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 Quarterly Period Ended March 31, 2000
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 #0-18431
Inland Land Appreciation Fund, L.P.
(Exact name of registrant as specified in its charter)
Delaware #36-3544798
(State or other jurisdiction (I.R.S. Employer
Identification Number)
of incorporation or organization)
2901 Butterfield Road, Oak Brook, Illinois 60523
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 630-218-
8000
N/A
(Former name, former address and former
fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has
filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of
1934 during the preceding 12 months (or for such shorter
period that the
registrant was required to file such reports), and (2) has been
subject to such
filing requirements for the past 90 days. Yes X No
-1-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Balance Sheets
March 31, 2000 and December 31, 1999
(unaudited)
Assets
------
2000
1999
----
- ----
Current assets:
Cash and cash equivalents (Note 1).............. $ 453,700
696,685
Accounts and accrued interest receivable
(Note 5)...................................... 534,958
462,209
Current portion of mortgage loan
receivable (Note 5)........................... 1,418,966
1,427,057
Other current assets............................ 595
1,371
------------ -
- -----------
Total current assets.............................. 2,408,219
2,587,322
------------ -
- -----------
Other assets...................................... 39,910
42,984
Mortgage loans receivable, less current
portion (Note 5)................................ 1,681,984
1,747,986
Investments in land and improvements, at cost
(including acquisition fees paid to Affiliates
of $877,618 and $877,618 at March 31, 2000
and December 31, 1999, respectively (Notes 1,
2 and 3)........................................ 20,701,187
20,302,677
------------ -
- -----------
Total assets...................................... $24,831,300
24,680,969
============
============
See accompanying notes to financial statements.
-2-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Balance Sheets
(continued)
March 31, 2000 and December 31, 1999
(unaudited)
Liabilities and Partners' Capital
---------------------------------
2000
1999
----
- ----
Current liabilities:
Accounts payable................................ $ 30,296
9,617
Accrued real estate taxes....................... 56,915
45,099
Due to Affiliates (Note 2)...................... 53,844
42,744
Notes payable to Affiliate (Note 6)............. 2,493,750
2,493,750
Unearned income................................. 55,446
3,207
------------ -
- -----------
Total current liabilities......................... 2,690,251
2,594,417
Deferred gain on sale of investments in land and
improvements (Note 5)........................... 284,253
296,357
Partners' capital (Notes 1 and 2):
General Partner:
Capital contribution.......................... 500
500
Cumulative net income......................... 173,086
172,541
Cumulative cash distributions................. (153,743)
(153,743)
------------ -
- -----------
19,843
19,298
Limited Partners: ------------ -
- -----------
Units of $1,000. Authorized 30,001 Units,
29,596 Units outstanding (net of offering
costs of $3,768,113, of which $1,069,764
was paid to Affiliates)..................... 25,875,185
25,875,185
Cumulative net income......................... 8,035,391
7,969,335
Cumulative cash distributions................. (12,073,623)
(12,073,623)
------------ -
- -----------
21,836,953
21,770,897
------------ -
- -----------
Total Partners' capital........................... 21,856,796
21,790,195
------------ -
- -----------
Total liabilities and Partners' capital........... $24,831,300
24,680,969
============
============
See accompanying notes to financial statements.
-3-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Statements of Operations
For the three months ended March 31, 1999 and 1998
(unaudited)
2000
1999
Income: ----
- ----
Sale of investments in land and improvements
(Notes 1 and 3)............................... $ -
484,130
Recognition of deferred gain on sale of
investments in land and improvements (Note 5). 12,104
5,003
Rental income (Note 4).......................... 64,072
59,933
Interest income................................. 76,816
81,531
Other income.................................... -
3,500
------------ -
- -----------
152,992
634,097
------------ -
- -----------
Expenses:
Cost of land sold............................... -
320,961
Professional services to Affiliates............. 9,314
10,400
Professional services to non-affiliates......... 27,300
28,675
General and administrative expenses to
Affiliates.................................... 10,279
11,774
General and administrative expenses to
non-affiliates................................ 15,186
18,901
Marketing expenses to Affiliates................ 4,312
27,149
Marketing expenses to non-affiliates............ 7,353
5,692
Land operating expenses to non-affiliates....... 12,647
13,769
------------ -
- -----------
86,391
437,321
------------ -
- -----------
Net income........................................ $ 66,601
196,776
============
============
Net income allocated to:
General Partner................................. 545
286
Limited Partners................................ 66,056
196,490
------------ -
- -----------
Net income........................................ $ 66,601
196,776
============
============
Net income allocated to the one General
Partner Unit.................................... $ 545
286
============
============
Net income per Unit allocated to Limited Partners
per weighted average Limited Partner Units
(29,596 and 29,606 for the three months
ended March 31, 2000 and 1999, respectively).... $ 2.23
6.64
============
============
See accompanying notes to financial statements.
-4-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Statements of Cash Flows
For the three months ended March 31, 2000 and 1999
(unaudited)
2000
1999
Cash flows from operating activities: ----
- ----
Net income...................................... $ 66,601
196,776
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Gain on sale of investments in land and
improvements................................ -
(163,169)
Recognition of deferred gain on sale of
investments in land and improvements........ (12,104)
(5,003)
Changes in assets and liabilities:
Accounts and accrued interest receivable.... (72,749)
(64,233)
Other current assets........................ 3,850
914
Accounts payable............................ 20,679
31,377
Accrued real estate taxes.................. 11,816
11,386
Due to Affiliates........................... 11,100
(243,217)
Unearned income............................. 52,239
27,862
Net cash provided by (used in) operating ------------ -
- -----------
activities.................................... 81,432
(207,307)
------------ -
- -----------
Cash flows from investing activities:
Principal payments collected on mortgage
loans receivable.............................. 74,093
44,365
Additions to investments in land
and improvements.............................. (398,510)
(112,629)
Proceeds from disposition of investments in
land and improvements......................... -
484,130
Net cash provided by (used in) investing ------------ -
- -----------
activities...................................... (324,417)
415,866
------------ -
- -----------
Net increase (decrease) in cash and
cash equivalents................................ (242,985)
208,559
Cash and cash equivalents at beginning of period.. 696,685
1,133,942
------------ -
- -----------
Cash and cash equivalents at end of period........ $ 453,700
1,342,501
============
============
See accompanying notes to financial statements.
-5-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Notes to Financial Statements
March 31, 2000
(unaudited)
Readers of this Quarterly Report should refer to the
Partnership's audited
financial statements for the fiscal year ended December 31,
1999, which are
included in the Partnership's 1999 Annual Report, as
certain footnote
disclosures which would duplicate those contained in such
audited financial
statements have been omitted from this Report.
(1) Organization and Basis of Accounting
The Registrant, Inland Land Appreciation Fund, L.P. (the
"Partnership"), was
formed in October 1987, pursuant to the Delaware Revised
Uniform Limited
Partnership Act, to invest in undeveloped land on an all-cash
basis and realize
appreciation of such land upon resale. On October 12, 1988,
the Partnership
commenced an Offering of 10,000 (subject to increase to
30,000) Limited
Partnership Units ("Units") pursuant to a Registration Statement
on Form S-11
under the Securities Act of 1933. Inland Real Estate Investment
Corporation is
the General Partner. The Offering terminated on October 6,
1989, with total
sales of 30,000 Units, at $1,000 per Unit, not including the
General Partner or
the Initial Limited Partner. All of the holders of these
Units have been
admitted to this Partnership. The Limited Partners of the
Partnership share in
their portion of benefits of ownership of the Partnership's
real property
investments according to the number of Units held. As of March
31, 2000, the
Partnership has repurchased a total of 404.75 Units for $357,702
from various
Limited Partners through the Unit Repurchase Program. Under
this program
Limited Partners may under certain circumstances have their
Units repurchased
for an amount equal to their Invested Capital.
Except as described in footnote (b) to Note 3 of these notes,
the Partnership
uses the area method of allocation, which approximates the
relative sales
method of allocation, whereby a per acre price is used as
the standard
allocation method for land purchases and sales. The total cost
of the parcel
is divided by the total number of acres to arrive at a per acre
price.
The preparation of financial statements in conformity with
generally accepted
accounting principles requires management to make estimates
and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of
contingent assets and liabilities at the date of the financial
statements and
the reported amounts of revenues and expenses during the
reporting periods.
Actual results could differ from those estimates.
In the opinion of management, the financial statements
contain all the
adjustments necessary, which are of a normal recurring
nature, to present
fairly the financial position and results of operations for
the periods
presented herein. Results of interim periods are not necessarily
indicative of
results to be expected for the year.
-6-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 2000
(unaudited)
(2) Transactions with Affiliates
The General Partner and its Affiliates are entitled to
reimbursement for
salaries and expenses of employees of the General Partner and
its Affiliates
relating to the administration of the Partnership. Such costs
are included in
professional services and general and administrative expenses to
Affiliates, of
which $38,881 and $878 were unpaid as of March 31, 2000 and
December 31, 1999,
respectively.
The General Partner is entitled to receive Asset Management Fees
equal to one-
quarter of 1% of the original cost to the Partnership of
undeveloped land
annually, limited to a cumulative total over the life of the
Partnership of 2%
of the land's original cost to the Partnership. As of June
30, 1998, the
Partnership had met this limit. No such fees were incurred in 1999
and 2000.
An Affiliate of the General Partner performed marketing
and advertising
services for the Partnership and was reimbursed (as set forth
under terms of
the Partnership Agreement) for direct costs. Such costs of
$4,312 and $27,149
have been incurred and are included in marketing expenses to
Affiliates for the
three months ended March 31, 2000 and 1999, respectively. As of
March 31, 2000
and December 31, 1999, all of such fees were paid.
An Affiliate of the General Partner performed property
upgrades, rezoning,
annexation and other activities to prepare the Partnership's
land investments
for sale and was reimbursed (as set forth under terms of
the Partnership
Agreement) for salaries and direct costs. The Affiliate did
not recognize a
profit on any project. Such costs are included in investments in
land.
-7-
<TABLE> INLAND LAND
APPRECIATION FUND, L.P.
(a limited
partnership)
Notes to
Financial Statements
(continued)
(3) Investments in Land and Improvements
<CAPTION>
Total
Gross Initial Costs
Costs Remaining Current
Acres Purchase/ ---------------------------
- ----------- Capitalized Costs of Costs of Year Gain
Location: Purchased Sales Original Acquisition
Total Subsequent to Property Parcels at on Sale
Parcel County (Sold) Date Costs Costs
Costs Acquisition Sold 03/31/00 Recognized
- ------ --------- ---------- ---------- ------------ ------------ -
- ----------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
1 Kendall 84.7360 01/19/89 $ 423,680 61,625
485,305 5,462,589 5,947,894 - -
(3.5200) 12/24/96
(.3520) 11/25/97
(80.8640) 12/29/97
2 McHenry 223.4121 01/19/89 650,000 95,014
745,014 25,871 611,505 159,380 -
(183.3759) 12/27/90
3 Kendall 20.0000 02/09/89 189,000 13,305
202,305 - 202,305 - -
(20.0000) 05/08/90
4 Kendall 69.2760 04/18/89 508,196 38,126
546,322 79,762 235,275 390,809 -
(.4860) 02/28/91
(27.5750) 08/25/95
5 Kendall 372.2230 05/03/89 2,532,227 135,943
2,668,170 282,048 160,313 2,789,905 -
(a) (Option) 04/06/90
6 Kendall 78.3900 06/21/89 416,783 31,691
448,474 216,077 - 664,551 -
(b)
7 Kendall 77.0490 06/21/89 84,754 8,163
92,917 201,106 - 294,023 -
(b)
8 Kendall 5.0000 06/21/89 60,000 5,113
65,113 - 65,113 - -
(b) (5.0000) 10/06/89
9 McHenry 51.0300 08/07/89 586,845 22,482
609,327 6,755 - 616,082 -
(b)
10 McHenry 123.9400 08/07/89 91,939 7,224
99,163 600 99,763 - -
(b) (123.9400) 12/06/89
11 McHenry 30.5920 08/07/89 321,216 22,641
343,857 10,821 - 354,678 -
(b)
12 Kendall 90.2710 10/31/89 907,389 41,908
949,297 5,460 7,456 947,301 -
(.7090) 04/26/91
13 McHenry 92.7800 11/07/89 251,306 19,188
270,494 8,358 6,136 272,716 -
(2.0810) 09/18/97
14 McHenry 76.2020 11/07/89 419,111 23,402
442,513 47,713 - 490,226 -
15 Lake 84.5564 01/03/90 1,056,955 85,283
1,142,238 1,661,344 2,803,582 - -
(10.5300) Var 1996
(5.4680) Var 1997
(68.5584) Var 1998
------------ ------------ -
- ----------- -------------- ------------ ------------ -------------
Subtotal $ 8,499,401 611,108
9,110,509 8,008,504 10,139,342 6,979,671 -
- -8-
-8-
INLAND LAND
APPRECIATION FUND, L.P.
(a
limited partnership)
Notes to
Financial Statements
(continued)
(3) Investments in Land and Improvements (continued)
Total
Gross Initial Costs
Costs Remaining Current
Acres Purchase/ ---------------------------
- ----------- Capitalized Costs of Costs of Year Gain
Location: Purchased Sales Original Acquisition
Total Subsequent to Property Parcels at on Sale
Parcel County (Sold) Date Costs Costs
Costs Acquisition Sold 03/31/00 Recognized
- ------ --------- ---------- ---------- ------------ ------------ -
- ----------- -------------- ------------ ------------ ----------
Subtotal $ 8,499,401 611,108
9,110,509 8,008,504 10,139,342 6,979,671 -
16 Kane/Kendall 72.4187 01/29/90 1,273,537 55,333
1,328,870 660,557 1,106,579 882,848 -
(30.9000) 07/10/98
(10.3910) 12/15/99
17 McHenry 99.9240 01/29/90 739,635 61,038
800,673 452,070 320,961 931,782 -
(27.5100) 01/29/99
18 McHenry 71.4870 01/29/90 496,116 26,259
522,375 25,454 11,109 536,720 -
(1.0000) Var 1990
(.5200) 03/11/93
19 McHenry 63.6915 02/23/90 490,158 29,158
519,316 12,271 - 531,587 -
20 Kane 224.1480 02/28/90 2,749,800 183,092
2,932,892 941,292 3,651 3,870,533 -
(.2790) 10/17/91
21 Kendall 172.4950 03/08/90 1,327,459 75,822
1,403,281 954,415 2,357,696 - 11,593
(172.4950) Var 1998
22 McHenry 254.5250 04/11/90 2,608,881 136,559
2,745,440 37,882 - 2,783,322 -
23 Kendall 140.0210 05/08/90 1,480,000 116,240
1,596,240 909,395 2,505,635 - 511
(4.4100) Var 1993
(35.8800) Var 1994
(3.4400) Var 1995
(96.2910) 08/26/99
24 Kendall 298.4830 05/23/90 1,359,774 98,921
1,458,695 23,527 83,663 1,398,559 -
(12.4570) 05/25/90
(4.6290) 04/01/96
25 Kane 225.0000 06/01/90 2,600,000 168,778
2,768,778 17,387 - 2,786,165 -
------------ ------------ -
- ----------- -------------- ------------ ------------ -----------
$23,624,761 1,562,308
25,187,069 12,042,754 16,528,636 20,701,187 12,104
============ ============
============ ============== ============ ============ ===========
</TABLE>
- -9-
-9-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 2000
(unaudited)
(3) Investments in Land and Improvements (continued)
(a) Included in the purchase agreement of Parcel 5 was a
condition that
required the Partnership to buy an option to purchase an
additional 243
acres immediately to the west of this parcel. The sale
transaction relates
to the sale of this option.
(b) The Partnership purchased from two third parties, two
sets of three
contiguous parcels of land (Parcels 6, 7 and 8; and Parcels
9, 10 and 11).
The General Partner believes that the total value of this
land will be
maximized if it is treated and marketed to buyers as six
separate parcels
and closed the transactions as six separate purchases to
facilitate this.
Parcels 6, 7 and 8 will be treated as one parcel and Parcels
9, 10 and 11
will be treated as one parcel for purposes of computing
Parcel Capital (as
defined) and distributions to the Partners.
(c) Reconciliation of investments in land and improvements owned:
March 31, December
31,
2000 1999
------------ ---------
- ---
Balance at January 1,............ $20,302,677
21,440,929
Additions during period.......... 398,510
782,498
Sales during period.............. -
(1,920,750)
------------ ---------
- ---
Balance at end of period......... $20,701,187
20,302,677
============
============
(4) Farm Rental Income
The Partnership has determined that all leases relating to the
farm parcels are
operating leases. Accordingly, rental income is reported when
earned.
As of March 31, 2000, the Partnership had farm leases of
generally one year in
duration, for approximately 1,920 acres of the approximately 2,172
acres owned.
-10-
INLAND LAND APPRECIATION FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 2000
(unaudited)
(5) Mortgage Loans Receivable
Mortgage loans receivable are the result of sales of Parcels,
in whole or in
part. The Partnership has recorded a deferred gain on
these sales. The
deferred gain will be recognized over the life of the related
mortgage loan
receivable as principal payments are received. At March 31,
2000, the fair
market value of the mortgage loans receivable approximated
their carrying
value.
Accrued
Interest
Deferred
Interest Principal Balance Receivable
Gain
Parcel Maturity Rate 03/31/00 12/31/99 03/31/00
03/31/00
- ------ --------- -------- ----------- ----------- ----------- -
- ----------
1 12/30/00 9.00% 1,418,966 1,427,057 206,464
70,301
15 06/30/02 9.00% 328,516 328,516 96,295
11,244
21 06/30/03 9.00% 704,240 747,666 181,973
188,012
23 08/26/03 9.00% 649,228 671,804 46,897
14,696
----------- ----------- ----------- -
- ----------
3,100,950 3,175,043 531,629
284,253
=========== =========== ===========
===========
(6) Notes Payable to Affiliate
On December 31, 1998, the Partnership obtained a loan from the
General Partner
in the amount of $2,493,750 solely collateralized by Parcel
5. The note
accrues interest at 7.2% and has a maturity date of December 29,
2001. For the
three months ended March 31, 2000, interest of $44,888 was
capitalized, of
which $14,963 was unpaid as of March 31, 2000. At March 31,
2000, the fair
market value of the notes payable to Affiliate approximated its
carrying value.
-11-
Item 2. Management's Discussion and Analysis of Financial
Condition and
Results of Operations
Certain statements in this "Management's Discussion and Analysis
of Financial
Condition and Results of Operations" and elsewhere in this
quarterly report on
Form 10-Q constitute "forward-looking statements" within the
meaning of the
Federal Private Securities Litigation Reform Act of 1995.
These forward-
looking statements involve known and unknown risks,
uncertainties and other
factors which may cause the Partnership's actual results,
performance or
achievements to be materially different from any future results,
performance or
achievements expressed or implied by these forward-looking
statements. These
factors include, among other things, federal, state or local
regulations;
adverse changes in general economic or local conditions;
inability of borrower
to meet financial obligations; uninsured losses; and potential
conflicts of
interest between the Partnership and its Affiliates,
including the General
Partner.
Liquidity and Capital Resources
On October 12, 1988, the Partnership commenced an Offering of
10,000 (subject
to increase to 30,000) Limited Partnership Units pursuant to a
Registration
Statement on Form S-11 under the Securities Act of 1933. On
October 6, 1989,
the Offering terminated with a total of 30,000 Units sold to
the public at
$1,000 per Unit resulting in $30,000,000 in gross offering
proceeds, which does
not include the Initial Limited Partner and the General Partner.
All of the
holders of these Units have been admitted to the Partnership.
The Limited
Partners of the Partnership share in their portion of benefits of
ownership of
the Partnership's real property investments according to the
number of Units
held.
The Partnership used $25,187,069 of gross offering proceeds to
purchase on an
all-cash basis twenty-five parcels of undeveloped land and
an option to
purchase undeveloped land. These investments include the
payment of the
purchase price, acquisition fees and acquisition costs of
such properties.
Fourteen of the parcels were purchased during 1989 and eleven
during 1990. As
of March 31, 2000, the Partnership has had multiple sales
transactions, through
which it has disposed of approximately 930 acres of the
approximately 3,102
acres originally owned. As of March 31, 2000, cumulative
distributions to the
Limited Partners have totaled $12,073,623 (which represents
a return of
Invested Capital, as defined in the Partnership Agreement) and
$153,743 to the
General Partner. Through March 31, 2000, the Partnership has
used $11,644,244
of working capital reserve for rezoning and other activities.
Such amounts
have been capitalized and are included in investments in land.
The Partnership's capital needs and resources will vary depending
upon a number
of factors, including the extent to which the Partnership conducts
rezoning and
other activities relating to utility access, the
installation of roads,
subdivision and/or annexation of land to a municipality, changes
in real estate
taxes affecting the Partnership's land, and the amount of revenue
received from
leasing. As of March 31, 2000, the Partnership owns, in
whole or in part,
eighteen of its twenty-five original parcels, the majority of
which are leased
to local farmers and are generating sufficient cash flow from
farm leases to
cover property taxes and insurance.
-12-
At March 31, 2000, the Partnership had cash and cash equivalents
of $453,700,
of which approximately $42,700 is reserved for the repurchase of
Units through
the Unit Repurchase Program. The remaining amount is available
to be used for
Partnership expenses and liabilities, cash distributions to
partners and other
activities with respect to some or all of its land parcels. The
Partnership has
increased its parcel sales effort in anticipation of rising land
values.
The Partnership plans to enhance the value of its land through
pre-development
activities such as rezoning annexation and land planning. The
Partnership has
already been successful in, or is in the process of pre-
development activity on
a majority of the Partnership's land investments. Parcels 4,
6 and 7 have
completed one phase of improvements for an industrial park and
sites are being
marketed. Parcel 16 has been zoned with development and
sales marketing
underway. Zoning discussions have begun on Parcel 12. The
Partnership sold the
remaining acres of Parcels 1, 15 and 21 to unaffiliated third-
parties (see Note
3 of the Notes to Financial Statements.)
Results of Operations
As of March 31, 2000, the Partnership owned eighteen parcels of
land consisting
of approximately 2,172 acres. Of the 2,172 acres owned,
approximately 1,920
acres are tillable, leased to local farmers and generate
sufficient cash flow
to cover property taxes, insurance and other miscellaneous
expenses.
Income from the sale of investments in land and improvements
and the cost of
land sold for the three months ended March 31, 1999 is the
result of the sale
of approximately 28 acres of Parcel 17.
Professional services to Affiliates and non-affiliates decreased
for the three
months ended March 31, 2000, as compared to the three months
ended March 31,
1999, due to a decrease in legal and accounting services.
General and administrative expenses to Affiliates decreased
for the three
months ended March 31, 2000, as compared to the three months
ended March 31,
1999, due to a decrease in investor service expense General and
administrative
expenses to non-affiliates decreased for the three months ended
March 31, 2000,
as compared to the three months ended March 31, 1999, due to a
decrease in the
Illinois Replacement Tax.
Marketing expenses to Affiliates decreased for the three months
ended March 31,
2000, as compared to the three months ended March 31, 1999, due
to a increase
in the capitalization of marketing costs to the specific land
parcels.
Land operating expenses to non-affiliates decreased for the three
months ended
March 31, 2000, as compared to the three months ended March 31,
1999, due to a
decrease in maintenance and utility expenses of the
Partnership's land
investments.
PART II - Other Information
Items 1 through 5 are omitted because of the absence of
conditions under which
they are required.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
(27) Financial Data Schedule
(b) Reports on Form 8-K:
None
-13-
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.
INLAND LAND APPRECIATION FUND, L.P.
By: Inland Real Estate Investment
Corporation
General Partner
/S/ ROBERT D. PARKS
By: Robert D. Parks
Chairman
Date: May 11, 2000
/S/ PATRICIA A. DELROSSO
By: Patricia A. DelRosso
Senior Vice President
Date: May 11, 2000
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer and
Principal Accounting Officer
Date: May 11, 2000
-14-
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