
square feet of the property's space in August 1996, and its lease on the
remaining space terminates in August 1997. Also, the retail space (which
has been substantially vacant for some time) has been difficult to lease.
During the second quarter of 1996, occupancy at the office and garage
space remained at 100% and the retail space, which is not a significant
portion of the overall space, remained substantially vacant.
The retail market in Deptford, New Jersey, the location of Deptford
Crossing, has a high vacancy rate which has exerted downward pressure
on rents and has made leasing difficult. During the second quarter of
1996, occupancy at the property increased slightly to 82%. Leases
totaling 19% of the property's space are scheduled to expire in 1997.
The vacancy rate in Flint, Michigan, the location of the Genesee Crossing
shopping center, has increased to approximately 17% as a result of the
closing of several stores due to bankruptcies. During the first half of
1996, occupancy at the property remained at 99%. No significant leases
are scheduled to expire prior to 1998. Builder's Square, which owns an
80,000 square foot store at the center, has announced it will stay at
this property and will not sub-lease its space as previously reported.
A branch of a national home electronics store and a branch of a national
pet store are being built on a site adjacent to the property. The
Partnership believes that these new retailers may increase traffic at the
property.
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.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The following developments have occurred since the filing of the
Partnership's most recent quarterly report on Form 10-Q with respect to
the purported class actions filed against the Partnership.
Pursuant to an order to the U.S. District Court for the southern District
of California entered May 24, 1996, the Grigsby Action was transferred
to the U.S. District Court for the Southern District of New York.
The parties in the Schechtman Action, the Dosky Action and the Segal
Action intend to ask the Delaware Court of Chancery that such Actions be
consolidated in a single matter. The Grigsby Action has been stayed
indefinitely subject to being reopened for good cause. The Young Action
has been dismissed without prejudice. The defendants in the Young Action
understand that the plaintiffs in the Young Action intend to join the
Schechtman Action, the Dosky Action and the Segal Action if such Actions
are consolidated.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
An exhibit index has been filed as part of this Report on Page
E1.
(b) Reports on Form 8-K.
Report dated May 14, 1996 of the Valuation per Unit of Limited
Partnership Interest at December 31, 1995.
<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 14, 1996 By: /s/E. Davisson Hardman, Jr.
E. Davisson Hardman, Jr.
President
Date: August 14, 1996 By: /s/Lawrence Volpe
Lawrence Volpe
Controller
(Principal Financial and
Accounting Officer)
<PAGE>
Dean Witter Realty Yield Plus, L.P.
Quarter Ended June 30, 1996
Exhibit Index
Exhibit Sequentially
No. Description Numbered Page
27 Financial Data Schedule
E1
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 10,491,841
<SECURITIES> 0
<RECEIVABLES> 1,088,084
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 133,302,844<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 88,839,759<F2>
<TOTAL-LIABILITY-AND-EQUITY> 133,302,844<F3>
<SALES> 0
<TOTAL-REVENUES> 10,466,355<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 9,568,460
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 805,223
<INCOME-PRETAX> 92,672
<INCOME-TAX> 0
<INCOME-CONTINUING> 92,672
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 92,672
<EPS-PRIMARY> .01<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate of $98,770,575, net investments in participating mortgage loan
of $19,974,382, net deferred expenses of $1,451,814 and other assets of
of $1,526,148.
<F2>Represents partners' capital.
<F3>Liabilities include mortgage notes payable of $19,867,618, minority
interest of $19,837,961, and accounts payable and other liabilities of
$4,757,506.
<F4>Total revenue includes rent of $8,519,008, interest on participating
mortgage loan of $1,377,765, interest on short-term investments of $291,119
and other revenue of $278,463.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
