7
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, 1998
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
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
June 30,
December 31,
1998 1997
<S> <C>
<C>
ASSETS
Real estate:
Land $
2,204,747 $ 6,267,858
Buildings and improvements 10,435,592
44,072,371
12,640,339
50,340,229
Accumulated depreciation 1,810,333
5,847,422
10,830,006
44,492,807
Real estate held for sale 33,263,250
36,896,371
Investment in unconsolidated partnership 18,281,305
19,721,195
Cash and cash equivalents 5,577,073
4,584,786
Deferred expenses, net 80,424
882,731
Other assets 1,115,530
1,384,385
$69,147,588
$107,962,275
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $10,566,268 $
10,566,268
Accounts payable and other liabilities 3,595,937
3,343,047
Minority interest -
18,544,593
14,162,205
32,453,908
Partners' capital (deficiency):
General partners (7,543,495)
(7,472,965)
Limited partners ($20 per Unit, 8,909,969 Units issued
and outstanding) 62,528,878
82,981,332
Total partners' capital 54,985,383
75,508,367
$69,147,588
$107,962,275
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and six months ended June 30, 1998 and 1997
<CAPTION>
Three months ended Six
months ended
June 30, June 30,
1998 1997 1998 1997
<S> <C> <C> <C>
<C>
Revenues:
Rental $ 2,519,224 $4,415,410 $
6,719,232 $ 8,631,415
Gain on sale of real estate 25,251,899 -
25,251,899 -
Equity in losses of
unconsolidated partnership (183,428) -
(134,715) -
Interest on cash equivalents and
other revenues 347,853 202,672
558,583 370,662
Interest on participating mortgage
loan - 146,800 -
174,940
27,935,548 4,764,882
32,394,999 9,177,017
Expenses:
Property operating 1,618,035 3,331,197
2,005,560 6,489,794
Depreciation 301,911 977,868
603,484 1,947,090
Amortization 11,585 99,276
87,668 194,976
Interest 183,714 405,895
370,392 800,401
General and administrative 95,748
246,068 274,508 481,748
2,210,993 5,060,304
3,341,612 9,914,009
Income (loss) before minority
Interest 25,724,555 (295,422)
29,053,387 (736,992)
Minority interest 12,707,955 209,595
13,238,547 434,056
Net income (loss) $13,016,600 $ (505,017)
$15,814,840 $(1,171,048)
Net income (loss) allocated to:
Limited partners $12,971,944 $ (454,515)
$15,490,360 $(1,053,943)
General partners 44,656 (50,502)
324,480 (117,105)
$13,016,600 $ (505,017)
$15,814,840 $(1,171,048)
Net income (loss) per Unit of
limited partnership interest $ 1.46 $
(0.05) $ 1.74 $ (0.12)
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (DEFICIENCY)
Six months ended June 30, 1998
<CAPTION>
Limited General
Partners Partners Total
<S> <C> <C>
<C>
Partners' capital (deficiency)
at January 1, 1998 $ 82,981,332
$(7,472,965) $ 75,508,367
Net income 15,490,360
324,480 15,814,840
Cash distributions (35,942,814)
(395,010) (36,337,824)
Partners' capital (deficiency)
at June 30, 1998 $ 62,528,878
$(7,543,495) $ 54,985,383
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY YIELD PLUS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30, 1998 and 1997
<CAPTION>
1998 1997
<S> <C>
<C>
Cash flows from operating activities:
Net income (loss) $ 15,814,840
$(1,171,048)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Gain on sale of real estate (25,251,899)
- -
Minority interest in earnings of consolidated partnership
13,238,547 434,056
Depreciation and amortization 691,152
2,142,066
Equity in losses of unconsolidated partnership
134,715 -
Increase in deferred expenses (212,967)
(126,308)
Increase (decrease) in other assets (207,676)
508,526
Increase in accounts payable and other liabilities
252,890 608,351
Net cash provided by operating activities
4,459,602 2,395,643
Cash flows from investing activities:
Proceeds from sale of real estate, net of closing costs
63,702,423 -
Distributions from unconsolidated partnership
1,305,175 -
Additions to real estate (203,933)
(674,442)
Additions to real estate held for sale (150,016)
- -
Net cash provided by (used in) investing activities
64,653,649 (674,442)
Cash flows from financing activities:
Cash distributions (36,337,824)
(2,573,992)
Minority interest in distributions from consolidated partnership
(31,954,354) (924,268)
Contributions by minority interest to consolidated partnership
171,214 162,474
Repayments of mortgage note payable -
(133,958)
Net cash used in financing activities (68,120,964)
(3,469,744)
Increase (decrease) in cash and cash equivalents
992,287 (1,748,543)
Cash and cash equivalents at beginning of period
4,584,786 6,799,320
Cash and cash equivalents at end of period $ 5,577,073 $
5,050,777
Supplemental disclosure of cash flow information:
Cash paid for interest $ 314,200 $
599,074
Supplemental disclosure of non-cash investing activity:
Reclassification of real estate held for sale:
Land $
4,063,111 $ -
Building and improvements 33,840,712
- -
Accumulated depreciation (4,640,573)
- -
Real estate held for sale $ 33,263,250 $
- -
See accompanying notes to consolidated financial statements.
</TABLE>
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 ("DMA"), DW Lakeshore Associates, Deptford
Crossing Associates, DW Community Centers Limited
Partnership and DW Maplewood Inc. on a consolidated basis.
All significant intercompany accounts and transactions have
been eliminated.
Effective October 27, 1997, the Partnership began accounting
for its investment in GCGA Limited Partnership ("GCGA")
under the equity method.
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 necessary to present fairly the results for the
interim periods. Except for the gain on sale of real estate
in 1998 and reserves of uncollected interest relating to the
participating mortgage loan in 1997, such adjustments
consist only of normal recurring accruals.
The Partnership adopted Financial Accounting Standards Board
Statement No. 130, "Reporting Comprehensive Income" and
Statement No. 131, "Disclosures about Segments of an
Enterprise and Related Information" during the first quarter
of 1998. Adoption of these standards had no impact on the
Partnership's computation or presentation of net income per
Unit of Limited Partnership interest or other disclosures.
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
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, 1997. Operating results of interim
periods may not be indicative of the operating results for
the entire year.
2. Real Estate
In March 1998, the Partnership received $1.2 million
(recognized as a reduction of property operating expenses)
pursuant to a settlement with the architect and engineer of
the 401 East Ontario Street property. The Partnership had
initiated litigation against these parties and others
because it deemed them responsible for defects in the design
and construction of the building which, in turn, caused the
Partnership to incur significant repair costs in 1995-1997.
The Partnership is continuing its litigation against the
general contractor and others.
In August 1997, the Genessee Crossing shopping center was
foreclosed upon by the first mortgage lender, and, in March
1998, the lender took final possession of the property. An
extraordinary gain on the extinguishment of the related debt
was recognized in the third quarter of 1997.
3. Sales of Real Estate
Pursuant to a Purchase and Sale Agreement dated as of
December 26, 1997, DMA agreed to sell to SC Enterprises
("SCE") DMA's 90% general partnership interest in Michelson
Company Limited Partnership (the "Company"), owner of the
Michelson property, and two promissory notes (totaling
approximately $1.2 million) due from SCE for a negotiated
aggregate sale price of $64 million. SCE, an affiliate of
the developer of the property, owns the remaining 10%
limited partnership interest in the Company. SCE assigned
its right to purchase the interest in the Company to Spieker
Properties, L.P., which is not affiliated with the
Partnership, its affiliated partnerships or SCE.
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
As a result of the agreement, the Partnership reclassified
the net carrying value of the Michelson property to real
estate held for sale on December 31, 1997.
The sale price was received in cash at closing on April 3,
1998. The Partnership's 50.81% share of proceeds from the
sale, net of closing costs, was approximately $32.2 million;
such proceeds were distributed 100% to the Limited Partners
($3.635 per Unit) on April 28, 1998. The Partnership's
share of the gain on sale of the property was approximately
$12.6 million; such gain was allocated 100% to the Limited
Partners in accordance with the Partnership Agreement.
Pursuant to a Purchase and Sale Agreement dated July 17,
1998 (the "Agreement"), the Partnership sold the 401 East
Ontario Street property on the date of the Agreement to
Streeterville Development Associates, LLC ("SDA"), for a
negotiated sale price of $74.5 million. SDA is an
unaffiliated party; however, Draper and Kramer Inc., which
owns 37.5% of SDA, was the manager of the Property while it
was owned by the Partnership. The Partnership used a
portion of the sales proceeds to repay the mortgage note
payable.
As a result of the above transactions, on July 17, 1998, the
Partnership received sales proceeds, net of the mortgage
note repayment, closing costs and other deductions, of
approximately $62.8 million. On July 31, 1998, the
Partnership distributed approximately $61.8 million of such
proceeds 100% to Limited Partners ($6.94 per Unit).
The Partnership reclassified the net carrying value of the
401 East Ontario Street property to real estate held for
sale as of June 30, 1998.
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
4. Investment in Unconsolidated Partnership
Summarized financial information of GCGA is as follows:
<TABLE>
<CAPTION>
Three months ended Six
months ended
June 30, June 30,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Revenues $ 2,657,868 $ 2,847,959 $
5,153,769 $ 5,736,257
Expenses:
Interest on second mortgage
loan 1,787,625 2,051,443
3,575,250 4,080,343
Other interest 948,215 886,181
1,897,118 1,772,362
Property operating 1,755,334 1,126,109
2,947,769 2,259,722
Depreciation and amortization 459,082
485,036 918,164 970,072
4,950,256 4,548,769
9,338,301 9,082,499
Net loss $(2,292,388) $(1,700,810)
$(4,184,532) $(3,346,242)
</TABLE>
GCGA's second mortgage loan is the participating mortgage
loan from the Partnership (58%) and Dean Witter Realty Yield
Plus II L.P., an affiliated partnership (42%). Prior to
October 27, 1997, the Partnership recognized interest income
on this loan and reserved any interest not paid by GCGA
(during the six months ended June 30, 1997, GCGA paid to the
Partnership $174,940 of $1,370,236 total interest due).
Effective October 27, 1997, the Partnership began
recognizing its share of GCGA's earnings (losses) exclusive
of GCGA's interest expense on the second mortgage loan.
5. Related Party Transactions
In 1998 and 1997, Realty and an affiliate of Realty provided
property management services for the Deptford Crossing and
Michelson properties, and, in 1997 only, the Genessee
Crossing and Greenway Pointe properties. The Partnership
paid Realty and its affiliate management fees of
approximately $43,000 and $120,000 during the six months
ended June 30,
DEAN WITTER REALTY YIELD PLUS, L.P.
Notes to Consolidated Financial Statements
1998 and 1997, respectively. These amounts are included in
property operating expenses.
Realty performs administrative functions, processes certain
investor transactions and prepares tax information for the
Partnership. For the six-month periods ended June 30, 1998
and 1997, the Partnership incurred approximately $167,000
and $198,000, respectively, for these services. These
amounts are included in general and administrative expenses.
As of June 30, 1998, Realty and its affiliate were owed
approximately $35,000 for the above-mentioned services.
6. Litigation
Various public partnerships sponsored by Realty (including
the Partnership and its Managing General Partner) were
defendants in a class action lawsuit. On July 17, 1998, the
Delaware Chancery Court granted the defendants' motion to
dismiss the complaint in the lawsuit. The Plaintiffs have
thirty days during which to file a notice of appeal from the
Court's order; the Partnership does not know whether they
intend to do so.
DEAN WITTER REALTY YIELD PLUS, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Partnership completed a $178,199,380 public offering 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, the
properties securing the loans did not generate sufficient
cash flow to fully service their debt. As a result, the
Partnership acquired all of the properties in which it
originally invested. No additional investments are planned.
The partnership which owns the Michelson property (in which
the Partnership is a 50.81% general partner) sold the
property on April 3, 1998 (see Note 3 to the consolidated
financial statements). On April 28, 1998, the Partnership
distributed approximately $32.4 million ($3.635 per Unit),
its share of the net proceeds from the sale, 100% to Limited
Partners.
The Partnership's share of 1998 operating cash flow from the
Michelson property was approximately $581,000. The
Partnership stopped receiving cash flow from the Michelson
property once the property was sold; as a result,
Partnership cash flow from operations decreased during the
second quarter of 1998.
The Partnership sold the 401 East Ontario Street property on
July 17, 1998 for approximately $74.5 million (see Note 3 to
the consolidated financial statements). During the six
months ended June 30, 1998, the property generated cash flow
from operations of approximately $3,125,000. The Partnership
repaid the mortgage note payable with proceeds from the
sale, and on July 31, 1998, the Partnership distributed
approximately $61.8 million ($6.94 per Unit) of the net
proceeds from the sale 100% to Limited Partners.
DEAN WITTER REALTY YIELD PLUS, L.P.
The Managing General Partner is currently marketing for sale
the Deptford Crossing property. The partnership which owns
the One Congress Street property ("GCGA") plans to market
this property for sale later in 1998. There can no
assurance that these properties will be sold.
The Partnership's liquidity is primarily affected by sales
of the Partnership's properties; as properties are sold, the
Partnership has fewer income-producing investments,
Partnership cash from operations has decreased and
Partnership distributions have declined. The Partnership
also requires less cash reserves to fund capital
expenditures and leasing commissions. Generally, future
cash distributions will be paid from proceeds received from
the sales of the Deptford Crossing and One Congress Street
properties and cash reserves.
During the six months ended June 30, 1998, all of the
Partnership's remaining properties generated positive cash
flow from operations, and it is anticipated that the
Deptford Crossing and One Congress Street properties will
continue to do so during the period the Partnership
continues to own these property interests.
During the six months ended June 30, 1998, the Partnership
incurred approximately $396,000 (net of contributions by the
minority interest) primarily for tenant-related capital
expenditures at the Michelson and Deptford Crossing
properties.
On May 8, 1998, the Partnership distributed $0.151 per Unit
from cash reserves to the Limited Partners. This cash
distribution aggregated $1,494,894, with $1,345,405
distributed to Limited Partners and $149,489 distributed to
General Partners.
During the six months ended June 30, 1998, cash flow from
operations of real estate (net of minority interest share)
and distributions from GCGA exceeded distributions to
investors (excluding the distribution of sale proceeds),
capital expenditures and distributions to the minority
interest (excluding the distribution of sale proceeds).
The current lease between GCGA and the Government Services
Administration ("GSA"), the sole tenant of the office space
at the One Congress Street property, requires GCGA to fund
tenant improvements aggregating between
DEAN WITTER REALTY YIELD PLUS, L.P.
$1,110,000 and $1,935,000; any amount funded over $1,110,000
will be repaid monthly by GSA over five years plus interest
at 8%. In addition, GCGA is required to fund leasing
commissions of up to $1,475,000. The maximum amount of the
Partnership's share of the above-mentioned tenant-related
expenditures (58%) is approximately $1,978,000 (of which
$478,500 would be repaid by GSA, as described above); the
Partnership has not paid any of these expenditures through
June 30, 1998.
The office space at the One Congress Street property
currently has a vacancy rate of 30%; as a result, GCGA may
incur significant capital expenditures and leasing
commissions to fill the vacant space. The Partnership will
be required to fund its 58% share of GCGA's capital
expenditures.
The Managing General Partner believed that the Partnership
at June 30, 1998 did not have sufficient cash reserves to
fully fund its maximum liability for capital expenditures
and leasing commissions at the One Congress Street property
and other Partnership cash requirements. Therefore, in July
1998, in order to accumulate sufficient cash reserves, the
Partnership did not pay its second quarter distribution and
withheld approximately $900,000 from the distribution of
proceeds from the sale of the 401 East Ontario Street
property to Limited Partners.
Except as discussed above and in the consolidated financial
statements, the Managing General Partner is not aware of any
trends or events, commitments or uncertainties that may have
a material impact on liquidity.
Operations
Fluctuations in the Partnership's operating results for the
three- and six-month periods ended June 30, 1998 compared to
1997 are primarily attributable to the following:
During the three- and six-month periods ended June 30, 1998,
rental income decreased by $2,340,000 and $2,790,000,
respectively, as a result of the sales of the Greenway
Pointe (November 1997) and Michelson (April 1998) properties
and the loss of the Genessee Crossing property (August
DEAN WITTER REALTY YIELD PLUS, L.P.
1997) (collectively, the "Discontinued Properties"). The
decreases caused by the Discontinued Properties were
partially offset by increases in rental revenue at the 401
East Ontario Street property of $385,000 and $885,000, for
the three- and six-month periods ended June 30, 1998,
respectively. These increases resulted from higher
occupancy and rental rates at the property in 1998 and the
discontinuance of rental concessions and free rent. Rental
income from the Deptford Crossing property was $489,000 and
$427,000 during the three-month periods ended June 30, 1998
and 1997, respectively, and $895,000 and $905,000 during the
six-month periods ended June 30, 1998 and 1997,
repsectively.
The 1998 gain on sale of real estate resulted from the sale
of the Michelson property. The minority interest share of
this gain was approximately $12.7 million.
During the three- and six-month periods ended June 30, 1998,
interest on cash equivalents and other income increased by
approximately $114,000 due to interest earned on the
proceeds from the Michelson sale before such proceeds were
distributed to Limited Partners.
In 1998, there was no interest recorded on the Partnership's
participating mortgage loan to GCGA because, effective
October 27, 1997, the Partnership began recognizing its
share of income from the property using the equity method of
accounting.
During the three- and six-month periods ended June 30, 1998,
property operating expenses decreased by $987,000 and
$1,227,000, respectively, as a result of the sale and loss
of the Discontinued Properties. Property operating expenses
also decreased at the 401 East Ontario Street property by
approximately $639,000 and $3,146,000 for the three- and six-
months periods due to the absence of expenditures for
repairs and related litigation incurred during 1997 (such
costs totaled $1,128,000 and $2,185,000 for the three- and
six-month periods ended June 30, 1997, respectively) and due
to the first quarter 1998 receipt of a $1.2 million
settlement for litigation concerning repairs made at the
property during 1995-1997 (See Note 2 to the consolidated
financial statements). Property operating expenses at the
Deptford Crossing property were $122,000 and $159,000 during
the three-month periods ended June 30, 1998 and 1997,
DEAN WITTER REALTY YIELD PLUS, L.P.
respectively, and $225,000 and $322,000 during the six-month
periods ended June 30, 1998 and 1997, respectively.
During the three- and six-month periods ended June 30, 1998,
depreciation and amortization expenses decreased by a total
of $737,000 and $1,398,000, respectively, as a result of the
sale and loss of the Discontinued Properties. Depreciation
and amortization expenses at the Deptford Crossing property
were $93,000 and $92,000 during the three months ended June
30, 1998 and 1997, respectively, and $186,000 and $185,000
during the six months ended June 30, 1998 and 1997,
respectively.
During the three- and six-month periods ended June 30, 1998,
interest expense decreased by $201,000 and $403,000,
respectively, due to the extinquishment of the mortgage note
secured by the Genessee property upon the loss of such
property in August 1997.
There were no other individually significant factors which
caused changes in revenues or expenses.
A summary of the markets where the Partnership's remaining
properties are located, and the performance of each property
is as follows:
Currently, the vacancy rate in the downtown Boston office
market, the location of One Congress Street, is less than 7%
and rental rates are still increasing but at a slower pace.
There is no significant new construction in this market.
The lease with GSA (for approximately 70% of the office
space) is scheduled to expire no earlier than July 31, 2002.
The remaining 30% of the office space remained vacant. The
lease for 100% of the parking lot space at the property with
Kinney Systems, Inc. expires in 2003. In 1998, the retail
space, which is not a significant portion of the overall
space, remained substantially vacant.
Currently, the vacancy rate in the retail market in
Deptford, New Jersey, the location of Deptford Crossing, is
approximately 5%. During the second quarter of 1998,
occupancy at the property increased from 76% to 81%. No
significant leases expire before 2001.
DEAN WITTER REALTY YIELD PLUS, L.P.
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.
DEAN WITTER REALTY YIELD PLUS, L.P.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
On July 17, 1998, the Delaware Chancery Court
granted the defendants' motion to dismiss the
complaint in the Consolidated Action.
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) Report on Form 8-K.
Report dated April 3, 1998 regarding the
sale of the Michelson property.
DEAN WITTER REALTY YIELD PLUS, L.P.
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 13, 1998 By: /s/E.
Davisson Hardman, Jr.
E. Davisson Hardman, Jr.
President
Date: August 13, 1998 By: /s/Charles
M. Charrow
Charles M. Charrow
Controller
(Principal Financial and
Accounting Officer)
DEAN WITTER REALTY YIELD PLUS, L.P.
Quarter Ended June 30, 1998
Exhibit Index
Exhibit No. Description
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-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 5,577,073
<SECURITIES> 0
<RECEIVABLES> 228,776
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 69,147,588<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 54,985,383<F2>
<TOTAL-LIABILITY-AND-EQUITY> 69,147,588<F3>
<SALES> 0
<TOTAL-REVENUES> 32,394,999<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 16,209,767
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 370,392
<INCOME-PRETAX> 15,814,840
<INCOME-TAX> 0
<INCOME-CONTINUING> 15,814,840
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,814,840
<EPS-PRIMARY> 1.74<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate of $10,830,006, real estate held for sale of $33,263,250,
investment in unconsolidated partnership of $18,281,305, net deferred
expenses of $80,424 and other assets of $886,754.
<F2>Represents partners' capital.
<F3>Liabilities include mortgage notes payable of $10,566,268 and accounts
payable and other liabilities of $3,595,937.
<F4>Total revenue includes rent of $6,719,232, gain on sale of real estate
of $25,251,899, equity in losses of unconsolidated partnership of $(134,715)
and interest on cash equivalents and other revenue of $558,583.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
